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1 RESOLUTION NO. 11,738
2
3 A RESOLUTION TO DECLARE THE INTENT OF THE CITY OF LITTLE
4 ROCK, ARKANSAS TO REIMBURSE ITSELF FOR CAPITAL
5 EXPENDITURES FROM THE PROCEEDS OF SHORT -TERM
6 FINANCING OBLIGATIONS OF THE CITY; AND PRESCRIBING
7 OTHER MATTERS RELATING THERETO.
8
9 WHEREAS, the City of Little Rock, Arkansas (the "City") has acquired within the
10 past sixty days, or proposes to acquire, vehicles at an estimated cost of $1,200,000, and
11 WHEREAS, the City has acquired within the past sixty days, or proposes to acquire,
12 print shop equipment at an estimated cost of $27,000, and
13 WHEREAS, the City has acquired within the past sixty days, or proposes to acquire,
14 fuel system equipment at an estimated cost of $200,000, and
15 WHEREAS, the City has acquired within the past sixty days, or proposes to acquire,
16 software and related equipment at an estimated cost of $618,000, and
17 WHEREAS, the City proposes to construct improvements to park and recreational
18 facilities at an estimated cost of $400,000, and
19 WHEREAS, the short -term financing obligations will be issued or incurred under
20 Amendment No. 78 to the Arkansas Constitution and Act No. 1808 of 2001, and
21 WHEREAS, it is appropriate that the City assure that its power to issue short -term
22 financing obligations to finance the costs of the capital improvements as described above,
23 the interest on which is exempt from federal income tax, will, under applicable Treasury
24 Regulations, be preserved, and adoption of this Resolution serves that purpose;
25 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
26 THE CITY OF LITTLE ROCK, ARKANSAS:
[PAGE 1 OF 3]
Resolotim
To reimburse City of Little Rock for capital expenditures from
Proceeds of Short -Term Finanang Obligations
I Section 1. The City hereby declares its official intent pursuant to United States
2 Treasury Regulation § 1.150 -2 to reimburse itself for the capital expenditures described
3 above between April 1, 2004 and the date the short -term financing obligations are issued,
4 plus a de minimis amount and pertaining expenditures, with proceeds of one or more short -
5 term financing obligations in the aggregate principal amount not to exceed $2,460,000.
6 Section 2. Severability. In the event any title, section, paragraph, item, sentence,
7 clause, phrase, or word of this resolution is declared or adjudged to be invalid or
8 unconstitutional, such declaration or adjudication shall not affect the remaining portions of
9 the resolution which shall remain in full force and effect as if the portion so declared or
10 adjudged invalid or unconstitutional was not originally a part of the resolution.
11 Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same, that are
12 inconsistent with the provisions of this resolution, are hereby repealed to the extent of such
13 inconsistency.
14 ADOPTED: April 20, 2004
15 ATTEST: APPROVED:
16
17 Ili
18 cy Woo , City Clerk Jim DPjailey, Mayor
19
20 APPROVED AS TO FORM:
21
22
23 Thomas M. Carpenter, City At orney
24
25 //
26 //
27 //
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Re Iotkm
To reimburse City of Little Rock for capital expenditures from
Proceeds of Short -Term Financing Obligations
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Schedule A
City of Little Rock
2004 Short -term Financing Detail
April 20, 2004
Vehicles (initial allocation- subject to change):
Public Works
$390,000
Police
360,000
Fire
312,000
Parks & Recreation
72,000
Fleet
36,000
Planning/Housing & Neighborhoods
30,000
Total
Print shop equipment:
Paper cutter $ 8,500
Numbering machine 9,000
Booklet maker 9,500
Total
Fuel system replacement (12 locations)
Buildings (Riverfront amphitheatre)
Technology:
Network Infrastructure Hardware $103,000
IT Programmer Computers (11) 35,260
Replace Servers (6) 143,750
Microsoft Software License Upgrades 275,479
OnBase system upgrade 33,000
PBX Upgrade 27,511
Total
Issuance costs
Total
R.1uoon
To reimburse City of Little Rock for otpiml eapmditures from
Proceeds of Short-Term Financing Obligauwus
[PAGE 3 OF 31
$1,200,000
27,000
200,000
400,000
618,000
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