16009M
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1 ORDINANCE NO. 16,009
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3
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4 AN ORDINANCE AUTHORIZING THE ISSUANCE OF
5 REVENUE BONDS BY THE CITY OF LITTLE ROCK,
6 ARKANSAS ELDERLY HOUSING FACILITIES BOARD;
7 DECLARING THAT THE CITY OF LITTLE ROCK IS NOT
8 OBLIGATED ON SUCH REVENUE BONDS; PRESCRIBING
9 OTHER MATTERS RELATING THERETO; AND DECLARING
10 AN EMERGENCY.
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12
13 WHEREAS, by Ordinance No. 14,048 adopted June 2, 1986, as
14 amended by Ordinance No. 14,295, adopted August 17, 1982, the
15 City Board of Directors of the City of Little Rock, Arkansas (the
16 "City "), created the City of Little Rock, Arkansas Elderly
17 Housing Facilities Board (the "Facilities Board "); and
8£
19 WHEREAS, the Facilities Board currently proposes to issue
20 not to exceed $9,000,000 of its revenue bonds (the "Bonds ") to
21 finance the acquiring and renovation of an existing 165 unit
22 residential rental project for the elderly known as Pleasant
23 Hills Retirement Community located at 800 Napa Valley Road in the
24 City of Little Rock and the construction and equipping of 36
25 additional rental units to be located on the same site (the
26 "Project "), which facility will be owned by Christian Retirement
27 Center, Inc., an Arkansas nonprofit corporation; and
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WHEREAS, a public hearing on the question of
the issuance
of
30
the Bonds has been held before the City Board
of Directors
on
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this day following the publication of a notice of
such hearing
in
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the Arkansas Gazette, a newspaper of general circulation within
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the City, on January 20, 1991; and
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WHEREAS, the City Board of Directors of
the City
has
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determined that the public purpose for which the
Bonds are to
be
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issued serve a proper need;
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NOW, THEREFORE, BE IT ORDAINED by the
City Board
of
40
Directors of the City of Little Rock, Arkansas;
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o -y8
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1 Section 1. That the issuance of the Bonds by the Facilities
2 Board to finance the Project is hereby authorized and is in all
3 respects approved.
4
5 Section 2. That by the adoption of this Ordinance the City
6 assumes no liability or responsibility for the repayment of the
7 Bonds whatsoever.
8
9 Section 3. That the provisions of this Ordinance are hereby
10 declared to be separable and if any provisions shall for any
11 reason be held illegal or invalid, such holdings shall not affect
12 the validity of the remainder of this Ordinance.
13
14
Section
4. That it is hereby
ascertained and declared that
15
Project must
be accomplished as soon as possible in order to
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promote the
health, safety, and
welfare of the City, its
17
inhabitants,
and their property,
and that the Project can be
18 accomplished only by the issuance of the Bonds. It is,
19 therefore, declared that an emergency exists and this Ordinance
20 being necessary for the immediate preservation of the public
21 peace, health, and safety shall take effect and be in force from
22 and after its passage.
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24 PASSED AND APPROVED THIS 5th DAY OF February , 1991.
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26
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29 M,yor Sharon Priest
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31 ATTEST:
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33 9 �/
34�a —
35 Robbie Hancock, City Clerk
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38 (SEAL)
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43 APPROVED AS TO FORM:
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45
47 Tom Carpenter, Actinj City Attorney
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