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HomeMy WebLinkAbout215-24 RESOLUTION113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Resolution: 215-24 File Number: 2024-470 PUBLIC NOTIFICATION - ORDINANCES (BUDGET ADJUSTMENT): A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $7,500.00 TO FUND THE PUBLIC NOTIFICATION ACCOUNT TO PUBLISH ORDINANCES PASSED BY THE CITY COUNCIL WHEREAS, the City is required to publish the full text of ordinances passed by the City Council in the newspaper; and WHEREAS, the City Council has passed several lengthy ordinances this year and the Office of the City Clerk has now exhausted all funds that have been budgeted for publication. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment, a copy of which is attached to this Resolution, in the amount of $7,500.00 to fund the public notification account to publish ordinances passed by the City Council. PASSED and APPROVED on September 3, 2024 Attest: `01111111111,1 MAYE I- IE`d!Ll_� ; • � N �',�'s •.'AKA N`•'? . JZ,.. *f; /VG iOt4 Page 1 CITY OF CITY COUNCIL MEMO FAYETTEVILLE ARKANSAS 2024-470 MEETING OF SEPTEMBER 3, 2024 TO: Mayor Jordan and City Council THRU: Kara Paxton, City Clerk/Treasurer FROM: Jackson Shelton, Senior Deputy City Clerk Treasurer SUBJECT: Public Notification for Ordinances (Budget Adjustment) RECOMMENDATION: The Office of the City Clerk Treasurer recommends that City Council approve a request to allocate additional funds to the Public Notification account to continue the publishing of passed ordinances in the newspaper. BACKGROUND: The public notification account is used to pay for expenses incurred by having ordinances published in the newspaper per state statute. The Democrat Gazette uses a formula that uses lines and column space per square inch to determine prices for publications. The Office of the City Clerk uses historical publication data to forecast the expenditures out of this account each year. The 2024 fiscal year has had an atypical amount of lengthy ordinances that have been an unexpected cost for the Office of the City Clerk. We have transferred our own funds from different accounts to supplement the expenditures in this account. We have now exhausted all viable funds for publications and request a budget adjustment to cover the remain publications for fiscal year 2024. DISCUSSION: The Office of the City Clerk budgeted the Public Notification Fund (1010.051.1510-5301.00) appropriately according to past historical data and averages. There have been several lengthy ordinances that were not considered when preparing the budget for this fund. One ordinance that passed that has caused the forecast to skew was agenda item (2024-1728) West Transmission Waterline (Ordinance Approval). This ordinance alone cost $4,989.46 to publish in the Democrat Gazette, whereas a typical ordinance will cost between $89.68 to $130.00. This ordinance publication alone drastically reduced the amount of funds the Public Notification account for the third and fourth quarters. At the 08/20/2024 City Council meeting, agenda item "Sales and Use Tax Bonds (Issuance Authorization) (2024-365) was passed by City Council. This ordinance will cost $1,450.68 to publish in the Democrat Gazette. The ordinances that were passed at the 08/06/2024 City Council meeting have not yet been posted to the Public Notification account. This transaction will cost approximately $936.32. The Office of the City Clerk Treasurer requests a Budget Adjustment of $7,500.00 be approved to fund the Public Notification account to publish passed ordinances within the Democrat Gazette. BUDGET/STAFF IMPACT: The Office of the City Clerk's Office requests a Budget Adjustment of $7,500.00 be approved to fund the Public Notification account to published passed ordinances within the Democrat Gazette. ATTACHMENTS: SRF (#3), BA (#4), Democrat Gazette Publication Quote (#5) Mailing address: 113 W. Mountain Street www.fayetteville-ar.gov Fayetteville, AR 72701 Mailing address: 113 W. Mountain Street www.fayetteville-ar.gov Fayetteville, AR 72701 == City of Fayetteville, Arkansas y 113 West Mountain Street Fayetteville, AR 72701 (479)575-8323 - Legislation Text File #: 2024-470 Public Notification for Ordinances (Budget Adjustment) A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $7,500.00 TO FUND THE PUBLIC NOTIFICATION ACCOUNT TO PUBLISH ORDINANCES PASSED BY THE CITY COUNCIL WHEREAS, the City is required to publish the full text of ordinances passed by the City Council in the newspaper; and WHEREAS, the City Council has passed several lengthy ordinances this year and the Office of the City Clerk has now exhausted all funds that have been budgeted for publication. