11470`` 0,
RESOLUTION NO. 11,470
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 "City ") has acquired within the past
sixty days, or proposes to acquire, vehicles at an estimated cost of $3,181,191; and
WHEREAS, the City has acquired within the past sixty days, or proposes to acquire,
printing equipment at an estimated cost of $281,000; and
WHEREAS, the City has acquired within the past sixty days, or proposes to acquire,
software and related equipment at an estimated cost of $106,500; and
WHEREAS, the City proposes to construct improvements to park and recreational
facilities and fire stations at an estimated cost of $550,000; 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 capital improvements 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 § 1.150 -2 to reimburse itself for the capital expenditures described above
between January 1, 2003 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 $4,130,000.
SECTION 2. This Resolution shall be in effect upon its adoption and approval.
ADOPTED: March 4 2003
ATTEST:
APPROVED AS TO FORM:
Thomas M. Carpenter, City Xttorney
APPROVED: