0660 RESOLUTION NO. 660 ( #06 —11)
A RESOLUTION AUTHORIZING THE MAYOR TO EXECUTE A CONTRACT AND
APPROPRIATE LOAN DOCUMENTS OBLIGATING THE CITY OF JACKSONVILLE,
BY AND THROUGH THE SANITATION FUND, FOR A LOAN TO PURCHASE
AUTOMATED EQUIPMENT FOR THE JACKSONVILLE SANITATION
DEPARTMENT; AND, FOR OTHER PURPOSES.
WHEREAS, the Jacksonville Sanitation Department, having submitted plans and
proposals for expansion and change in operations to provide an automatic collection
system, has determined that a loan is required for the immediate purchase of said
trucks and equipment so as to timely implement these operational changes. After
seeking through public requests the best loan terms and interest rates from area
financial institutions, Bancorp South provided the most favorable loan rate with a Three
Percent (3 %) fixed interest rate covering a Five (5) year timeframe. As a result, it is
required that City officials be empowered to execute all relevant documents to secure
said funds and obligate payment of said loan through the Sanitation Department
receipts for payment and satisfaction of the loan obligation for the next Five (5) years.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF JACKSONVILLE, ARKANSAS, THAT:
SECTION ONE: The Mayor and City Clerk are hereby authorized to
Y tY Y
approve and execute all necessary documents of obligation with Bancorp South on a
fixed interest loan not to exceed Three Percent (3 %) annual percentage rate for a
period not to exceed Five (5) years for the purchase of new Sanitation trucks and
equipment so as to implement a new automated Garbage Collection System for the City
of Jacksonville. In doing so, it is agreed and understood that said loan obligation
documents will pledge and secure Sanitation receipts over this time period for timely
repayment of the City's loan obligation.
SECTION TWO: Any and all other Resolutions in conflict herewith are
hereby repealed to the extent of said conflict. This Resolution shall be in effect from
and after its date of passage.
APPRO . 1PTED THIS }a DAY OFMAY, 2011.
%' C 0$ • • CKSONVILL , ARKANSAS
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' f G • - T- ER, MAYOR
ATTEST: ") (f / A• •RO S O 'sRM: /
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SUSj i •A , CLERK ROBE 'TE. BA ' = • '