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment, a copy of which is attached to this Resolution, in the amount of $7,500.00 to fund the public notification account to publish ordinances passed by the City Council. Page 1 Jackson Shelton Submitted By City of Fayetteville Staff Review Form 2024-470 Item ID 9/3/2024 City Council Meeting Date - Agenda Item Only N/A for Non -Agenda Item 8/20/2024 CITY CLERK (051) Submitted Date Division / Department Action Recommendation: The Office of the City Clerk Treasurer recommends that City Council approve a budget adjustment to allocate additional funds to the Public Notification account to continue the publishing of passed ordinances in the newspaper. Budget Impact: 1010.051.1510-5301.00 General Fund Account Number Fund N/A N/A Project Number Budgeted Item? Yes Does item have a direct cost? No Is a Budget Adjustment attached? Yes Purchase Order Number: Change Order Number: Original Contract Number: Comments: Budget Adustment Attachment Total Amended Budget Expenses (Actual+Encum) Available Budget Item Cost Budget Adjustment Remaining Budget Project Title $ 14,650.00 $ 12,732.34 1,917.66 $ 7,500.00 9,417.66 Previous Ordinance or Resolution # Approval Date: V20221130 City of Fayetteville, Arkansas - Budget Adjustment (Agenda) Budget Year Division CITY CLERK (051) Adjustment Number /Org2 2024 Requestor: Jackson Shelton BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION: The Office of the City Clerk Treasurer recommends that City Council approve a budget adjustment to allocate additional funds to the Public Notification account to continue the publishing of passed ordinances in the newspaper. COUNCIL DATE: 9/3/2024 ITEM ID#: 2024-470 Holly Black '12712024 72:07 PIn Budget Division Date TYPE: D - (City Council) JOURNAL#: GLDATE: RESOLUTION/ORDINANCE CHKD/POSTED: TOTAL 7,500 7,500 v.2024725 Increase / (Decrease) Project.Sub# Account Number Expense Revenue Project Sub.Detl AT Account Name 1010.051.1510-5301.00 7,500 - EX Public Notification 1010.001.0001-4999.99 - 7,500 RE Use Fund Balance - Current I of 1 Shelton, Jackson From: Anna Hernandez <ahernandez@rivervalleydemocratgazette.com> Sent: Tuesday, August 20, 2024 10:31 AM To: Shelton, Jackson; legalads@arkansasonline.com; legalads@nwaonline.com; legalads@nwadg.com Cc: Spohn, Courtney; Ramirez, Jonathan Subject: RE: City of Fayetteville (Ordinance Publishing Fees) CAUTION: This email originated from outside of the City of Fayetteville. Do not click links or open attachments unless you recognize the sender and know the content is safe. On 1 or 2-page ordinance are charged by the line, approximate is about 6.75 per line or will possibly be changed to $21.98 per inch. Thankyou, Anna Hernandez 1 j Classified Specialist ahernandez@rivervalleydemocrateazette.com I Direct: 479-571-6421 or 479-571-6400 River Valley Democrat -Gazette www.rive rvaIleydemocrateazette.con, Our community. Our paper. 524 Garrison Ave. (2nd Floor) I Fort Smith, AR 72901 From: Shelton, Jackson <jshelton@fayetteville-ar.gov> Sent: Tuesday, August 20, 202410:16 AM To: Anna Hernandez <ahernandez@ rive rvaIleydemocratgazette.com>; legalads@arkansasonline.com; legalads@nwaonline.com; legalads@nwadg.com Cc: Spohn, Courtney <cspohn@fayetteville-ar.gov>; Ramirez, Jonathan <jramirez@fayetteville-ar.gov> Subject: RE: City of Fayetteville (Ordinance Publishing Fees) Anna, Thank you! This ordinance has not been before City Council yet and has not been approved yet. Did you see the second part of my email requesting approximate estimates for a 1 page ordinance and 2 page ordinance? Jackson Shelton Senior Deputy City Clerk Treasurer City of Fayetteville, Arkansas isheltom-a4avetteyill e-ar go T 479.575.8310 CITY OF FAYETTEVILLE ARKANSAS From: Anna Hernandez <ahernandez@rivervaIleydemocratizazette.com> Sent: Tuesday, August 20, 2024 10:08 AM To: Shelton, Jackson <]shelton@favetteville-ar.gov>; legalads@arkansasonline.com; legalads@nwaonline.com; le2alads@nwadg.com Cc: Spohn, Courtney <cspohn@fayetteville-ar.gov>; Ramirez, Jonathan <jramirez@favetteville-ar.gov> Subject: RE: City of Fayetteville (Ordinance Publishing Fees) CAUTION: This email originated from outside of the City of Fayetteville. Do not click links or open attachments unless you recognize the sender and know the content is safe. Proof attached, cost is $1,450.68 size is 4 x 16.5, let me know if approved and which card to charge. Anna Hernandez 1 t Classified Specialist ahernandez@rivervallevdemocratpazette.com I Direct: 479-571-6421 or 479-571-6400 River Valley Democrat -Gazette www.rivervalleydemocratgazette.com Our community. Our paper. 