HomeMy WebLinkAbout126631 RESOLUTION NO. 12,663
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3 A RESOLUTION TO AUTHORIZE THE ALLOCATION OF $330,000 FROM THE
4 INTEREST EARNINGS OF THE $70,635,000 CITY OF LITTLE ROCK, ARKANSAS,
5 LIMITED TAX GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES
6 2004; AND FOR OTHER PURPOSES.
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8 WHEREAS, the Board of Directors authorized, and the electorate approved, the issuance of capital
9 improvement bonds in 2004 pursuant to Little Rock, Ark. Ordinance ( "LRO ") No. 18, 941 (September 30,
10 2003), and
11 WHEREAS, proceeds from the bonds have been maintained in an interest and reserve fund which
12 has earned a significant amount of interest since the issuance of the bonds, and
13 WHEREAS, various City departments which originally received bond funds have requested authority
14 to enhance or add similar projects with the use of this interest money, and such use is authorized by
15 law.
16 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
17 ROCK, ARKANSAS:
18 Section 1. The amount of three hundred thirty thousand dollars ($330,000) is hereby authorized to
19 be withdrawn from the interest earnings on the $70,635,000 City of Little Rock, Arkansas, Limited Tax
20 General Obligation Capital Improvement Bonds, Series 2004, and to be expended as follows:
21 (a) $ 125,000
22 to the Public Works Department for the Arterial Street Overlay Program; and
23 (b) $ 85,000
24 to the Little Rock Fire Department to improve drainage at the Central Fire
25 Station to insure that the wash bay drain operates properly; and
26 (c) $ 120,000
27 to the Little Rock Police Department in order to replace the emergency
28 generators at the Chenal and Ozark Point communications repeater sites.
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30 Section 2. Severability. In the event any title, section, paragraph, item, sentence, clause,
31 phrase, or word of this resolution is declared or adjudged to be invalid or unconstitutional, such
32 declaration or adjudication shall not affect the remaining portions of the resolution which shall remain
[PAGE 1 OF 21
Resolution
To authorize allocation of interest earnings of CLR
Capital Imp. Bonds, Series 2004
1 in full force and effect as if the portion so declared or adjudged invalid or unconstitutional were not
2 originally a part of the resolution.
3 Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent
4 with the provisions of this resolution, are hereby repealed to the extent of such inc sistency.
5 ADOPTED: March 4, 2008 APPROVED:
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7 `' l7 G�G�Z ��-- -_
8 Nanc Wood, C' y Clerk Mark Stodola, Mayor
9 APPROVED AS TO LEGAL FORM:
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12 Thomas M. Carpenter, City Atto ey
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[PAGE 2 OF 21
Resolution
To authorize allocation of interest earnings of CLR
Capital Imp. Bonds, Series 2004