16093Ilia
350
ORDINANCE NO. 16,093
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 ") 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, the Board issued its City of Little Rock,
Arkansas Health Facilities Board (Baptist Medical Center) Hospital
Revenue Bonds, Series 1979, dated November 1, 1979, in the
principal amount of $35,650,000 (the "Outstanding Bonds ") for the
purpose of financing the acquisition, construction and equipping of
Baptist Medical Center, for the provision of medical and nursing
care (the "Hospital "); 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 $31,000,000;
(3) The location of the Project is
Baptist Medical Center
9601 Interstate 630, Exit 7
Little Rock, Arkansas 72205 -7299
and the Hospital consists, generally stated, of an acute care
hospital of approximately 800 beds, with related and ancillary
facilities;
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(4) The owner of the Hospital is Baptist Medical System,
an Arkansas nonprofit corporation; and
WHEREAS, pursuant to such notice, a public hearing was
conducted on the 3rd day of September, 1991, 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.
The following persons, currently members of the Board, are hereby
confirmed as members of the Board, for terms as provided by law:
Harold Betton, M.D.
Hal Howland
Carl Rosenbaum
Bobbie Blackshear
Billy Cooper
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: September 3
ATTEST:
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City Clerk Robbie Hancock-
(SEAL)
, 1991.
APPROVED:
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Mfiyor Sharon Priest
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