1909RESOLUTION NO. "(Q Q~
A RESOLUTION OF INTENT REGARDING
THE FILTER PLANT SYSTEM IMPROVEMENT PROJECT
WHEREAS, the City of West Memphis, Arkansas (the "City") proposes to acquire,
construct and equip improvements to the City's filter plant system (the "Project"), described as
follows:
Scope: Construct water treatment facility at Mid-America Industrial Park and construct
an elevated storage tank in the northeastern part of the City.
WHEREAS, the estimated costs of the Project and paying expenses are $4,000,000; 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 allocated to the Project and
expenses will not exceed $8,000,000; and
WHEREAS, the proceeds of the City Bonds will be made available to the City through
the issuance by the City and sale to one or more of the entities listed above of an evidence of
indebtedness of the City in the form of a bond;
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
§ 1.150-2;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of West
Memphis, 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 Funding Entity.
PASSED AND APPROVED this .~' day of ~/Y1,q~ec ~- , 2009.
ATTEST:
IP PARA, CITY CLERK
SPONSORED BY:
WILLIAM H. JOHNSON, MAYOR