0247 RESOLUTION NO. 247 -79
A RESOLUTION APPROVING THE CONVERSION OF WATER
AND SEWER REVENUE BONDS, AUTHORIZED BY ORDINANCE
NO. 544; AND PRESCRIBING OTHER MATTERS RELATING
THERETO.
WHEREAS, by Ordinance No. 544 of the ordinances of the
City of Jacksonville, Arkansas (the "City "), adopted and approved
July 12, 1979 (the "Authorizing Ordinance "), there were authorized
the issuance of $1,250,000 in Water and Sewer Revenue Bonds (the
"bonds "); and
WHEREAS, pursuant to the authority conferred by the Autho-
rizing Ordinance, the purchaser (Stephens Inc., Little Rock, Arkansas),
has elected to convert the $1,250,000 of 7.43% bonds to an issue of
$1,295,000 of 6 %, 6.10 %, 6.20 %, 6.25 %, 6.30 %, 6.40 %, 6.50 %, 6.60 %,
6.70 %, 6.75 %, 6.80 %, 6.90 %, 7 %, 7.10 %, 7.20% and 7.25% bonds (herein-
after described in detail), and the conversion has been examined
and it has been found that by virtue of the conversion the City
will receive no less and pay no more than it would receive and pay
if the bonds were not converted and the conversion is otherwise in
compliance with the terms of the sale;
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 there are hereby authorized and ordered
issued bonds of the City of Jacksonville, Arkansas, in the aggregate
principal amount of $1,295,000 to be designated "City of Jacksonville,
Arkansas Water and Sewer Revenue Bonds." The bonds shall be dated
August 1, 1979, and shall be in the denomination of $5,000 each.
The bonds shall be numbered, shall bear interest and shall mature
on August 1 of each year, and interest shall be payable on February 1
and August 1 of each year, as follows:
CA/1 0 4
-2-
INTEREST
YEAR BOND NOS. AMOUNT RATE FEBRUARY AUGUST TOTAL
1980 1 - 7 $35,000 6.00% $44,330.00 $44,330.00 $123,660.00
1981 8 - 14 35,000 6.10% 43,280.00 43,289.00 121,560.00
1982 15 - 21 35,000 6.20% 42,212.50 42,212.50 119,425.00
1983 22 - 29 40,000 6.25% 41,127.50 41,127.50 122,255.00
1984 30 - 38 45,000 6.30% 39,877.50 39,877.50 124,755.00
1985 39 - 47 45,000 6.40% 38,460.00 38,460.00 121,920.00
1986 48 - 56 45,000 6.50% 37,020.00 37,020.00 119,040.00
1987 57 - 66 50,000 6.50% 35,557.50 35,557.50 121,115.00
1988 67 - 77 55,000 6.60% 33,932.50 33,932.50 122,865.00
1989 78 - 89 60,000 6.70% 32,117.50 32,117.50 124,235.00
1990 90 - 101 60,000 6.75% 30,107.50 30,107.50 120,215.00
1991 102 - 114 65,000 6.80% 28,082.50 28,082.50 121,165.00
1992 115 - 128 70,000 6.90% 25,872.50 25,872.50 121,745.00
1993 129 - 143 75,000 7.00% 23,457.50 23,457.50 121,915.00
1994 144 - 160 85,000 7.00% 20,832.50 20,832.50 126,665.00
1995 161 - 177 85,000 7.10% 17,857.50 17,857.50 120,715.00
1996 178 - 195 90,000 7.20% 14,840.00 14,840.00 119,680.00
1997 196 - 215 100,000 7.25% 11,600.00 11,600.00 123,200.00
1998 216 - 236 105,000 7.25% 7,975.00 7,975.00 120,950.00
1999 237 - 259 115,000 7.25% 4,168.75 4,168.75 123,337.50
Section 3. That this Resolution is adopted pursuant to
the authority conferred by the Authorizing Ordinance, and the
Authorizing Ordinance, together with and as supplemented by this
Resolution, shall continue in full force and effect.
Section 4. That the provisions of this Resolution are
hereby declared to be severable and if a section, phrase or provi-
sion shall be declared invalid, such declaration shall not affect
the validity of the remainder of the Resolution.
Section 5. That this Resolution shall be in full force
and effect from and after its adoption.
ADOPTED: August 2 , 1979.
APPROVED:
ATTEST: / t fr Sen./
City Clerk
(SEAL)
•
CERTIFICATE
I, the undersigned, City Clerk of the City of Jacksonville,
Arkansas, hereby certify that the foregoing pages are a true and
compared copy of a Resolution, adopted at a regular session of the
City Council of the City of Jacksonville, Arkansas, held at the
regular meeting place of the Council in the City at 7:30 o'clock
p .m., and that the Resolution is of record in Resolution Record
Book No. III, Page 114, now in my possession.
GIVEN under my hand and seal this 3 day of August
1979.
e 4 1 ! 41tdI
(SEAL)