HomeMy WebLinkAbout12382RESOLUTION NO. 12,382
A RESOLUTION AUTHORIZING THE OFFERING OF UP
TO $4,000,000 OF CITY OF LITTLE ROCK,
ARKANSAS WASTE DISPOSAL REVENUE BONDS,
SERIES 2006; AND PROVIDING FOR OTHER
MATTERS IN CONNECTION THEREWITH.
WHEREAS, the City of Little Rock, Arkansas (the
"City ") owns and operates a waste collection and disposal system
(the "System "); and
WHEREAS, the Board of Directors has determined that
betterments and improvements to the System (the "improvements ")
are necessary in order to dispose of methane gas in accordance
with the Environmental Protection Agency's New Source
Performance Standards Regulations and the Arkansas Department of
Environmental Quality Regulations which will take effect in
2007; and
WHEREAS, the improvements include particularly,
without limitation, the construction of a methane gas collection
system to collect the methane gas from Cells 1 and 2 of the
City's Class 1 landfill located at 10803 Ironton Cutoff in
southern Pulaski County (the "Landfill ") and the construction of
a compression and transmission system to dispose of the methane
gas by delivering and selling the gas to an industrial facility
in the vicinity of the Landfill; and
WHEREAS, Stephens Inc. (the "Underwriter ") has been
selected to underwrite the bonds; and
WHEREAS, Friday, Eldredge & Clark, LLP ( "Bond
Counsel ") has been selected to act as Bond Counsel in connection
with the authorization, sale and issuance of the bonds; and
WHEREAS, the Board of Directors is now prepared to
authorize the offering of the bonds for sale by the Underwriter;
NOW, THEREFORE, BE IT RESOLVED by the Board of
Directors of the City of Little Rock, Arkansas:
Section 1. That the Underwriter is hereby authorized
to offer the bonds for sale on such terms and conditions as may
be recommended by the Underwriter and the City Treasurer.
Section 2. That Bond Counsel is hereby authorized and
directed to prepare the ordinance authorizing the issuance of
the Bonds for presentation to and consideration by the Board of
Directors after the bonds have been offered.
Section 3. That the Underwriter, Bond Counsel and
officials of the City are hereby authorized and directed to
prepare a preliminary official statement for the offering of the
bonds and the Mayor is hereby authorized to deem the preliminary
official statement "final" for purposes of Rule 15c2 -12 of the
Securities and Exchange Commission.
Section 4. That available funds of the System are
authorized to be expended to pay the costs of the improvements
prior to the issuance of the bonds and all or any portion of
such costs may be reimbursed with proceeds of the bonds.
ADOPTED: November 6, 2006.
fVYR Dailey, Mayor
Na cy Wo d, City Cle k
Appr ved as to form:
X1 7 At' 4#, .2-
Tom Carpenter, City AttAkney
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