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RESOLUTION NO. 10.411
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A RESOLUTION DECLARING THE INTENT OF THE CITY OF LITTLE
ROCK, ARKANSAS TO MAKE CERTAIN EXPENDITURES TOWARD
CAPITAL IMPROVEMENTS FOR THE CITY PUBLIC LIBRARIES AND
TO REFUND A PRIOR BOND ISSUE FOR THE LIBRARY AND TO
REIMBURSE ITSELF FOR SUCH EXPENDITURES FROM THE
PROCEEDS OF REVENUE BONDS OF THE CITY; AND PRESCRIBING
OTHER MATTERS RELATING THERETO.
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WHEREAS, the City of Little Rock, Arkansas (the "City ") proposes to refund the
outstanding portion of the $17,000,000 City of Little Rock, Arkansas Library
Construction and Improvement Bonds, Series 1994 (the 'Bonds "), the proceeds of
which were used to acquire, construct and equip certain capital improvements for the
city public library and related facilities for the City and the Central Arkansas Library
System ( "CALS ") (the 'Refunding ") and to acquire, construct and equip additional
capital improvements for the city public library and related facilities for the City and
CALS (the "Improvements "); and
WHEREAS, it is appropriate that the City assure that its power to issue library
refunding and capital improvement bonds to finance the costs of the Refunding and 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 IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1. The City authorizes the sum of not to exceed $19,500,000 (the
"Expenditures ") from funds available to the city public library and CALS for the purpose
of accomplishing the Refunding and acquiring, constructing and equipping -the
Improvements.
The City hereby declares its intent to reimburse itself, and those funds available
to the city public library and CALS, for the Expenditures from the proceeds of its Library
Refunding and Capital Improvement Bonds, Series 1999A and B (the "New Bonds ")
and, further, declares as follows:
(a) Proceeds of the New Bonds will be applied to reimburse the City
and those funds available to the city public library and CALS 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 or the Refunding occurs and, in any
event, within three (3) years after the date of the making of the Expenditures.
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(b) The City is aware of no reason which would cause it to expect that 545
the Expenditures would be reimbursed from any source other than proceeds of the New
Bonds.
(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
New Bonds.
(d) The City is aware of nothing in the budget or financial
circumstances of the City or funds of the city public library and CALS which is
inconsistent with the intent and declaration of the City to finance the Expenditures with
the New Bonds. The City is aware of no reason to expect that funds other than
proceeds of the New 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 New Bonds will be issued in the principal amount of not to
exceed $19,500,000.
(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 New 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: November 17, 1998
ATTEST:
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Robbie Hancock, City Clerk
APPROVED AS TO FORM:
Thomas M. Carpenter, City Attorney
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APPROVED:
Ji ailey, Mayor