11227• •
RESOLUTION NO. 11,227
A RESOLUTION DECLARING THE INTENT OF THE CITY OF LITTLE
ROCK, ARKANSAS TO REIMBURSE ITSELF FOR CAPITAL
EXPENDITURES FROM THE PROCEEDS OF SHORT -TERM FINANCING
OBLIGATIONS OF THE CITY; AND PRESCRIBING OTHER MATTERS
RELATING THERETO.
WHEREAS, the City of Little Rock, Arkansas (the ACity_) has acquired or proposes to
acquire vehicles and equipment with moneys in the Street Fund at an estimated cost of $200,000; and
WHEREAS, the City has acquired or proposes to acquire vehicles and equipment with
moneys in the General Fund at an estimated cost of $1,465,000; and
WHEREAS, the City has acquired or proposes to acquire vehicles and equipment with
moneys in the Fleet Fund at an estimated cost of $2,573,000; and
WHEREAS, the short-term financing obligations will be issued or incurred under
Amendment No. 78 to the Arkansas Constitution and Act No. 1808 of 2001; and
WHEREAS, it is appropriate that the City assure that its power to issue short-term financing
obligations to finance the costs of the vehicles and equipment as described above, the interest on
which is exempt from federal income tax, will, under applicable Treasury Regulations, be preserved,
and adoption of this Resolution serves that purpose;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City hereby declares its official intent pursuant to United States Treasury
Regulation 3 1.150 -2 to reimburse itself for capital expenditures made in acquiring vehicles and
equipment with moneys in the Street Fund, the Fleet Fund and the General Fund between January 1,
2002 and the date the short-term financing obligations are issued, plus a de minimis amount and
pertaining expenditures, with proceeds of one or more short-term financing obligations in the
aggregate principal amount not to exceed $4,260,000.
SECTION 2. This Resolution shall be in effect upon its adoption and approval.
ADOPTED: February 5, 2002
ATTEST:
C
Nan6 Wog , City Clerk
APPRO ED AS TO FORM:
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Thomas M. Carpenter, City ttorney
APPROVED:
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