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RESOLUTION NO. 12,201
4 A RESOLUTION DECLARING THE INTENT OF THE CITY OF LITTLE
5 ROCK, ARKANSAS TO REIMBURSE ITSELF FOR CAPITAL
6 EXPENDITURES FROM THE PROCEEDS OF SHORT-TERM FINANCING
7 OBLIGATIONS OF THE CITY; AND PRESCRIBING OTHER MATTERS
8 RELATING THERETO.
9
10 WHEREAS, the City of Little Rock, Arkansas (the "City") has acquired within the
11 past sixty days, or proposes to acquire, vehicles at an estimated cost of $2,500,000; and
12 WHEREAS, short-term financing obligations will be issued or incurred under
13 Amendment No. 78 to the Arkansas Constitution and Act No. 1808 of 2001; and
14 WHEREAS, it is appropriate that the City assure that its power to issue short-term
15 financing obligations to finance the costs of the capital improvements as described above,
16 the interest on which is exempt from federal income tax, will, under applicable Treasury
17 Regulations, be preserved, and adoption of this Resolution serves that purpose;
18 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
19 CITY OF LITTLE ROCK, ARKANSAS:
20 SECTION 1. The City hereby declares its official intent pt�rsuant to United States
21 Treasury Regulation � 1.150-2 to reimburse itself for the capital expenditures described
22 above between December 9, 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 $2,511,000.
26 SECTION 2. This Resolution shall be in effect upon its adoption and approval.
27 ADOPTED: February �� 2006.
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1 ATTEST:
2
3 '�'j� �� r' � ,� i: �i
4 Nanc Wood ity Clerk
5 APPROVED AS TO FORM:
6 v���p�u,►� �
8 Thomas M. Carpenter, ity Attorney
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APPROVED: �
f
Jim Dail ya`Mayor
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Schedule A
City of Little Rock
2006 Short-term Financing Detail
February 7, 2006
Vehicles (initial allocation - subject to change):
Public Works
Police
Fire
Parks & Recreation
Fleet
Total
Issuance costs
$ 573,683
1,186,000
624,000
51,317
65,000
$2,500,000
11,000
Total 2 511 000
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