524 Garrison Ave. (2nd Floor) I Fort Smith, AR 72901 From: Shelton, Jackson <isheIto n@favetteville-ar.aov> Sent: Tuesday, August 20, 2024 9:33 AM To: Anna Hernandez <ahernandez@rivervalleydemocratgazette.com>; legalads@arl<ansasonline.com; Iegalads@nwaonline.com; legalads@nwadg.com Cc: Spohn, Courtney <cspohn@favetteville-ar.gov>; Ramirez, Jonathan <jramirez@favetteville-ar.gov> Subject: RE: City of Fayetteville (Ordinance Publishing Fees) Anna, Thank you for responding so quickly! I have attached the draft ordinance to this email as a Word document. Also, could you provide the approximate total of what one standard size sheet of paper would cost to publish? Most of our ordinances are one or two pages only. Thank you for all your help. Jackson Shelton Senior Deputy City Clerk Treasurer City of Fayetteville, Arkansas isheltonovfa.\ Ctte% ille-ar. u� T 479.575.8310 CITY OF WON FAYETTEVILLE ARKANSAS From: Anna Hernandez <ahernandez@ rive rvaIlevdemocratgazette.com> Sent: Tuesday, August 20, 2024 9:25 AM To: Shelton, Jackson <ishelton@favetteville-ar.pov>; legalads@arkansasonline.com; Iepalads@nwaonline.com; legalads@nwadg.com Cc: Spohn, Courtney <cspohn@favetteville-ar.gov>; Ramirez, Jonathan <iramirez@favetteville-ar.eov> Subject: RE: City of Fayetteville (Ordinance Publishing Fees) This email originated from outside of the City of Fayetteville. Do not click links or open attachments unless you recognize the sender and know the content is safe. If ad is 4.5 pages long, it will be a display. It is charge at per column inch which is $21.98. If you can email me the ad we can get a size and proof. Thankyou, Anna Hernandez Classified Specialist ahernandez@rivervallevdemocratgazette.com I Direct:479-571-6421or479-571-6400 River Valley Democrat -Gazette www.rivervallevdemocratsazette.com Our community. Our paper. 524 Garrison Ave. (2nd Floor) I Fort Smith, AR 72901 From: Shelton, Jackson <ishelton@favetteville-ar.gov> Sent: Tuesday, August 20, 2024 9:12 AM To: legalads@arkansasonline.com; legalads@nwaonline.com; Iepalads@nwadl~.com Cc: Spohn, Courtney <cspohn@favetteville-ar.gov>; Ramirez, Jonathan <iramirez@favetteville-ar.gov> Subject: City of Fayetteville (Ordinance Publishing Fees) Good morning, My name is Jackson and I work for the City Clerk Treasurer for the City of Fayetteville. The ordinances that are passed at City Council are published within the Democrat Gazette. Could you please provide a breakdown of how you determine the cost of an ad for your paper? For instance, we have an ordinance that if passed will be printed on 4.5 pages of standard size paper, how much would this cost to publish in the paper? Typically ordinances are 1-2 pages long, what would be the page space cost for this? Any information you could provide would be most helpful! Jackson Shelton Senior Deputy City Clerk Treasurer City of Fayetteville, Arkansas isheltonc(t,favetteville-ar.go\ T 479.575.8310 CITY OF WOO FAYETTEVILLE ARKANSAS City of Fayetteville, Arkansas 13 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Legislation Text File #: 2024-365 Sales and Use Tax Bonds (Issuance Authorization) AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF THE CITY'S NOT TO EXCEED $15,000,000 SALES AND USE TAX CAPITAL IMPROVEMENT BONDS, SERIES 2024, FOR THE PURPOSE OF FINANCING ALL OR A PORTION OF THE COSTS OF CERTAIN STREET AND PARK FACILITIES AND IMPROVE- MENTS; AUTHORIZING THE EXECUTION AND DELIVERY OF A SECOND SUPPLEMENTAL TRUST INDENTURE PURSUANT TO WHICH THE SERIES 2024 BONDS WILL BE ISSUED AND SECURED; AUTHORIZING THE EXECUTION AND DELIVERY OF AN OFFICIAL STATEMENT PURSUANT TO WHICH THE SERIES 2024 BONDS WILL BE OFFERED; AUTHORIZING THE EXECU- TION AND DELIVERY OF A BOND PURCHASE AGREEMENT PROVIDING FOR THE SALE OF THE SERIES 2024 BONDS; AU- THORIZING THE EXECUTION AND DELIVERY OF CONTINUING DISCLOSURE AGREEMENT; AND PRESCRIBING OTHER MAT- TERS RELATING THERETO. WHEREAS, the City Council of the City of Fayetteville, Arkan- sas (the "City") has previously determined that there is a need for a source of revenues to finance all or a portion of the costs of critical capital improvement projects, including (1) streets and related improvements (the "Streets Project"), and (2) parks system and related improvements (the "Parks Project"); and WHEREAS, the City is authorized and empowered under the provisions of the Constitution and laws of the State of Arkan- sas, including particularly Amendment 62 to the Constitution of the State of Arkansas ("Amendment 62") and Title 14, Chapter 164, Subchapter 3 of the Arkansas Code of 1987 