0583 000083
RESOLUTION NO. 583 (1104 - 05)
A RESOLUTION DECLARING THE INTENT OF THE CITY OF
JACKSONVILLE, ARKANSAS, TO MAKE CERTAIN
EXPENDITURES TOWARD CAPITAL IMPROVEMENTS FOR THE
CITY PUBLIC LIBRARIES AND TO AUTHORIZE
REIMBURSEMENT FOR SUCH EXPENDITURES FROM THE
PROCEEDS OF LIBRARY BONDS OF THE CITY; AND,
PRESCRIBING OTHER MATTERS RELATING THERETO.
WHEREAS, the City of Jacksonville, Arkansas (the "City ") proposes to
acquire, construct and equip certain capital improvements for the city public libraries
and related facilities for the City and the Central Arkansas Library System ( "CALS ")
(the "Improvements "); and,
WHEREAS, it is appropriate that the City assure that its power to issue library
capital improvement bonds to finance the costs of the Improvements, the interest on
which is exempt from federal income tax, will, under applicable Treasury Regulations,
be preserved, and adoption of this Resolution serves that purpose.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF JACKSONVILLE, ARKANSAS, THAT:
Section 1. The City authorizes the sum of not to exceed $2,500,000 (the
"Expenditures ") from funds available to the City public library and CALS for the
purpose of accomplishing the acquiring, constructing, and equipping of the
Improvements.
The City hereby declares its intent to reimburse itself, and those funds available
to the City public library and CALS, for the Expenditures from the proceeds of its
Library Capital Improvement Bonds, (the "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 public library and CALS 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 or the Refunding occurs. In any
event, said reimbursement shall occur within three (3) years after the date of the
making of the Expenditures;
(b) The City is aware of no reason to expect that such Expenditures
would be reimbursed from any source other than proceeds of the Bonds;
(c) The City is aware of no reason to expect that a substantial portion
of the Expenditures will not be reimbursed from the proceeds of the Bonds;
(d) The City is aware of nothing in the budget or financial
circumstances of the City or funds of the City public library and CALS 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 not to exceed
$2,500,000; and,
(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.
Section 2. This Resolution shall be in effect upon its adoption and approval.
Resolution No. 583 (#04 – 05) 000084
Page Two
Section 3. A copy of this Resolution shall be filed with the City Clerk where
it will be available for public inspection.
APPROVED AND ADOPTED THIS ,1 DAY OF JULY, 2005.
CITY OF JACKSONVILLE, ARKANSAS
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Tommy Swaim, ayor
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Susan D. itt, City Cla g . •sue
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CERTIFICATE OCC 85
STATE OF ARKANSAS )
COUNTY OF PULASKI ) SS
CITY OF JACKSONVILLE )
I, Susan Davitt, City Clerk within and for the City of Jacksonville,
Arkansas, do hereby certify that the foregoing is a true and correct copy of
Resolution No. 583 (#04 - 05) of the Resolutions of the City of Jacksonville,
Arkansas, entitled: "A RESOLUTION DECLARING THE INTENT OF THE
CITY OF JACKSONVILLE, ARKANSAS TO MAKE CERTAIN
EXPENDITURES TOWARD CAPITAL IMPROVEMENTS FOR THE CITY
PUBLIC LIBRARIES AND TO REIMBURSE ITSELF FOR SUCH
EXPENDITURES FROM THE PROCEEDS OF LIBRARY BONDS OF THE
CITY; AND PRESCRIBING OTHER MATTERS RELATING THERETO. ";
adopted by the City Council of said City on July 21, 2005, said Resolution now
appearing of record in this office.
IN WITNESS WHEREOF, I have hereunto set my hand and seal of
office on this 2_ day of July, 2005.
._j
Susan Davitt,
Cit Jerk
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