HomeMy WebLinkAbout11847RESOLUTION NO. 11,847
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 TWO 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 the
outstanding portion of the City of Little Rock, Arkansas Library Improvement and Refunding
Bonds, Series 1999B issued in the original aggregate amount of $9,175,000, and the outstanding
portion of the City of Little Rock Library Improvement Bonds, Series 2002 issued in the original
aggregate principal amount of $9,500,000 (collectively 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 $25,000,000 (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 its Library Construction
and Improvement Bonds, Series 2004A and its Library Refunding Bonds, Series 2004B
(together, 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.
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(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
$25,000,000.
(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:,
ATTEST:
Nancy Wood, City Clerk
APPROVED AS TO FORM:
C
Thomas M. Carpenter, City Atd rornneJy
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APPROVED:
Jim D ' ey, 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. 11,847 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 TWO 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
October 18, 2004, said Resolution now appearing of record in this office.
IN WITNESS WHEREOF, I have hereunto set my hand and seal of office on this
�q �p-day of October, 2004.
Ci Clerk
City of Little Rock, Arkansas
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