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RESOLUTION NO. 10,190
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A RESOLUTION DECLARING THE INTENT OF THE CITY OF LITTLE
ROCK, ARKANSAS TO MAKE CERTAIN EXPENDITURES TOWARD
STREET, SIDEWALK, CURB, GUTTER, DRAINAGE AND OTHER
RELATED INFRASTRUCTURE IMPROVEMENTS AND TO REIMBURSE
ITSELF FOR SUCH EXPENDITURES FROM THE PROCEEDS OF
REVENUE BONDS OF THE CITY; AND PRESCRIBING OTHER
MATTERS RELATING THERETO.
WHEREAS, the City of Little Rock, Arkansas (the "City ") proposes to acquire, construct
and equip facilities for street, sidewalk, curb, gutter, drainage and other related infrastructure
improvements; and
WHEREAS, it is appropriate that the City assure that its power to issue bonds the interest
on which is exempt from federal income tax will, under applicable Treasury Regulations, be
preserved, and adoption of this Resolution serves that purpose.
NOW, THEREFORE BE RESOLVED BY THE BOARD OF DIRECTORS OF THE
CITY OF LITTE ROCK, ARKANSAS:
SECTION 1: The City authorizes and appropriates the sum of not to exceed $16,000,000
(the "Expenditures ") for the purpose of acquiring, constructing and equipping street, sidewalk, curb,
gutter, drainage and other related infrastructure improvements (the "Project ").
The City hereby declares its intent to reimburse itself for the Expenditure from the proceeds .
of its Revenue Bonds (the `Bonds ") and, further, declares as follows:
a. Proceeds of the Bonds will be applied to reimburse the City for the Expenditure
within eighteen (18) months after the later of (a) the date of the Expenditure or (b) the date on which
the Project is placed in service and in any event, within three (3) years after the date of the making
of the Expenditure.
(b) The City is aware of no reason which would cause it to expect that the Expenditure
would be reimbursed from any source other than proceeds of the Bonds.
(c) The City is aware of no reason which would cause it to believe that the Expenditure
will not be reimbursed by the proceeds of the Bonds.
(d) The City is aware of nothing in the budget or financial circumstances of the City
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which is inconsistent with the intent and declaration of the City to finance the Expenditure with the
Bonds. The City is aware of no reason to expect that funds other than proceeds of the Bonds will
be reserved or allocated on a long -term basis or otherwise set aside for the Expenditure pursuant to
budgetary or financial policies of the City.
(e) The Bonds will be issued in the principal amount of not to exceed $16,000,000.
(f) The Expenditures will be a "capital expenditure" within the meaning of applicable
Treasury Regulations or will constitute a portion of the costs of issuance of the Bonds.
SECTION 2. This Resolution shall be in effect upon its adoption and approval.
SECTION 3. A copy of this Resolution shall be filed with the City Clerk where it will be
available for public inspection.
ADOPTED: January 20, 1998
ATTEST:
( a Dom& a-
ROBBIE HANCOCK
CITY CLERK
APPROVED AS TO FORM:
IA-
,----
THOMAS M. CARPE ER
CITY ATTORNEY
APPROVED: N
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M.
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