An- notated (the "Local Government Bond Act"), to issue and sell its capital improvement bonds to finance and refinance the costs of various capital improvements such as those com- prising the Streets Project and the Parks Project (collectively, the "Projects"), which capital improvement bonds may be secured by and payable from the receipts of the special city- wide sales and use tax authorized by the Local Government Bond Act; and WHEREAS, pursuant to Amendment 62 and the Local Gov- ernment Bond Act and the provisions of Ordinance No. 6126 of the City, adopted and approved on December 18, 2018 (the "Election Ordinance"), there was submitted to the qualified electors of the City various questions regarding the issuance of an aggregate of not to exceed $213,865,000 in principal amount of capital improvement bonds for the purpose of fi- nancing all or a portion of the costs of the various capital improvements, including the Projects, said bonds to be se- cured by a pledge of and lien upon all of the receipts of a special city-wide sales and use tax levied at the rate of one percent (1.00%) pursuant to the Local Government Bond Act (the "Sales and Use Tax"); and WHEREAS, at a special election held April 9, 2019, a majority of the qualified electors of the City voting on each of the ques- tions approved the issuance of capital improvement bonds in the principal amounts and for each of the specific purposes set forth on the ballot (and the corresponding levy of the Sales and Use Tax, and the pledge of the receipts thereof to the payment of the bonds); and WHEREAS, pursuant to Amendment 62 and the Local Gov- ernment Bond Act, as approved by the qualified electors of the City, and as authorized by of Ordinance No. 6194 of the City, adopted and approved on June 4, 2019, the City has previously issued (i) its $124,425,000 Sales and Use Tax Capital Improvement and Refunding Bonds, Series 2019A (the "Series 2019A Bonds"), (ii) its $3,170,000 Sales and Use Tax Capital Improvement Bonds, Taxable Series 2019B (the "Series 2019B Bonds"), and (iii) its $74,340,000 Sales and Use Tax Capital Improvement Bonds, Series 2022 (the "Series 2022 Bonds"); WHEREAS, the Series 2019B Bonds have been paid in full; and WHEREAS, as authorized underthe provisions ofAmendment 62 and the Local Government Bond Act and as approved by the qualified electors of the City, the City has now determined to issue and sell its Sales and Use Tax Capital Improvement Bonds, Series 2024, in the aggregate principal amount of not to exceed $15,000,000 (the "Series 2024 Bonds"), in order to provide funding for all or a portion of the costs of the Proj- ects; and WHEREAS, as authorized by the provisions of the Election Or- dinance, the City has previously made arrangements for the sale of the Series 2024 Bonds to Stephens Inc., Fayetteville, Arkansas (the "Underwriter"), pursuant to the terms of a Bond Purchase Agreement between the City and the Underwriter (the "Bond Purchase Agreement") in substantially the form presented to and before this meeting; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Fayetteville, Arkansas that: Section 1. Under the authority of the Constitution and laws of the State of Arkansas, including particularly Amendment 62 to the Constitution of the State of Arkansas and the Lo- cal Government Bond Act, there is hereby authorized the issuance of bonds of the City to be designated as "Sales and Use Tax Capital Improvement Bonds, Series 2024" (the "Series 2024 Bonds"). The Series 2024 Bonds shall be is- sued in the original aggregate principal amount of not to ex- ceed Fifteen Million Dollars ($15,000,000) and shall mature not later than November 1, 2033, in the principal amounts and bearing interest at the rates to be specified in the Bond Purchase Agreement. The average yield on the Series 2024 Bonds as a whole shall not exceed 5.00% per annum. Of the $15,000,000 maximum aggregate principal amount of Series 2024 Bonds hereby authorized, (i) not to exceed $10,105,000 shall be deemed to apply to the Streets Project (Question 2 on the ballot), and (ii) not to exceed $4,895,000 shall be deemed to apply to the Parks Project (Question 5 on the ballot), and the proceeds of the Series 2024 Bonds shall be allocated accordingly. The proceeds of the Series 2024 Bonds will be utilized to finance all or a portion of the costs of the Projects described above, and to pay printing, underwriting, legal and other expenses incidental to the issuance of the Series 2024 Bonds. The Series 2024 Bonds shall be issued in the forms and de- nominations, shall be dated, shall be numbered, shall mature, shall be