HomeMy WebLinkAbout4248 RESOLUTION NO. 4,248
A RESOLUTION EXPRESSING THE INTENT OF
THE CITY OF LITTLE ROCK, ARKANSAS , TO
SELL AND ISSUE AIRPORT REVENUE BONDS
IN THE AMOUNT OF ONE MILLION SIX HUNDRED
THOUSAND DOLLARS ($1 , 600,000 .00) ; AND
FOR OTHER PURPOSES .
WHEREAS the Little Rock Municipal Airport Commission
(the "Airport Commission") has heretofore undertaken an improve-
ment program designed to make available airport facilities
necessary for the welfare, progress and general economic and
industrial growth of the City and its residents and of those
using the facilities ; and
WHEREAS it is imperative that the improvement program
go forward without delay so that overall costs can be held within
feasible limits and the needed airport facilities made available
at the earliest practical time; and
WHEREAS in addition to other funds that are and will
be available to the Airport Commission (including funds now on
hand and grant funds from an Agency of the United States of
America) , it will be necessary for the City of Little Rock,
Arkansas (the "City") to sell and issue Airport Revenue Bonds
in the principal amount of approximately $1, 600,000.00 (the
"Airport Revenue Bonds") ; and
WHEREAS the Airport Commission has requested the
City to go on record committing itself to sell and issue the
Airport Revenue Bonds in order that prospective construction
contract bidders (bids are to be taken in the near future) may
bid on the basis that overall financing will be available when
needed.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS .
SECTION 1 . That prior to the time the proceeds
will be required to insure that sufficient funds are on hand to
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meet, when due, all expenditure requirements of the Airport
Commission in connection with the airport improvement program,
the City will take the necessary action to sell and issue
Airport Revenue Bonds in the required principal amount (now
estimated to be approximately $1, 600,000.00) . The proceeds of
the Airport Revenue Bonds will be made available to the Airport
Commission.
SECTION 2. That a certified copy of this Resolution
shall be forwarded to the Airport Commission in order that it
may proceed with the airport improvement program without delay
and in order that prospective bidders may proceed on the basis
that the overall financing will be available when needed.
ADOPTED: August 18, 1969
ATTEST: grit/ APPROVED :
City Cle yor