2243 •
RESOLUTION NO.
A RESOLUTION DECLARING THE INTENT OF THE CITY
OF WEST MEMPHIS, ARKANSAS TO ISSUE PUBLIC
UTILITY SYSTEM REVENUE BONDS AND TO REIMBURSE
ITSELF FOR CERTAIN EXPENDITURES FROM THE
PROCEEDS OF SUCH BONDS; AND PRESCRIBING OTHER
MATTERS RELATING THERETO.
WHEREAS, the City of West Memphis, Arkansas (the "City") owns a public
utility system consisting of water, sewer and electric facilities (the "System"); and
WHEREAS, the City proposes to acquire, construct and equip improvements to
the water and sewer facilities of the System (the "Project"); and
WHEREAS, all or a portion of the costs of the Project can be financed through
the issuance by the City of Public Utility System Revenue Bonds (the "Bonds") in the maximum
aggregate principal amount of$32,400,000; and
WHEREAS, certain costs relating to the Project will be incurred and paid from
revenues of the System prior to the issuance of the Bonds; and
WHEREAS, the purpose of this Resolution is for the City 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 § 1.150-2 (the "Regulation");
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
West Memphis, Arkansas:
Section 1. The City intends to issue the Bonds, in the maximum aggregate
principal amount of$32,400,000, to finance all or a portion of the costs of the Project.
Section 2. The City hereby expresses its intent to work with Stephens Inc. as
underwriter, and Friday, Eldredge & Clark, LLP, as bond counsel, in connection with the sale of
the Bonds.
Section 3. Costs incurred in accomplishing the Project prior to the issuance of
the Bonds will be paid from revenues of the System. The City intends to use proceeds from the
issuance of the Bonds to reimburse itself for such costs. This Resolution shall constitute an
"official intent" for purposes of the Regulation.
Section 4. Proceeds of the Bonds will be applied to reimburse the City within
eighteen (18) months after the later of(a) the date of the expenditure or (b) the date on which the
Project is placed in service and, in any event, within three (3) years after the date the expenditure
is made.
Section 5. This Resolution shall be in effect upon its adoption and approval.
ADOPTED this 3rd day of September, 2020.
APPROVED:
A 1ST: By: YYSt Y7
► E at C�'/.1 /
) Mayor
City Clerk
(SEAL)
f
CERTIFICATE
The undersigned, City Clerk of the City of West Memphis, Arkansas (the "City"),
hereby certifies that the foregoing is a true and compared copy of a resolution passed at a regular
session of the City Council of the City, held at the regular meeting place of the Council at 1:00
o'clock p.m. on the 3rd day of September, 2020.
aM' (WY / (i
City Clerk
(SEAL)
RECEIVE 9
%//t _�i cif'/✓