HomeMy WebLinkAbout95-94 RESOLUTION1
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RESOLUTION NO. 95-94
A RESOLUTION ANNOUNCING A NOTICE OF PUBLIC
HEARING ON AN ORDINANCE OF THE CITY OF
FAYETTEVII.LE, ARKANSAS, PROVIDING FOR THE
ISSUANCE OF APPROXIMATELY $5,500,000.00 OF WATER
& SEWER SYSTEM IMPROVEMENT REVENUE BONDS,
SERIES 1994. AND CERTAIN RELATED MATTERS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the City Council hereby announces notice of a public heanng on an
ordinance providing for the issuance of approximately $5,500,000.00 of Water and Sewer System
Improvement Revenue Bonds, Series 1994, and certain related matters and considerations for
adoption of an ordinance entitled:
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
APPROXIMATELY $5.50,000.00 OF WATER & SEWER
SYSTEM IMPROVEMENT REVENUE BONDS, SERIES 1994,
01: THE CITY O1: FAYETTEVILLE, ARKANSAS;
AUTHORIZING THE EXECUTION AND DELIVERY OF A
BOND PURCHASE AGREEMENT IN CONNECTION
THEREWITH; PROVIDING FOR CERTAIN OTHER MATTERS
RELATING THERETO AND DECLARING AN EMERGENCY.
Section 2. If adopted, the ordinance will provide for the issuance of approximately
$5.500,000 00 of Water & Sewer System Improvement Revenue Bonds, Series 1994, of the City
(the "Bonds"). The proceeds of the bonds will he applied, with any other available funds, to
finance the cost of acquiring, constructing, and equipping certain capital improvements to the
City's public water and sewer system (the "System"), to establish a related debt service reserve,
and to pay costs for the issuance of the Bonds. The capital improvements Include (a) the
connection of two new water storage tanks to an existing 24 -inch water main, in the southwest
portion of the City, (h) the construction of two (2) six -million gallon ground storage reservoirs,
and (c) the construction of a 36 -inch water transmission main and a 12 -inch distribution main on
the west side of the City (collectively the "Improvements"), as more particularly described in
Section 2 of the ordinance. The proceeds of the Bond will not be sufficient to pay the cost of
making all of the Improvements and will he applied to pay a portion of the cost among the
Improvements as described in Section 2 of the ordinance.
Section 3. NOTICE IS HEREBY GIVEN THAT A PUBLIC HEARING WILL
BE HELD AT 4:30 PM, AUGUST 30, 1994, IN ROOM 326 OF THE CITY
ADMINISTRATION BUILDING, 113 WEST MOUNTAIN STREET, FAYETTEVILLE,
ARKANSAS, AT WHICH TIME ALL INTERESTED PERSONS SHALL HAVE AN
OPPORTUNITY TO BE HEARD CONCERNING THE ORDINANCE. A COPY OF