HomeMy WebLinkAbout199-90 RESOLUTION•3' dr4"_.
RESOLUTION NO. 199-90
A RESOLUTION ESTABLISHING AN ESCROW ACCOUNT.IN...
THE AMOUNT OF $2.760 MILLION TO FUND SCHOOL
CONSTRUCTION PROJECTS.
i
WHEREAS, the City of Fayetteville is committed to assisting
the Fayetteville School District in the building of $10 million in
school construction as approved by the voters in November of 1988
and,
WHEREAS, the City by Resolution No. 116-90 authorized the
funding of an escrow account and the negotiation of a cooperative
agreement for the construction of an addition to the high school
using non -regular fee and tax revenue and,
WHEREAS, the City by Ordinance No. 3518 levied a franchise tax
payable by the City of Fayetteville Water and Sewer Fund to the
General Fund in the amount of $1.380 million and,
WHEREAS, the City desires to set aside and designate such non -
regular tax revenues to fund school construction and place $1.380
million in the escrow account on 12-19 and an additional $1.380
million on or about January 1, 1991.
BE IT RESOLVED BY THE BOARD OF ,DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the Board of Directors hereby authorizes
the establishment of an escrow account to be funded from General
Fund non -regular tax revenues in the amount of $2.760 million for
the purpose of funding future cooperative efforts between the City
of Fayetteville and the Fayetteville School' District to fund school
construction.
Section 2. The City Manager, Administrative Services
Director or Finance Director shall have full right to invest such
monies according to state law until a cooperative agreement is made
between the City and Fayetteville School District.
PASSED AND APPROVED this
'ATTEST:
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City C-erlk
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y. ^.
18th day of
APPROVED:
December
By: /.11/l r
Mayor
1990.