08000010167
RESOLUTION NO. 800 (#11-2020)
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 $8,850,000 PRINCIPAL AMOUNT OF
CAPITAL IMPROVEMENT, AND REFUNDING REVENUE BONDS, IN
ONE OR MORE SERIES OF BONDS, TO FINANCE IMPROVEMENTS,
CAPITAL EQUIPMENT, BETTERMENTS, AND EXTENSIONS OF
SERVICE TO THE CITIZENS OF THE CITY OF JACKSONVILLE,
ARKANSAS; TO REFUND THE CITY OF JACKSONVILLE, ARKANSAS
CAPITAL IMPROVEMENT AND REFUNDING REVENUE BONDS,
SERIES 2015; TO PREPARE AND CIRCULATE A PRELIMINARY
OFFICIAL STATEMENT AND RELATED DOCUMENTS; DECLARING
THE CITY'S INTENTION TO REIMBURSE ITSELF FOR QUALIFYING
EXPENDITURES FROM THE PROCEEDS OF THE BONDS; AND
PRESCRIBING OTHER MATTERS RELATING THERETO.
WHEREAS, the City Council of the City of Jacksonville (the "Council") has determined
that it is in the best interest of the City of Jacksonville (the "City") to issue Capital Improvement
and Refunding Revenue Bonds, Series 2020 (the "Bonds") for the purpose of (i) financing
construction, capital equipment purchases, betterments; improvements, and extensions to the
services provided to the citizens of the City (the "Improvements"); (ii) refunding the City's Capital
Improvement and Refunding Revenue Bonds, Series 2015 (the "Bonds to be Refunded"); (iii)
funding a debt service reserve or other security instrument; and (iv) paying the costs of issuing the
Bonds; and
WHEREAS; in order to provide for the issuance and sale of the Bonds, the City Council
has recommended authorization be granted for the planning, documentation, and marketing of the
Bonds, to ratify the selections of Stephens Inc., as Underwriter; First Arkansas Bank & Trust, as
Trustee; 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 $8,850,000 in aggregate principal amount of Capital Improvement and Refunding
Revenue Bonds to fmance construction, capital equipment, betterments, improvements, and
—` extensions to the services provided to the citizens of the City; to refund the Bonds to be Refunded;
to fund a debt service reserve account or other security instrument; 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 interest of the City, the final terms for 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
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 $8,850,000.00 (the
"Expenditures") from funds available to the City for the purpose of (i) accomplishing the planning,
construction, capital equipment, betterments, improvements, and extensions to the services
provided to the citizens of the City; (ii) refunding the Bonds to be Refunded; (iii) funding a debt
service reserve account or other security instrument; and (iv) paying the costs of issuance of the
Bonds.
The City Council hereby declares its intent to reimburse itself for the Expenditures with
those funds available to the City from the proceeds of its Bonds, and, further, declares as follows:
(a) Proceeds of the Bonds will be applied to reimburse the City and other 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.
(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 Improvements pursuant to budgetary or financial policies of the City.
(e) The Bonds will be issued in the principal amount of approximately Eight Million
Eight Hundred Fifty Thousand Dollars and No/ 100 ($8,850,000.00).
(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.
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(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 design, construct, or equip property having a reasonably expected economic life of at
least one (1) year.
(i) This Resolution shall constitute an "official intent' under United States Treasury
Regulation Section 1.150-2 for the reimbursement from proceeds of the Bonds for expenditures
made by the City prior to the date the Bonds are issued for the purpose set forth herein.
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. This Resolution does not obligate the City to issue the Bonds if it determines
that such issuance is not in the best interests of the City.
SECTION 6. The City Council hereby authorizes and directs the Mayor, the City
Clerk/Treasurer, 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 7. This Resolution shall be effective from and after the date of its adoption.
APPROVED AND ADOPTED THIS 17TH DAY OF SEPTE BE 0 0.
Bob Johnson, Mayor
;SusanD 'tt, City Clerk/Treasurer � r
Approveo As To Form: +—
Ste hanie Freidman, City Attorney 4 '-
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