115400
RESOLUTION NO. 11, 540
A RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF LITTLE
ROCK, ARKANSAS RESIDENTIAL HOUSING AND PUBLIC FACILITIES
BOARD OF NOT TO EXCEED $5,500,000 IN AGGREGATE PRINCIPAL
AMOUNT OF REVENUE BONDS (BG EXCELSIOR LIMITED PARTNERSHIP
PROJECT), SERIES 2003.
WHEREAS, a public hearing has been held before the Board of Directors of the City of Little
Rock, Arkansas (the "City"), on this date regarding the issuance of Revenue Bonds (BG Excelsior
Limited Partnership Project), Series 2003, in principal amount not to exceed $5,500,000 (the
"Bonds "), by the City of Little Rock, Arkansas Residential Housing and Public Facilities Board (the
"Board ") following the publication of notice of the public hearing in the Arkansas Democrat -
Gazette, a newspaper of general circulation in the City, on June 3, 2003; and
WHEREAS, the Board of Directors of the City has determined that the public purposes for
which the Bonds are to be issued serve a proper need;
NOW, THEREFORE, be it resolved by the Board of Directors of the City of Little Rock,
Arkansas:
Section 1. That the issuance of the Bonds by the Board in principal amount not to exceed
$5,500,000 for the purpose of acquiring, constructing, and equipping improvements to premises
owned by the City and leased to and operated by BG Excelsior Limited Partnership, a portion of
which constitutes and forms an integrated part of the City's Statehouse Convention Center (such
improvements consisting generally of the pone cochere, loggia, lobby, ADA access corridor,
conference center, sky bridge to parking deck, elevators and escalators, walkway, and related
facilities) is hereby authorized within the meaning of Section 147(f) of the Internal Revenue Code
of 1986, as amended (the "Code "), and the Revenue Bond Act of 1987, Arkansas Code Annotated
Sections 19 -9 -601 to -607 (1998 Repl.) (the "Act").
Section 2. That this Resolution is adopted solely for the purpose of complying with the
provisions of the Code and the Act and that by the adoption of this Resolution, the City has not
assumed any direct or indirect financial responsibility for the payment of the Bonds.
Section 3. That this Resolution shall be in full force and effect from and after its adoption.
Section 4. That the provisions of this Resolution are hereby declared to be separable and if any
provisions shall for any reason be held illegal or invalid, such holdings shall not affect the validity
of the remainder of this Resolution.
•
ADOPTED: June 17, 2003.
Attest:
;gogg V/
Na cy Wood, CitTClerk
(SEAL)
Approved as to form:
ltlPSILI-.,V we. --
Thomas M. Carpenter, City A mey
ro
C,
Approved: 1�
'�
78790 -1