1991-10-01-R - Laserfiche WebLink

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RESOLUTION NO. r A RESOLUTION AUTHORIZING THE OFFERING OF REFUNDING AND IMPROVEMENT WATER AND SEWER REVENUE BONDS; AND FOR OTHER PURPOSES. WHEREAS, it is appropriate that the City of Batesville, Arkansas proceed with the offering and sale of its Water and Sewer Refunding and Improvement Revenue Bonds (the "Bonds") for the purpose of financing necessary improvements to the City's Water System (the "Improvements") and the refunding, with other available funds, of the City's outstanding Water and Sewer Refunding Revenue Bonds dated August, 1976 and Water and Sewer Revenue Bonds, dated May 1, 1978. WHEREAS, the firm of T.J. Raney & Sons has been engaged to serve as underwriter for the Bonds and the law firm of Friday, Eldredge & Clark has been engaged to represent the City as bond counsel in the issuance of the Bonds; and WHEREAS, the Batesville Utilities Commission has recommended that the Improvements be completed and that the Bonds be offered; NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Batesville, Arkansas: Section 1. The offering of the Bonds is hereby authorized. The bonds may be offered, in the total principal amount not to exceed $6, 500, 000, at one time or in series from time to time. Section 2 . The Mayor and the Batesville Utilities Commission are authorized to cooperate with T. J. Raney & Sons in the preparation of a preliminary official statement and in executing such writing and taking such actions as may be appropriate to the offering of the Bonds or any portion thereof. Friday, Eldredge & Clark is likewise authorized to cooperate and assist in the offering of the Bonds and matters related thereto. As issuance of the Bonds is, under Arkansas law, subject to approval of the City Council, by ordinance, any sale of the Bonds will be subject to approval of the City Council. Section 3 . All resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict.