HomeMy WebLinkAbout2009-04-03-R RESOLUTION NO.,C0?—0([—03 —)e
A RESOLUTION OF INTENT REGARDING THE SEWER
SYSTEM IMPROVEMENT PROJECT; AND REPEALING
RESOLUTION NO. 2007-9-1-R
WHEREAS, the City of Batesville, Arkansas (the "City") proposes to acquire, construct
and equip extensions, betterments and improvements to its sewer system(the "Project"); and
WHEREAS, the estimated costs of the Project and paying expenses are $50,000,000; and
WHEREAS, the City does not have funds on hand to pay the costs of the Project and
expenses; and
WHEREAS, the City proposes to obtain funds to accomplish the Project and to pay
expenses from tax-exempt bonds issued by the City and sold through an underwriter or to a bank
or a governmental entity (the "City Bonds"); and
WHEREAS,the principal amount of the City Bonds will not exceed$50,000,000; and
WHEREAS, the purpose of this Resolution is for the City to declare its "official intent"
for the issuance of the City. Bonds within the meaning of United States Treasury. Regulation
(W §1.150-2;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Batesville,
Arkansas:
Section 1. That the City hereby expresses its intent to advance its own funds to pay the
costs of the Project and expenses and to reimburse itself from the proceeds of the City Bonds.
Section 2. That a copy of the Resolution with original signatures shall be furnished by
the Mayor to the Arkansas Natural Resources Commission.
Section 3. That Resolution No. 2007-9-1-R, adopted September 11, 2007, is hereby
repealed.
PASSED: , 2009.
APPROVED:
ATTEST: By:
L City Clerk
(SEAL)