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2024-04-23-Agenda Packet
CITY-OF-BATESVILLE
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2024-04-23-Agenda Packet
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RESOLUTION NO. <br />A RESOLUTION OF INTENT REGARDING <br />THE BATESVILLE WATER TREATMENT PLAN IMPROVEMENTS PROJECT <br />WHEREAS, the City of Batesville, Arkansas (the "City") proposes to acquire, <br />construct and equip improvements to the Batesville Water Treatment facilities (the "Project") and <br />water and sewer systems (the "System"); and <br />WHEREAS, the City proposes to obtain funds to accomplish the Project from the <br />proceeds of water and sewer revenue bonds (the "Bonds") to be issued by the City in the maximum <br />aggregate principal amount of $110Million and purchased in multiple advances by the Arkansas <br />Development Finance Authority ("ADFA") as a part of the [Drinking] [Clean] Water State <br />Revolving Loan Fund Program administered by the Arkansas Natural Resources Commission (the <br />"Program"); and <br />WHEREAS, the purchase price for the Bonds will be paid from proceeds of bonds <br />issued by ADFA or other federal or state funds made available by the Program; and <br />WHEREAS, the purpose of this Resolution is for the City to declare its "official <br />intent" for the reimbursement of certain expenditures, within the meaning of Regulation Section <br />1.150-2 promulgated by the United States Treasury Department (the "Regulation"); <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Batesville, Arkansas: <br />Section 1. The City hereby expresses its official intent to advance its own funds <br />to pay costs of the Project prior to the issuance of the Bonds and to reimburse itself from proceeds <br />of the Bonds. This Resolution shall be considered an "official intent" for purposes of the <br />Regulation. <br />Section 2. The City expects that, but does not limit, the sources of funds to be <br />advanced for the Project prior to issuance of the Bonds will be System revenues. <br />Section 3. A copy of this Resolution shall be filed in the official records of the <br />City in the office of the City Clerk within ten (10) days from the adoption hereof. <br />PASSED: , 2024. <br />ATTEST: <br />Denise M. Johnston, City Clerk <br />APPROVED: <br />Rick Elumbaugh, Mayor <br />
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