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RESOLUTION NO. 12,027
3 A RESOLUTION TO DECLARE THE INTENT OF THE CITY OF
4 LITTLE ROCK, ARKANSAS TO REIMBURSE ITSELF FOR CAPITAL
5 EXPENDITURES FROM THE PROCEEDS OF SHORT -TERM
6 FINANCING OBLIGATIONS OF THE CITY; AND PRESCRIBING
7 OTHER MATTERS RELATING THERETO.
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9 WHEREAS, the City proposes to acquire financial, human resource or other
10 software; and
11 WHEREAS, the short -term financing obligations will be issued or incurred
12 under Amendment No. 78 to the Arkansas Constitution and Act No. 1808 of 2001; and
13 WHEREAS, it is appropriate that the City assure that its power to issue short -
14 term financing obligations to finance the costs of the capital improvements as described
15 above, the interest on which is exempt from federal income tax, will, under applicable
16 Treasury Regulations, be preserved, and adoption of this Resolution serves that
17 purpose;
18 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
19 THE CITY OF LITTLE ROCK, ARKANSAS:
20 Section 1. The City hereby declares its official intent pursuant to United States
21 Treasury Regulation § 1.150 -2 to reimburse itself for the capital expenditures described
22 above between June 21, 2005, and the date the short -term financing obligations are
23 issued, plus a de minimis amount and pertaining expenditures, with proceeds of one or
24 more short -term financing obligations in the aggregate principal amount not to exceed
25 Five Hundred Thousand and no /100 Dollars ($500,000.00).
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I Section 2. This Resolution shall be in effect upon its adoption and approval.
2 ADOPTED: June 21, 2005.
4 ATTEST:
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7 Na aki S. Blocker, Assistant City Clerk
8 For Nancy Wood, City Clerk
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10 APPROVED AS TO LEGAL FORM:
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13 Thomas M. Carpenter, City A rney
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APPROVED:
Jim ' ey, Mayor
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