HomeMy WebLinkAbout6955wp- . M
308
RESOLUTION NO. 6,955
A RESOLUTION COMMITTING TO ISSUE MEDICAL
FACILITIES REVENUE BONDS FOR THE PURPOSE OF
PROVIDING THE FINANCING FOR THE
CONSTRUCTION, ACQUISITION 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 medical facilities revenue bonds for financing the
costs of acquiring, constructing and equipping medical
facilities, expenses incidental thereto and 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 psychology, 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 medical facilities
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 medical facilities 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 J & M 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
2+2 -�
C -7
NO- .i
W M 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 $300,000.
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.
adoption.
Section 4. This Resolution shall be in effect upon its
PASSED: March 15 , 1983.
ATTEST:
City ClerkViane Czech
(SEAL)
309
CITY OF LITTLE ROCK, ARKANSAS
By G M 6 or j.W Q. eield
2