RES NO 04-04-2018 RESOLUTION NO. 4-I/ orb/8
RESOLUTION OF INTENT TO ISSUE
INDUSTRIAL DEVELOPMENT REVENUE BONDS
WHEREAS, the City of Van Buren, Arkansas (the "City") is authorized by the laws of the
State of Arkansas,including particularly Title 14, Chapter 164, Subchapter 2 of the Arkansas Code
of 1987 Annotated (the "Act"), to issue revenue bonds for financing the costs of acquiring,
constructing and equipping industrial facilities; and
WHEREAS,it is proposed that the City issue its revenue bonds under the Act for the purpose
of financing an industrial project located in the City(the"Project")for use by Bekaert Corporation,
a Delaware corporation (the "Company"), and/or any affiliate designated by the Company; and
WHEREAS, the Project will generally consist of an approximately 100,000 square foot
expansion to the Company's existing facility located at 1881 Bekaert Drive, Van Buren, Arkansas
72956, together with the acquisition and installation of various machinery, equipment and other
personal property, to be used for the manufacture of ACRS stranded wire; and
WHEREAS, in order to secure and develop industry in furtherance of the public purpose of
the Act,the City is willing to proceed with the issuance of the bonds as and when requested by the
Company, subject to compliance with all conditions set forth in the Act;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Van Buren,
Arkansas:
Section 1. The City hereby states its intention to assist in the accomplishment of the
Project and at such time as it may be properly called upon to do so to issue its revenue bonds to
finance the same, subject to the following:
(a) It is estimated at this time that revenue bonds in the approximate
principal amount of$16,000,000 will be issued to finance the Project. However,the
City's commitment is to issue revenue bonds under the Act in such amount for
accomplishing all or any part of the Project,whether that amount is more or less than
the above estimate.
(b) The bonds will be special obligations of the City,and in no event will
they constitute an indebtedness for which the faith and credit of the City or any of its
revenues are pledged.
(c) The City will not be called upon to pay any costs or expenses incurred
in connection with the authorization and issuance of the bonds,and all such costs and
expenses will be paid out of the proceeds of the bonds or by the Company.
Section 2. The City is informed and understands that the properties comprising the
Project may be exempt from ad valorem taxes. In such case, the City desires to enter into an
agreement with the Company for payments in lieu of taxes. The amount and other details concerning
such payments will be embodied in an appropriate agreement which is mutually acceptable to the
Company and the City.
Section 3. This Resolution shall be effective immediately upon its passage.
PASSED: April 30, 2018.
AP' ' •VED:
ATTEST:
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City Clerk
(SEAL)
CERTIFICATE
The undersigned, City Clerk of the City of Van Buren, Arkansas, hereby certifies that the
foregoing is a true copy of a Resolution duly passed at a special session of the City Council of the
City of Van Buren, Arkansas, held at the regular meeting place of the City Council at 5:30 o'clock
p.m.,on the 30th day of April,2018. The Resolution appears in the official minutes of the meeting
which are in my custody.
CERTIFIED this 30th day of April, 2018.
C —.19-6;2<7
City Clerk
(SEAL)