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• RESOLUTION NO. 9,061 •
A RESOLUTION SETTING A DATE FOR A PUBLIC HEARING ON THE QUESTION OF
THE ISSUANCE OF REFUNDING BONDS BY THE CITY OF LITTLE ROCK, ARKANSAS
RESIDENTIAL HOUSING AND PUBLIC FACILITIES BOARD
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WHEREAS, the City of Little Rock, Arkansas Residential Housing and Public Facilities
Board (the "Facilities Board ") presently has outstanding its Mortgage Revenue Bonds (Out -in-
the -Woods Project), dated February 1, 1984 (the 'Bonds "), the unpaid principal balance of
which is $3,080,000; and
WHEREAS, the Bonds were issued to assist D&J Limited Partnership, an Arkansas limited
partnership (the "Phase II Owner "), in financing the construction of a 128 -unit multifamily
residential housing facility known as the Out -in -the -Woods Apartments (the "Phase H Project "),
which is adjacent to a previously constructed 112 -unit multifamily residential housing facility
(the "Phase I Project "), owned by a related limited partnership named D&J Development
Company (the "Phase I Owner "); and
WHEREAS, pursuant to the provisions of the Bonds, the Phase II Owner has requested that
the Bonds be refunded on terms acceptable to the Facilities Board in order to obtain a savings
in interest cost; and
WHEREAS, the Phase I Owner has requested that the Facilities Board provide financing
through the issuance of revenue bonds to permit the refinancing of the mortgage loan for
construction of the Phase I Project in consideration of which the Phase I Owner will contract to
restrict the occupancy of the Phase I Project to persons of low and moderate income consistent
with the policy of the Facilities Board for financing of multifamily residential housing; and
WHEREAS, pursuant to state and federal law applicable to the issuance of revenue bonds
by the Facilities Board, it is required that such issuance be approved by the Board of Directors
of the City of Little Rock, following a public hearing, as to which reasonable notice thereof shall
have been given by a publication of notice in a newspaper of general circulation within the City
of Little Rock, Arkansas;
Now, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
LITTLE ROCK, ARKANSAS, THAT:
SECTION 1. A public hearing on the question of the issuance of revenue bonds to refund
the Bonds described above and to refinance the outstanding mortgage loans applicable to the
Phase I Project and the Phase II Project, as described above, by the City of Little Rock,
Arkansas Residential Housing and Public Facilities Board be held at the regular meeting of the
Board of Directors to be held at 6:00 p.m., Little Rock City Hall, 500 West Markham, Little
Rock, Arkansas, on January 4, 1994, and that the City Clerk shall assure that notice thereof has
been or will be published in the time and manner provided by law.
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SECTION 2. This solution shall be effective from and after its passage and approval.
ADOPTED: December 21, 1993.
ATTEST:
Robbie Hancock, City Clerk
APPROVED AS TO FORM:
Thomas M. Carpenter
City Attorney
APPROVED:
577
Jim D i y, Mayor