HomeMy WebLinkAbout7786RESOLUTION NO.
7,786
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A RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF
LITTLE ROCK, ARKANSAS RESIDENTIAL HOUSING FACILITIES
BOARD OF NOT TO EXCEED $7,000,000 PRINCIPAL AMOUNT OF
ITS MULTIFAMILY HOUSING REFUNDING REVENUE BONDS
(PLEASANT RIDGE APARTMENTS PROJECT), SERIES 1987
WHEREAS, the City of Little Rock, Arkansas Residential
Housing Facilities Board (the "Board ") has adopted a resolution
indicating its intent to issue not more than $7,000,000
principal amount of the Board's Multifamily Housing Refunding
Revenue Bonds (Pleasant Ridge Apartments Project), Series 1987
(the "Bonds "), for the purpose of refunding a portion of the
Board's Collateralized Loans -to- Lenders Housing Revenue Bonds,
1981 Series A, dated December 1, 1981, that portion having been
issued for the purpose of acquiring lands and constructing and
equipping a 200 unit apartment project known as the Pleasant
Ridge Apartments (the "Project ") located at 11,700 Pleasant
Ridge Road, in the City of Little Rock, Arkansas, by Pleasant
Ridge Apartments, Ltd., an Alabama limited partnership; and
WHEREAS, a public hearing has been held before the Board of
Directors of the City of Little Rock, Arkansas on this date
regarding the issuance of the Bonds following the publication of
notice of the public hearing in the Arkansas Gazette on May 13,
1987; and
WHEREAS, pursuant to the provisions of the Internal Revenue
Code of 1986, as amended, it is necessary for federal income tax
purposes that the issuance of the Bonds be approved by the Board
of Directors of the City of Little Rock, Arkansas; and
WHEREAS, the Board of Directors of the City of Little Rock,
Arkansas has determined that the public purposes for which the
Bonds are to be issued serve a proper need;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
1. That the issuance by the Board of not to exceed
$7,000,000 principal amount of its Multifamily Housing Refunding
Revenue Bonds (Pleasant Ridge Apartments Project), Series 1987,
be and the same is hereby approved within the meaning of
Section 147(f) of the Internal Revenue Code of 1986, as amended.
2. That this Resolution is adopted solely for the purpose
of complying with the provisions of the Internal Revenue Code
and that by the adoption of this Resolution the City of Little
Rock, Arkansas has not assumed any direct or indirect financial
responsibility for the payment of the Bonds.
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3. That this Resolution shall be in effect from and after
its passage and approval.
ADOPTED: May 27, 1987
APPROVED:
ott e Shac or ay
ATTEST:
Q,2 p � ✓
Ja zech, y Clerk
,(S .E A 1)
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