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Resolution No. 8,599
A Resolution Approving the Issuance by the City of Little Rock, Arkansas
Residential Housing and Public Facilities Board of Not to Exceed $3,500,000
Principal Amount of Mortgage Revenue Refunding Bonds
WHEREAS, the City of Little Rock, Arkansas Residential Housing and Public Facilities
Board (formerly the City of Little Rock, Arkansas Residential Housing Facilities Board) (the
"Facilities Board ") has adopted a resolution indicating its intent to issue not to exceed
$3,500,000 of mortgage refunding revenue bonds, (the "Refunding Bonds "), for the purpose of
refunding its outstanding Mortgage Revenue Bonds, Series 1982B (FHA Insured Mortgage Loan
- Kanis Place Apartments - Section 8 Assisted Project) (the "1982 Bonds "); and
WHEREAS, the 1982 Bonds were issued to provide moneys to make a mortgage loan
to Kanis Properties, Ltd., a Georgia limited partnership (the "Owner "), to finance the
construction of a 106 -unit multi- family housing project in Little Rock, Arkansas, for occupancy
by persons of low income who are eligible for assistance under Section 8 of the United States
Housing Act of 1937 (the "Project "), which mortgage loan was insured by the United States
Department of Housing and Urban Development ("HUD ") acting through the Federal Housing
Administration ( "FHA ") pursuant to the provisions of Section 221(d)(4) of the National Housing
Act; and
WHEREAS, the Facilities Board has been informed by HUD that it desires all issuers
of bonds which have financed housing assisted by HUD's Section 8 program to refund such
bonds to lower rates of interest where economically feasible; and
WHEREAS, the Facilities Board, at the request of the Owner, has engaged the firms of
Bank One Capital Corporation, Columbus, Ohio, and T. J. Raney & Sons, Division of Morgan
Keegan & Company, Inc., Little Rock, Arkansas, to act as underwriters in order to effect an
underwriting of the Refunding Bonds; and
WHEREAS, such underwriters have submitted to HUD proposed schedules of maturities
and interest rates for the refunding bonds to evidence an interest savings, and the Facilities
Board is desirous of issuing the bonds as soon as approval is received from HUD; and
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WHEREAS, a public hearing has been held before the Board of Directors of the City of
Little Rock, Arkansas on November 5, 1991, regarding the issuance of the Refunding Bonds
following publication of notice of the public hearing in the Arkansas Democrat on October 19,
1991; and
WHEREAS, pursuant to the provisions of the Revenue Bond Act of 1987, Arkansas Code
Annotated Sections 19 -9 -601 to 607, inclusive (Supp. 1991) (the "Arkansas Code "), and Section
147(f) of the Internal Revenue Code of 1986, as amended (the "1986 Code "), it is necessary that
the issuance of the Refunding Bonds be approved by the Board of Directors of the City of Little
Rock, Arkansas; and
WHEREAS, the Board of Directors of the City of Little Rock, Arkansas, has determined
that the Refunding Bonds will be issued to serve a proper public purpose;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
CITY OF LITTLE ROCK, ARKANSAS:
Section 1. That the issuance by the Facilities Board of not to exceed $3,500,000
principal amount of its Refunding Bonds, in one or more series, as it shall determine, be and
the same is hereby approved within the meaning of the Arkansas Code and the 1986 Code. The
Facilities Board may proceed in the manner deemed proper by it to accomplish the refinancing
of the 1982 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 and the approval of HUD pursuant to Section I I(b) of the United States Housing Act of
1937, as amended.
Section 2. That this Resolution is adopted solely for the purpose of complying with the
provisions of the Arkansas Code and the 1986 Code, and by the adoption of this Resolution the
City of Little Rock has not assumed any direct or indirect financial responsibility for the
payment of the Refunding Bonds.
Section 3. The provisions of this Resolution are hereby declared to be separable, and
if any provisions shall for any reason be held illegal or invalid, such holding shall not affect the
validity of the remainder of this Resolution.
Section 4. It is hereby ascertained and declared that the refinancing of the 1982 Bonds
above must be accomplished as soon as possible in order to assure the continued availability of
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safe and sanitary housing facilities for low income residents of the City of Little Rock, and to
alleviate immediate hazards to the health, safety, and welfare of the City of Little Rock, its
inhabitants, and their property, and that this can be accomplished only by the issuance of the
Refunding Bonds. It is, therefore, declared that an emergency exists and this Resolution being
necessary for the immediate preservation of the public peace, health, and safety shall take effect
and be in force from and after its passage.
PASSED AND APPROVED: November 5, 1991.
ATTEST:
Robbie Hancock
City Clerk
(SEAL)
APPROVED AS TO FORM:
Thomas M. Carpenter, Clh Attorney
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APPROVED:
J Dailey
Vice Mayor