0480 RESOLUTION NO. 480 (14 -95)
A RESOLUTION AUTHORIZING THE CITY OF JACKSONVILLE, ARKANSAS,
WASTEWATER UTILITY TO OBTAIN FUNDS FOR IMPROVEMENTS IN THE
CITY'S SEWER SYSTEM THROUGH A SEWER USE TAX REVENUE BOND;
AND, FOR OTHER PURPOSES.
WHEREAS, the City of Jacksonville, Arkansas (the "City ")
by and through the Jacksonville Wastewater Utility, proposes
to acquire, construct and equip improvements throughout the
City's current sewer plant and system (the "Project ");
WHEREAS, the City is considering the ability to obtain
funds to accomplish the Project through the proceeds of a
sewer use tax revenue bond (the "City Bond "), proposed to be
issued by the City and purchased in multiple advances by the
Arkansas Development Finance Authority ( "ADFA ") as a part of
Revolving Loan Program administered by the Arkansas
Department of Pollution Control and Ecology (the "Program ");
WHEREAS, a portion of the purchase price for the City
Bond will be provided by bonds to be issued by ADFA (the
"ADFA Bonds ");
WHEREAS, the balance of the purchase price for the City
Bond will be paid from federal and state funds made available
by the Program ( "Program Funds ");
WHEREAS, the approximate cost anticipated for the
Project and expenses of issuing the City Bond is anticipated
to be no more than Ten Million Dollars ($10,000,000.00); and,
WHEREAS, the purpose of this Resolution is for the City
to declare its "official intent" for the issuance of the ADFA
Bonds within the meaning of the applicable income tax
regulations promulgated by the United States Treasury
Department.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF JACKSONVILLE, ARKANSAS, THAT:
SECTION ONE: The City hereby expresses its intent to
advance through funds of the Jacksonville Wastewater Utility
payment of the costs of the Project and bond issuance costs,
and shall reimburse the Utility from ADFA Bond proceeds and
Program Funds all expenditures for costs paid by the Utility
and /or City prior to the issuance of the ADFA Bonds. Debt
service on the ADFA Bonds will be paid from Program revenues,
including payments made by the Utility and /or City with
respect to the City Bond and revenues of the City's sewer
system (the "System "). The interest on the ADFA Bonds are to
be exempt from federal income taxation.
SECTION TWO: The City expects that the sources of funds
to be advanced for Project and bond issuance costs prior to
issuance of the ADFA Bonds will be as follows:
Proceeds from the operation and management of the
Jacksonville Wastewater Utility to include, but not be
limited to, General Revenues Funds, Operations and
Maintenance Funds, and Construction Funds.
SECTION THREE: A copy of this Resolution shall be filed
in the official records of the City in the Office of the City
Clerk and the Jacksonville Wastewater Utility within ten (10)
days from the adoption hereof. It shall be continuously
Resolution No. 480 ( #4 -95)
April _l®& 1995
Page Two
available for public inspection at either location during
regular business hours on every business day until the date
of issuance of the ADFA Bonds or the City Bond, whichever is
later.
SECTION FOUR: This Resolution shall be in effect from
and after its date of passage.
SECTION FIVE: All Resolutions or parts of Resolutions
in conflict herewith are hereby repealed to the extent of
said conflict.
APPROVED AND ADOPTED THIS la ' DAY OF APRIL, 1995.
CITY OF JACKSONVILLE, ARKANSAS
BY s9jC ./.>�...ti, _
TOMMY SWAIM, MAYOR
ATTEST:
LUL': M. LEONA ITY CLERK
ROBE "T E. BAMBU' 1Y A TOR
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