9818• RESOLUTION NO. 9, 818 •
A RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF LITTLE ROCK, ��++
ARKANSAS RESIDENTIAL HOUSING AND PUBLIC FACILITIES BOARD OF 610
MULTIFAMILY HOUSING REVENUE BONDS
WHEREAS, the City of Little Rock, Arkansas Residential Housing and Public Facilities Board
(the "Facilities Board ") proposes to issue its multifamily housing revenue bonds in an amount
not to exceed $14,000,000 (the "Bonds ") for the purpose of financing the acquisition and
rehabilitation of certain multifamily residential housing facilities in the City of Little Rock; and
WHEREAS, it is proposed that the proceeds of the Bonds be loaned to Consultancy, L.L.C.,
a Connecticut limited liability corporation (the "Developer"), to acquire and rehabilitate a 280 -
unit multifamily residential housing facility known as Briarwood Apartments, at 802 South
Rodney Parham Road, Little Rock, Arkansas, and a 244 -unit multifamily residential housing
facility known as Clover Valley Apartments, at 8701 South I -30, Little Rock, Arkansas,
collectively called herein the "Project "; and
WHEREAS, the Bonds are proposed to be issued to finance a "qualified residential rental
project" with the meaning of Section 142(d) of the Internal Revenue Code of 1986, as amended
(the "1986 Code "), and, consequently, a substantial number of residential units in the Project
will be required to be available for rental to persons of low and moderate income, thereby
increasing the supply of safe, sanitary, and affordable residential rental housing in the City of
Little Rock available to persons of low and moderate income; and
WHEREAS, pursuant to State and federal law applicable to the issuance of revenue bonds by
the Facilities Board, it is required that such issuance be approved by the Board of Directors of
the City of Little Rock, following a public hearing, as to which reasonable notice thereof shall
have been given by a publication of notice in a newspaper of general circulation within the City
of Little Rock, Arkansas;
WHEREAS, the Facilities Board, at its meeting held September 10, 1996, has adopted a
resolution expressing its intent to issue the Bonds to permit the financing requested by the
Developer for the Project; and
WHEREAS, the Board of Directors of the City of Little Rock desires to assist the Facilities
Board in providing for the development and financing of its multifamily housing programs, so
as to assure the continued availability of multifamily residential units to persons of low and
moderate income; 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, Arkansas Code
Annotated Sections 19 -9 -601 to 607, inclusive (Michie 1994) (the "Arkansas Code "), and
Section 147(f) of the 1986 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 Bonds will be issued to serve a proper public purpose;
Now THEREFORE, BE CSOLVED BY THE BOARD OF DIRECOS OF THE CITY OF LITTLE
ROCK, ARKANSAS, THAT:
Section 1. The issuance by the Facilities Board of not to exceed $14,000,000 principal
amount of its multifamily housing revenue bonds for the purposes described above, in such
series as it shall determine, be, and the same is hereby approved within the meaning of the
Arkansas Code and the 1986 Code. The Facilities Board may proceed in the manner deemed
proper by it to accomplish the financing described above 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 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 Bonds.
Section 3. This Resolution shall take effect and be in force from and after its passage.
ADOPTED: October 15, 1996.
Attest:
��
RobbieOHancock, ity Clerk
(SEAL)
Approved as to form:
L- T/ho'mas M. Carpenter, City ARbmey
-2-
Approved:
lam(
Jim D it y, Mayor
611.