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• ORDINANCE NO. 15,500 0
AN ORDINANCE APPROVING THE ISSUANCE BY THE CITY OF
LITTLE ROCK, ARKANSAS RESIDENTIAL HOUSING FACILITIES
BOARD OF NOT TO EXCEED $56,900,000 ORIGINAL PRINCIPAL
AMOUNT OF ITS MORTGAGE REVENUE REFUNDING AND PUBLIC
FACILITIES BONDS
WHEREAS, the City of Little Rock, Arkansas Residential
Housing Facilities Board (the "Board ") has indicated its
intention to issue not more than $56,900,000 principal amount of
the Board's mortgage revenue refunding and public facilities
bonds (the "Bonds ") for the purpose of refunding the Board's
Single Family Mortgage Revenue Bonds, 1979 Series A, dated
March 1, 1979, and providing other public facilities; and
WHEREAS, a public hearing was held before the Board of
Directors of the City of Little Rock, Arkansas, on June 21,
1988, regarding the issuance of the Bonds following the
publication of the notice of public hearing in the Arkansas
Democrat on June 6 and 13, 1988; and
WHEREAS, pursuant to the provisions of Ark. Code Ann.
Section 19 -9 -607 (1987) (the "Code "), it is necessary 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 issuance of the Bonds will
permit the Board and the City to better serve the needs and
provide for the welfare of the residents of the City;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS, that:
Section 1. The issuance by the Board of the Bonds, not to
exceed $56,900,000 in original principal amount, be, and the
same is hereby, authorized within the meaning of the Code. The
Board may proceed in the manner deemed proper by it to
accomplish the refunding and the financing of public
facilities. The Bonds may be issued in one or more series, each
of such series to be secured in such manner as the Board shall
determine.
Section 2. This Ordinance is adopted solely for the
purposes of complying with the provisions of the Code and that
by the adoption of this Ordinance, the City of Little Rock,
Arkansas, has not assumed any direcc or indirect financial
responsibility for the payment of the Bonds.
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Section 3. TH• the provisions of this orinance are hereby
declared to be separable, and if any provisions shall for any
reason be held illegal or invalid, such holdings shall not affct
the validity of the remainder of this Ordinance.
Section 4. That it is hereby ascertained and declared that
the refunding and providing of the public facilities must be
accomplished as soon as possible in order to alleviate immediate
hazards to the health, safety, and welfare of the City, its
inhabitants, and their property, and that this can be
accomplished only by the issuance of the Bonds. 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 take effect and be in force from
and after its passage.
Passed and approved this 21st day of June, 1988.
APPROVED:
'May 6r Lot ie Shaclelford
ATT T:
Ci Clerk Jang Czech
(S E A L)
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