HomeMy WebLinkAbout77251 RESOLUTION NO. 7,725 50
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3 A RESOLUTION CONCERNING THE PROPOSED
4 RESTRUCTURING OF A LITTLE ROCK RESIDENTIAL
5 HOUSING FACILITIES BOND ISSUE PROVIDED
6 CERTAIN CRITERIA ARE MET.
7
8 WHEREAS, the City of Little Rock, Arkansas, Residential
9 Housing Facilities Board has served the citizens of Little Rock
10 in exemplary fashion, improving the accessibility of affordable
11 housing; and
12 WHEREAS, the Residential Housing Facilities Board is
13 responsible for the issuance of $75 million in single - family
14 mortgage revenue bonds in 1979; and
15 WHEREAS, the City has received a. proposal to restructure
16 its 1979 Single Family Mortgage Revenue Bond issue from the
17 original underwriters of the issue: Stephens, Inc., T. J. Raney &
18 Sons, Inc., and E. F. Hutton and Company, that will provide cash
19 to the City; and
20 WHEREAS, the City would desire to receive the money
21 produced by such a restructuring and is concerned about limiting
22 mortgage market and interest rate risks.
23 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
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SECTION 1. The City will support the Residential Housing
25
Facilities Board if it proceeds with the restructuring of its
26 1979 mortgage bond issue as proposed herein.
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28 ADOPTED: February 3, 1987
29 ATTEST: APPROVED:
30 ir,� c
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31 CI9U CLERK MAYOR
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33 .AP ASA OF
34
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35 MARK STODO A, CITY ATTORNEY
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