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RESOLUTION NO. 11,133
3 A RESOLUTION TO DECLARE THE INTENT OF THE CITY OF LITTLE
4 ROCK, ARKANSAS TO MAKE CERTAIN EXPENDITURES TOWARD
5 CAPITAL IMPROVEMENTS FOR THE CITY PUBLIC LIBRARIES AND
6 TO REIMBURSE ITSELF FOR SUCH EXPENDITURES FROM THE
7 PROCEEDS OF REVENUE BONDS OF THE CITY; AND PRESCRIBING
8 OTHER MATTERS RELATING THERETO.
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10 WHEREAS, the City of Little Rock, Arkansas (the "City") proposes to acquire,
11 construct and equip additional capital improvements for the city public library and related
12 facilities (the "Improvements ") for the City and the Central Arkansas Library System
13 ( "CALS "); and
14 WHEREAS, the City previously adopted its Resolution 10,411 on November 17,
15 1998 pursuant to which the City reimbursed itself for expenditures incurred in connection
16 with the issuance of and the projects financed with the proceeds of the $825,000 City of
17 Little Rock, Arkansas Library Refunding Bonds, Series 1999A and the $9,175,000 City of
18 Little Rock, Arkansas Library Improvement and Refunding Bonds, Series 1999B (the "Prior
19 Bonds "); and
20 WHEREAS, the City is currently preparing to issue its Library Capital
21 Improvement Bonds, Series 2001 in an amount not to exceed $9,500,000; and
22 WHEREAS, the issuance of the Series 2001 Bonds is the final series of the aggregate
23 principal amount of bonds approved by the voters at the November 3, 1998 general
24 election; and
25 WHEREAS, it is appropriate that the City assure that its power to issue library
26 capital improvement bonds to finance the costs of the Improvements, the interest on which
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1 is exempt from federal income tax, will, under applicable Treasury Regulations, be
2 preserved, and adoption of this Resolution serves that purpose.
3 NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
4 THE CITY OF LITTLE ROCK, ARKANSAS:
5 Section 1. The City authorizes the sum of not to exceed $9,500,000 (the
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"Expenditures") from funds available to the city public library and CALS for the purpose
of accomplishing the 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
Capital Improvement Bonds, Series 2001 (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.
(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 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
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1 be reserved or allocated on a long -term basis or otherwise set aside for the Expenditures
2 pursuant to budgetary or financial policies of the City.
3 (e) The New Bonds will be issued in the principal amount of not to
4 exceed $9,500,000.
5 (f) The Expenditures will be "capital expenditures' within the meaning
6 of applicable Treasury Regulations or will constitute a portion of the costs of issuance of
7 the New Bonds.
8 Section 2. A copy of this Resolution shall be filed with the City Clerk where it
9 will be available for public inspection.
10 Section 3. Severability. In the event any title, section, paragraph, item, sentence,
11 clause, phrase, or word of this resolution is declared or adjudged to be invalid or
12 unconstitutional, such declaration or adjudication shall not affect the remaining portions
13 of the resolution which shall remain in full force and effect as if the portion so declared or
14 adjudged invalid or unconstitutional was not originally a part of the resolution.
15 Section 4. Repealer. All laws and parts of laws are hereby repealed to the extent
16 of such inconsistency.
17 ADOPTED: October 2, 2001
18 ATTEST: APPROVED:
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21 N cy Wo d, City Clerk i
a ailey, Mayor
22 APPROVED AS TO LEGAL FORM:
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25 Thomas M. Carpenter, Ci Attorney
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27 //
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