HomeMy WebLinkAbout13704 1 RESOLUTION NO. 13,704
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3 A RESOLUTION OF INTENT REGARDING THE STREET AND
4 DRAINAGE IMPROVEMENT PROJECTS TO BE FINANCED BY
5 LIMITED TAX GENERAL OBLIGATION CAPITAL IMPROVEMENT
6 BONDS; AND FOR OTHER PURPOSES.
7
8 WHEREAS, the City of Little Rock, Arkansas (the "City") proposes to undertake Street and
9 Drainage Improvement Projects; and,
10 WHEREAS, in order to finance the costs of the Street and Drainage Improvement Projects, the City
11 proposes to issue Limited Tax General Obligation Capital Improvement Bonds that were approved by the
12 voters at the special election held September 11,2012, in the maximum principal amount of One Hundred
13 Five Million Dollars($105,000,000)(the "Bonds"); and,
14 WHEREAS, the Bonds will be issued in series and the initial series of the Bonds shall be in the
15 approximate principal amount of Sixty Million Dollars($60,000,000); and,
16 WHEREAS, the purpose of this resolution is for the City to declare its "official intent" for the
17 reimbursement of certain expenditures from the proceeds of the Bonds, within the meaning of Regulation
18 No. 1.150-2 promulgated by the United States Treasury Department(the "Regulation");
19 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
20 OF LITTLE ROCK,ARKANSAS:
21 Section 1. The City hereby expresses its official intent under the Regulation to advance its own
22 funds to pay costs of the street and drainage improvement projects prior to the issuance of the Bonds and
23 to reimburse itself from Bond proceeds for such expenditures.
24 Section 2. Proceeds of the Bonds will be applied to reimburse the City for any expenditures made
25 before the Bonds are issued within eighteen (18) months after the later of(a) the date of the expenditure
26 or (b) the date the particular improvement is placed in service and, in any event, within three (3) years
27 after the date of the expenditure.
28 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
29 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
30 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
31 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
32 resolution.
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1 Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent with
2 the provisions of this resolution,are hereby repealed to the extent of such inconsistency.
3 ADOPTED: June 4,2013
4 ATTEST: APPROVED:
6 )
7 Toy.robinson,Assint City Clerk Mar Stodola,'ayor
8 APPROVED AS TO LEGAL FORM:
9 /
10 >� �1
11 Thomas M. Carpenter;City Afr rn y
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