15310ORDINANCE NO. 15,310
AN ORDINANCE APPROVING THE ISSUANCE, OF
REVENUE BONDS BY THE CITY OF LITTLE ROCK,
ARKANSAS HEALTH FACILITIES BOARD (BAPTIST
MEDICAL CENTER); FOR OTHER PURPOSES; AND
DECLARING AN EMERGENCY
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 amended (the "Enabling Ordinance ") for the purpose of
financing facilities for use by, or to be supported or sponsored
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 and the housing of elderly
persons, pursuant to the Constitution and laws of the State of
Arkansas, including particularly, Act No. 142 of 1975, as
amended ( "Act No. 142 ") ; and
WHEREAS, it has previously been found and determined
that there is a need for the acquisition, construction and
equipping of residential housing facilities for elderly persons,
to be located at 14300 Rock Creek Parkway, Little Rock,
Arkansas, 72211, and to be known as "Parkway Village" (the
"Project "); and
WHEREAS, the most efficient method for the financing
of the acquisition, construction and equipping of the Project is
by the issuance, by the Board, of the Board's revenue bonds,
under the authority of the Enabling Ordinance and of Act No.
142, which 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; and
WHEREAS, the principal amount of revenue bonds which
will be issued does not exceed $19,000,000; and
WHEREAS, (a) the findings set forth above, approval
of the acquisition, construction and equipping of the Project
and approval of issuance of revenue bonds by the Board were set
forth in Resolution No. 7516 of the City of Little Rock,
Arkansas, adopted and approved November 27, 1985 (b)
underwriters, bond counsel and other necessary professional
persons have been engaged and (c) completion of the financing of
the Project now appears to be possible; and
WHEREAS, it is required by Act No. 852 of 1987 ( "Act
No. 852 ") that issuance of revenue bonds by the Board be
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approved by the Board of Directors of the City, following a
hearing and not less than fourteen days' published notice; and
WHEREAS, the notice required by Act No. 852 has been
published as required;
NOW THEREFORE BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas;
Section 1. Pursuant to the
the Enabling Ordinance and of Act No.
Board of its revenue bonds for the
acquisition, construction and equipp
costs incidental and related thereto
approved.
terms of Act No. 142, of
852, the issuance by the
purpose of financing the
ing of the Project, and
(the "Bonds "), is hereby
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 Bonds, the
acquisition, construction and equipping of the Project, and the
consummation of such transactions as may be incidental or
related thereto is hereby ratified and confirmed.
Section 3. All ordinances and resolutions and parts
thereof in conflict herewith are hereby repealed to the extent
of such conflict.
Section 4. As there is an immediate need for the
permanent financing of the Project, the acquisition,
construction and equipping of which is substantially complete,
an emergency is declared and this Ordinance, being necessary for
the preservation of the public peace, health and safety, shall
be in effect upon its passage and approval.
PASSED: July 7
ATTEST:
ty Cler t gane Czech
(SEAL)
1987.
APPROVED:
Mayor Lotti,9 Shackelford
300-