9007RESOLUTION NO. 9.0 0 7 459
A RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF LITTLE ROCK,
ARKANSAS RESIDENTIAL HOUSING AND PUBLIC FACILITIES BOARD OF $3,850,000
PRINCIPAL AMOUNT OF MULTIFAMILY HOUSING REFUNDING REVENUE BONDS
WHEREAS, the City of Little Rock, Arkansas Residential Housing and Public Facilities
Board (formerly City of Little Rock, Arkansas Residential Housing Facilities Board) (the
"Facilities Board ") has adopted a resolution indicating its intent to issue multifamily housing
refunding revenue bonds (the "Refunding Bonds "), for the purpose of refunding its outstanding
Multifamily Housing Revenue Bonds, Series 1985 (First National Mortgage Association
Program /Village Green Apartments) (the "1985 Bonds "), the unpaid principal balance of which
is $3,850,000; and
WHEREAS, ALCO Village Green Associates, Ltd., the owner of the project financed by
the Bonds (the "Owner "), has requested that the Bonds be refunded on terms acceptable to the
Facilities Board, the Owner, and the Federal National Mortgage Association ( "FNMA ") in order
to obtain a savings in interest expense; and
WHEREAS, pursuant to the request of the Owner, FNMA issued on July 30, 1993, its
commitment to purchase a new mortgage loan (the "FNMA Commitment "), which is essential
to the refunding process; and
WHEREAS, the Owner has requested that T. J. Raney & Sons, Division of Morgan
Keegan & Company, Inc., of Little Rock, Arkansas, be employed as the managing underwriter
for the refunding, and that the firm of Rose Law Firm, a Professional Association, of Little
Rock, Arkansas, be employed a bond counsel for the proposed refunding; and
WHEREAS, the Board of Directors of the City of Little Rock is desirous of cooperating
with the Facilities Board and the Owner to reduce the expense of the FNMA Program and the
Owner's debt service costs, so as to assure the continued availability of the Village Green
Apartments Project residential units to persons of low and moderate income;
WHEREAS, a public hearing was held before the Board of Directors of the City of Little
Rock, Arkansas, on September 21, 1993, regarding the issuance of the Refunding Bonds
following publication of notice of the public hearing in the Arkansas Democrat - Gazette on
September 4, 1993; and
WHEREAS, pursuant to the provisions of the Revenue Bond Act of 1987, Arkansas Code
Annotated Sections 19 -9 -601 to 607, inclusive (Supp. 1991) (the "Arkansas Code "), and Section
147(f) of the Internal Revenue code of 1986, as amended (the "1986 Code "), it is necessary that
the issuance of the Refunding 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 Bonds will be issued to serve a proper public purpose;
Now THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
LITTLE ROCK, ARKANSAS, THAT:
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Section 1. The issuance by the Facilities Board of not to exceed $3,850,000 principal
amount of its Refunding Bonds for the purposes described above, in one or more series, as it
shall determine, be and the same is hereby approved within the meaning of Arkansas Code and
the 1986 Code. The Facilities Board may proceed in the manner deemed proper by it to
accomplish the refinancing of the 1985 Bonds on such terms and conditions as the Facilities
Board shall determine consistent with the laws of the State of Arkansas and the ordinances of
the City of Little Rock applicable to it.
Section 2. That this Resolution is adopted solely for the purpose of complying with the
provisions of the Arkansas Code and the 1986 Code, and, by the adoption of this Resolution,
the City does not assume any direct or indirect financial responsibility for the payment of the
Refunding Bonds.
Section 3. It is hereby ascertained and declared that, due to uncertainties of the
marketplace and the limited term of the FNMA Commitment, the refinancing of the 1985 Bonds
above must be accomplished as soon as possible in order to assure the continued availability of
safe and sanitary housing facilities for low and moderate income residents of the City of Little
Rock, and to alleviate immediate hazards to the health, safety, and welfare of the City of Little
Rock, its inhabitants, and their property, and that this can be accomplished only by the issuance
of the Refunding Bonds. It is, therefore, declared that an emergency exists, and this Resolution,
being necessary of the immediate preservation of the public peace, health, and safety, shall take
effect and be in force from and after its passage.
ADOPTED: September 21, 1993.
Attest:
C J�O,Q D ��°Ar'�C.
Robbie Hancock, ity Clerk
(SEAL)
Approved as to form:
4, C44-L-
Thomas M. Carpenter, Ci ttoiney
-2-
Approved:
Mason, Jr.
Mayor