7496RESOLUTION NO. 7,496
451
A RESOLUTION REPEALING RESOLUTION NO. 7482 AND APPROVING
THE ISSUANCE BY THE CITY OF LITTLE ROCK, ARKANSAS
RESIDENTIAL HOUSING FACILITIES BOARD OF NOT TO EXCEED
$5,500,000 PRINCIPAL AMOUNT OF ITS MORTGAGE REVENUE
BONDS (ST. CROIX APARTMENTS PROJECT), SERIES 1985
WHEREAS, the City of Little Rock, Arkansas Residential
Housing Facilities Board (the "Board ") has adopted a resolution
indicating its intent to issue not more than $5,500,000
principal amount of the Board's Mortgage Revenue Bonds (St.
Croix Apartments Project), Series 1985 (the ''Bonds "), for the
purpose of acquiring lands and constructing and equipping a
154 -unit apartment project known as the St. Croix Apartments
(the "Project ") located at 7820 West Capitol, in the City of
Little Rock, Arkansas, by S & G Joint Venture II, a Texas
general partnership; and
WHEREAS, a public hearing has been held before the Board of
Directors of the City of Little Rock, Arkansas on this date
regarding the issuance of the Bonds following publication of
notice of the public hearing in the Arkansas Gazette on
October 21 and 28, 1985; and
WHEREAS, pursuant to the provisions of the Tax Equity and
Fiscal Responsibility Act of 1982, it is necessary for federal
income taxation purposes 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 public purposes for which the
Bonds are to be issued serve a proper need; and
WHEREAS, the Board of Directors of the City of Little Rock,
Arkansas adopted Resolution No. 7482 on October 1, 1985,
approving the issuance of the Bonds for the purposes of the Tax
Equity and Fiscal Responsibility Act of 1982, but the
publication of notice of the public hearing held in connection
therewith was defective;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
1. Resolution No. 7482 is hereby repealed.
2. That the issuance by the Board of not to exceed
$5,500,000 principal amount of its Mortgage Revenue Bonds
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(St. Croix Apartments Project), Series 1985, be and the same is 452
hereby approved within the meaning of Section 103(k) of the
Internal Revenue Code of 1954, as amended.
3. That this Resolution is adopted solely for the purpose
of complying with the provisions of the Tax Equity and Fiscal
Responsibility Act of 1982, and that by the adoption of this
Resolution the City of Little Rock has not assumed any direct or
indirect financial responsibility for the payment of the Bonds.
4. That this Resolution shall be in effect from and after
its passage and approval.
ADOPTED: November 5, 1985.
ATTEST:
(S E A L]
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R L F 0 9 2 8 8 6
APPROVED:
Mayo Thomas A. Prince
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City Clerk Jane Czech
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