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ORDINANCE NO
15.7;;9
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AN ORDINANCE APPROVING THE ISSUANCE OF
REFUNDING REVENUE BONDS BY THE CITY OF
LITTLE ROCK, ARKANSAS HEALTH FACILITIES
BOARD (BAPTIST MEDICAL CENTER); DECLARING AN
EMERGENCY; AND FOR OTHER PURPOSES
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WHEREAS, the City of Little Rock, Arkansas Health
Facilities Board (Baptist Medical Center) (the "Board ") was
created by Ordinance No. 13,700, adopted and approved August 7,
1979, as heretofore amended (the "Enabling Ordinance ") for the
purpose of financing facilities for use by Baptist Medical
Center, in order to assist Baptist Medical Center in continuing
to meet the requirements of the inhabitants of the City of
Little Rock, Arkansas (the "City ") and of the State of Arkansas
for health care, pursuant to the Constitution and laws of the
State of Arkansas, including particularly, Arkansas Code of 1987
Annotated § §14- 137 -101 through 123 (the "Act "); and
WHEREAS, with the approval of the City, the Board
issued its City of Little Rock, Arkansas Health Facilities Board
(Baptist Medical Center) Healthcare Revenue Bonds, Series 1984
(ARI Project), dated September 20, 1984, in the principal amount
of $16,510,000 (the "Outstanding Bonds ") for the purpose of
financing the acquisition, construction and equipping of
additional facilities, located on the campus of Baptist Medical
System, for the provision of medical and nursing care, including
in particular rehabilitation and related health care services
(the "Project "); and
WHEREAS, the Board has determined that the Outstanding
Bonds can be refunded, with substantial savings in interest
costs, by the issuance of refunding bonds, under the Act and the
Enabling Ordinance, as set forth herein (the "Refunding Bonds ");
and
WHEREAS, notice of the issuance of the Refunding Bonds
has been published, in a newspaper of general circulation in the
City, at least fourteen days prior to the date hereof, which
notice specified that:
(1) The purpose of the Refunding Bonds is to refund
the Outstanding Bonds (and thereby achieve savings in interest
cost) ;
(2) The principal amount of the Refunding Bonds will
be not greater than $18,000,000;
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(3) The location of the Project is
Baptist Medical Center
9601 Interstate 630
Little Rock, Arkansas 72205
and the Project consists, generally stated, of a five - story,
112,000 square foot rehabilitation hospital;
(4) The owner of the Project is Baptist Medical
System, an Arkansas nonprofit corporation; and
WHEREAS, pursuant to such notice, a public hearing was
conducted on the 5th day of September, 1989, at which hearing no
one appeared to object to the issuance of the Refunding Bonds;
and
WHEREAS the Refunding Bonds will be obligations only
of the Board and will not in any event constitute an
indebtedness for which the faith and credit of the City or any
of its revenues are pledged;
NOW THEREFORE BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. Pursuant to the terms of the Act and of
the Enabling Ordinance, the issuance by the Board of the
Refunding Bonds is hereby approved.
Section 2. The authority of the Board and its
officers to execute and deliver such writings and to take such
action as may be appropriate to the issuance of the Refunding
Bonds and the consummation of such transactions as may be
incidental or related thereto is hereby ratified and confirmed.
Section 3. All ordinances and parts thereof in
conflict herewith are hereby repealed to the extent of such
conflict.
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Section 4. It has been determined that the issuance
of the Refunding bonds will result in substantial interest
savings, beginning on the date of issuance of the Refunding
Bonds. Therefore, an emergency is declared to exist and this
Ordinance, being necessary for the public peace, health and
safety, shall be in force upon its passage and approval.
PASSED: September 5 1989.
APPROVED:
ATTEST:
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Ma r Floyd G. Villines, III
Cit Clerk J�e Czech
(SEAL)
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