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98170 RESOLUTION NO. 9,817 C� A RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF LITTLE ROCK, ARKANSAS RESIDENTIAL HOUSING AND PUBLIC FACILITIES BOARD OF UP TO $800,000 PRINCIPAL AMOUNT OF CAPITAL IMPROVEMENT REVENUE BONDS M 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 Central Arkansas Library System ( "CALS "), an entity created for the purpose of providing library services to the residents of Central Arkansas, pursuant to an Interlocal Cooperation Agreement by and among the City of Little Rock, Arkansas (the "City"), Pulaski County, Arkansas, and Perry County, Arkansas, and the cities of Jacksonville, Sherwood, and Maumelle, proposes to issue capital improvement revenue bonds (the "Bonds ") in a principal amount not to exceed $800,000 for the purpose of constructing an auditorium adjacent to the new central library facility of CALS now under construction at Second and Cumberland Streets in the City for use by CALS for library and other public purposes; and WHEREAS, the Board of Directors of the City of Little Rock is desirous of cooperating with the Facilities Board and CALS 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 October 15, 1996, regarding the issuance of the Bonds following publication of notice of the public hearing in the Arkansas Democrat - Gazette on September 29, 1996; and WHEREAS, pursuant to the provisions of the Revenue Bond Act of 1987, Ark. Code Ann. §§ 19 -9 -601 to -607 (Michie 1994) (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 its Bonds in a principal amount not to exceed $800,000 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 the 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 the inadequacy of initial funding to complete the planned auditorium adjacent to the central library facility, the issuance of the Bonds must be accomplished as soon as possible in order to allow the auditorium construction M M M to be completed in a timely manner along with the scheduled completion of the central library facility, to effectuate savings to the City in the form of avoided construction costs, and to O 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 for the immediate preservation of the public peace, health, and safety, shall take effect and be in force from and after its passage. ADOPTED: October 15, 1996. Attest: Robbie Hancock, City Clerk (SEAL) Approved as to form: Thomas M. Carpenter, City Attorney -2- Approved: L Jim D 1 y, Mayor