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RESOLUTION NO. 133 -73
A RESOLUTION APPROVING CONVERSION OF WATER AND SEWER REVENUE BONDS AUTHORIZED
BY ORDINANCE NO. 287: APPROVING THE DESIGNATION OF A TRUSTEE AND PAYING AGENT:
AND PRESCRIBING OTHER MATTERS RELATING THERETO.
WHEREAS, by Ordinance No. 287 of the ordinances of the City of Jacksonville,
Arkansas (the "City "), passed and approved on the 8th day of March, 1973 (the "Autho-
rizing Ordinance "), there were authorized and ordered issued Water and Sewer
Revenue Bonds in the total principal amount of $1,900,000 (the "bonds "), with the
bonds to be dated April 1, 1973, with interest to be payable semiannually on April
1 and October 1 of each year, commencing October 1, 1973, and with the bonds to
mature on April 1 in each of the years 1 to 1993, inclusive; and
WHEREAS, the City has entered into a contract with Stephens, Inc., Little
Rock, Arkansas (the "purchaser "), for the purchase of $1,900,000 Water and Sewer
Revenue Bonds at a price of par and accrued interest for bonds bearing interest
at therate of 5 -3/4% per annum, with the privilege of conversion to an issue
bearing different rates of interest with the conversion to be upon such terms that
the City receive no less and pay no more than it would receive and pay if the
bonds were not converted; and
WHEREAS, in accordance with the terms of the Contract the purchaser has
elected to convert the $1,900,000 of 5 -3/4% bonds to an issue of $2,008,000 of
3.70 %, 3.95 %, L.20 %, 4.30 %, 4.40 %, 4.50% 4.60 %, 4.70 %, 4.80 %, 1.90 %, 5 %, 5.10 %,
5.20 %, 5.30 %, 5.40 %, 5.45% and 5.50% bonds (hereinafter described in detail) and the
conversion has been examined and it has been found that by virtue of the con-
version the City will receive no less pay no more than it would receive and
pay if the bonds were not converted; and
WHEREAS, in accordance with the terms of the contract the purchaser has
designated Citizens Bank of Jonesboro, Jonesboro, Arkansas, as Trustee and
Paying Agent;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
JACKSONVILLE, ARKANSAS:
Section 1. That the conversion of the bonds, as described above, be, and
the same hereby is, approved and confirmed.
Section 2, That Citi Bank of Jonesboro, Jonesboro, Arkansas, is
hereby approved and confirmed as Trustee and Paying Agent of the bonds.
Section 3. That there are hereby authorized and ordered issued bonds of
the City of Jacksonville, Arkansas, in the aggregate principal amount of $2,008,000
to be designated "City of Jacksonville, Arkansas, Water and Sewer Revenue Bonds."
RESOLUTION NO. 133 -73
Page 2
The bonds shall be dated April 1, 1973, and shall be in the denomination of
$5,000 each, except Bonds Nos. 12, 13, and 14, which shall be in the denomination
of $1,000 each. Bonds Nos. 1 to 14, inclusive, maturing in the year 1974, shall
bear interest at the rate of 3.70% per annum; Bonds Nos. 15 to 39, inclusive,
maturing in the years 1975 and 1976, shall bear interest at the rate of 3.95%
per annum; Bonds Nos. 40 to 66, inclusive, maturing in the years 1977 and 1978,
shall bear interest at the rate of 4.20% per annum; Bonds Nos.67 to 80, inclu-
vise, maturing in the year 1979, shall bear interest at the rate of 4.30% per
annum; Bonds Nos. 81 to 95, inclusive, maturing in the year 1980, shall bear
interest at the rate of 4.4U% per annum; Bonds Nos. 96 to111, inclusive, ma-
turing in the year 1981, shall bear interest at the rate of 4.50% per annum;
Bonds Nos. 112 to 128, inclusive, maturing in the year 1982, shall bear inter-
est at the rate of 4.60% per annum; Bonds Nos. 129 to 146, inclusive, maturing
in the year 1983, shall bear interest at the rate of 4.70% per annum; Bonds Nos.
