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RESOLUTION NO. 7,516
A RESOLUTION APPROVING THE ISSUANCE OF
REVENUE BONDS BY THE CITY OF LITTLE ROCK,
ARKANSAS HEALTH FACILITIES BOARD (BAPTIST
MEDICAL CENTER); AND FOR OTHER PURPOSES
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 amended (the "Enabling Ordinance ") for the purpose of
financing facilities for use by, or to be supported or sponsored
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 and the housing of elderly
persons, pursuant to the Constitution and laws of the State of
Arkansas, including particularly, Act No. 142 of 1975, as
amended (the "Act "); and
WHEREAS, it has been found and determined by Baptist
Medical Center, and it is hereby declared, that there is an
immediate need for the acquisition, construction and equipping
of residential housing facilities for elderly persons, to be
located at 14300 Rock Creek Parkway, Little Rock, Arkansas,
72211, and to be known as "Parkway Village" (the "Project "); and
WHEREAS, the most efficient method for the financing
of the acquisition, construction and equipping of the Project is
by the issuance, by the Board, of the Board's revenue bonds,
under the authority of the Enabling Ordinance and the Act, which
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; and
WHEREAS, the estimated amount of revenue bonds which
will be issued is approximately $23,000,000;
NOW THEREFORE BE IT ORDAINED 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 its revenue
bonds for the purpose of financing the acquisition, construction
and equipping of the Project, and costs incidental and related
thereto (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, the
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acquisition, construction and equipping of the Project, 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. This Resolution shall be in effect upon
its passage and approval.
PASSED: November 27 1985.
APPROVED: a ATTEST: I
Mayor Thomas A. Prince
Ci Clerk Jqhe Czech
(SEAL)