RES NO 02-06-2004 RESOLUTION NO. 2 ".Z
A RESOLUTION AUTHORIZING THE MAYOR OF THE CITY, IN
COOPERATION WITH THE UNDERWRITER AND BOND COUNSEL, TO
PROCEED WITH MATTERS PRELIMINARY TO THE ISSUANCE OF THE
CITY'S WATERWORKS AND SEWER REVENUE CAPITAL
IMPROVEMENT AND REFUNDING BONDS, SERIES 2004; APPROVING
THE .PREPARATION AND DELIVERY OF A PRELIMINARY OFFICIAL
STATEMENT FOR THE BONDS; AND SETTING FORTH OTHER
MATTERS PERTAINING TO THE ISSUANCE OF THE BONDS
WHEREAS, the Van Buren City Council has determined that it is in the best interest of the City of
Van Buren, Arkansas (the "City to issue revenue bonds secured by and payable from the revenues of'
the City's water and sewer system (the "System for the purpose of financing capital improvements to
the System (the "improvements and
WHEREAS, in order to utilize the proceeds of tax- exempt bonds to reimburse original
expenditures made by the City with respect to the Improvements, it is necessary under United States
Treasury Regulation 1.150 -2 that the City make a present declaration of its official intent to make
such reimbursement; and
WHEREAS, the City has previously issued its Water and Sewer Revenue Capital Improvement
and Refunding Bonds, Series 1999 (the "Series 1999 Bonds and
WHEREAS, in order to achieve interest savings, the City Council has determined to refund the
Series 1999 Bonds; and
WHEREAS, the City Council has determined to issue City of Van Buren, Arkansas Waterworks
and Sewer Revenue Capital Improvement and Refunding Bonds, Series 2004 (the "Series 2004
Bonds for the purpose of financing the Improvements and refunding the Series 1999 Bonds; and
WHEREAS, in order to provide for the issuance and sale of the Series 2004 Bonds, the City
hereby designates Morgan Keegan Company, Inc. as Underwriter and Rose Law Firm, a
Professional Association, as Bond Counsel; and
WHEREAS, the Van Buren Municipal Utilities Commission has recommended the issuance of the
Series 2004 Bonds;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Van Buren,
Arkansas that:
Section 1. Such preliminary actions as are determined to be necessary by the Mayor of the City
are hereby authorized for the marketing of the Series 2004 Bonds in order to provide sufficient funds
to finance the Improvements and to refund the Series 1999 Bonds; provided, however, that at such
time as the Mayor may determine to be in the best interests of the City, the final terms of the sale of the
Series 2004 Bonds shall be submitted for approval by the City Council, together with the proposed
form of the documents necessary for the issuance of the Series 2004 Bonds, including, without
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limitation, the bond purchase agreement and trust indenture. The sale of the Series 2004 Bonds may be
considered at a regular or special meeting of the City Council as the Mayor shall consider appropriate.
Section 2. The firm of Morgan Keegan and Company, Inc. is hereby designated as Underwriter
for the Series 2004 Bonds, and the fine of Rose Law Firm, a Professional Association, is hereby
designated as Bond Counsel for the Series 2004 Bonds.
Section 3. The preparation of a Preliminary Official Statement and the distribution of such
Preliminary Official Statement to prospective purchasers of the Series 2004 Bonds are hereby
approved. The Mayor of the City is hereby authorized and directed to cause the Preliminary Official
Statement to be delivered for and in the name of the City, with such provisions therein as shall be
approved by such officer, who is authorized to execute and deliver to the Underwriter a certificate,
when requested by the Underwriter, to the effect that the Preliminary Official Statement is deemed final
for the purposes of Securities and Exchange Commission Rule 15c2 -12.
Section 4. The City hereby declares its official intent pursuant to United States Treasury
Regulation 1.150 -2 to reimburse itself for original expenditures made in planning, designing,
acquiring, constructing, and equipping the Improvements described above between the date that is 60
days prior to the date of this Resolution and the date the bonds are issued, plus a de minimis amount
and preliminary expenditures, with proceeds of one or more series of tax- exempt bonds in principal
amount not to exceed $1,100,000.
Section 5. The City Council hereby authorizes and directs the Mayor and the other officers and
employees of the City to carry out or cause to be carried out all appropriate actions, to execute such
other certificates or documents to evidence authority as authorized herein, and to take such other
actions as they, in consultation with Bond Counsel, shall consider necessary or advisable in connection
with this Resolution and the Preliminary Official Statement, in order to prepare for the issuance, sale,
and delivery of the Series 2004 Bonds.
Section 6. This Resolution shall be effective from and after the date of its adoption.
Adopted and approved !pj a 2004.
V John Rigor
ATTESTED:
CITY CLERK /TREASURER
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