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RESOLUTION NO. 97A-92
A RESOLUTION AUTHORIZING THE CITY STAFF TO DO
ALL THINGS REASONABLY NECESSARY TO DEVELOP
WATER AND SEWER REVENUE BOND FINANCING TO
BEGIN PROMPT CONSTRUCTION OF THE 36" WATER
LINE PROJECT.
WHEREAS, the City of Fayetteville is in dire need of
immediately starting construction of a 36" water line in order to
eliminate the possibility of severe water shortages as early as the
summer of 1993 and
WHEREAS, the 36" water line was to be paid from the voter
approved 1990 sales tax bond issue and
WHEREAS, the bond proceeds are currently being held by Arvest
Corporation, the bond trustee, pending the resolution of the appeal
of Hasha v. City of Fayetteville, commonly known as the sales tax
case and
WHEREAS, the appeal of the sales tax case will not be resolved
in time to complete construction of the 36" water line prior to the
possibility of severe water shortages as early as the summer of
1993 and
WHEREAS, additional bond financing, if legally and financially
feasible, is needed to begin prompt construction of the 36" water
line to avoid the possibility of such water shortages and
WHEREAS, the Board of Directors acknowledges that reasonable
costs for such items as legal fees, bond costs and additional
engineering costs may be incurred as a result of this resolution
and
WHEREAS, the Board recognizes that proceeding with additional
water and revenue bond financing for the construction of a 36"
water line is in the best interests of the citizens of the City of
Fayetteville.
IT IS THEREFORE, RESOLVED BY THE BOARD OF DIRECTORS OF THE
CITY OF FAYETPEVILLE, ARKANSAS:
Section 1. The Board of Directors hereby authorizes the
staff of the City of Fayetteville to do all things reasonably
necessary to develop water and sewer revenue bond financing to
begin prompt construction of the 36" water line project.
Page 2
Resolution No, 97A-92
June 30, 1992
PASSED AND APPROVED this
ATTEST* �j
By' I' \owftepl
City C
:st day of Jul , 1992.
APPROVED:
ByKin:4;47,411-11e7--1/4--
Mayor