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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.
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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
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ATTES
Jane Vech, City erk
(S E A L)
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