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RESOLUTION NO
A RESOLUTION APPROVING
REFUNDING REVENUE BONDS BY
ROCK, ARKANSAS HEALTH
(BAPTIST MEDICAL CENTER)
BAPTIST REHABILITATION I
OTHER PURPOSES
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9,053
THE ISSUANCE OF
THE CITY OF LITTLE
FACILITIES BOARD
WITH RESPECT TO
9STITUTE; AND FOR
560
WHEREAS, the City of Little Rock, Arkansas Health
Facilities Board (Baptist Medical Center) (the "Board ") was created
by Ordinance No, 13,700, adopted and approved August 7, 1979, as
heretofore amended (the "Enabling Ordinance ") for the purpose of
financing facilities for use by Baptist Medical Center, in order to
assist Baptist Medical Center in continuing to meet the
requirements of the inhabitants of the City of Little Rock,
Arkansas (the "City ") and of the State of Arkansas for health care,
pursuant to the Constitution and laws of the State of Arkansas,
including particularly, Arkansas Code of 1987 Annotated Title 14,
Chapter 137, Subchapter 1 (the "Act "); and
WHEREAS, with the approval of the City, the Board issued
its City of Little Rock, Arkansas Health Facilities Board (Baptist
Medical Center) Healthcare Refunding Revenue Bonds, Series 1989
(BRI Project), (the "Series 1989 Bonds ") for the purpose of
financing the acquisition, construction and equipping of
facilities, located on the campus of Baptist Medical System, for
the provision of medical and nursing care, including in particular
rehabilitation and related health care services (the "Project ");
and
WHEREAS, the Board has determined that the Series 1989
Bonds can be refunded, with substantial savings in interest costs,
by the issuance of refunding bonds, under the Act and the Enabling
Ordinance, as set forth herein (the "Bonds "); and
WHEREAS, notice of the issuance of the Bonds has been
published, in a newspaper of general circulation in the City, at
least fourteen days prior to the date hereof, which notice
specified that:
(1) The purpose of the Bonds is to refund the Series
1989 Bonds at lower rates of interest, hereby achieving interest
savings. The Series 1989 Bonds were issued to refund bonds which,
in turn, were issued for the purpose of financing the Project. The
Project is a five - story, 112,000 square foot rehabilitation
hospital.
2. The Project is located at Baptist Medical Center
located at 9601 Interstate 630 Little Rock, Arkansas.
2
3. The maximum aggregate face amount of the Bonds will 561
be $19,000,000.
4. The owner of the Project is Baptist Medical System,
an Arkansas nonprofit corporation.
WHEREAS, pursuant to such notice, a public hearing was
conducted on the 7th day of December, 1993, at which hearing no one
appeared to object to the issuance of the Bonds; and
WHEREAS, the Bonds will be obligations only of the Board
and will not in any event constitute an indebtedness for which the
faith and credit of the City or any of its revenues are pledged;
NOW THEREFORE BE IT RESOLVED by the Board of Directors of
the City of Little Rock, Arkansas:
Section 1. Pursuant to the terms of the Act and of the
Enabling Ordinance, the issuance by the Board of the Bonds is
hereby approved.
Section 2. The authority of the Board and its
officers to execute and deliver such writings and to take such
action as may be appropriate to the issuance of the Bonds and the
consummation of such transactions as may be incidental or related
thereto is hereby ratified and confirmed.
Section 3. All resolutions and parts thereof in
conflict herewith are hereby repealed to the extent of such
conflict.
Section 4. It has been determined that the issuance
of the bonds will result in substantial interest savings, beginning
on the date of issuance of the Bonds. Therefore, an emergency is
declared to exist and this Resolution, being necessary for the
public peace, health and safety, shall be in force upon its passage
and approval.
ADOPTED: December 7, 1993.
APPROVED:
ATTEST: 5-
um" ga,,,► .k M or Jim Dailey
City Clerk Robbie Hancock