10189RESOLUTION NO. 10.189
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3 A RESOLUTION DECLARING THE INTENT OF THE CITY OF LITTLE
4 ROCK, ARKANSAS TO MAKE CERTAIN EXPENDITURES TOWARD
PARK AND RECREATION IMPROVEMENTS AND TO REIMBURSE
5 ITSELF FOR SUCH EXPENDITURES FROM THE PROCEEDS OF
6 REVENUE BONDS OF THE CITY; AND PRESCRIBING OTHER
7 MATTERS RELATING THERETO.
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9 WHEREAS, the City of Little Rock, Arkansas (the "City") proposes to acquire, construct
10 and equip facilities for the park and recreation improvements; and
11 WHEREAS, it is appropriate that the City assure that its power to issue bonds the interest
12 on which is exempt from federal income tax will, under applicable Treasury Regulations, be
13 preserved, and adoption of this Resolution serves that purpose.
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15 NOW, THEREFORE BE RESOLVED BY THE BOARD OF DIRECTORS OF THE
16 CITY OF LITTE ROCK, ARKANSAS:
17 SECTION 1: The City authorizes and appropriates the sum of not to exceed $23,000,000
18 (the "Expenditures ") for the purpose of acquiring, constructing and equipping ark and recreation
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19 improvements (the "Project ").
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21 The City hereby declares its intent to reimburse itself for the Expenditure from the proceeds
22 of its Revenue Bonds (the "Bonds ") and, further, declares as follows:
23 a. Proceeds of the Bonds will be applied to reimburse the City for the Expenditure
24 within eighteen (18) months after the later of (a) the date of the Expenditure or (b) the date on which
25 the Project is placed in service and in any event, within three (3) years after the date of the making
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27 of the Expenditure.
28 (b) The City is aware of no reason which would cause it to expect that the Expenditure
29 would be reimbursed from any source other than proceeds of the Bonds.
30 (c) The City is aware of no reason which would cause it to believe that the Expenditure
31 will not be reimbursed by the proceeds of the Bonds.
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33 (d) The City is aware of nothing in the budget or financial circumstances of the City
34 which is inconsistent with the intent and :declaration of the City to finance the Expenditure with the
35 Bonds. The City is aware of no reason to expect that funds other than proceeds of the Bonds will
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be reserved or allocated on a long -term basis or otherwise set aside for the Expenditure pursuant to
budgetary or financial policies of the City.
(e) The Bonds will be issued in the principal amount of not to exceed $23,000,000.
(f) The Expenditures will be a "capital expenditure" within the meaning of applicable
Treasury Regulations or will constitute a portion of the costs of issuance of the Bonds.
SECTION 2. This Resolution shall be in effect upon its adoption and approval.
SECTION 3. A copy of this Resolution shall be filed with the City Clerk where it will be
available for public inspection.
ADOPTED: January 20, 1998
ATTEST:
ROBBIE HANCOCK
CITY CLERK
APPROVED AS TO FORM:
THOMAS M. CARPE * R
CITY ATTORNEY
APPROVED: C,
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