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HomeMy WebLinkAbout115-85 RESOLUTIONRFSOL[1PICa1 NO. 115-85 A RESOLUTION APPROVING THE ISSUANCE AND SALE OF UP TO $22,405,000 IN TAX EXEMPT SOLID WASTE MANAGEMENT REVENUE BDNE6, SERIES 1985, BY THE NORTHWEST ARKANSAS RESOURCE RECOVERY AUTHORITY. .WHEREAS, the City of Fayetteville, Arkansas (the "City") isa member of the Northwest Arkansas Resource Recovery Authority (the "Authority"); and WHEREAS, the Authority has proposed that a Solid Waste Resource Recovery Facility (the "Facility") be constructed within the City to provide the citizens .of Washington County a safe, sanitary and environmentally desirable means for the disposal of solid waste; and WHEREAS, the Authority has proposed that the Facility be owned by the Authority and be operated by private enterprise; and WHEREAS, the Board of Directors has been considering the Authority's proposal and other alternatives for the construction and operation of a Solid Waste Resource Recovery Facility; and WHEREAS, the Board of Directors supports construction of a Solid Waste Resource Recovery Facility but has withheld approval of such a project to study the impact various alternatives would have on the level of required tipping fees; and WHEREAS, under existing law the Authority can issue tax exempt bonds to finance construction of a Solid Waste Resource Recovery Facility which is publicly awned and privately operated or which is privately awned; and WHEREAS, the House Ways and Means Committee is considering a tax reform proposal under which tax exempt bonds could not be issued to finance the construction of a solid waste resource recovery facility unless the Facility is both owned and operated by a public entity; and WHEREAS, the loss of tax exempt financing for a Solid Waste Resource Recovery Facility would require a substantial increase in tipping fees to offset the higher interest rate taxable bonds would bear; and WHEREAS, the option of tax exempt financing can be preserved while the Board of Directors considers various alternatives for con- struction and operation of a Solid Waste Resource Recovery Facility, if solid waste management revenue bonds are sold before January 1, 1986. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF FAYETTETILLE, BRAINS: r - ' 1" �yy Ot • -2- Section 1. That the Board of Directors hereby approves the issuance and sale by the Authority of up to $22,405,000 in Solid Waste Management Revenue Bonds, Series 1985. PASSED ALGID APTWVED this 31St day of ij . APPRO BY /.C�!�C�/ l Mayor October , 1985. RESOLUTION NO. 115-85 A RESOLUTION APPROVING THE ISSUANCE AND SALE OF UP TO $22,405.000 IN TAX EXEMPT SOLID WASTE MANAGEMENT REVENUE BONDS, SERIES 1985, BY THE NORTHWEST ARKANSAS RESOURCE RECOVERY AUTHORITY. SCANNED WHEREAS, the City of Fayetteville, Arkansas (the "City") is a member of the Northwest Arkansas Resource Recovery Authority (the "Authority"); and WHEREAS, the Authority has proposed that a Solid Waste Resource Recovery Facility (the "Facility") be constructed within the City to provide the citizens of Washington County a safe, sanitary and environmentally desirable means for the disposal of solid waste; and WHEREAS, the Authority has proposed that the Facility be awned by the Authority and be operated by private enterprise; and WHEREAS, the Board of Directors has been considering the Authority's proposal and other alternatives for the construction and operation of a Solid Waste Resource Recovery Facility; and WHEREAS, the Board of Directors supports construction of a Solid Waste Resource Recovery Facility but has withheld approval of such a project to study the impact various alternatives would have on the level of required tipping fees; and WHEREAS, under existing law the Authority can issue tax exempt bonds to finance construction of a Solid Waste Resource Recovery Facility which is publicly awned and privately operated or which is privately owned; and WHEREAS, the House Ways and Means Committee is considering a tax reform proposal under which tax exempt bonds could not be issued to finance the construction of a solid waste resource recovery facility unless the Facility is both owned and operated by a public entity; and WHEREAS, the loss of tax exempt financing for a Solid Waste Resource Recovery Facility would require a substantial increase in tipping fees to offset the higher interest rate taxable bonds would bear; and WHEREAS, the option of tax exempt financing can be preserved while the Board of Directors considers various alternatives for con- struction and operation of a Solid Waste Resource Recovery Facility, if solid waste management revenue bonds are sold before January 1, 1986. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF FAYETTEVILLE, ARKANSAS: • -2- Section 1. That the Board of Directors hereby approves the issuance and sale by the Authority of up to $22,405,000 in Solid Waste Management Revenue Bonds, Series 1985. PASSED AND APPROVED this ilst day of r" (11 ktikrtkC, ;;;;t .'so *M d.f_� erk October , 1985.