9583RESOLUTION NO. 9,583
A RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF LITTLE ROCK,
ARKANSAS RESIDENTIAL HOUSING AND PUBLIC FACILITIES BOARD OF $750,000
PRINCIPAL AMOUNT OF CAPITAL IMPROVEMENT 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 ") at the request of The Downtown Partnership (the "Partnership "), an Arkansas
not - for - profit corporation, and the City of Little Rock, Arkansas (the "City "), proposes to issue
capital improvement revenue bonds (the "Bonds ") in the principal amount of $750,000 for the
purpose of funding a loan to the Partnership, the net proceeds of which will be contributed to
the City for the purpose of paying a portion of the costs of capital improvements to the City's
Riverfront Park amphitheater; and
WHEREAS, Boatmen's National Bank of Arkansas, in cooperation with First Commercial
Bank, National Association, has delivered to the Facilities Board a commitment to purchase the
Bonds (the `Boatmen's Commitment ") on conditions acceptable to the Partnership, which
commitment is of limited duration; and
WHEREAS, the Board of Directors of the City of Little Rock is desirous of cooperating
with the Facilities Board and the Partnership in order to accomplish the capital improvements
in a timely and efficient manner; and
WHEREAS, a public hearing was held before the Board of Directors of the City of Little
Rock, Arkansas, on December 19, 1995, regarding the issuance of the Bonds following
publication of notice of the public hearing in the Arkansas Democrat - Gazette on December 7,
1995; and
WHEREAS, pursuant to the provisions of the Revenue Bond Act of 1987, Arkansas Code
Annotated Sections 19 -9 -601 to 607, inclusive (Supp. 1993) (the "Code "), it is necessary that
the issuance of the Bonds be approved by the Board of Directors of the City; and
WHEREAS, the Board of Directors of the City has determined that the 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:
Section 1. The issuance by the Facilities Board of $750,000 principal amount of its
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 Code. The Facilities Board may proceed in the
manner deemed proper by it to issue the 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. This Resolution is adopted solely for the purpose of complying with the
provisions of the Code, and, by the adoption of this Resolution, the City does not assume any
direct or indirect financial responsibility for the payment of the Bonds.
Section 3. It is hereby ascertained and declared that, due to uncertainties of the
marketplace and the limited term of the Boatmen's Commitment, the issuance of the Bonds must
be accomplished as soon as possible in order to provide enhanced public park facilities for
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 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: December 19, 1995.
Attest:
", 16,64. eA,
Robbie Hancock, City Clerk
(SEAL)
Approved as to form:
Thomas M. Carpenter, Cit Attorney
-2-
Approved:
Jim D V, Mayor