2329 ORDINANCE NO. 23 act
AN ORDINANCE TO APPROVE A SHORT-TERM FINANCING
OBLIGATION PURSUANT TO AMENDMENT 78 OF THE
CONSTITUTION OF THE STATE OF ARKANSAS FOR THE
ACQUISITION OF EIGHT POLICE VEHICLES FOR THE WEST
MEMPHIS POLICE DEPARTMENT AND FOR OTHER PURPOSES.
WHEREAS, Amendment 78 of the Constitution of the State of Arkansas authorizes
municipalities to acquire tangible personal property having an expected useful life of more than
one (1) year by incurring short-term financing obligations maturing over a period of, or having a
term, not to exceed five (5) years which may bear interest as provided in Amendment 78; and
WHEREAS, the City Council of the City of West Memphis has approved the acquisition
of eight (8) police vehicles, specifically Chevrolet Tahoes; and
WHEREAS, the City Council finds that this tangible personal property qualifies under
Amendment 78 to be acquired by the use of short-term financing obligations and the City of
West Memphis desires to utilize the benefits of short-term financing obligations to finance this
acquisition; and
WHEREAS, short-term financing, pursuant to Amendment 78, has been negotiated
pursuant to the terms set forth in Exhibit "A" attached hereto and incorporated herein by
reference.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS,ARKANSAS, THAT the short-term financing obligation as set
out in Exhibit "A" for the acquisition of eight (8) Chevrolet Tahoes for the West memphis Police
Department is hereby approved and the Mayor is hereby authorized to execute the necessary
documents to obtain this short-term financing for this acquisition.
PASSED AND APPROVED this 19 day of Dece"ber- , 20 13 .
WILLIAM H. JOHNSON, MAYOR
ATTEST:
PHIL P ARA, CITY CLERK
SPONSORED BY:
RECEIVED
City Clerk's Office
Dateftime - -/ /0 00