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0811RESOLUTION NO. 811 (#10-2021) A RESOLUTION AUTHORIZING THE MAYOR AND CITY COUNCIL OF THE CITY OF JACKSONVILLE, ARKANSAS, IN COOPERATION WITH THE UNDERWRITER AND BOND COUNSEL, TO PROCEED WITH MATTERS PRELIMINARY TO THE ISSUANCE OF NOT TO EXCEED APPROXIMATELY $8,150,000 PRINCIPAL AMOUNT OF WASTEWATER REVENUE BONDS, IN ONE OR MORE SERIES OF BONDS, TO FINANCE IMPROVEMENTS, BETTERMENTS, AND EXTENSIONS TO THE JACKSONVILLE SEWER SYSTEM; AUTHORIZING THE ISSUANCE AND SALE OF WASTEWATER REVENUE BONDS, SERIES 2021; DECLARING ITS INTENTION TO REIMBURSE ITSELF FOR QUALIFYING EXPENDITURES FROM THE PROCEEDS OF THE BONDS; AND PRESCRIBING OTHER MATTERS RELATING THERETO. WHEREAS, the Board of Commissioners of the Jacksonville Wastewater Commission (the "Commission") has determined previously that it is in the best interest of the City of Jacksonville (the "City") to issue one or more series of Wastewater Revenue Bonds (the "Bonds") for the purpose of financing betterments, improvements, and extensions to the City's existing sewer system (the "System"); funding a debt service reserve; and paying the costs of issuing the Bonds; and WHEREAS, in order to provide for the issuance and sale of the Bonds, the Commission has recommended that the City authorize the planning for, documentation of, and marketing of the Bonds; to ratify the selections of Stephens Inc., as Underwriter, and Wright, Lindsey & Jennings LLP, as Bond Counsel; to provide for the preparation of a Preliminary Official Statement and other related documents; and to evidence its intention to reimburse itself for qualifying expenditures from the proceeds of the Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF JACKSONVILLE, ARKANSAS, AS FOLLOWS: SECTION 1. Such preliminary actions as are determined to be necessary by the City are hereby authorized for the planning for, documentation of, and marketing of not to exceed approximately $8,150,000 in aggregate principal amount of Wastewater Revenue Bonds to finance improvements, betterments, and extensions to the System (the "Improvements"), to fund a debt service reserve account, and to pay the costs of issuing the Bonds, provided, however, that at such time as the Mayor and City Council shall determine to be in the best interests of the City, the final terms of the sale of the Bonds shall be submitted for the approval by the City Council of the City, together with the proposed forms of the documents necessary to the issuance of the Bonds including, without limitation, the bond purchase agreement, authorizing ordinance, and such other documents, agreements, contracts, certificates, and other writings as may be appropriate. SECTION 2. The preparation of a Preliminary Official Statement and its distribution to prospective purchasers of the Bonds are hereby approved. The Mayor is hereby authorized and RESOLUTION NO. 811 (#10-2021) Page Two ..., directed to cause the Preliminary Official Statement to be delivered for and in the name of the City, with such provisions therein as shall be approved by the Mayor, who is authorized to execute and deliver to the Underwriters a certificate, when requested by the Underwriters, to the effect that the Preliminary Official Statement is deemed final for the purposes of Securities and Exchange Commission Rule 15c2-12. SECTION 3. The City Council authorizes the sum of not to exceed $8,150,000 (the "Expenditures") from funds available to the City for the purpose of accomplishing the acquiring, designing, constructing, and equipping of the Improvements to the System. The City Council hereby declares its intent to reimburse itself with those funds available to the City for the Expenditures from the proceeds of its 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 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 and, in any event, within three (3) years after the date of the making of the Expenditures. (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; provided, however, the City reserves the right to finance a portion of the Improvements with other funds of the City or Commission. (d) The City is aware of nothing in the budget or financial circumstances of the City or funds of the City 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 approximately $8,150,000. (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. (g) No Expenditures for the Improvements may be reimbursed if paid by the City more than sixty (60) days prior the date of this Resolution. (h) Any Expenditures to be reimbursed from proceeds of the Bonds will be incurred solely to acquire, design, construct, or equip property having a reasonably expected economic life of at least one (1) year. 2 RESOLUTION NO. 811 (#10-2021) Page Three SECTION 4. The City Council hereby approves and ratifies the selections of Stephens Inc., as Underwriter, and Wright, Lindsey & Jennings LLP, as Bond Counsel. SECTION 5. The City Council hereby authorizes and directs the Mayor, the City Clerk, and other officers and employees of the City to carry out or cause to be carried out all appropriate actions, to execute such other certificates or documents to evidence authority as authorized herein, and to take such other actions as they, in consultation with Bond Counsel, shall consider necessary or advisable in connection with this Resolution in order to prepare for the issuance, marketing, sale, and delivery of the Bonds. SECTION 6. This Resolution shall be effective from and after the date of its adoption. APPROVED AND ADOPTED THIS 21 ST DAY OF OCT 021. BobAohnson, ayor ATTEST: usan Dav'ttI City Clerk APPROVED AS TO FORM: Stk anie Friedman, City Attorney