RES NO 06-01-1979 ry
CITY OF VAN BUREN, ARKANSAS
RESOLUTION NO. 1 -6 -79
A RESOLUTION ACCEPTING A BID OF T.J. Raney Sons, Inc. FOR A
FISCAL AGENT FOR THE CITY OF VAN BUREN, ARKANSAS, ON A 5 MILL GENERAL
OBLIGATION BOND ISSUE TO BE VOTED ON BY THE CITIZENS OF VAN BUREN AT A
SPECIAL ELECTION PROJECTED TO BE HEED EI 10 THE FIRST TUESDAY IN
SEPTEMBER, 1979, OR THE FIRST TUESDAY IN OCTOBER, 1979.
WHEREAS, the Mayor has advertised for bids on a fiscal agent for the
City of Van Buren, Arkansas, on a 5 Mill General Obligation Bond Issue,
a copy of said Notice To Bidders is attached hereto and made a part hereof,
and
WHEREAS, the following bids have been received:
Stephens, Inc. Little Rock, PR of 1.09% $8,175.00
Powell Satterfield Little Rock, AR o f .949% $7,117.50
T.J. Raney Sons, Inc. Little Rock, 4k .82% $6,150.00
and,
WHEREAS, the City Council feels that the bid of T.J. Raney Sons, Inc.
is the best bid.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF VAN
BUREN, ARKANSAS,
That the bid of T.J. Raney Sons, Inc. of
Little Rock, Arkansas is the best bid and is accepted.
That the Mayor is authorized and directed to enter into a Fiscal Agent
Contract with T.J. Raney Sons, Inc. and that the City Clerk is authorized
and directed to attest the said contract.
PASSED AND APPROVED THIS 18th DAY OF JUNE, 1979.
MAYOR
%ATTEST•
ITY CLERK TREASURER
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I I L 1 A^ r
CITY OFFICERS IV
C
ANN GRAHAM J) 11 2
J
City Clerk Treasurer :1 1 i �N F' I
T(:C,, /I 11 I.I L: -.r,l am
FLOYD /Pete) ROGERS
Municipal Judge
j. A
CONRAD OCKENFELS PUGH t f 1
City Attorney Ja
MRS. GEORGIA COX
e Court Clerk and City Collector
Alderman City of Van Buren, Arkansas
DARRELL CAPELLE ROBERT E. "GENE" BELL, Mayor
LOUIS GARR
GENE HAGGARD Van Buren, Arkansas 72956 Phone 474 -1501
IVERSON RIGG5
CHARLES SULLIVAN May 30, 1979
HILL ALEXANDER N �7
Notice To Bidders:
The City of Van Buren, Arkansas, will accept bids from qualified firms
or individuals to act as "Fiscal Agent" for the City on a 5 mill general ob-
ligation bond issue to be voted on by the citizens of Van Buren at a Special
Election projected to be held either the first Tuesday in September, 1979,
or the first Tuesday in October, 1979.
The Fiscal Agent will pay the following expenses ONLY:
(1) Printing of Bonds
(2) Bond Approving Attorney Fee
Other expenses will be paid by the City.
Bids will be received in the Mayor's Office located at City Hall, in
Van Buren until noon on Monday, June 18, 1979.
PLEASE NOTE: The Fiscal Agent agrees that his fee is contingent upon
passage of the Band Issue at the Special Election, referred to above, and
sale of the bonds.
It is estimated that a 20 year G.O. Bond Issue, 5 mills, will generate
approximately $750,000.00 in proceeds. Current Assessed Valuation is
$17,305,500.00. We have outstanding $222,000.00 G.O. Bands which we will
pay off on January 1, 1980. Thus we are asking the citizens for a "Continuation"
of the 5 mills, and not for an increase..
THE CITY OF VAN BUREN RESERVES THE RIGHT TO REJECT ANY OR ALL BIDS FOR
ANY REASON.
CITY 4k
PROGRESS IS M! OUR PROJECT
4NSAS