134381
RESOLUTION NO. 13,438
2012009083 Received: 2116/2012 3:28:53 PM
Recorded: 02116/2012 03:31:44 PM Filed &
Recorded in Official Records of Larry Crane,
PULASKI COUNTY CIRCUIT /COUNTY CLERK
Fees $20.00
2
3 A RESOLUTION TO DECLARE THE OFFICIAL INTENTION OF
4 THE BOARD OF DIRECTORS TO REIMBURSE CERTAIN
5 EXPENDITURES FOR PUBLIC SAFETY IMPROVEMENTS AND
6 EQUIPMENT, CODE ENFORCEMENT EQUIPMENT AND
7 THE CONSTRUCTION OF A WEST CENTRAL COMMUNITY
8 CENTER FROM THE PROCEEDS OF A PROPOSED TAX -
G, RCU /�
9 EXEMPT SHORT -TERM FINANCING AS REQUIRED BY THE,;
10 UNITED STATES TREASURY REGULATIONS; AND FOI€ ;
11 OTHER PURPOSES. = �'
12 Ir''
13 WHEREAS, the City intends to issue approximately Eighteen Million, Five Hundred and EigW'
14 Thousand Dollars ($18,580,000) in short-term financing debt obligations to fund capital improvements
15 structures and equipment for public safety including, but not limited to, a new fire station, a new police
16 communications system, vehicles and equipment for City code enforcement, and the construction of a
17 West Central Community Center; and,
18 WHEREAS, certain expenditures for these items will be necessary prior to the actual issue of the
19 short term bond documents issued in compliance with Amendment 78 to the Arkansas Constitution; and,
20 WHEREAS, the City desires to facilitate the allocation of proceeds of the bonds to the reimburse -
21 ment for payment of all or a portion of the reimbursable expenditures for the bond purposes;
22 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
23 OF LITTLE ROCK, ARKANSAS:
24 Section 1. As required by 26 CFR § 1.150 -2 the City adopts this resolution solely for the purpose of
25 establishing compliance with the requirements of the Treasury regulation, provided this resolution does
26 not obligate the City to make any expenditure, issue the short-term financing bonds, or proceed
27 with public safety improvements.
28 Section 2. The City declares its reasonable official intention to issue short-term financing bonds, or
29 incur other obligations, in an amount that is currently anticipated to be Eighteen Million, Five Hundred
3o and Eighty Thousand Dollars ($18,580,000) and to apply a portion of the proceeds to the reimbursement
31 of the City for the prior payment of reimbursable expenditures.
32 Section 3. The City recognizes that for other than certain de minimus expenditures permitted by
33 Federal regulation, the reimbursable expenditures will be recognized only if (a) the reimbursable expendi-
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I tures were paid not earlier than sixty (60) days prior to the adoption of this resolution; and (b) the alloca-
2 tion of proceeds of the short -term financing bonds to such reimbursement is made not later than (i) eight -
3 een (18) months after the date of payment of the reimbursable expenses, or (ii) eighteen (18) months after
4 the date of completion or abandonment of the public safety project, but in no event more than three (3)
5 years after the date of the original expenditure of such monies.
6 Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
7 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
8 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
9 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
10 resolution.
11 Section 5. Repealer. All laws, ordinances, resolutions, or parts of the same that are inconsistent
12 with the provisions of this ordinance are hereby repealed to the extent of such inconsistency.
13 ADOPTED: February 7, 2012
14 ATTEST: APPROVED:
15
16
17 Susan La gl City Clerk
18 APPR D AS TO LEGAL FORM:
19
20
21 Thomas M. Carpenter, City Attorney
22 H
23 H
24 H
25 H
26 H
27 H
28 H
29 H
30 H
31 H
32 H
33 H
34 H
, X_ /C_Z-ZZ-
Mark Stodola, Mayor
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