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7934W = = = =on = = = =0 =■. === RESOLUTION NO. 7,934 A RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF LITTLE ROCK, ARKANSAS RESIDENTIAL HOUSING FACILITIES BOARD OF NOT TO EXCEED $56,900,000 PRINCIPAL AMOUNT OF ITS TAXABLE COLLATERALIZED MORTGAGE REVENUE REFUNDING BONDS WHEREAS, the City of Little Rock, Arkansas Residential Housing Facilities Board (the "Board ") has adopted a resolution indicating its intent to issue not more than $56,900,000 principal amount of the Board's taxable collateralized mortgage revenue refunding bonds (the "Bonds ") for the purpose of refunding the Board's Single Family Mortgage Revenue Bonds, 1979 Series A, dated March 1, 1979 (the "1979 Series A Bonds "), which were issued to provide funds for the purchase of mortgage loans for residential real property for persons of low and moderate income, which refunding will permit the release of excess funds now pledged to the payment of the 1979 Series A Bonds and not needed for the payment thereof for the benefit of the City of Little Rock; and WHEREAS, a public hearing has been held before the Board of Directors of the City of Little Rock, Arkansas, on this date regarding the issuance of the Bonds following the publication of the notice of public hearing in the Arkansas Gazette on March 20 and 27, 1988; and WHEREAS, pursuant to the provisions of Ark. Code Ann. Section 19 -9 -607 (the "Code "), it is necessary that the issuance of the Bonds be approved by the Board of Directors of the City of Little Rock, Arkansas; and WHEREAS, the Board of Directors of the City of Little Rock, Arkansas, has determined that the refunding will provide funds not otherwise available to the City and permit the City to better serve the needs of the residents thereof; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS, that: 1. The issuance by the Board of not to exceed $56,900,000 principal amount of its taxable collateralized mortgage revenue refunding bonds be, and the same is hereby, authorized within the meaning of the Code. 2. This Resolution is adopted solely for the purposes of complying with the provisions of the Code and that by the adoption of this Resolution, the City of Little Rock, Arkansas, has not assumed any direct or indirect financial responsibility for the payment of the Bonds. 120 2 -ag C -g 3. The Board may proceed in the manner deemed proper by it 1 1 to accomplish the refunding, to provide for the issuance of the Bonds, and to approve all necessary undertakings with respect thereto. 4. This Resolution shall be in effect from and after its passage and approval. ADOPTED: April 5, 1988 PPP Aga ea ATTES Jane Vech, City erk (S E A L) -2- 7 0 3 3 9