subject to redemption prior to maturity, and shall contain such other terms, covenants and conditions, all as set forth in the Second Supplemental Trust Indenture submitted to this meeting. The Mayor is hereby authorized and directed to execute and deliver the Series 2024 Bonds in substantially the form thereof contained in the Second Supplemental Trust Indenture submitted to this meeting, and the City Clerk is hereby authorized and directed to execute and deliver the Se- ries 2024 Bonds and to affix the seal of the City thereto, and the Mayor and City Clerk are hereby authorized and directed to cause the Series 2024 Bonds to be accepted and authen- ticated by the Trustee. The Mayor is hereby authorized to confer with the Trustee, the Underwriter and Kutak Rock LLP, Little Rock, Arkansas ("Bond Counsel"), in order to complete the Series 2024 Bonds in substantially the form contained in the Second Supplemental Trust Indenture submitted to this meeting, with such changes as shall be approved by such persons executing the Series 2024 Bonds, their execution to constitute conclusive evidence of such approval. Section 2. In order to pay the principal of and interest on the Series 2024 Bonds as they mature or are called for re- demption prior to maturity, there is hereby pledged all of the receipts of an existing one percent (1.00%) Sales and Use Tax levied by the Election Ordinance. Such pledge securing the Series 2024 Bonds shall be made on a parity basis with the existing pledge of such receipts in favor of the Series 2019A Bonds and the Series 2022 Bonds. The levy and collection of the Sales and Use Tax shall continue until such time as the Series 2019A Bonds, the Series 2022 Bonds and the Series 2024 Bonds are no longer outstanding or sufficient funds are on deposit with the Trustee under the Trust Indenture (defined below) to redeem the Series 2019A Bonds, the Series 2022 Bonds and the Series 2024 Bonds in full. The City covenants and agrees that all receipts from the Sales and Use Tax will be accounted for separately as special funds on the books of the City, and receipts of said Sales and Use Tax will be deposited and will be used solely as provided in the Trust Indenture. Section 3. To prescribe the terms and conditions upon which the Series 2024 Bonds are to be executed, authenticated, issued, accepted, held and secured, the Mayor is hereby au- thorized and directed to execute and acknowledge a Second Supplemental Trust Indenture (the "Second Supplemental Trust Indenture"), by and between the City and Simmons Bank, Pine Bluff, Arkansas, as trustee (the "Trustee"), and the City Clerk is hereby authorized and directed to execute and acknowledge the Second Supplemental Trust Indenture and to affix the seal of the City thereto, and the Mayor and the City Clerk are hereby authorized and directed to cause the Sec- ond Supplemental Trust Indenture to be accepted, executed and acknowledged by the Trustee. The Second Supplemental Trust Indenture supplements and amends a Trust Indenture dated as of August 1, 2019, as previously supplemented and amended by a First Supplemental Trust Indenture dated as of June 1, 2022, each by and between the City and the Trustee (collectively, the "Original Indenture," and as further supple- mented and amended by the Second Supplemental Trust Indenture, the "Trust Indenture"). The Second Supplemental Trust Indenture is hereby approved in substantially the form submitted to this meeting, including, without limitation, the provisions thereof pertaining to the pledge of the Sales and Use Tax receipts and the terms of the Series 2024 Bonds. The Mayor is hereby authorized to confer with the Trustee, the Underwriter and Bond Counsel in order to complete the Sec- ond Supplemental Trust Indenture in substantially the form submitted to this meeting, with such changes as shall be approved by such persons executing the Second Supplemen- tal Trust Indenture, their execution to constitute conclusive evidence of such approval. (Advice is given that a copy of the Second Supplemental Trust Indenture in substantially the form authorized to be executed is on file with the City Clerk and is available for inspection by any interested person.) Section 4. There is hereby authorized and approved a Pre- liminary Official Statement of the City, including the cover page and appendices attached thereto, relating to the Series 2024 Bonds. The distribution of the Preliminary Official State- ment is hereby approved. The Preliminary Official Statement, as amended to conform to the terms of the Bond Purchase Agreement, including Exhibit A thereto, and with such other