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RESOLUTION NO. 10.358
A RESOLUTION DECLARING THE INTENT OF THE
CITY OF LITTLE ROCK, ARKANSAS TO MAKE
CERTAIN EXPENDITURES TOWARD CAPITAL
IMPROVEMENTS AT LITTLE ROCK NATIONAL
AIRPORT 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 certain capital improvements at Little Rock National
Airport including but not limited to rerouting of streets and access improvements,
parking improvements, ' and other general airport improvements, (the
"Improvements "); and
WHEREAS, it is appropriate that the City assure that its power to issue Airport
revenue bonds to finance the costs of the Improvements, 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 LITTLE ROCK, ARKANSAS:
Section 1. The City authorizes and appropriates the sum of not to exceed
$15,000,000 (the "Expenditures ") from funds available to the Little Rock National
Airport for the purpose of acquiring, constructing and equipping the Improvements.
The City hereby declares its intent to reimburse itself, and those funds available
to the Little Rock National Airport, for the Expenditures from the proceeds of its
Capital Improvement Airport Revenue Bonds (the "Bonds ") and, further, declares as
follows:
(a) Proceeds of the Bonds will be applied to reimburse the City and
those funds available to the Little Rock National Airport for the Expenditures within
eighteen (18) months after the later of (a) the date of the Expenditures or (b) the date
on which the Improvements are placed in service and in any event, within three (3)
years after the date of the making of the Expenditures.
(b) The City is aware of no reason which would cause it to expect
that the Expenditures would be reimbursed from any source other than proceeds of the
Bonds and certain grants which may be made to the Little Rock National Airport by
the Federal Aviation Administration.
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(c) The City is aware of no reason which would cause it to believe
that a substantial portion of the Expenditures will not be reimbursed from the proceeds
of the Bonds.
(d) The City is aware of nothing in the budget or financial
circumstances of the City or funds of the Little Rock National Airport which is
inconsistent with the intent and declaration of the City to finance the Expenditures 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 Expenditures pursuant to'budgetary or financial policies of the City.
(e) The Bonds will be issued in the principal amount of not to
exceed $15,000,000.
(f) The Expenditures will be "capital expenditures" 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: September 15, 1998
ATTEST: APPROVED:
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Robbie Hancock, City Clerk
APPROVED AS TO FORM:
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Thomas M. Carpenter, CiiR ttorney
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Jim Dailey, Mayor