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.