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RESOLUTION NO. 12f272
3 A RESOLUTION TO DECLARE THE INTENT OF THE CITY OF
4 LITTLE ROCK, ARKANSAS, TO MAKE CERTAIN EXPENDITURES
5 TOWARD CAPITAL IMPROVEMENTS AT LITTLE ROCK
6 NATIONAL AIRPORT AND TO REIMBURSE ITSELF FOR SUCH
7 EXPENDITURES FROM THE PROCEEDS OF REVENUE BONDS OF
8 THE CITY; AND PRESCRIBING OTHER MATTERS RELATING
9 THERETO.
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11 WHEREAS, the City of Little Rock, Arkansas (the "City ") proposes to acquire,
12 construct and equip certain land and capital improvements at Little Rock National
13 Airport including, but not limited to, land acquisition, site development, and ramp and
14 taxiway improvements, and other general airport improvements, (the
15 "Improvements "); and
16 WHEREAS, it is appropriate that the City assure that its power to issue airport
17 revenue bonds to finance the costs of the Improvements, the interest on which is
18 exempt from federal income tax will, under applicable Treasury Regulations, be
19 preserved, and adoption of this Resolution serves that purpose.
20 NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
21 THE CITY OF LITTLE ROCK, ARKANSAS:
22 Section 1. The City authorizes and appropriates the sum not to exceed
23 $25,000,000 (the "Expenditures ") from funds available to the Little Rock National
24 Airport for the purpose of acquiring, constructing and equipping the Improvements.
25 The City hereby declares its intent to reimburse itself, and those funds available
26 to the Little Rock National Airport, for the Expenditures from the proceeds of its
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I Capital Improvement Airport Revenue Bonds (the 'Bonds ") and, further, declares as
2 follows:
3 (a) Proceeds of the Bonds will be applied to reimburse the City and those
4 funds available to the Little Rock National Airport for the Expenditures within
5 eighteen (18) months after the later of (a) the date of the Expenditures or (b) the date on
6 which the Improvements are placed in service and in any event, within three (3) years
7 after the date of the making of the Expenditures.
8 (b) The City is aware of no reason which would cause it to expect that the
9 Expenditures would be reimbursed from any source other than proceeds of the Bonds
10 and certain grants which may be made to the Little Rock National Airport by the
11 Federal Aviation Administration.
12 (c) The City is aware of no reason which would cause it to believe that a
13 substantial portion of the Expenditures will not be reimbursed from the proceeds of
14 the Bonds.
15 (d) The City is aware of nothing in the budget or financial circumstances of
16 the City or funds of the Little Rock National Airport which is inconsistent with the
17 intent and declaration of the City to finance the Expenditures with the Bonds. The City
18 is aware of no reason to expect that funds other than proceeds of the Bonds will be
19 reserved or allocated on a long -term basis or otherwise set aside for the Expenditures
20 pursuant to budgetary or financial policies of the City.
21 (e) The Bonds will be issued in the principal amount not to exceed
22 $25,000,000.
23 (f) The Expenditures will be "capital expenditures" within the meaning of
24 applicable Treasury Regulations or will constitute a portion of the costs of issuance of
25 the Bonds.
26 Section 2. This Resolution shall be in effect upon its adoption and approval.
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I Section 3. A copy of this Resolution shall be filed with the City Clerk where
2 it will be available for public inspection.
3 ADOPTED: May 2, 2006
4
5 ATTEST:
6
7 `?
8 Nancy Woo , City Clerk
9
10 APPROVED AS TO FORM:
11
12
13 Thomas M. Carpenter, CitiAttorney
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APPROVED: Q
J' Dailey, Mayor