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ORDINANCE NO. 16,189
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
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") 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, the Board issued its City of Little Rock,
Arkansas Health Facilities Board (Baptist Medical Center) Revenue
Bonds, Series 1987 (Parkway Village Project), in the principal
amount of $14,770,000 (the "Outstanding Bonds ") for the purpose of
financing the acquisition, construction and equipping of Parkway
Village, which consists of living and related facilities to meet
the special needs of the elderly (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);
1(2) The principal amount of the Refunding Bonds will be
not greater than $17,000,000;
(3) The location of the Project is
Parkway Village, Inc.
14300 Rock Creek Parkway
Little Rock, Arkansas 72211
and the Project consists, generally stated, of an 258 living units
(including 150 apartments and 108 cottages) , with related and
ancillary facilities;
(4) The owner of the Project is Parkway Village, Inc.,
an Arkansas nonprofit corporation; and
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WHEREAS, pursuant to such notice, a public hearing was
conducted on the first day of April, 1992, 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 of
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
for 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.
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: April 1 , 1992.
APPROVED:
ATTEST:
n� yor Sharon Priest
City Clerk Robbie Hancock
(SEAL)