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0357 RESOLUTION NO. 3 5 7 A RESOLUTION AUTHORIZING THE MANNER OF SALE OF AD VALOREM TAX BONDS AND REVENUE BONDS FOR THE PURPOSE OF FINANCING THE COSTS OF CONSTRUCTION OF A RAILROAD GRADE SEPARATION CROSSING IN THE VICINITY OF CENTER STREET IN THE CITY; AND FOR OTHER PURPOSES WHEREAS, the electors of the City of Jacksonville, Arkansas, (the "City "), voted at a special election held on November 6, 1984, in favor of issuing ad valorem tax bonds (the "Tax Bonds ") in the principal amount of $1,600,000 for the purpose of constructing a grade separation crossing of the railroad in the vicinity of Main Street and Center Street (the "Improvement "), and the result of said election has been duly certified to the City Clerk by the Pulaski County Board of Election Commissioners and proclaimed by the Mayor of the City; and WHEREAS, subsequent to the election, the City's con- sulting engineer, Garver & Garver, Inc., (the "Engineers ") submitted to the City its Preliminary Report dated May 1985, in which several alternative routes were developed; and the Engineers, in conferences with city officials, have now suggested an alternative based on traffic flow, safety and other considerations, which will exceed the original pre- liminary cost report prepared by the Engineers; and WHEREAS, the City Council of the City desires to select the safest and best alternative and has determined to con- struct the Improvement across Center Street by connecting West Main and Graham Road which alternative is described as Alternative No. 3 in the Engineers' Report; and WHEREAS, in order to provide additional funds for the of constructing the m purpose e I Improvement, the p , e City proposes to issue municipal street revenue bonds in the principal amount of $1,600,000 (the "Revenue Bonds "); and WHEREAS, the City has received a commitment from the Missouri - Pacific Railroad (the "Railroad ") to contribute to the City the sum of $100,000 per grade crossing closed by the City, and in addition the sum of $24,000 to assist in defraying the cost of construction of the Improvement and the City desires to express its willingness to hold a hearing on the question of closing at least one crossing; and WHEREAS, the City Council of the City desires to secure the funds necessary for the purposes hereinafter set forth at the earliest practicable time. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City: Section 1. Under the authority of the Constitution and laws of the State of Arkansas, including particularly Act No. 871 of the Acts of Arkansas of 1985, the issuance of City of Jacksonville, Arkansas, Ad Valorem Tax Bonds (the "Tax Bonds ") is authorized in the total principal amount of $1,600,000. The proceeds of the Tax Bonds shall be used to pay a portion of Improvement costs, and if necessary, pay expenses incidental thereto and bond issuance costs. RESOLUTION NO. 3 5 7 PAGE TWO Section 2. Under the authority of the laws of the State of Arkansas, including particularly Act No. 317 of the Acts of Arkansas of 1967, as amended, the issuance of City of Jacksonville, Arkansas, Municipal Street Revenue Bonds, (the "Revenue Bonds "), is authorized in the total principal amount of $1,600,000. the proceeds of the Revenue Bonds shall be used to pay a portion of Improvement costs, and if necessary, pay expenses incidental thereto and bond issuance costs. Section 3. The City Clerk is directed to publish, once a week for a period of three weeks in a newspaper having general circulation in the City, Notices of Sale of the Tax Bonds and Revenue Bonds signed by the Mayor. An official statement, descriptive of the Bonds being offered, the City and the Improvement, approved by the Mayor, shall be dis- tributed to prospective purchasers upon request. Section 4. The City designates the firm of Arkansas Governmental Advisory Services, Inc., as financial advisor (the "Financial Advisor "), and hereby authorizes and directs its Financial Advisor to present an Ordinance or Ordinances for the Council's consideration concerning the sale of such Bonds at the earliest practical time. Section 5. The City Council hereby expresses its intent, and covenants and agrees with the purchasers of the Tax Bonds and the Revenue Bonds that it will conduct a hearing for the purpose of closing the Missouri - Pacific Railroad grade crossings at Main Street and Center Street in the City, and the City Council hereby authorizes the Mayor and City Clerk/ Treasurer to accept payment from the Railroad, when and if delivered, and to deposit said funds in the Construction Fund established under the Trust Indenture to be issued in con - nection with the issuance of the Tax Bonds. Section 6. The Bonds are to be issued, sold and delivered under the authority of the respective Acts and all related actions and documents shall be in conformity therewith. The City intends this Resolution to be its official binding commit- ment, pursuant to the terms hereof, to issue the Tax Bonds and the Revenue Bonds and to expend the bond proceeds to defray the costs of the Improvements. The City considers this Agreement to be an official action for all purposes. Section 7. There is hereby found and declared to be an immediate need for the construction of a grade separation crossing of the railroad in the vicinity of Main Street and Center Street in the City of Jacksonville, Arkansas, to benefit the public health, safety and welfare of the City and the inhabitants thereof, and the issuance of the Bonds authorized hereby and the taking of the other action authorized hereby are immediately necessary for the accomplishing of these public benefits and purposes. It is, therefore, declared that an emergency exists and this Resolution being necessary for the immediate preservation of the public peace, health and safety shall be in force and effect immediately upon and after its passage. ADOPTED: October 17 , 1985. APPROVED: _ ate . Age -04 / /J ES G. R ID, ti OR ATTEST: Lu a Leonar•, City Clerk R2aotutLon n,^ as number:. 3 3 7, 4showtd have been 3 5 7.