147 to 165, inclusive , maturing in the year 1984, shall bear interest at the
rate of 4.80% per annum; Bonds Nos. 166 to 185, inclusive, maturing in the
year 1985, shall bear interest at the rate of 4.90% per annum; Bonds Nos. 186
to 207, inclusive, maturing in the year 1986, shall bear interest at the rate
of 5% per annum; Bonds Nos. 208 to 230, inclusive, maturing in the year 1987,
shall bear interest at the rate of 5.10% per annum; Bonds Nos. 231 to 254,
inclusive, maturing in the year 1988, shall bear interest at the rate of 5.20%
per annum; Bonds Nos. 255 to 280, inclusive, maturing in the year 1989, shall
bear interest at the rate of 5.30% per annum; Bonds Nos. 281 to 308, inclusive,
maturing in the year 1990, shall bear interest at the rate of 5.40% per annum;
Bonds Nos. 309 to 338, inclusive maturing in the 19 1 shall bear interest at the
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rate of 5.45% per annum; and Bonds Nos. 339 to 404, inclusive, maturing in the
years 1992 and 1993, shall bear interest at the rate of 5.50% per annum. The
interest shall be payable semiannually on April 1 and October 1 of each year,
commencing October 1, 1973. Payment of principal and interest evidenced by
coupons shall be made at the. principal office of the Paying Agent. Payment of
interest when registered as to interest, shall be by check or draft mailed to
the registered owner at the address shown on the bond registration book of the
City maintained by the. Trustee. The Bonds shall mature on April 1 in each of
the years 1974 to 1993, inclusive, as hereinafter set forth, but are callable
for payment prior to maturity as set forth in the Authorizing Ordinance.
RESOLUTION NO. 133 -73
PAGE 3
Section 4 . That as provided in the Authorizing Ordinance, the principal of
and interest on the bonds shall be paid from funds in the "1973 Water and Sewer
Revenue Bond Fund" as they mature according to the followin scl}ule.
"
YEAR
II _ _- IN�EE'T` - A . r�" BOND NOS. PRINCIPAL . • APRIL '1 -°-- f}CTO R 1 TOTAL
1973 $49,321.75 $ 49,321.75
1974 1 - 14 858,000 $49,321.75 48,248.75 155,570.50
1975 15 - 26 60,000 48,248.75 47,063.75 155,312.50
1976 27 - 39 65,000 47,063.75 45,780.00 157,843.75
1977 40 - 52 65,000 45,780.00 44,415.00 155,195.00
1978 53 - 66 70,000 44,415.00 42,945.00 157,360.00
1979 67 - 80 70,000 42,945.00 41,440.00 154,385.00
1980 81 - 95 75,000 41,440.00 39,790.00 156,230.00
1981 96 111 80,000 39,790.00 37,990.00 157,780.00
1982 112 - 128 85,000 37,990.00 36,035.00 159,025.00
1983 129 - 146 90,000 36,035.00 33,920.00 159,955.00
1984 147 165 95,000 33,920.00 31,640.00 160,560.00
1985 166 - 185 100,000 31,640.00 29,1 160,830.00
1986 186 - 207 110,000 29,190.00 26,440.00 165,630.00
1987 208 230 115,000 26,440.00 23,507.50 164,947.50
1988 231. - 254 120,000 23,507.50 20,387.50 163,895.00
1989 255 - 280 130,000 20,387.50 16,492.50 167,330.00
1990 281 - 308 140,000 16,942.50 13,162.50 170,105.00
1991 309 338 150,000 13,162.50 9,075.00 172,237.50
1992 339 - 370 160,000 9,075.00 4,675.00 173,750.00
1993 371 - 404 170,000 4,675.00 174,675.00
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Section 5. That this Resolution is adopted pursuant to authbf^it1 dbff -°
(erred by the Authorizing Ordinance, and the Authorizing Ordinance, together with
and as supplemented by this Resolution, shall continue in full force and effect.
Section 6. That the provisions of this Resolution are hereby declared to
be separable and if a section, phrase or provision shall be declared invalid,
such declaration shall not affect the validity of the remainder of the Resolution.
Section 7. This Resolution shall be in full force and effect from and after
its adoption.
ADOPTU: V C , 1973
i
APPROVED:
ATTEST: �j`
I ti� _ [ A .� /" /
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CITY CIK
CERTIFICATE
I, the undersigned, City Clerk of Jacksonville, Arkansas, hereby
certify that the foregoing pages are a true and compared copy of a Resolution adopted
at a, session of the City Council of the City of Jacksonville, Arkansas, held
at the regular meeting place of the Council in the City at 7' 34 o'clock? .m., and
that the Resolution is of record in Resolution Record Book No. , Page 13 ,
now in my possession.
GIVEN under my hand and seal this < day of
1973, being the date of the adoption of this Resolutipp.
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City Cliirk
(SEAL)