HomeMy WebLinkAbout9799• Resolution No, 9.79 9 • 573
A RESOLUTION SETTING A DATE FOR A PUBLIC HEARING ON THE QUESTION OF
THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS BY THE CITY OF
LITTLE ROCK, ARKANSAS RESIDENTIAL HOUSING AND PUBLIC FACILITIES BOARD
WHEREAS, the City of Little Rock, Arkansas Residential Housing and Public Facilities Board
(the "Facilities Board ") proposes to issue its multifamily housing revenue bonds in an amount
not to exceed $14,000,000 (the "Bonds") for the purpose of financing the acquisition and
rehabilitation of certain multifamily residential housing facilities in the City of Little Rock; and
WHEREAS, it is proposed that the proceeds of the Bonds be loaned to Consultancy, L.L.C.,
a Connecticut limited liability corporation, to acquire and rehabilitate a 280 -unit multifamily
residential housing facility known as Briarwood Apartments, at 802 South Rodney Parham Road,
Little Rock, Arkansas, and a 244 -unit multifamily residential housing facility known as Clover
Valley Apartments, at 8701 South I -30, Little Rock, Arkansas, collectively called herein the
"Project "; and
WHEREAS, the Bonds are proposed to be issued to finance a "qualified residential rental
project" with the meaning of Section 142(d) of the Internal Revenue Code of 1986, as amended,
and, consequently, a substantial number of residential units in the Project will be required to be
available for rental to persons of low and moderate income, thereby increasing the supply of
safe, sanitary, and affordable residential rental housing in the City of Little Rock available to
persons of low and moderate income; 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 finance the
Project by the City of Little Rock, Arkansas Residential Housing and Public Facilities Board
shall 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 October 15, 1996, and that the
City Clerk shall assure that notice thereof will be published in the time and manner provided by
law.
SECTION 2. This resolution shall be effective from and after its passage and approval.
ADOPTED: September 17 1996.
Attest: `
Robbie Hancock, City Clerk
Appro d as to Form:
Thomas M. Carpenter
City Attorney
Approved
I
Jim DUI y, Mayor