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1928RESOLUTION NO. ~ ~ ag A RESOLUTION DECLARING THE INTENT OF THE CITY OF WEST MEMPHIS, ARKANSAS TO MAKE CERTAIN EXPENDITURES TOWARD PUBLIC UTILITY IMPROVEMENTS AND TO REIMBURSE ITSELF FOR SUCH EXPENDITURES FROM THE PROCEEDS OF REVENUE BONDS OF THE CITY; AND PRESCRIBING OTHER MATTERS RELATING THERETO. WHEREAS, the City of West Memphis, Arkansas (the "City") proposes to acquire, construct and equip facilities for the generation of electric power, or a share in such facilities, with related and ancillary improvements; and NOW, THEREFORE, BE IT RESOLVED by the City of West Memphis, Arkansas: Section 1. The City authorizes and appropriates the sum of not to exceed $400,000 (the "Expenditure") for the purpose of acquiring, constructing and equipping facilities for the generation of electric power, or a share in such facilities, with related and ancillary improvements (the "Project"). The City hereby declares its intent to reimburse itself for the Expenditure from the proceeds of its public utility revenue bonds (the "Bonds") and, further, declares as follows: a. Proceeds of the Bonds will be applied to reimburse the City for the Expenditure 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 of the making of the Expenditure. b. The City is aware of no reason which would cause it to expect that the Expenditure would be reimbursed from any source other than the proceeds of the Bonds. c. The City is aware of no reason which would cause it to believe that the Expenditure will not be reimbursed by the proceeds of the Bonds. d. The City is aware of nothing in the budget or financial circumstances of the City which is inconsistent with the intent and declaration of the City to finance the Expenditure with the Bonds. The City is aware of no reason to expect that funds other than proceeds of the Bonds will be reserved or allocated on a long-term basis or otherwise set aside for the Expenditure pursuant to budgetary or financial policies of the City. e. The Bonds may be issued in the principal amount of not to exceed $10,620,000. The Bonds, if issued, will not be general obligations of the City, but will be special and limited obligations, secured by a pledge of revenues of the City's public utility system. f. The Expenditure will be a "capital expenditure" within the meaning of applicable Treasury Regulations or will constitute a portion of the costs of issuance of the Bonds. Section 2. The firm of Stephens Inc. will serve as underwriter for the Bonds. The law firm of Friday, Eldredge & Clark, LLP, will serve as bond counsel to the City. Section 3. This Resolution shall be in effect upon its adoption and approval. ADOPTED this v~0 day of ~ u v5"t , 2009. CITY OF WEST MEMPHIS, ARKANSAS Mayo ATTEST: City Clerk (SEAL) RECEIVED City Clerk's Of~oe Datef Time ~ - I - ~ ~i ~,.~o©~. U 2 CERTIFICATE The undersigned, City Clerk of the City of West Memphis, Arkansas, hereby certifies that the foregoing pages are a true and perfect copy of Resolution No. ~~, adopted at a ~,~v session of the City Council of the City of West Memphis, Arkansas, held at the regular meeting place in the City at i ~ 30 0' cloc~ky^~~.m., on the ~.D day of 14u~-~_, 2009, and that the resolution is of record in Book No. V ,Page p2 a ,now in my possession. (SEAL) ~. ity Clerk 3