16901'Wm
ORDINANCE NO.
16,901
r
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2 AN ORDINANCE APPROVING THE ISSUANCE BY THE CITY OF LITTLE
3 ROCK, ARKANSAS RESIDENTIAL HOUSING AND PUBLIC FACILITIES
4 BOARD OF NOT TO EXCEED $7,500,000 PRINCIPAL AMOUNT OF ITS
5 MULTIFAMILY HOUSING REFUNDING REVENUE BONDS (PLEASANT
6 WOODS PROJECT), SERIES 1995; DECLARING AN EMERGENCY; AND
7 FOR OTHER PURPOSES.
8
9
10 WHEREAS, the City of Little Rock, Arkansas Residential Housing and Public Facilities
11 Board (formerly the City of Little Rock, Arkansas Residential Housing Facilities Board) the
12 "Facilities Board ") has adopted a resolution indicating its intent to issue Multifamily Housing
13 Refunding Revenue Bonds (Pleasant Woods Project), Series 1995 (the "Series 1995 Bonds "), for
14 the purpose of refunding its outstanding Multifamily Housing Revenue Bonds (Pleasant Woods
15 Project), Series 1985 (the "Series 1985 Bonds "); and
16 WHEREAS, the Facilities Board utilized the proceeds of the Series 1985 Bonds for the
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purpose of providing permanent financing for acquiring land and constructing and equipping a
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220 -unit apartment project located at 11500 Pleasant Ridge Road, in the city of Little Rock,
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20 Arkansas (the 'Project "), which is owned by Pleasant Woods/DEC Limited Partnership (the
21 "Owner ") and managed by DEC Limited Partnership on behalf of the Owner; and
22 WHEREAS, the Series 1985 Bonds are in default, and the Owner acquired the Series
23 1985 Bonds and the Project on the condition that the Owner have the ability to request the
24 Facilities Board to issue and sell revenue bonds (the 'Refunding Bonds ") for the purpose of
25 refunding the Series 1985 Bonds and thereby cure the default; and
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27 WHEREAS, the Owner has requested that the Facilities Board issue and sell the
28 Refunding Bonds for the purpose of refunding the Series 1985 Bonds; and
29 WHEREAS, a public hearing has been held before the Board of Directors of the City of
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Little Rock, Arkansas on this date regarding the issuance of the Series 1995 Bonds, following
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32 publication of notice of the public hearing in the Arkansas Dernocrat- Gazelle on June 2, 1995;
33 and
34 WHEREAS, pursuant to Section 5 of the Revenue Bond Act of 1987, Ark. Code Ann.
35 § 19 -9 -607 (1994) (the "Act "), and Section 147(f) of the Internal Revenue Code of 1986, as
36 amended (the "Code "), it is necessary that the issuance of the Series 1995 Bonds be approved
by the Board of Directors; and
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1 WHEREAS, the Board of Directors has determined that the public purposes for which
2 the Series 1995 Bonds are to be issued serve a proper need; and
3 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE
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5 CITY OF LITTLE ROCK, ARKANSAS:
6 SECTION 1. That the issuance by the Facilities Board of not to exceed $7,500,000 of
7 its Multifamily Housing Refunding Revenue Bonds (Pleasant Woods Project), Series 1995, be
8 and the same is hereby approved within the meaning of the Act and the Code. The Facilities
9 Board may proceed in the manner deemed proper by it to accomplish the refinancing of the
10 Series 1985 Bonds on such terms and conditions as the Facilities Board shall determine.
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12 SECTION 2. That this Ordinance is adopted solely for the purpose of complying with
13 the provisions of the Act and the Code, and by the adoption of this Ordinance, the City of Little
14 Rock, Arkansas has not assumed any direct or indirect financial responsibility for the payment
15 of the Series 1995 Bonds.
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17 SECTION 3. The provisions of this Ordinance are hereby declared to be separable, and
18 if any provisions shall for any reason be held illegal or invalid, such holding shall not affect the
19 validity of the remainder of this Ordinance.
20 SECTION 4. It is hereby ascertained and declared that the refinancing of the Series 1985
21 Bonds identified above must be accomplished as soon as possible in order to cure the default
22 on the Series 1985 Bonds, and that this can be accomplished only by the issuance of the Series
23 1995 Bonds. It is, therefore, declared that an emergency exists and this Ordinance being
24 necessary for the immediate preservation of the public peace, health, and safety shall take effect
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26 and be in force from and after its passage.
27 PASSED: June 20, 1995
28 ATTEST: APPROVED: \
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32 ROBBI
CITY CLERK MAYOR
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34
35 APPROVED AS TO FORM:
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CITY ATTORNEY
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