RES NO 03-03-2012 RESOLUTION NO. 3 "3 -00 1
A RESOLUTION APPOINTING AN UNDERWRITER FOR A
PROPOSED ISSUE OF SALES AND USE TAX BONDS TO
FINANCE CAPITAL IMPROVEMENTS; AND PRESCRIBING
OTHER MATTERS RELATING THERETO.
WHEREAS, the City Council of the City of Van Buren, Arkansas (the "City is
considering calling a special election to submit to the voters the questions of issuing bonds to
finance various capital improvements; and
WHEREAS, the bonds that are approved would be payable from a proposed local
sales and use tax; and
WHEREAS, the bonds would be issued under Amendment No. 62 to the
Constitution of the State of Arkansas "Amendment 62 and
WHEREAS, Amendment 62 requires that voters separately approve a maximum
principal amount of bonds for each purpose (i.e., park improvements); and
WHEREAS, the City needs the assistance of a bond underwriter in order to arrive
at a maximum principal amount of bonds per purpose to propose to the voters; and
WHEREAS, pursuant to A.C.A. §14- 164 -315, the City has determined to select
Stephens Inc. as the bond underwriter for the proposed bond issue;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Van
Buren, Arkansas:
Section 1. That Stephens Inc. is hereby appointed as the bond underwriter for
the proposed bond issue.
Section 2. The officials of the City are authorized to work with Stephens Inc.
as bond underwriter in order to determine the size of the bond issue and maximum principal
amounts allocated per purpose.
Section 3. As the issuance of the bonds is, under Arkansas law, subject to the
approval of the City Council, by ordinance, any sale of the bonds, if approved by the voters, will
be subject to the approval of the City Council.
This Resolution passed this
day of March, 2012.
APPRO
ATTEST: By: 4 geb 0
ayor
City Clerk
(SEAL)
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CERTIFICATE
The undersigned, City Clerk of the City of Van Buren, Arkansas (the "City
hereby certifies that the foregoing is a true and compared copy of a resolution passed at a regular
session of the City Council of the City, held at the regular meeting place of the City Council at
'7: o'clock p.m. on the I day of March, 2012.
`t. a tit/sr;
City Clerk
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