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RESOLUTION NO. 7,509
A RESOLUTION APPROVING THE ISSUANCE BY THE•CITY OF
LITTLE ROCK, ARKANSAS RESIDENTIAL HOUSING FACILITIES
BOARD OF NOT TO EXCEED $8,400,000 PRINCIPAL AMOUNT OF
ITS REVENUE BONDS (CALAIS FOREST APARTMENT PROJECT)
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 $8,400,000
principal amount of the Board's Revenue Bonds (Calais Forest
Apartment Project) (the "Bonds "), for the purpose of providing
permanent financing for the acquisition, construction, and
equipping of a 260 -unit apartment project (the "Project ") to be
located on a site of approximately 20 acres at the northwest
corner of Napa Valley Drive and Mara Lynn Road, in the City of
Little Rock, Arkansas, by J and E Interests; 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
November 2 and 9, 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
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
1. That the issuance by the Board of not to exceed
$8,400,000 principal amount of its Revenue Bonds (Calais Forest
Apartments Project), be and the same is hereby approved within
the meaning of Section 103(k) of the Internal Revenue Code of
1954, as amended.
2. 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.
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4. That this Resolution shall be in effect from and after 472
its passage and approval.
ADOPTED: November 19, 1985.
APPROVED:
Mayor Thomas A. Prince
ATTEST:
city clevx Jane Czech
[SEAL]
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