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A RESOLUTION OF INTENT REGARDING CAPITAL IMPROVEMENTS; AUTHORIZING THE OFFERING OF CAPITAL IMPROVEMENT REVENUE BONDS; AND PRESCRIBING OTHER MATTERS PERTAINING THERETO
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WHEREAS: the City Council of the City of Jonesboro, Arkansas (the "City") has determined that the City is in need of various capital improvements, including particularly, without limitation, street improvements, trail connection improvements and the Public Safety Center (collectively, the "Improvements"); and
WHEREAS: in order to finance all or a portion of the costs of acquiring, constructing, furnishing and equipping the Improvements, the City proposes to issue its Capital Improvement Revenue Bonds in the maximum aggregate principal amount of $18,500,000 (the "Bonds"); and
WHEREAS: the Bonds will be secured by franchise fees received by the City; and
WHEREAS: this resolution is not an obligation of bonds by the City Council, it only authorizes bond agents and administration to begin the formal pricing process for future bond ordinance legislation; and
WHEREAS: the City wishes to declare its "official intent" for the reimbursement of certain expenditures from the proceeds of the Bonds, within the meaning of United States Treasury Regulation ยง 1.150-2 (the "Regulation");
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Jonesboro, Arkansas:
Section 1. The offering of the Bonds is hereby authorized.
Section 2. The terms of the sale of the Bonds, including particularly, without limitation, the purchase price, interest rates, maturities, principal amounts and redemption dates shall be subject to the approval of the City Council by ordinance at a subsequent meeting.
Section 3. The officials of the City are authorized to work with Crews & Associates, Inc., as financial advisor, Stephens Inc., as underwriter, and Friday, Eldredge & Clark, LLP, as bond counsel, in connection with the offering of the Bonds....
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