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RESOLUTION NO. 7,482 424
A RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF
LITTLE ROCK, ARKANSAS RESIDENTIAL HOUSING FACILITIES
BOARD OF NOT TO EXCEED $5,500,000 PRINCIPAL AMOUNT OF
ITS MORTGAGE REVENUE BONDS, SERIES 1985 (ST. CROIX
APARTMENTS PROJECT)
WHEREAS, the City of Little Rock, Arkansas Residential
�• Housing Facilities Board (the "Board ") has adopted a resolution
indicating its intent to issue not more than $5,500,000
principal amount of the Board's Mortgage Revenue Bonds (St.
Croix Apartments Project) ( "Bonds ") for the purpose of acquiring
lands and the construction and equipping of a 154 —unit apartment
project known as the St. Croix Apartments (the "Project ")
located at 7820 West Capitol, in the City of Little Rock,
Arkansas, by S & G. Joint Venture II, a Texas general
partnership; and
WHEREAS, a public hearing has been held before the Board of
Directors of the City of Little Rock, Arkansas on this date
regarding the issuance of the Bonds following publication of
notice of the public hearing in the Arkansas Gazette on
September 16 and 23, 1985; and
WHEREAS, pursuant to the provisions of the Tax Equity and
Fiscal Responsibility Act of 1982, it is necessary for federal
income taxation purposes 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 public purposes for which the
Bonds are to be issued serve a proper need;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
1. That the issuance by the Board of not to exceed
$5,500,000 principal amount of its Mortgage Revenue .Bonds,
Series 1985, (St. Croix Apartments Project), be and the same is
hereby approved within the meaning of Section 103(k) of the
Internal Revenue Code of 1954, as amended.-
2. That this Resolution is adopted solely for the purpose
of complying with the provisions of the Tax Equity and Fiscal
Responsibility Act of 1982, and that 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 Bonds.
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3. That this Resolution shall be in effect from and after
425
its passage and approval.
ADOPTED: October 1, 1985.
APPROVED:
-Mayor Thomas A. Prince
ATTEST:
Citf Clerk Ja Czech
[S E A L]
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