HomeMy WebLinkAbout10930-A• RESOLUTION NO. 10.930
A RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF LITTLE ROCK,
ARKANSAS RESIDENTIAL HOUSING AND PUBLIC FACILITIES BOARD OF CAPITAL
IMPROVEMENT FACILITIES REVENUE BONDS (PARK SYSTEM PROJECT)
WHEREAS, the City of Little Rock, Arkansas Residential Housing and Public Facilities Board
(the "Facilities Board ") proposes to issue its Capital Improvement Facilities Revenue Bonds
(Park System Project) in an amount not to exceed $4,000,000 (the "Bonds ") for the purpose of
financing the acquisition of land (the "Project ") for lease to in the City of Little Rock, Arkansas
(the "City ") for public park purposes; and
WHEREAS, the acquisition of the Project was requested by the City to enable the City to expand
its public park system; and
WHEREAS, the Facilities Board has adopted a resolution expressing its intent to issue the Bonds
to permit the financing requested by the City for the Project; and
WHEREAS, pursuant to Arkansas 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; and
WHEREAS, a public hearing was held before the Board of Directors of the City of Little Rock,
Arkansas, on November 28, 2000, regarding the issuance of the Bonds following publication of
notice of the public hearing in the Arkansas Democrat- Gazette on November 15, 2000; and
WHEREAS, pursuant to the provisions of the Revenue Bond Act of 1987, Arkansas Code
Annotated Sections 19 -9 -601 to 607, inclusive (Repl. 1998; Suppl. 1999) (the "Code "), it is
necessary that the issuance of the 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
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, THAT:
Section 1. The issuance by the Facilities Board of not to exceed $4,000,000 principal amount
of its Capital Improvement Facilities Revenue Bonds (Park System Project) for the purposes
described above, in such series as it shall determine, be, and the same is hereby approved within
the meaning of the Code. The Facilities Board may proceed in the manner deemed proper by it to
accomplish the financing described above 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.
Section 2. This Resolution is adopted solely for the purpose of complying with the provisions
of the Code, and, by the adoption of this Resolution, the City does not assume any direct or
indirect financial responsibility for the payment of the Bonds.
Section 3. This Resolutionshall take effect and be in force from and after its passage.
ADOPTED: November 28, 2000.
Attest:
Nancy Wood, City Clerk
(SEAL)
Approved as to formm::
Thomas M. Carpenter, City A rney
Approved:
U`�
T Dailey, Mayor