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RESOLUTION NO. 10, 817 -A
3 A RESOLUTION TO AUTHORIZE PAYMENT OF
4 $296,622.86 TO THE UNITED STATES TREASURY IN
5 ACCORDANCE WITH THE TERMS OF THE 1995B
6 CAPITAL IMPROVEMENTS BOND ISSUE; AND FOR
7 OTHER PURPOSES.
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9 WHEREAS, the City issued general obligation capital improvement bonds as a result
to of an election, and
11 WHEREAS, federal rules concerning arbitrage mandate that the computation period
12 for the 1995B series of these bonds ran from March 14, 1995 to March 14, 2000, and that during
13 this period the amount of interest earned had to be limited as the result of a federal policy to
14 assure that local governments do not issue tax free bonds merely for the purpose of making
15 investments, and
16 WHEREAS, the earnings during this computation period were in excess of that
17 anticipated by the City so, under federal arbitrage regulations and the provisions of the bond
18 issue, it is necessary for the City to return the excess to the United States Treasury, and
19 WHEREAS, the amount of these excess earnings -- $296,622.86 -- is available to be paid,
20 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
21 THE CITY OF LITTLE ROCK, ARKANSAS:
22 Section 1. The City is authorized to make a payment of two hundred and ninety-six
23 thousand, six hundred and twenty-two dollars and eighty-six cents ($296,622.86) (90% of
24 $329,580.95) to the United States Treasury in accordance with the arbitrage provisions of the
25 City's 1995B general obligation capital improvements bond issue.
26 Section 2. Funds for this payment are available in Account No. 303 - 111 -A489.
27 Section 3. Severability. In the event any section, subsection, paragraph,
28 subparagraph, item, sentence, clause, phrase, or word of this resolution is declared or adjudged
29 to be invalid or unconstitutional, such declaration or adjudication shall not affect the remaining
30 portions of the resolution which shall remain in full force and effect as if the portion so declared
31 or adjudged invalid or unconstitutional was not originally a part of the resolution.
1 Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same, that
2 are inconsistent with the provisions of this resolution are hereby repealed to the extent of such
3 mconsistency.
4 ADOPTED: May 9, 2000
5 ATTEST: APPROVED: ,
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8 Nan6 Wood/, City Clerk J' ailey, Mayor
9 APPROVED AS TO LEGAL FORM:
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12 Thomas M. Carpenter, CityAttorney
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