HomeMy WebLinkAbout112-92 RESOLUTION•
RESOLUTION NO. t71-92
A RESOLUTION ANNOUNCING A NOTICE OF PUBLIC
HEARING ON AN ORDINANCE OF THE CITY OF
FAYETTEVILLE, ARKANSAS PROVIDING FOR THE
ISSUANCE OF $10,000,000 OF WATER AND SEWER
SYSTEM REFUNDING AND IMPROVEMENT REVENUE
BONDS, SERIES 1992 OF SAID CITY AND CERTAIN
RELATED MATTERS.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That Board of Directors hereby announces a
notice of public hearing on an ordinance providing for the issuance
of $10,000,000 of Water and Sewer System Refunding and Improvement
Revenue Bonds, Series 1992 of said city and certain related matters
and consideration for adoption of an ordinance entitled:
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$10,000,000 OF WATER AND SEWER SYSTEM REFUNDING AND
IMPROVEMENT REVENUE BONDS, SERIES 1992 OF THE CITY
OF FAYETTEVILLE, ARKANSAS; AUTHORIZING THE
EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT
AND AN ESCROW DEPOSIT AGREEMENT IN CONNECTION
THEREWITH DIRECTING THE TRANSFER OF MONIES HELD IN
CONNECTION WITH THE OUTSTANDING WATER AND SEWER
REVENUE BONDS OF SAID CITY; PROVIDING FOR CERTAIN
OTHER MATTERS RELATING THERETO AND DECLARING AN
EMERGENCY.
Section 2. If adopted, such ordinance would provide for
the issuance of $10,000,000 Water and Sewer System Refunding and
Improvement Revenue Bonds, Series 1992 of the City. The proceeds
of such bonds would be applied, with any other available funds, to
refund the city's outstanding Water and Sewer Revenue Refunding
Bonds, Series 1985, dated November 15, 1985, to finance the cost of
making certain capital improvements to the City's public water and
sewer system (the "system"), to establish a related debt service
reserve and to pay certain expenses incidental to such purposes.
Such capital improvements include (a) the construction of
approximately 59,650 feet of a 36 -inch water transmission main from
the Beaver Water Treatment Plant at Lowell, Arkansas to the
northern part of the City, (b) the construction of approximately
38,000 feet of a 36 -inch water transmission main constituting the
continuation of the water transmission main described above within
the City and the construction of other water lines connecting such
main to the system, (c) the construction of two six -million gallon
water storage tanks and approximately 12,500 feet of connecting
water transmission lines to meet fire, flood and operations water
demands and complement the water transmission main described above
Page 2
Resolution No. 112-92
and (d) the rehabilitation of the existing sewer collection system
constituting a part of the system in the White River Watershed and
the Illinois River Watershed (collectively the "improvements"), as
more particularly described in Section 2 of such ordinance. The
proceeds of such bonds will not be sufficient to pay the cost of
ranking all of the improvements and will be applied to pay a
portion of such cost in the order of priority among the
improvements as described in Section 2 of such ordinance in
response to certain circumstances in the future as described in
such Section 2.
Section 3. NOTICE IS HEREBY GIVEN THAT A PUBLIC HEARING
WILL BE HELD AT 7:15PM, AUGUST 13, 1992 IN ROOM 219 OF THE CITY
ADMINISTRATION BUILDING, 113 WEST MOUNTAIN STREET, FAYETTEVILLE,
ARKANSAS, AT WHICH ALL INTERESTED PERSONS SHALL HAVE AN OPPORTUNITY
TO BE HEARD CONCERNING SUCH ORDINANCE. A COPY OF SUCH ORDINANCE IN
ITS CURRENT FORM IS AVAILABLE FOR INSPECTION AT THE OFFICE OF THE
CITY CLERK IN THE CITY ADMINISTRATION BUILDING DURING NORMAL
BUSINESS HOURS.
PASSED AND APPROVED this 29th day of July , 1992.
APPROVED:
Mayor /•
ATTEST:
By: f57
City Cler