Resolutions

RESOLUTION 2009-9

A RESOLUTION OF INTENT REGARDING THE
WATER SYSTEM IMPROVEMENT PROJECT
WHEREAS, the City of Elkins, Arkansas (the "City") proposes to acquire,
construction and equip improvements to the City's water system (the "Project"); and
WHEREAS, the estimated costs of the Project and paying expenses are
$2,900,000; and
WHEREAS, the City does not have funds on hand to pay the costs of the Project
and expenses; and
WHEREAS, the City proposes to obtain funds to accomplish the project and to
pay expenses from tax-exempt bonds issued by the City and sold to the Arkansas
Natural Resources Commission ("ANRC") (the "City Bonds"); and
WHEREAS, the principal amount of the City Bonds allocated to the Project and
expenses will not exceed $3,000,000; and
WHEREAS, the proceeds of the City Bonds will be made available to the City
through the issuance by the City and sale to ANRC of an evidence of indebtedness of
the City in the form of a bond;
WHEREAS, the purpose of this Resolution is for the City to declare its "official
intent" for the issuance of the City Bonds within the meaning of United States Treasury
Regulation ยง1 .150-2.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elkins,
Arkansas:
Section 1. That the City hereby expresses its intent to advance its own funds to
pay the costs of the Project and expenses and to reimburse itself from the proceeds of
the City Bonds.
Section 2. That a copy of the Resolution with original signatures shall be
furnished by the Mayor to ANRC.