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RESOLUTION NO. 11,330
A RESOLUTION DECLARING THE INTENT OF THE CITY OF LITTLE
ROCK, ARKANSAS TO MAKE CERTAIN EXPENDITURES TOWARD
CAPITAL IMPROVEMENTS FOR THE CITY AND TO REIMBURSE
ITSELF FOR SUCH EXPENDITURES FROM THE PROCEEDS OF
BONDS OF THE CITY; AND PRESCRIBING OTHER MATTERS
RELATING THERETO.
WHEREAS, the City of Little Rock, Arkansas (the "City ") proposes to acquire, design,
construct and equip capital improvements to its off - street parking system (the "Improvements ");
and
WHEREAS, it is appropriate that the City assure that its power to issue capital
improvement bonds to finance the costs of the Improvements, the interest on which is exempt
from federal income tax, will, under applicable sections of the Internal Revenue Code and the
Treasury Regulations promulgated thereunder, 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. Pursuant to United States Treasury Regulation §1.150 -2, the City hereby
declares its official intent and reasonable expectation to reimburse itself for original expenditures
paid from its general or operating funds that are used in acquiring, constructing and equipping
the Improvements between the date that is sixty (60) days prior to the date of this Resolution and
the date the bonds are issued, plus a de minimis amount and preliminary expenditures, with the
proceeds of one or more series of tax - exempt bonds in the principal amount of not to exceed
$10,000,000 (the "Bonds ").
Section 2. The City shall reimburse itself for the original expenditures from proceeds
of the Bonds within 18 months after the later of:
(a) the date of the original expenditure is paid, or
(b) the date the project in placed in service or abandoned, but in no event more than
three (3) years after the original expenditure is paid.
Section 3. This Resolution shall be in effect upon its adoption and approval.
Section 4. A copy of this Resolution shall be filed with the City Clerk where it will
be available for public inspection.
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ADOPTED: July 16 ---,2002
ATTEST: APPROVED:
/ e4z �
Nancy Wood, 4 Clerk
APPROVED AS TO FORM:
Thomas M. Carpenter
City Attorney
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(Jim Dailey, Mayor