HomeMy WebLinkAbout2024-04-02-R RESOLUTION NO. C�OolY'"a_q-CQ—I?
A RESOLUTION OF INTENT REGARDING
THE BATESVILLE WATER TREATMENT PLAN IMPROVEMENTS PROJECT
WHEREAS, the City of Batesville, Arkansas (the "City") proposes to acquire,
construct and equip improvements to the Batesville Water Treatment facilities(the"Project") and
water and sewer systems (the "System"); and
WHEREAS, the City proposes to obtain funds to accomplish the Project from the
proceeds of water and sewer revenue bonds(the'Bonds")to be issued by the City in the maximum
aggregate principal amount of$110Million and purchased in multiple advances by the Arkansas
Development Finance Authority ("ADFA") as a part of the [Drinking][Clean] Water State
Revolving Loan Fund Program administered by the Arkansas Natural Resources Commission(the
"Program"); and
WHEREAS,the purchase price for the Bonds will be paid from proceeds of bonds
issued by ADFA or other federal or state funds made available by the Program; and
WHEREAS, the purpose of this Resolution is for the City to declare its 'official
intent" for the reimbursement of certain expenditures, within the meaning of Regulation Section
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 to advance its own funds
to pay costs of the Project prior to the issuance of the Bonds and to reimburse itself from proceeds
of the Bonds. This Resolution shall be considered an "official intent" for purposes of the
Regulation.
Section 2. The City expects that, but does not limit, the sources of funds to be
advanced for the Project prior to issuance of the Bonds will be System revenues.
Section 3. A copy of this Resolution shall be filed in the official records of the
City in the office of the City Clerk within ten(10) days from the adoption hereof.
PASSED: o , 2024.
APPROVED:
All A.-
Rick Elum ayor
aST:
Denise M. Johnston, City rk