RES NO 11-01-1992 0 RESOLUTION NO. 11 19 %.Z
RESOLUTION AUTHORIZING THE MAYOR AND THE VAN BUREN WATER AND
SEWER COMMISSION TO PURSUE THE ISSUANCE OF REVENUE BONDS FOR
SEWER CAPITAL IMPROVEMENTS AND FOR OTHER PURPOSES.
WHEREAS, the Van Buren Water and Sewer Commission and the
City's Capital Improvement Program of 1989 calls for $3,562,000
in capital improvements; and,
WHEREAS, some of the projects contained within said Program
have been completed, however, some additional critical projects
remain to be completed; and,
WHEREAS, it has been determined that an additional Revenue
Bond Issue is required to finance the expansion of the Northside
Sewage Treatment Plant and to continue the Sewer Capital
Treatment Program; and,
WHEREAS, it is determined that to service an additional
Revenue Bond Issue would necessitate upon issuance of the
bonds,increased sewer service rates.
IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF VAN BUREN,
ARKANSAS that: The Mayor and the Van Buren Water and Sewer
Commission are hereby authorized to pursue the issuance of an
additional Revenue Bond Issue in the approximate amount of
$1,900,000 to finance the additional sewer capital improvements.
IT IS ALSO HEREBY RESOLVED, that the Council agrees in the
pursuance of the issuance of said bond issue, that the City
Council agrees upon the securing of said bonds and the issuance
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thereof to increase monthly sewer service charges as required by
said bonds to finance the additional debt service upon said bond
issue.
This Resolution passed and approved this 16th day of
November, 1992.
it
MAYOR, CITY AN BUREN
ATTEST:
C CLERK
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