HomeMy WebLinkAbout12642RESOLUTION NO. 12,642
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 ONE OR MORE PRIOR BOND ISSUES FOR THE
LIBRARY AND TO REIMBURSE ITSELF FOR SUCH EXPENDITURES
FROM THE PROCEEDS OF LIBRARY BONDS OF THE CITY; AND
PRESCRIBING OTHER MATTERS RELATING THERETO.
WHEREAS, the City of Little Rock, Arkansas (the "City ") proposes to refund one or
more issues of outstanding Library Capital Improvement Bonds (the "Bonds Being Refunded "),
the proceeds of which were used to acquire, construct and equip certain capital improvements for
the city public libraries 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 libraries 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 $35,000,000 (the
"Expenditures ") from funds available to the city public libraries 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 one or more series of
Capital Improvement 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 city public libraries 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 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
Bonds.
(d) The City is aware of nothing in the budget or financial circumstances of
the City or funds of the city public libraries and CALS 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
$35,000,000 in the aggregate.
(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: February 5, 2008
ATTEST:
Na 4y Woo ity Clerk
APPROVED AS TO FORM:
Thomas M. Carpenter, City &tor ey
2
737986 -v1
Mark Stodola, Mayor
CERTIFICATE
STATE OF ARKANSAS )
COUNTY OF PULASKI ) SS
CITY OF LITTLE ROCK )
I, Nancy Wood, City Clerk within and for the City aforesaid, do hereby certify
that the foregoing is a true and correct copy of Resolution No. of the Resolutions
of the City of Little Rock, Arkansas, entitled: "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 ONE OR MORE PRIOR BOND ISSUES
FOR THE LIBRARY AND TO REIMBURSE ITSELF FOR SUCH
EXPENDITURES FROM THE PROCEEDS OF LIBRARY BONDS OF THE
CITY; AND PRESCRIBING OTHER MATTERS RELATING THERETO. ";
adopted by the Board of Directors of said City on 2008, said
Resolution now appearing of record in this office.
IN WITNESS WHEREOF, I have hereunto set my hand and seal of office on this
day of 12008.
City Clerk
City of Little Rock, Arkansas
3
737986 -v1