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HomeMy WebLinkAbout7005M 384 RESOLUTION NO. 7,005 A RESOLUTION COMMITTING TO ISSUE HEALTH CARE REVENUE BONDS FOR THE PURPOSE OF PROVIDING THE FINANCING FOR THE ACQUISITION, CONSTRUCTION AND EQUIPMENT OF CERTAIN MEDICAL FACILITIES; AND PRESCRIBING OTHER MATTERS RELATING THERETO. WHEREAS, the City of Little Rock, Arkansas (the "City "), is authorized by the laws of the State of Arkansas, including particularly Act No. 175 of 1961, as amended ( "Act No. 175 "), to issue health care revenue bonds for financing the costs of acquiring, constructing and equipping medical facilities, paying expenses incidental thereto and paying expenses incurred in connection with the issuance of the bonds; and WHEREAS, it is proposed that there be acquired, constructed and equipped in the City certain medical (including clinical and office) facilities designed primarily for diagnosis and treatment in the field of neurology, to be located in the vicinity of Baptist Medical Center in the City (the "Project "); and WHEREAS, the Project will serve the medical and clinical needs of the inhabitants of the City and adjacent areas and will contribute to the development of an integrated system of complete medical care in the City; and WHEREAS, the City is willing to make the requested commitment and finds that the issuance of the health care revenue bonds and the accomplishment of the Project is in the best interest of the City and its residents; BE IT RESOLVED by the Board of Directors of the City of Little Rock, Arkansas: Section 1. The City hereby states its intention to assist in the acquisition, construction and equipment of the Project and at such time as it may be properly called upon to do so to issue its health care revenue bonds, under the provisions of Act No. 175, to finance the acquisition, construction and equipment of the Project. Issuance of the bonds by the City shall be subject to the following: A. It is understood that the Project will be leased to B H & G Properties, an Arkansas partnership or a successor thereto (the "Partnership ") pursuant to a lease agreement between the City and the Partnership (the "Lease Agreement ") and the proceeds of the bonds M will be applied to the acquisition, construction and equipment of the Project. B. The bonds will not be general obligations of the City and in no event will the general resources or revenues of the City be pledged to secure payment of the bonds. The bonds will be special obligations, payable solely from revenues derived from the Project, including payments to be made by the Partnership under the Lease Agreement. The principal amount of the bonds is expected to be approximately $1,900,000. C. The initial and annual fees and charges of the City for industrial development revenue bonds shall apply to this bond issue as in effect as of the date hereof. D. Issuance of the bonds shall be in compliance with all laws and regulations applicable thereto. Section 2. Pending issuance of the bonds, the Mayor is authorized to execute such writings and take such action as may be appropriate thereto and appropriate to implementation of the purposes of this Resolution. Section 3. That the law firm of Friday, Eldredge & Clark, Little Rock, Arkansas is hereby appointed to act as bond counsel on behalf of the City in connection with the issuance and sale of the bonds. Section 4. This Resolution shall be in effect upon its adoption. PASSED: June 7 1983. CITY OF LITTLE ROCK, ARKANSAS ATTES By Ma-for J. W. Ba field City Cie-rTiane Czech (SEAL) '+"