HomeMy WebLinkAbout135041
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
RESOLUTION NO. 13,504
A RESOLUTION TO DECLARE THE INTENT OF THE CITY OF
LITTLE ROCK, ARKANSAS, TO MAKE CERTAIN EXPENDITURES
TOWARD CAPITAL IMPROVEMENTS FOR THE CITY PUBLIC
LIBRARIES; TO REFUND ONE PRIOR BOND ISSUE FOR THE
LIBRARY; TO REIMBURSE ITSELF FOR SUCH EXPENDITURES
FROM THE PROCEEDS OF LIBRARY BONDS OF THE CITY; AND
FOR OTHER PURPOSES.
WHEREAS, the City of Little Rock, Arkansas (the "City "), proposes to refund one issue 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 Thirty-Two Million Dollars ($32,000,000)
(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 (1) 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.
[Pagel of 2]
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
(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 Thirty-Two
Million Dollars ($32,000,000) 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: May 15, 2012
ATTEST:
M-aco
Toya binson, Assista t ity Clerk
APPROVED AS TO FORM:
Thomas M. Carpenter, City torney
H
H
H
H
H
H
H
H
H
APPROVE
)t /,c
G
Mark Stodola, Mayor
[Page 2 of 21