12075RESOLUTION NO. 12,075
2 A RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF LITTLE
3 ROCK, ARKANSAS RESIDENTIAL HOUSING AND PUBLIC FACILITIES
4 BOARD OF NOT TO EXCEED $6,600,000 IN AGGREGATE PRINCIPAL
5 AMOUNT OF MULTIFAMILY HOUSING REVENUE REFUNDING BONDS -
6 SERIES 2005 (PLEASANT WOODS PROJECT); AFFIRMING THE EXISTENCE
7 OF THE PUBLIC FACILITIES BOARD AND THE APPOINTMENT OF ITS
8 MEMBERS; AND FOR OTHER PURPOSES.
9 WHEREAS, a public hearing has been held before the Board of Directors of the City of
10 Little Rock, Arkansas, on this date regarding the issuance of not to exceed $6,600,000 principal
11 amount of revenue bonds by the City of Little Rock, Arkansas Residential Housing and Public
12 Facilities Board following the publication of notice of public hearing in the Arkansas Democrat -
13 Gazette, a newspaper of general circulation in the City, on August 2, 2005; and
14 WHEREAS, the Board of Directors of the City has determined that the public purposes
15 for which the Bonds are to be issued serve a proper need;
16 NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the City of Little
17 Rock, Arkansas, that:
18 Section 1. The issuance of Multifamily Housing Revenue Refunding Bonds — Series 2005
19 (Pleasant Woods Project) by the City of Little Rock, Arkansas Residential Housing and Public
20 Facilities Board in principal amount not to exceed $6,600,000 for the purpose of refunding its
21 Multifamily Housing Refunding Revenue Bonds (Pleasant Woods Project), Series 1995, is
22 hereby authorized within the meaning of section 147(f) of the Internal Revenue Code of 1986, as
23 amended. The 1995 bonds were issued to refund the Public Facilities Board's Multifamily
24 Housing Revenue Bonds (Pleasant Woods Project), Series 1985, and the 1985 bonds were issued
25 to acquire, construct, and equip a 220 -unit multifamily housing facility at 11800 Pleasant Ridge
26 Road, Little Rock, Arkansas 72212, a portion of which is for rental to persons of low or moderate
27 income. The multifamily housing facility is owned by Pleasant Woods Apartment Associates,
28 LLC, an Arkansas limited liability company.
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I Section 2. By the adoption of this Resolution, the City has not assumed any direct or
2 indirect financial responsibility for the payment of the bonds.
3 Section 3. The City hereby confirms the due creation, organization, and existence of the
4 Issuer pursuant to the Public Facilities Boards Act, Ark. Code Ann. § 14-137 -101 et seq. (Michie
5 Repl. 1998 & Supp. 2003), and Ordinance No. 13,528 of the City, as amended and supplemented
6 by Ordinances No. 13,838, No. 14,068, and No. 15,501, and the due appointment and expiration
7 of terms of the members of the Issuer, as follows: Susan Burnside Fleming, November 7, 2005;
8 Michael M. Watts, November 7, 2006; Virgil L. Miller, Jr., November 7, 2007; E. Ralph Cotham,
9 IV, November 7, 2008; and Cora D. McHenry, November 7, 2009.
10 Section 4. This Resolution shall be in full force and effect from and after its adoption.
11 Section 5. Severability. In the event any title, section, paragraph, item, sentence, clause,
12 phrase, or word of this resolution is declared or adjudged to be invalid or unconstitutional, such
13 declaration or adjudication shall not affect the remaining portions of the resolution which shall
14 remain in full force and effect as if the portion so declared or adjudged invalid or
15 unconstitutional was not originally a part of the resolution.
16 Section 6. Repealer. All laws and parts of laws are hereby repealed to the extent of such
17 inconsistency.
18 ADOPTED: August 16, 2005
19 ATTEST: APPROVED: /
20
21 Ad&14
22 Nan ( Wood, ity Clerk Ji ailey, Mayor
23 APPROVED AS TO LEGAL FORM:
24
25
26 Thomas M. Carpenter, City orney
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