HomeMy WebLinkAbout15659 1 RESOLUTION NO. 15,659
2
3 A RESOLUTION AUTHORIZING THE PREPARATION OF
4 DOCUMENTS FOR THE OFFERING OF CAPITAL IMPROVEMENT
5 REFUNDING AND IMPROVEMENT REVENUE BONDS TO FINANCE A
6 NEW PARKING DECK AND REFUND THE CITY'S CAPITAL
7 IMPROVEMENT AND REFUNDING REVENUE BONDS (DOWNTOWN
8 PARKING PROJECT), SERIES 2003; PRESCRIBING OTHER MATTERS
9 RELATING THERETO; AND FOR OTHER PURPOSES.
10
11 WHEREAS,the City of Little Rock, Arkansas (the "City"), has determined a need for a new parking
12 deck in the downtown area (the "Parking Deck") to support the Little Rock Convention Center and to
13 provide public parking for other downtown activities; and,
14 WHEREAS,the City is considering acquiring land located on the east half block of Louisiana Street,
15 between 2nd Street and 3rd Street, in Downtown Little Rock, Arkansas, for the purpose of constructing the
16 Parking Deck with 600 spaces; and,
17 WHEREAS, the City has outstanding its Capital Improvement Refunding Revenue Bonds
18 (Downtown Parking Project), Series 2003 (the "Refunded Bonds"); and,
19 WHEREAS,the City has determined that it is in the best interest of the City for the Refunded Bonds
20 to be refunded(the "Refunding"); and,
21 WHEREAS, in order to acquire, construct and equip the Parking Deck and accomplish the
22 Refunding, the City proposes to issue its capital improvement and refunding revenue bonds (the
23 "Bonds"), in the approximate principal amount of Twenty-Four Million, Five Hundred Thirty-Five
24 Thousand Dollars($24,535,000);and,
25 WHEREAS,the Bonds will be secured by a pledge of the revenues that are pledged to the Refunded
26 Bonds, which include particularly, without limitation, revenues from existing parking projects, parking
27 fines and certain street repair revenues.
28 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
29 OF LITTLE ROCK,ARKANSAS:
30 Section 1. The officials of the City are authorized to cooperate with Crews & Associates, Inc., as
31 Underwriter, and Friday, Eldredge & Clark, LLP, as Bond Counsel, in the preparation of a Preliminary
32 Official Statement and Bond Ordinance and are further authorized to execute such writings and take such
33 actions as may be appropriate to the offering of the Bonds at the proper time.
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1 Section 2. The issuance of the Bonds is, under Arkansas State Law, subject to the approval of the
2 Board of Directors, by ordinance, any sale of the Bonds will be subject to the approval of the Board of
3 Directors.
4 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
5 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
6 adjudication shall not affect the remaining portions of this resolution,which shall remain in full force and
7 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
8 resolution.
9 Section 4. Repealer. All laws, ordinances and resolutions, or parts of the same, that are inconsistent
10 with the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
11 ADOPTED: April 5,2022
12 A�f� APPROVED:
13 -��
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15 Susa IS City Clerk Frank Scott,Jr., Mayo
16 APPR 6 I AS TO LEGAL FORM:
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18 Zh
19 Thomas M.Carpenter,City Attor
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