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RESOLUTION NO.,C0?—0([—03 —)e <br /> A RESOLUTION OF INTENT REGARDING THE SEWER <br /> SYSTEM IMPROVEMENT PROJECT; AND REPEALING <br /> RESOLUTION NO. 2007-9-1-R <br /> WHEREAS, the City of Batesville, Arkansas (the "City") proposes to acquire, construct <br /> and equip extensions, betterments and improvements to its sewer system(the "Project"); and <br /> WHEREAS, the estimated costs of the Project and paying expenses are $50,000,000; and <br /> WHEREAS, the City does not have funds on hand to pay the costs of the Project and <br /> expenses; and <br /> WHEREAS, the City proposes to obtain funds to accomplish the Project and to pay <br /> expenses from tax-exempt bonds issued by the City and sold through an underwriter or to a bank <br /> or a governmental entity (the "City Bonds"); and <br /> WHEREAS,the principal amount of the City Bonds will not exceed$50,000,000; and <br /> WHEREAS, the purpose of this Resolution is for the City to declare its "official intent" <br /> for the issuance of the City. Bonds within the meaning of United States Treasury. Regulation <br /> (W §1.150-2; <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Batesville, <br /> Arkansas: <br /> Section 1. That the City hereby expresses its intent to advance its own funds to pay the <br /> costs of the Project and expenses and to reimburse itself from the proceeds of the City Bonds. <br /> Section 2. That a copy of the Resolution with original signatures shall be furnished by <br /> the Mayor to the Arkansas Natural Resources Commission. <br /> Section 3. That Resolution No. 2007-9-1-R, adopted September 11, 2007, is hereby <br /> repealed. <br /> PASSED: , 2009. <br /> APPROVED: <br /> ATTEST: By: <br /> L City Clerk <br /> (SEAL) <br />