HomeMy WebLinkAbout15431 1 RESOLUTION NO. 15,431
2
3 A RESOLUTION TO APPOINT FRIDAY,ELDREDGE&CLARK,LLP,AS
4 LEGAL COUNSEL FOR THE PROPOSED 2021 FIVE MILLION, SEVEN
5 HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($5,725,000.00)
6 SHORT-TERM FINANCING NOTE,AND POSSIBLE OTHER MATTERS;
7 AND FOR OTHER PURPOSES.
8
9 WHEREAS, it is necessary for Legal Counsel with the recognized expertise to make certain tax
10 decisions to perform legal services for the City of Little Rock,Arkansas("the City")when it engages in the
11 issuance of Short-Term Financing("STF")Notes pursuant to Amendment 78 to the Arkansas Constitution;
12 and,
13 WHEREAS, the City intends to issue approximately Five Million, Seven Hundred Twenty-Five
14 Thousand Dollars ($5,725,000.00) in STF Notes to fund projects for the Parks & Recreation Department,
15 the Little Rock Fire Department, the Little Rock Police Department, and the Fleet Services Department;
16 and,
17 WHEREAS, pursuant to a competitive selection process based upon Professional Legal Services, it
18 was determined that the firm of Friday, Eldredge&Clark, LLP, of Little Rock, Arkansas, was deemed the
19 most qualified firm to assist with the issuance of this debt; and,
20 WHEREAS,the terms of engage with Friday, Eldredge & Clark, LLP, have been agreed upon as set
21 out in a letter of engagement dated April 2, 2021.
22 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
23 OF LITTLE ROCK,ARKANSAS:
24 Section 1. The Mayor and City Manager are authorized to enter into an agreement with Friday,
25 Eldredge&Clark, LLP,to act as legal counsel for the issuance of a Five Million, Seven Hundred Twenty-
26 Five Thousand Dollars($5,725,000.00) STF Note.
27 Section 2. The Mayor, City Manager, and City Clerk, are authorized to execute, or attest to, or both,
28 a Letter of Engagement dated April 2,2021,with Friday, Eldredge&Clark,LLP, for the scope of services
29 to be provided in this matter.
30 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
31 word of this resolution is declared or adjudged to be invalid or unconditional, such declaration or
32 adjudication shall not affect the remaining portions of the resolution will shall remain in full force and effect
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1 as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
2 resolution.
3 Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same, which are inconsistent
4 with the provisions of this resolution are hereby repealed to the extent of such inconsistency.
5 ADOPTED: April 6,2021
6 ATTES APPROVED:
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7 N4
Ifsp.
8 _
9 'usan ,ng .'ty Clerk Frank Scott,Jr., M r
10 APPRO 4 D • e LEGAL FORM:
11 I, ,
12 •
13 Thomas M.Carpenter,City A orney
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