HomeMy WebLinkAbout17085 1 RESOLUTION NO. 17,085
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3 A RESOLUTION OF INTENT REGARDING THE ACQUISITION OF
4 WASTE DISPOSAL VEHICLES AND EQUIPMENT TO BE FINANCED
5 BY THE PROCEEDS OF FUTURE BONDS; AND FOR OTHER
6 PURPOSES.
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8 WHEREAS,the City of Little Rock Board of Directors approved updated rates for the City of Little
9 Rock,Arkansas Waste Disposal Fund operations via Ordinance No.22,700(December 16,2025); and,
10 WHEREAS, the approved rate model supporting the rates included plans to acquire new Waste
11 Disposal Vehicles and Equipment (the "Project") the maximum principal amount of which is Seventeen
12 Million Dollars($17,000,000.00)over a two(2)year period to replace items at the end of their useful lives
13 and to improve operations;and,
14 WHEREAS, in order to fund the acquisitions, the City needs to issue future bonds and utilize those
15 proceeds to pay for the acquisitions over the life of the vehicles and equipment; and,
16 WHEREAS, the Board of the Pulaski County Regional Solid Waste Management District approved
17 the proposed issues of solid waste revenue bonds via Resolution No. 2026-1 (April 16,2026); and,
18 WHEREAS, the purpose of this Resolution is for the City to declare its "official intent" for the
19 reimbursement of certain expenditures from the proceeds of future bond issues, within the meaning of
20 Regulation No. 1.150-2 promulgated by the United States Treasury Department(the"Regulation).
21 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
22 OF LITTLE ROCK,ARKANSAS:
23 Section 1. The City hereby expresses its official intent under the Regulation to advance its own funds
24 to pay costs for the acquisition of Waste Disposal Vehicles and Equipment prior to the issuance of future
25 bonds, and to reimburse itself from the future bond proceeds for such expenditures.
26 Section 2. Proceeds from the future bonds will be applied to reimburse the City for any
27 expenditures made before the Bonds are issued within eighteen (18) months after the later of a)
28 the date of the expenditure; or b)the date the particular improvement is placed in service and, in
29 any event, within three (3)years after the date of the expenditure.
30 Section 3.Severability.In the event any title,section,paragraph,item,sentence,clause,phrase,or word
31 of this resolution is declared or adjudged to be invalid or unconstitutional,such declaration or adjudication
32 shall not affect the remaining portions of the resolution which shall remain in full force and effect as if the
33 portion so declared or adjudged invalid or unconstitutional was not originally a part of the resolution.
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1 Section 4. Repealer. All laws,ordinances,resolutions,or parts of the same,that are inconsistent with
2 the provisions of the is resolution,are hereby repealed to the extent of such inconsistency.
3 ADOPTED: June 16,2026
4 ATTEST: APPROVED:
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6 A14/1
7 Allison Segars,Ci C k Frank Scott,Jr.,Mayor
8 APPROVED AS TO LEGAL FORM:
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10 44,
11 Thomas M.Carpenter,Ci Attorney
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