2012-04-01-R - Laserfiche WebLink

Home Browse Search

RESOLUTION NO,990 -q-/-K A RESOLUTION OF INTENT REGARDING PARK AND RECREATIONAL IMPROVEMENTS. WHEREAS, the City of Batesville, Arkansas (the "City") proposes to acquire, construct, furnish and equip park and recreational improvements, including particularly, without limitation, a multi-purpose community center, swimming facilities, baseball fields, softball fields and soccer fields and any necessary land acquisition, and parking, landscaping, signage, drainage, lighting, concession, road and utility improvements related thereto (the "Improvements"); and WHEREAS, in order to finance all or a portion of the costs of the Improvements, the City proposes to issue sales and use tax bonds that were approved by the voters at the special election held March 13, 2012, in the maximum principal amount of$25,900,000 (the "Bonds"); and WHEREAS, the purpose of this Resolution is for the City to declare its "official intent" for the reimbursement of certain expenditures from the proceeds of the Bonds, within the meaning of Regulation No. 1.150-2 promulgated by the United States Treasury Department (the 'Regulation"); NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Batesville, Arkansas: Section 1. The City hereby expresses its official intent under the Regulation to advance its own funds to pay the costs of the Improvements prior to the issuance of the Bonds and to reimburse itself from Bond proceeds for such expenditures. Section 2. Proceeds of the Bonds will be applied to reimburse the City for any capital expenditures related to the Improvements made before the Bonds are issued within eighteen (18) months after the Improvements are placed in service or the date of the expenditure, whichever is later; provided, however, no reimbursement for an expenditure will be made later than three (3) years after the expenditure is paid. PASSED: April 3, 2012. APPROVED: ATT ST ; By:: - - L- yor ..__ City Clerk (SEAL)