14048ORDINANCE NO. 14,048
AN ORDINANCE CREATING THE CITY OF LITTLE
ROCK, ARKANSAS ELDERLY HOUSING FACILITIES
BOARD PURSUANT TO THE PROVISIONS OF ACT NO.
142 OF THE ACTS OF ARKANSAS OF 1975, AS
AMENDED; PRESCRIBING OTHER MATTERS RELATING
THERETO; AND DECLARING AN EMERGENCY.
WHEREAS, the City of Little Rock, Arkansas (the
"City "), pursuant to the provisions of Act No. 142 of the Acts of
Arkansas for the year 1975, as amended (the "Act "), is authorized
to establish public facilities boards, for the purposes set forth
in the Act, which includes assisting in the financing of housing
facilities within or near the City; and
WHEREAS, the providing of housing facilities for
elderly persons, with related facilities, will be aided by the
creation of a public facilities board to assist in the financing
thereof; and
WHEREAS, there is an immediate and urgent need, as set
forth in this Ordinance, for housing for elderly persons, with
related facilities to serve the needs of elderly persons, in the
City and the surrounding area.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. Findings. The Board of Directors hereby
finds and determines:
(1) There is an immediate and urgent need in the City of
Little Rock and the surrounding area for housing which, together
with health care and other services and facilities, is designed
and operated to serve the requirements of elderly persons. This
need has been verified by preliminary results of a study conducted
by AmeriCare Corporation. Alexander Grant & Company, certified
public accountants, have been engaged to conduct a study of need
and of financial feasibility.
(2) The cost of funds with which to finance housing of
all types, including housing for elderly persons, has increased
greatly. And this cost of funds has increased more rapidly than
any increase in the income of elderly persons generally.
(3) The provision of housing for elderly persons is a
proper municipal purpose, particularly if such provision can be
made on a basis whereby the cost of such housing is less than it
otherwise would be.
(4) The proposed Project will be owned by or leased to a
not - for - profit corporation (in fact, a corporation qualified as
one for charitable or religious purposes under Section 501(c)(3)
of the Internal Revenue Code), Christian Retirement Center, Inc.
Notwithstanding the religious origin of the corporation, the
Project will be available to elderly persons without regard to
religious preference. There will be no discrimination in the
operation of the Project, with regard to tenants or employees (or
applicants for tenancy or employment), on the basis of race, sex,
color, religion or national origin.
(5) There will be paid to the City the administrative
fees charged by the City in connection with industrial projects
and there will be paid, with regard to any Project properties
which might be exempt from ad valorem taxes, payments in lieu of
taxes.
(6) The most efficient and effective method whereby the
Project can be developed and financed is by the creation of a
public facilities board, under the provisions of Act No. 142 of
1975, as amended, a procedure which has been employed by the City
in the past in connection with other facilities similar in
material respects to the Project.
SECTION 2. Creation of Board. Pursuant to the
authority of the Act, there is hereby created and established the
"City of Little Rock, Arkansas Elderly Housing Facilities Board
(Christian Retirement Center)" (hereinafter referred to as the
"Board ") with authority as hereinafter provided to accomplish,
finance, contract and make or purchase mortgage loans concerning,
and otherwise act in such manner as may be permitted by the Act to
provide residential housing facilities for elderly persons, with
related facilities, within or near the City.
SECTION 3. Members of the Board; Terms of Office. The
Board shall consist of five persons. The initial members shall be
appointed by the Mayor of the City, and shall serve for terms of
one, two, three, four, and five years, respectively. Successor
members shall be selected as provided in the Act. The members of
the Board shall be residents of the City and shall take and file
with the City Clerk, the oath of office prescribed in the Act.
SECTION 4. Powers. The Board is empowered, from time
to time, to acquire, construct, reconstruct, extend, equip,
improve, sell, lease, loan concerning and contract concerning
housing facilities for elderly persons, and facilities related
thereto, as shall be determined by the Board to be necessary to
effect the purposes of this Ordinance, particularly a residential
center with related facilities (the "Project "). The proposed
Project will be owned by or leased to a not - for - profit corporation
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(in fact, a corporation qualified as one for charitable or
religious purposes under Section 501(c)(3) of the Internal
Revenue Code), Christian Retirement Center, Inc. Notwithstanding
the religious origin of the corporation, the Project will be
available to elderly persons without regard to religious
preference. There will be no discrimination in the operation of
the Project, with regard to tenants or employees (or applicants
for tenancy or employment), on the basis of race, sex, color,
religion or national origin. The cost of the acquisition,
construction and equipment of the Project is estimated not to
exceed $10,000,000.
In addition, the Board shall have each of the powers set
forth in Section 7 of the Act, as amended, and appropriate to the
purposes for which the Board is created. The Board may enter into
such contractual or cooperative agreements with such persons as
may, in its discretion, be advisable to accomplish the purposes of
this Ordinance, including without limitation, departments,
agencies or instrumentalities of the United States of America, the
State of Arkansas, or zhe City, e.g., the Department of Housing
and Urban Development, the Federal Housing Administration, the
Arkansas Housing Development Agency and the Little Rock Housing
Authority.
SECTION 5. Issuance of Bonds. Without limiting the
generality of the foregoing, the Board is authorized to issue
revenue bonds, from time to time, and to use the proceeds, either
alone or together with other available funds and revenues, to
accomplish the purposes for which the Board is created. Such
revenue bonds shall be obligations only of the Board and shall not
constitute an indebtedness for which the faith and credit of the
City or any of its revenues are pledged, and the principal and
interest on the bonds shall be payable from and secured by a pledge
of revenues derived from the Project and as authorized by, and in
accordance with the provisions of the Act, together with such
other collateral as may properly be pledged under the Act and as
the Board in its discretion may determine. Issuance of any bonds
by the Board subsequent to issuance of the bonds to finance the
Project shall be subject to prior approval of the Board of
Directors of the City.
SECTION 6. Organization; Reports. As soon as
practicable after the adoption of this Ordinance the Board shall
meet and elect such officers as shall be required by the Act. The
Board may adopt such by -laws and other rules and regulations as
shall be necessary for the conduct of its business and consistent
with the provisions of the Act. The Board shall cause to be filed
with the City Clerk of the City the annual report described in
Section 18 of the Act.
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SECTION 7. Fees and Payments to City. There will be
paid to the City the administrative fees charged by the City in
connection with industrial projects and there will be paid, with
regard to any Project properties which might be exempt from ad
valorem taxes, payments in lieu of taxes.
SECTION 8. Severability. If any provision of this
Ordinance or the application thereof to any person or circumstance
is held invalid, such invalidity shall not affect the other
provisions or applications of this Ordinance which can be given
effect without the invalid provision or application, and to this
end the provisions of this Ordinance are declared to be severable.
SECTION 9. General Repeal. All Ordinances of the City,
or parts thereof, in conflict with this Ordinance are hereby
repealed to the extent of such conflict.
SECTION 10. Emergency. It is hereby found and
determined that there is an immediate and urgent need for the
providing of housing for elderly persons in and near the City and
that the providing of financial assistance toward the development
of such housing is essential to the timely development of such
housing. The creation of the Board and the exercise of the duties
and powers provided in this Ordinance is necessary to the
preservation of the public peace, health and safety. Therefore,
an emergency is declared to exist and this Ordinance shall be in
effect from and after its passage and approval.
PASSED: June 2, 1981
ATTEST:
APPROVED:
mayor
ity Cler
(SEAL)
M