14509ORDINANCE NO. 14,509
AN ORDINANCE AMENDING ORDINANCE NO. 14,481 OF
THE CITY OF LITTLE ROCK, ARKANSAS, PASSED AND
APPROVED JULY 19, 1983; AND DECLARING AN
EMERGENCY.
WHEREAS, the Board of Directors of the City of Little
Rock, Arkansas (the "City "), by Ordinance No. 14,481, passed and
approved July 19, 1983 ( "Ordinance No. 14,481 "), authorized the
issuance of the City's Health Care Revenue Bonds - B H & G
Properties Project, Series 1983 in an amount not to exceed
$1,900,000 (the "Bonds "), for the purpose of financing certain
medical facilities (the "Project ") to be operated by B H & G
Properties, an Arkansas general partnership (the "Company ") and
costs of authorizing and issuing the Bonds; and
WHEREAS, at the time of the adoption of Ordinance No.
14,481, the total estimated cost of the Project and of authorizing
and issuing the Bonds was $1,900,000; and
WHEREAS, the City has been advised by the Company that
the costs of the Project and of authorizing and issuing bonds has
been increased and such costs are now estimated to be in an amount
not to exceed $2,060,000; and
WHEREAS, it is necessary to authorize the issuance of
bonds in an amount not to exceed $2,060,000 and the purpose of this
Ordinance is to make the necessary amendments; and.
WHEREAS, copies of the revised Trust Indenture, which
contains the terms of the Bonds and which embodies the amendments
approved by this Ordinance, have been presented to and are before
this meeting:
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. That Ordinance No. 14,481 be, and it is
hereby amended by striking all references to $1,900,000 as the
principal amount of Bonds and inserting the amount $2,060,000.
Section 2. That Section 2 of Ordinance No. 14,481 is
hereby amended to read as follows:
"Section 2. That Bonds in the principal amount of not
to exceed $2,060,000 be sold to the purchaser or purchasers
recommended by the Company (collectively, the "Purchaser "), for
the purchase price recommended by the Company."
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403
Section 3. That Section 3 of Ordinance No. 14,481 is
hereby amended to read as follows:
"Section 3. To prescribe the terms and conditions upon
which the Bonds are to be executed, authenticated, issued,
accepted, held and secured, the Mayor is hereby authorized and
directed to execute and acknowledge a Trust Indenture by and
between the City and a bank, trust company or savings and loan
association which will act as Trustee thereunder, dated as of the
date of the Bonds (the "Indenture "), and the City Clerk is hereby
authorized and directed to execute and acknowledge the Indenture
and to affix the seal of the City thereto, and the Mayor and City
Clerk are hereby authorized and directed to cause the Indenture to
be accepted, executed and acknowledged by the Trustee. The
Indenture is hereby approved in substantially the form submitted
to this meeting, and the Mayor is hereby authorized to confer with
the Trustee, the Company and the Purchaser in order to complete
the Indenture in substantially the form submitted to this meeting
with such changes as shall be approved by such persons executing
the document, their execution to constitute conclusive evidence
of such approval."
Section 4. That Ordinance No. 14,481, as amended
hereby, shall continue in full force and effect.
Section 5. That there is hereby found and declared to
be an immediate need for acquiring and completing the Project in
order to provide adequate medical services for the inhabitants of
the City and its environs, and the issuance of the Bonds
authorized hereby and the taking of the other action authorized
hereby are immediately necessary for the accomplishing of these
public benefits and purposes. It is, therefore, declared that an
emergency exists and this Ordinance being necessary for the
immediate preservation of the public peace, health and safety
shall be in force and effect immediately upon and after its
passage.
PASSED: September 20 , 1983.
APPROVED:
ATTEST:
Mayor;;,T. W. c3genafield
City Cle-rW Jane Czech
(SEAL)