2024-01-18-AGENDA-Special - Laserfiche WebLink

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of the legal voters of the City voting on the questions approved the issuance of the bonds. Reference is hereby made to the Authorizing Ordinance for the details of the nature and extent of the security and of the rights and obligations of the City, the Trustee and the registered owners of the bonds. The bonds are special obligations of the City, payable from (a) a 0.5% sales and use tax levied by the City under the authority of Title 26, Chapter 75, Subchapter 2 of the Arkansas Code of 1987 Annotated and Ordinance No. 2011-12-05 adopted on December 27, 2011, as amended by Ordinance No. 2023-05-02 adopted on May 23, 2023 (the "Bond Tax") and (b) a 0.5% sales and use tax levied by the City under the authority of Title 26, Chapter 75, Subchapter 2 of the Arkansas Code of 1987 Annotated and Ordinance No. 2011-12-03 adopted on December 27, 2011 (the "Permanent Tax"), and the City hereby pledges the collections of the Bond Tax and the Permanent Tax for the payment of this bond. The Series 2024B Bonds are subject to extraordinary, optional and mandatory sinking fund redemption prior to maturity as follows: (1) The Series 2024B Bonds shall be redeemed by the City from Surplus Bond Tax Receipts (defined below), at least annually, and from proceeds of the Series 2024B Bonds not needed for the purposes intended, in whole at any time or in part on any interest payment date, at a redemption price equal to the principal amount being redeemed plus accrued interest to the redemption date, in inverse order of maturity (and by lot within a maturity in such manner as the Trustee may determine). In the case of any defeasance of the Series 2024B Bonds, redemption of defeased Series 2024B Bonds shall be scheduled on the basis of the mandatory redemption requirements and assuming collections of the Bond Tax in an amount equal to receipts for the most recent twelve-month period. (2) The Series 2024B Bonds are subject to redemption at the option of the City, from funds from any source, on and after February 1, 2031, in whole or in part at any time, at a redemption price equal to the principal amount being redeemed plus accrued interest to the redemption date. If fewer than all of the Series 2024B Bonds shall be called for redemption, the particular maturities to be redeemed shall be selected by the City in its discretion. If fewer than all of the Series 2024B Bonds of any one maturity shall be called for redemption, the particular Series 2024B Bonds or portion thereof to be redeemed from such maturity shall be selected by lot by the Trustee. (3) To the extent not previously redeemed, the Series 2024B Bonds maturing on February 1 in the years are subject to mandatory sinking fund redemption by lot in such manner as the Trustee shall determine, on February 1 in the years and in the amounts set forth below, at a redemption price equal to the principal amount being redeemed plus accrued interest to the date of redemption: 14