A RESOLUTION OF INTENT REGARDING THE ELKINS PHASE II WATERLINE REPLACEMENT AND WATER METER IMPROVEMENT PROJECT
WHEREAS, the City of Elkins, Arkansas (the "City") proposes to complete Phase II of the waterline replacement and to acquire, construct and equip improvements to the City's water meter reading system (the "Project"):
WHEREAS, the estimated costs of the Project and expenses are $3,169,000.00; 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 through an underwriter or to a bank or a governmental entity (the "City Bonds"); and
WHEREAS, the principal amount of the City Bonds allocated to the Project and expenses will not exceed $3,169,000.00; and
WHEREAS, the proceeds of the City Bonds will be made available to the City through the issuance by the City and sale to one or more purchasers 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 § 1.150-2;
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 or Water and Sewer Department funds to pay the costs of the Project and expenses and to reimburse itself or the Water and Sewer Department 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 the Funding Entity.
PASSED AND APPROVED this 3rct day of September, 2009.
- RESOLUTION NO. 2009-20 (188 Downloads)