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RESOLUTION NO. 12,668
3 A RESOLUTION TO APPOINT TO SELECT THE ROSE LAW
4 FIRM AS BOND COUNSEL FOR THE PROPOSED 2008 CAPITAL
5 EXPENDITURES SHORT -TERM FINANCING PROJECT; TO EX-
6 PRESS THE CITY'S INTENTION TO FINANCE CAPITAL EX-
7 PENDITURES WITH THE PROCEEDS OF TAX - EXEMPT SHORT -
8 TERM BONDS; AND FOR OTHER PURPOSES.
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10 WHEREAS, the City intends to issue short-term financing bonds during 2008 in ac-
11 cordanc with the provisions of Amendment 78 to the Arkansas Constitution; and
12 WHEREAS, it is necessary to have bond counsel to work with the City to perform
13 the legal work required for the issuance of this bonded obligation; and,
14 WHEREAS, a competitive selection process was used to evaluate the interested law
15 firms to undertake representation of the City in this matter; and,
16 WHEREAS, after consideration of all of the issues included in the competitive selec-
1 7 tion process, and the comments of the various members of the selection committee, it was
18 determined that for this issue the Rose Law Firm met the qualifications for this work, and
19 was able to negotiate an acceptable contract with the City;
20 WHEREAS, it is desirable to comply with the provisions of U.S. Treasury Regula-
21 tion § 1.150 -2 in order to permit reimbursement to the City from proceeds of the bonds of
22 certain expenditures which may be incurred prior to the issuance of the bonds;
23 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
24 OF THE CITY OF LITTLE ROCK, ARKANSAS:
25 Section 1: The City Manager is hereby authorized to enter into an agreement with
26 the Rose Law Firm, acceptable to the City Attorney, to act as bond counsel for the 2008
27 short-term financing project of capital expenditures.
Resolution to select Rose Law Firm as bond counsel for [PAGE 1 OF 21
2008 Short-Term Financing Bonds
I Section 2: The Board hereby expresses its present intention to issue tax - exempt
2 bonds, not to exceed $6,500,000 principal amount, in one or more series, for the purpose
3 of financing the 2008 capital expenditures.
4 Section 3: To the extent permitted by U.S. Treasury Regulation § 1.150 -2, the City
5 is authorized to be reimbursed for the cost of the legal fees incurred by this transaction
6 from the proceeds of the bond.
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Section 4. Severability. In the event any title, section, paragraph, item, sentence,
clause, phrase, or word of this ordinance is declared or adjudged to be invalid or uncon-
stitutional, such declaration or adjudication shall not affect the remaining portions of the
ordinance which shall remain in full force and effect as if the portion so declared or ad-
judged invalid or unconstitutional was not originally a part of the ordinance.
Section 5. Repealer. All laws, ordinances, resolutions, or parts of the same, that are
inconsistent with the provisions of this resolution, are hereby repealed to the extent of
such inconsistency.
PASSED: March 18, 2008
ATTEST:
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19 N cy Woo , City Clerk
20 APPROVED AS TO LEGAL FORM:
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23 Thomas M. Carpenter, ttorney
24 H
25 H
26 H
27 H
28 H
29 H
APPROVED:
Mark Stodola, Mayor
Resolution to select Rose Law Firm as bond counsel for (PAGE 2 OF 21
2008 Short-Term Financing Bonds