2284 RESOLUTION NO. 2 s L
A RESOLUTION AUTHORIZING THE OFFERING OF
BONDS BY THE CITY OF WEST MEMPHIS, ARKANSAS
TO FINANCE PARK AND RECREATIONAL FACILITIES
AND IMPROVEMENTS; AND PRESCRIBING OTHER
MATTERS PERTAINING THERETO.
WHEREAS, at an election held on December 10, 2019, the voters of the City of
West Memphis, Arkansas (the "City") approved the issuance of capital improvement bonds to:
(a) acquire, construct, furnish and equip improvements to library facilities,
including particularly, without limitation, a new library and any necessary.parking, landscaping,
drainage, lighting and utility improvements related thereto (the "Library Improvements"); and
(b) acquire, construct, furnish and equip park and recreational facilities and
improvements (i) in Hightower Park, including particularly, without limitation, improvements to
the Roberta Jackson Neighborhood Center, trail improvements, a new pavilion and playground
equipment (the "Hightower Park Improvements"), (ii) in Tilden Rodgers Park, including
particularly, without limitation, improvements to the baseball fields, softball fields and tennis
courts, a splash pad and playground equipment(the "Tilden Rodgers Park Improvements"),(iii)in
Worthington Park, including particularly, without limitation, a splash pad (the "Worthington Park
Improvements") and (iv) in Franklin Park, including particularly, without limitation, a splash pad
and any necessary land acquisition and parking, landscaping, signage, concession,road and utility
improvements related thereto (the "Franklin Park Improvements"); and
WHEREAS,the capital improvement bonds approved by the voters were allocated
as follows: (a) $1,935,000 in maximum principal amount for the Library Improvements and (b)
$9,050,000 in maximum principal amount for the Hightower Park Improvements, the Tilden
Rodgers Park Improvements, the Worthington Park Improvements and the Franklin Park
Improvements; and
WHEREAS, the Library Improvements have been completed in full and the costs
thereof were paid with available funds of the City; and
WHEREAS, work on the Hightower Park Improvements has begun and the costs
thereof are being paid with available funds of the City; and
WHEREAS,the City can finance all or a portion of the costs of the Tilden Rodgers
Park Improvements, the Worthington Park Improvements and the Franklin Park Improvements
(collectively, the "2023 Improvements") by the issuance of its Net Casino Gaming Receipts Tax
Bonds, Series 2023 in the maximum principal amount of$9,050,000 (the "Series 2023 Bonds"),
which will be payable from and secured by a pledge of the City's share of collections of the net
casino gaming receipts tax levied under Amendment No. 100 to the Arkansas Constitution; and
WHEREAS, none of the proceeds of the Series 2023 Bonds will finance any costs
of the Library Improvements or the Hightower Park Improvements;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of West
Memphis,Arkansas:
Section 1. The offering of the Series 2023 Bonds in the maximum principal
amount of$9,050,000 is hereby authorized to provide funds to finance all or a portion of the costs
of the 2023 Improvements, to pay costs of issuing the Series 2023 Bonds and to provide a debt
service reserve.
Section 2. The terms of the sale of the Series 2023 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 hereby authorized and directed to work
with Stephens Inc. and Friday, Eldredge and Clark, LLP, as underwriter and bond counsel,
respectively, in connection with the offering and sale of the Series 2023 Bonds.
PASSED AND APPROVED this 22nd day of June, 2023.
APPROVED:
ATTEST: By: '`(Q4 �ec�-�
Mayor
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City Ker
(SEAL)
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 5:00
o'clock p.m. on the 22nd day of June, 2023.
City Clerk
(SEAL)
ECEIVED
lark' Offi