0852RESOLUTION NO.852
A RESOLUTION OF INTENT REGARDING
THE JACKSONVILLE WASTEWATER SEWER PROJECT.
WHEREAS, the City of Jacksonville, Arkansas (the "City"), proposes to make
improvements to the City's sewer system (the "Project"), described as follows:
WHEREAS, the Project will also ensure compliance with the Clean Water Act.
WHEREAS, the City proposes to obtain funds to accomplish the Project from the
proceeds of sewer) revenue bond("Bond") to be issued by the City and purchased by the
Arkansas Natural Resources Commission (the "Commission") as a part of the Clean Water
Revolving Loan Fund Program (the "Program") or other funds; and
WHEREAS, the purchase price for the Bond will be paid from state funds made available
by the Program ("Program funds"); and
WHEREAS, the estimated cost of the Project and expenses of issuing the Bond is up to
$5,966,832 dollars;
AND WHEREAS, the purpose of this Resolution is for the City to declare its "official
intent" for the issuance of the Bond 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:
Section 1. The City hereby expresses its intent to advance its own funds to pay costs
of the Project, including but not limited to legal, engineering, and right-of-way costs and with
Commission approval, to reimburse itself from Program Funds for all expenditures for costs paid
by the City prior to the issuance of the Bond. Debt service on the Bond will be paid from
revenues. Interest on the Bond shall be exempt from federal income taxation.
Section 2. The City expects that, but does not limit the sources of funds to be
advanced for the Project and bond issuance costs prior to issuance of the Bond will be water
revenue.
Section 3. A copy of this Resolution shall be filed in the official records of the City
in the office of the City Clerk/Recorder within ten (10) days from the adoption hereof. It shall be
continuously available for public inspection during regular business hours on every business day
until the date of issuance of the Bond.
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PASSED:/ (�;� 77 , 2024.
APPROVED:
B
J E e, Mayor of Jacksonville
ATTEST:
B - 11
Susan Davitt
City of J onville Clerk