RESOLUTION NO. 553

 

                        A RESOLUTION AUTHORIZING STEPHENS INC. AND

                        FRIDAY, ELDREDGE & CLARK, LLP TO PROCEED WITH

                        A BOND ISSUE TO REFUND THE CITY’S WATER AND

                        SEWER REVENUE BONDS, SERIES 2002

 

            WHEREAS, the City of Eureka Springs, Arkansas (the “City”) has outstanding its Water and Sewer Revenue Bonds, Series 1001 (the “2002 Bonds”); and

 

            WHEREAS, the City can receive a debt service savings by refunding the 2002 Bonds;

 

            NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Eureka Springs, Arkansas:

 

            Section 1. That the City expresses its intent to work with Stephens Inc., as underwriter, and hereby authorizes Stephens Inc. to work with Friday, Eldredge & Clark, LLP, as Bond Counsel, to prepare the necessary documents for the refunding of the 2002 Bonds.

            Section 2. That the terms of the sale of the refunding bonds, including particularly, without limitation, the purchase price, interest rates, maturities, principal amounts and redemption dates shall be subject to the approval of the City Council.

 

            PASSED AND APPROVED this 11th day of February, 2008.

 

                                                                        APPROVED:

                                                                        BY: Mayor Dani D. Joy

 

ATTEST:

Mary Jean Sell, City Clerk

(SEAL)