HomeMy WebLinkAbout12753RESOLUTION No. 12,753
2
3 A RESOLUTION OF INTENT TO REFUND THE CITY OF LITTLE ROCK, AR-
4 KANSAS, PARKS REVENUE BONDS (SERIES 1998) AND TO ISSUE ADDI-
S TIONAL PARKS REVENUE BONDS TO FUND CAPITAL IMPROVEMENTS TO
6 THE PARKS SYSTEM OF THE CITY OF LITTLE ROCK, ARKANSAS; TO AU-
7 THORIZE THE SELECTION PROCESS FOR BOND COUNSEL AND FOR THE
8 BOND UNDERWRITER; TO AUTHORIZE THE CITY TO REE14BURSE ITSELF
9 FOR EXPENDITURES INCURRED FROM THE PROCEEDS OF THE BONDS; TO
10 PRELIMINARILY IDENTIFY THE PUBLIC IMPROVEMENTS TO BE FI-
I I NANCED BY A PORTION OF THE PROCEEDS RECEIVED FROM THE ADDI-
12 TIONAL PARKS REVENUE BONDS; AND FOR OTHER PURPOSES.
13
14 WHEREAS, the Board of Directors authorized the issuance of the $16,405,000, City of Little Rock,
15 Arkansas, Capital Improvement Revenue Bonds, Parks and Recreation Projects (Series 1998A), pursuant
16 to Little Rock, Ark., Ordinance No. 17,690 (March 17, 1998) (" 1998 Parks Revenue Bonds "), as author -
17 ized by Amendment 65 to the Arkansas Constitution, to fund parks and zoo improvements; and,
18 WHEREAS, in 1998 the Board of Directors passed Little Rock, Rev. Code §§ 22 -211 to -220 (1988),
19 which established the Little Rock Zoo Department as a separate entity from the Little Rock Parks & Rec-
20 reation Department; and,
21 WHEREAS, the City has had a financial review of the 1998 Parks Revenue Bonds performed, and
22 has determined that it would be advantageous to the City to refinance the bonds at this time and, in the
23 process, to issue additional bonds to finance needed capital improvements for parks, recreation, and zoo
24 projects; and,
25 WHEREAS, in order to refund the 1998 Parks Revenue Bonds and to issue additional parks revenue
26 bonds, it is necessary to competitively select and hire bond counsel and a bond underwriter; and,
27 WHEREAS, it is also necessary for legal reasons to authorize the City to reimburse itself for expen-
28 ditures incurred preliminary to the issuance of the refunding and the additional parks revenue bonds;and,
29 WHEREAS, it is the intent of the Board of Directors of the City of Little Rock, Arkansas, to move
30 forward as provided hereinafter.
31 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
32 CITY OF LITTLE ROCK, ARKANSAS:
33 Section 1. The City Manager is authorized to advertise a competitive selection process for bond
34 counsel, and for bond underwriter, to assist the City with the issuance of bonds to refinance the Parks
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Resolution of Intent to issue Parks Refinancing Bonds
Revenue Bonds ( "the Parks Refunding Bonds ") and to issue additional parks revenue bonds (the "Addi-
2 tional Parks Revenue Bonds ").
3 Section 2. The City declares its intent to reimburse itself, from the proceeds of the Parks Refunding
4 Bonds and the Additional Parks Revenue Bonds, as appropriate, (together referred to hereinafter collec-
5 tively as the "Parks Revenue Bonds "), and further declares as follows:
6 (a) Proceeds of the Parks Revenue Bonds will be applied to reimburse the City and those funds
7 available to the City for Parks, Recreation and Zoo projects, within eighteen (18) months af-
8 ter the later of:
9 (i) The date of any such expenditures; or,
10 (ii) The date on which any improvements financed by the Parks Revenue Bonds, are
I I placed in service or the issuance of the Parks Revenue Bonds occurs and, in any
12 event, within three (3) years after the date of making any such expenditures;
13 (b) Further, the City is aware of:
14 (i) No reason which would cause it to expect that the expenditures would be reim-
I S bursed from any other source than the proceeds of the Parks Revenue Bonds;
16 (ii) Nothing in the budget or financial circumstances of the City or funds from the
17 City Parks and Recreation Department, or the City Zoo Department, which is in-
18 consistent with the intent and declaration of the City to finance the expenditures
19 with proceeds from the Parks Revenue Bonds; further, the City is aware of no
20 reason to expect that funds other than proceeds of the Parks Revenue Bonds will
21 be reserved or allocated on a long -term basis, or otherwise set aside for the ex-
22 penditures pursuant to budgetary or financial policies of the City.
23 Section 3. The aggregate amount of the Parks Revenue Bonds that the City intends to issue will be
24 in a principal amount not to exceed twenty million two hundred thousand dollars ($20,200, 000.00).
25 Section 4. The projects for which a portion of the proceeds of the Parks Revenue Bonds may be
26 used may include, but shall not be limited to, the following: :
27 (a) Little Rock Zoo Improvements including improvements for AZA accreditation;
28 (b) War Memorial Park Improvements;
29 (c) Rebsamen Tennis Center Renovation;
30 (d) Natural Steps Athletic Ball Field Development;
31 (e) Purchase of land at Western Hills Golf Course
32 ()q La Petit Roche Exhibit in the Julius C. Breckling Riverfront Park;
33 (g) Southwest Community Center and Otter Creek Park Playground Improvements;
34 (h) Dog Park Development at the Animal Village;
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Resolution of Intent to issue Parks Refinancing Bonds
(i) Crump Park Restroom Facilities;
2 (j) West Central Ballpark Complex (Rosedale)
3 (k) Ottenheimer Park Improvements
4 (l) Neighborhood Park Capital Improvements
5 (m) MacArthur Park Capital Improvements
6 Section 5. Additional Authority. The Mayor, City Manager, City Attorney, Director of Finance and
7 Treasurer, and City Clerk, are authorized to take all necessary intermediate steps, and execute any such
8 documents, not set forth within this resolution, so long as such action does not require prior approval of
9 the Board of Directors in order to be effective.
10 Section 6. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or adju-
2 dication shall not affect the remaining portions of the resolution which shall remain in full force and ef-
13 fect as if the portion so declared or adjudged invalid or unconstitutional was not originally a part of the
14 resolution.
is Section 7. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent
16 with the provisions of this resolution are hereby repealed to the extent of such inconsistency.
17 ADOPTED: September 9, 2008
18 ATTEST: APPROVED:
19t / a 20 C_ C?,t� - /'
21 .1N ncy Wood, City Clerk Mark Stodola, Mayor
22 U APPROVED AS TO LEGAL FORM:
23
25 Thomas M. Carpenter, City Attorney
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Resolution of Intent to issue Parks Refinancing Bonds