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178
RESOLUTION NO. 7,774
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS EXPRESSING
ITS SUPPORT FOR AND ITS INTENT TO ISSUE
REVENUE BONDS TO FINANCE THE RENOVATION AND
EXPANSION OF CERTAIN RED CROSS FACILITIES
LOCATED IN THE CITY; AND FOR RELATED
PURPOSES.
WHEREAS, the American National Red Cross (the
"National Red Cross ") is an organization which performs
functions which are essential to the health and welfare of the
United States and its people, including disaster relief, safety,
health systems support and related activities, in some cases
pursuant to special recognition by the Congress of the United
States; and
WHEREAS, the Pulaski County Chapter of the National
Red Cross (the "Pulaski County Red Cross ") is a nonprofit
organization which performs, for the City of Little Rock,
Arkansas (the "City "), Pulaski County, Arkansas, and the
surrounding area, functions of the National Red Cross; and
WHEREAS, the facilities occupied by the Pulaski County
Red Cross must be expanded and renovated if it is to continue to
fulfill its traditional role in the City, Pulaski County and the
surrounding area; and
WHEREAS, the total estimated cost of the needed
renovation and expansion (the "Project ") is approximately
$2,500,000; and
WHEREAS, the only feasible means for the financing of
the Project is by the issuance of revenue bonds (the "Bonds "),
under the Constitution and laws of the State of Arkansas,
including Act No. 974 of 1985, as amended; and
WHEREAS, the Pulaski County Red Cross has engaged
Cromwell Truemper Levy Parker & Woodsmall Inc., Little Rock,
Arkansas as architects for the Project and Friday, Eldredge &
Clark, Little Rock, Arkansas ( "Bond Counsel ") as bond counsel,
and design of the Project, invitations for construction bids and
preparation of requests for proposals from prospective revenue
bond underwriters have begun, with a view to the design,
construction and financing of the Project on a coordinated
basis; and
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179
NOW THEREFORE Be It Resolved by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. The Board of Directors expresses its
support for the Project and its intent, subject to compliance
with the Constitution and laws of the State of Arkansas, to
authorize and issue the Bonds, as needed for the financing of
the Project, upon completion of the design of the Project, the
engagement of underwriters by the Pulaski County Red Cross and
sale of the Bonds, issuance of the Bonds to be subject to the
opinion of Bond Counsel that the Bonds are valid special
obligations of the City, secured by revenues of the Pulaski
County Red Cross and (if necessary and if feasible) a lien on
and security interest in facilities of the Pulaski County Red
Cross.
Section 2. This Resolution shall be in force upon
its passage and approval.
Adopted May 5 1987,
APPROVED:
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