1835RESOLUTION NO. ~ $3S
A RESOLUTION AUTHORIZING THE SALE OF CAPITAL
IMPROVEMENT REVENUE BONDS TO FINANCE PARK AND
RECREATIONAL IMPROVEMENTS; AND PRESCRIBING
OTHER MATTERS RELATING THERETO.
WHEREAS, the City Council of the City of West Memphis,
Arkansas (the "City") has determined that the City is in need of
park and recreational improvements, including particularly,
~ without limitation, improvements to existing parks, improvements
~r- to the existing baseball field at Tilden Rodgers Park,
construction of a new baseball field and necessary lighting,
concession and other improvements related thereto or in support
thereof (collectively, the "Project"); and
WHEREAS, the City can finance the Project by the
issuance of its Capital Improvement Revenue Bonds (the "Bonds")
which will be secured by all or a portion of the franchise fees
collected by the City from utilities;
NOW THEREFORE, BE IT RESOLVED by the City Council of
the City of West Memphis, Arkansas:
Section 1. That the offering of the Bonds is hereby
authorized in the maximum principal amount of $1,745,000 to
provide funds, after paying bond issuance costs, to accomplish
the Project.
Section 2. That Stephens Inc. is hereby authorized to
market the Bonds.
Section 3. That the Mayor and other City officials are
authorized to cooperate with Stephens Inc., as underwriter, and
Friday, Eldredge & Clark, LLP, as Bond Counsel, in the
preparation of a preliminary official statement and in executing
such writings and taking such actions as may be appropriate to
the offering of the Bonds.
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 4. That all resolutions and parts thereof in
conflict herewith are hereby repealed to the extent of such
conflict.
PASSED AND ADOPTED THIS 20th day of April, 2006.
Ma r
ATTEST:
C' y Clerk
(SEAL )
RECEIVED
City Clerk's Office
Date/Time a-I-i~-o~ io:2z~m
Bye, ~ ~~~ o~~
Q
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 /~.30 o'clock p.m. on the 20th day
of April, 2006.
y l~4' ~
City Clerk
(SEAL )
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