2012 RESOLUTION NO. CO l 1 a•
A RESOLUTION OF INTENT REGARDING
AIRPORT IMPROVEMENTS.
WHEREAS, the City of West Memphis, Arkansas (the "City") owns a municipal
airport(the "Airport"); and
WHEREAS, the City Council of the City has deteiniined that the Airport is in
need of betterments and improvements (the "Improvements"); and
WHEREAS, in order to finance all or a portion of the costs of the Improvements
and to refund the City's outstanding Municipal Airport Revenue Refunding Bonds, Series 2007,
the City proposes to issue bonds secured by revenues of the Airport and surplus utility revenues
(the "Bonds"); and
WHEREAS, the Bonds will be issued in the maximum principal amount of
$3,280,000; and
WHEREAS, the Bonds allocated to the Improvements will be issued in the
maximum principal amount of$1,150,000; 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 Regulation No. 1.150-2 promulgated by the United States Treasury Department (the
"Regulation");
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of West
Memphis,Arkansas:
Section 1. The City hereby expresses its official intent under the Regulation to
advance its own funds to pay the costs of the Improvements prior to the issuance of the Bonds
and to reimburse itself from Bond proceeds for such expenditures.
Section 2. The officials of the City are hereby authorized and directed to work
with Stephens Inc., as underwriter, and Friday, Eldredge and Clark, LLP, as bond counsel, in
connection with the sale of the Bonds.
PASSED: Povemicrer 15,2012.
APPROVED:
ATTEST: By: de/ 002,06-4,..
Mayor
. •
ity Clerk
(SEAL)
ReCeWED e
ottic „„,
city on 7 1:10:041 1-
Daterrime
By
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
o'clock p.m. on the t,5 day of ijo ve_fr,be r- , 2012.
City Clerk
(SEAL)