HomeMy WebLinkAbout136-85 RESOLUTIONRESOLITTrcv ND. 136-85
A RESOLUTION APPROPRIATING $1 MILLION FROM THE
SANITATION FUND SURPLUS FOR A IRAN TO THE NORTHWEST
ARKANSAS RESOURCE RECOVERY AUTHORITY TO BE DEPOSITED
IN THE CONSTRUCTION ACCOUNT UNDER THE AUTHORITY'S
TRUST INDENTURE FOR FINANCING A SOLID WASTE DISPOSAL
AND RESOURCE RECOVERY FACILITY.
WHEREAS, the City of Fayetteville, Arkansas is a member of The
Northwest Arkansas Resource Recovery Authority (the "Authority"),
pursuant to Ordinance by this Board; and
WHEREAS, the Board of Directors of The Northwest Arkansas Resource
Recovery Authority has determined to issue its Fixed/Adjustable Rate
Series 1985 Bonds (the "Bonds") in the principal amount of $22,405,000
to finance construction of a solid waste resource recovery, generation
and transmission facility to be located in the City of Fayetteville;
and
WHEREAS, it is necessary for the Authority to advance $1,000,000
to the Trustee for deposit into the Construction Fund of the Indenture
securing the Bonds in order to pay for the costs of construction of
the Resource Recovery Project from December 31, 1985 to December 30,
1986; and
WHEREAS, the Authority has requested that the City of Fayetteville
loan $1,000,000 to the Authority for a period not to exceed twelve
(12) months.
NOW, THEREFORE, BE IT RffiOLVED BY THE .BOARD OF DIRECTORS OF THE
CITY OF FAYETIEVILLE, ARKANSAS:
Section 1. That the Board of Directors hereby appropriates
from Sanitation Fund surplus funds the amount -of $1,000,000, to be
loaned to the Northwest Arkansas Resource Recovery Authority for a
period not to exceed twelve (12) months. Said loan shall be used
by the Authority to advance $1,000,000 to the Trustee for deposit
into the Construction Fund of the Indenture securing the Bonds in
order to pay for the costs of construction of the Resource Recovery
Project from December 31, 1985 to December 30, 1986.
Section 2. That this Resolution shall become effective imrediately
upon its passage and approval.
PASSED AND APPROVED this 24thday of December , 1985.
APPROVED
Mayor