changes and amendments as are mutually agreed to by the City and the Underwriter, is herein referred to as the "Official Statement," and the Mayor is hereby authorized to execute the Official Statement for and on behalf of the City. The Offi- cial Statement is hereby approved in substantially the form of the Preliminary Official Statement submitted to this meeting, and the Mayor is hereby authorized to confer with the Trustee, the Underwriter and Bond Counsel in order to complete the Official Statement in substantially the form of the Prelimi- nary Official Statement submitted to this meeting, with such changes as shall be approved by such persons, the Mayor's execution to constitute conclusive evidence of such approval. (Advice is given that a copy of the Preliminary Official State- ment is on file with the City Clerk and is available for inspec- tion by any interested person.) Section 5. In order to prescribe the terms and conditions upon which the Series 2024 Bonds are to be sold to the Underwriter, the Mayor is hereby authorized and directed to execute a Bond Purchase Agreement on behalf of the City, to be dated as of the date of its execution (the "Bond Purchase Agreement"), by and between the City and the Underwriter, and the Bond Purchase Agreement is hereby approved in substantially the form submitted to this meeting, and the Mayor is hereby authorized to confer with the Underwriter and Bond Counsel in order to complete the Bond Purchase Agreement in substantially the form submitted to this meet- ing, with such changes as shall be approved by such persons executing the Bond Purchase Agreement, their execution to constitute conclusive evidence of such approval. (Advice is given that a copy of the Bond Purchase Agreement in substantially the form authorized to be executed is on file with the City Clerk and is available for inspection by any in- terested person.) Section 6. In order to provide for continuing disclosure of certain financial and operating information with respect to the Sales and Use Tax and the City in compliance with the provisions of Rule 15c2 12 of the U. S. Securities and Ex- change Commission, the Mayor is hereby authorized and directed to execute a Continuing Disclosure Agreement to be dated as of the date of its execution (the "Continuing Disclo- sure Agreement"), by and between the City and the Trustee, and the Mayor is hereby authorized and directed to cause the Continuing Disclosure Agreement to be executed by the Trustee. The Continuing Disclosure Agreement is hereby ap- proved in substantially the form submitted to this meeting, and the Mayor is hereby authorized to confer with the Trustee, the Underwriter and Bond Counsel in order to complete the Continuing Disclosure Agreement in substantially the form submitted to this meeting, with such changes as shall be ap- proved by such persons executing the Continuing Disclosure Agreement, their execution to constitute conclusive evidence of such approval. (Advice is given that a copy of the Continuing Disclosure Agreement in substantially the form authorized to be execut- ed is on file with the City Clerk and is available for inspection by any interested person.) Section 7. The Mayor and City Clerk, for and on behalf of the City, are hereby authorized and directed to do any and all things necessary to effect the issuance, sale, execution and delivery of the Series 2024 Bonds and to effect the execution and delivery of the Second Supplemental Trust Indenture, the Bond Purchase Agreement, the Official Statement, the Con- tinuing Disclosure Agreement and a Tax Compliance Agree- ment relating to the tax exemption of interest on the Series 2024 Bonds, and to perform all of the obligations of the City under and pursuant thereto. The Mayor and the City Clerk are further authorized and directed, for and on behalf of the City, to execute all papers, documents, certificates and other instruments that may be required for the carrying out of such authority or to evidence the exercise thereof. Section 8. As previously provided in the Election Ordinance, Kutak Rock LLP, Little Rock, Arkansas, is hereby confirmed as Bond Counsel on behalf of the City in connection with the issuance and sale of the Series 2024 Bonds. Section 9. The provisions of this Ordinance are hereby de- clared to be severable, and if any section, phrase or provision shall for any reason be declared to be illegal or invalid, such declaration shall not affect the validity of the remainder of the sections, phrases or provisions of this Ordinance. Section 10. All ordinances, resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict.