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ORDINANCE NO. 15,501 270
AN ORDINANCE AMENDING ORDINANCE NO. 13,528 OF THE CITY
OF LITTLE ROCK, ARKANSAS, ADOPTED NOVEMBER 7, 1978, AS
AMENDED BY ORDINANCE NO. 13,838 ADOPTED JULY 1, 1980,
AND ORDINANCE NO. 14,068 ADOPTED JULY 7, 1981, TO
EXPAND THE AUTHORITY OF THE CITY OF LITTLE ROCK,
ARKANSAS RESIDENTIAL HOUSING FACILITIES BOARD TO ISSUE
REVENUE BONDS TO FINANCE OTHER PUBLIC FACILITIES;
CHANGING THE NAME OF THE BOARD TO REFLECT THE EXPANDED
AUTHORITY; PRESCRIBING OTHER MATTERS RELATING THERETO;
AND DECLARING AN EMERGENCY
WHEREAS, the City of Little Rock, Arkansas (the "City "),
pursuant to the provisions of Public Facilities Board Act (being
Act No. 142 of the Acts of the General Assembly of the State of
Arkansas for the year 1975, as amended, hereinafter the "Act "),
by Ordinance No. 13,528, adopted November 7, 1978 (hereinafter
"Ordinance No. 13,528 "), and established the City of Little
Rock, Arkansas Residential Housing Facilities Board (the
"Board ") for the purpose, among others, of assisting in the
financing of residential housing facilities within or near the
City; and
WHEREAS, pursuant to Ordinance No. 13,838 adopted July 1,
1980, and Ordinance No. 14,068 adopted July 7, 1981
(collectively, the "Amending Ordinances "), the provisions of
Ordinance No. 13,528 have been amended; and
WHEREAS, it has been determined by the Board of Directors of
the City that it is desirable to expand the authority of the
Board to provide financing for additional types of public
facilities as permitted by the Act, and to change the name of
the Board to reflect such expanded authority;
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of
the City of Little Rock, Arkansas:
Section 1. The Board of Directors of the City hereby finds
and determines that there exists the need to provide additional,
alternative methods of financing public facilities for the
benefit of the City, and that such need can be met by expanding
the authority of the Board to accomplish and provide financing
for other public facilities projects under the provisions of the
Act.
Section 2. In addition to the authority granted to the
Board by Section 2 of Ordinance No. 13,528, as amended by the
Amending Ordinances, the Board is hereby authorized to own,
acquire, construct, reconstruct, extend, equip, improve,
operate, maintain, sell, lease, contract concerning or otherwise
deal in or dispose of any of the public facilities described in
Section 4 of the Act [Ark. Code Ann. Section 14- 137 -106 (1987)],
as amended, or any combination thereof, and to exercise all
powers granted in said Section 4 and as otherwise provided in
the Act.
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Section 3. From and after the adoption and approval of this
ordinance the name of the Board shall be: "City of Little Rock,
Arkansas Residential Housing and Public Facilities Board ";
provided, however, that it shall not be necessary that any prior
contractual undertaking of the Board be amended to reflect such
change and all bonds, notes, or other obligations of the Board
issued or previously printed or prepared for issuance shall
continue to be effective and may be issued and transferred as if
no change of the name of the Board had been made.
Section 4. Section 5 of Ordinance No. 13,528, as amended by
Ordinance No. 13,838, is hereby amended further to read as
follows:
"Section 5. Issuance of Bonds. The Board is
authorized to issue revenue bonds, from time to time,
and to use the proceeds, either alone or together with
other available funds and revenues, to accomplish the
purposes for which the Board is created. Such revenue
bonds shall be obligations only of the Board and shall
not constitute an indebtedness for which the faith and
credit of the City or any of its revenues are pledged,
and the principal of, premium, if any, and interest on
the bonds shall be payable from and secured by a pledge
of revenues derived from the facilities financed, in
whole or in part, from bond proceeds and as authorized
by, and in accordance with, the provisions of the Act,
together with such other collateral as may properly be
pledged under the Act and as the Board in its
discretion may determine. The aggregate principal
amount of revenue bonds of the Board outstanding at any
one time shall not exceed the Two Hundred Twenty -Five
Million Dollars ($225,000,000). For the purpose of the
foregoing limitation, 'principal amount,' in the case
of revenue bonds as to which the payment of interest is
deferred for more than one year, shall mean the
principal amount received upon the initial issuance of
such revenue bonds."
Section 5. If any provision of this Ordinance or the
application thereof to any person or circumstance is held
invalid, such invalidity shall not affect the other provisions
or applications of this Ordinance which can be given effect
without the invalid provision or application, and to this end,
the provisions of this Ordinance are declared to be severable.
Section 6. All ordinances of the City, or parts thereof, in
conflict with this Ordinance are hereby repealed to the extent
of such conflict.
Section 7. It is hereby found and determined that there is
an immediate and urgent need for additional methods of providing
for the financing of the public facilities described in the Act,
and the exercise by the Board of the increased authority,
duties, and powers as provided in this Ordinance and in the Act
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271
are necessary to th preservation of the public peace, health, 272
and safety. Therefore, an emergency is declared to exist, and
this Ordinance shall be in full force and effect from and after
its passage.
PASSED: June 21 , 1488.
APPROV D:
d'//
M"or Lottie Shack ford
AT T:
Ci y Clerk Jdhe Czech
(S E A L)
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