HomeMy WebLinkAbout6734 i.4
RESOLUTION NO. 6 , 734
A RESOLUTION STATING SUPPORT FOR
FUTURE WATER WORKS EXPANSION; DECLARING
THE INTENT OF THE BOARD TO ISSUE
REVENUE PROMISSORY NOTES FOR SUCH
EXPANSION; AND FOR OTHER PURPOSES .
WHEREAS , the Board of Conuuissioners of the
Little Rock Municipal Water Works (the "Board of Com-
missioners") proposes to improve the Pleasant Valley
Water Treatment Plant by the construction of settling
basins , buildings , machinery, equipment , and other
improvements (the "improvements") and,
WHEREAS, the Board of Commissioners anticipates
that a portion of these improvements will be financed by
revenue promissory notes issued pursuant to Act 321 of
the 1955 Acts of Arkansas , as amended [the pertinent
section being codified as Ark. Stat. Ann. § 19-4218 . 1 ,
(Supp . 1981) ] hereinafter referred to as the "Act" and
has requested from this Board of Directors a declaration
of intent to issue such notes ,
NOW, THEREFORE, BE IT RESOLVED by the Board
of Directors of the City of Little Rock, Arkansas that :
Section 1. The City of Little Rock will take
such steps as are necessary to issue , sell and deliver
pursuant to the Act revenue promissory notes in the
aggregate principal amount now estimated not to exceed
SIX MILLION DOLLARS ($6 ,000, 000. 00) , for the purposes of
financing the costs of the improvements to the Little
Rock municipal water system. The City further agrees
that it will , if required, enter into an indenture of
trust with a trustee qualified to exercise trust powers
where necessary, for the purpose , among others , of
pledging and/or otherwise securing the payment of surplus
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revenues of the Little Rock Municipal Water Works for
the purpose of payment of such notes and for the benefit
of the holders of such notes . The notes may be issued
either at one time or in several series and/or issues
from time to time, and will be in such aggregate
principal amount or amounts , mature , and contain
interest rates and such other terms as the Board of
Commissioners may request.
Section 2 . The City intends this agreement
to be commitment , pursuant to the terms hereof, to
issue the notes on or before April 1 , 1983 .
Section 3. This resolution shall remain in
full force and effect from and after its adoption and
approval.
ADOPTED: February 2 , 1982
ATTEST: f APPROVED
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