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ORDINANCE NO. 18.882
AN ORDINANCE APPROVING THE ISSUANCE BY THE CITY OF LITTLE ROCK, ARKANSAS
RESIDENTIAL HOUSING AND PUBLIC FACILITIES BOARD OF UP TO $1,700,000
PRINCIPAL AMOUNT OF CAPITAL IMPROVEMENT REVENUE BONDS
WHEREAS, at the request of the Central Arkansas Library System ( "CALS "), a public body corporate
and politic created for the purpose of providing library services to the residents of Central Arkansas, the
City of Little Rock, Arkansas Residential Housing and Public Facilities Board (the "Facilities Board")
proposes to issue capital improvement revenue bonds (the "Bonds "), in one or more series, in a
principal amount not to exceed $1,700,000 for the purpose of financing the acquisition, construction,.
renovation, equipping, and furnishing of capital improvement facilities at 405 President Clinton
Avenue in the City of Little Rock, Arkansas (the "Project "), for use by CALS for library and other
public purposes; and
WHEREAS, the Board of Directors of the City of Little Rock is desirous of cooperating with the
Facilities Board and CALS in order to accomplish the Project in a timely and efficient manner; and
WHEREAS, a public hearing was held before the Board of Directors of the City of Little Rock,
Arkansas, on June 3, 2003, regarding the issuance of the Bonds following publication of notice of the
public hearing in the ArkansasDemocrat- Gazette on May 21, 2003; and
WHEREAS, pursuant to the provisions of the Revenue Bond Act of 1987, Ark. Code Ann. §§ 19 -9-
601 to -607 (; Suppl.) (the "Code"), it is necessary that the issuance of the Bonds be approved by the
Board of Directors of the City; and
WHEREAS, the Board of Directors of the City has determined that the Bonds will be issued to serve a
proper public purpose;
Now THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK,
ARKANSAS, THAT:
Section 1. The issuance by the Facilities Board of its Bonds in a principal amount not to exceed
$1,700,000 for the purposes described above, in one or more series, as it shall determine, be and the
same is hereby approved within the meaning of the Code. The Facilities Board may proceed in the
manner deemed proper by it to issue the Bonds on such terms and conditions as the Facilities Board
shall determine consistent with the laws of the State of Arkansas and the ordinances of the City of
Little Rock applicable to it.
Section 2. This Ordinance is adopted solely for the purpose of complying with the provisions of the
Code, and, by the adoption of this Ordinance, the City does not assume any direct or indirect financial
responsibility for the payment of the Bonds.
Section 3. That the City of Little Rock hereby ratifies and confirms (a) the due creation,
organization, and existence of the Facilities Board pursuant to the ordinances of the City of Little
Rock, Arkansas now in force, (b) that each of the members of the Facilities Board is and has been duly
appointed and re- appointed to such office, and (c) that the terms of office of such members expire as
follows: E. Ralph Cotham, November 7, 2003; Susan B. Fleming, November 7, 2005; Cora D.
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McHenry, November 7, 2004; Virgil L. Miller, Jr., November 7, 2007; and Michael M. Watts,
November 7, 2006.
ADOPTED: June 3, 2003.
Attest:
Na; Wood, Vity Clerk
(SEAL)
Approved as to form:
Thomas M. Carpenter, City At rney
Approved:
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