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HomeMy WebLinkAbout14145ORDINANCE NO. 14,145 AN ORDINANCE APPROVING AN INTERLOCAL COOPERATION AGREEMENT RELATING TO THE TAX- EXEMPT FINANCING OF MULTIFAMILY RESIDENTIAL HOUSING FACILITIES; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the City of Little Rock, Arkansas (the "City ") , by Ordinance No. 13,528, adopted November 7, 1978, created the City of Little Rock, Arkansas Residential Housing Facilities Board (the "Facilities Board "), pursuant to Act No. 142 of the Acts of Arkansas of 1975, as amended; and WHEREAS, by Ordinance No. 13,838, adopted July 1, 1980, the City increased the authority of the Facilities Board to issue its revenue bonds to an aggregate amount outstanding of not to exceed $225,000,000; and WHEREAS, by Ordinance No. 14,068, adopted July 7, 1981, the City authorized the Facilities Board to assist in financing the acquisition, construction, development, re- development or renovation of multifamily residential housing facilities, as more particularly provided in Ordinance No. 14,068; and WHEREAS, the City has been presented with a Resolution of the Facilities Board recommending that, in furtherance of the authority granted to the Facilities Board by Ordinance No. 14,068, the City approve the Facilities Board's engaging in a Collateralized Loans -to- Lenders Multifamily Housing Program (the "Program ") through the issuance of the Facilities Board's Collateralized Loans -to- Lenders Housing Revenue Bonds, 1981 Series A, and in conjunction therewith, the Facilities Board has 47 48 requested that the City authorize the execution and delivery of an Interlocal Cooperation Agreement (in substantially the form hereinafter set forth) for the purpose of enabling mortgage lending institutions participating in the Facilities Board's Program to engage in the financing of multifamily residential housing facilities in one or more other municipalities and counties, as set forth in the Interlocal Cooperation Agreement, thereby strengthening the Program and benefiting the residents and inhabitants of the City; and WHEREAS, the City has found and determined that the Facilities Board's Program, including execution and delivery by the City of the Interlocal Cooperation Agreement, is the best means available at the present time for assisting in financing the construction, renovation or accuisition of multifamily residential housing facilities, including those reserved for persons and families of low and moderate income; NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS: Section 1. That the entry into an Interlocal Cooperation Agreement among this City and those other Arkansas counties and municipalities .listed on Schedule "A" to the attached form of Agreement, or such of those counties and municipalities as desire to enter into such Agreement, is hereby approved, with the form and content of such Agreement (exclusive of the signatures on such Agreement, which shall be completed and executed as indicated therein) to be substantially as follows: -2- INTERLOCAL COOPERATION AGREEMENT M M M M This Interlocal Cooperation Agreement (the "Agreement ") is entered into among the undersigned municipal corporations (collectively, the "Municipalities" or singly, the "Municipality ") and Counties (collectively, the "Counties ", and singly, the "County ") of the State of Arkansas, pursuant to Act No. 430 of the Acts of Arkansas of 1967, as amended (the " Interlocal Cooperation Act "). W I T N E S S E T H: WHEREAS, each of the Municipalities is an incorporated city in the State of Arkansas, and each of the Counties is a political subdivision of the State of Arkansas, and each Municipality and County is authorized by Act No. 142 of the Acts of Arkansas of 1975, as amended (the "Act ") to create a public facilities board and empower such board to assist in the financing of residential housing facilities of all kinds and types within or near the Municipality or County by, among other things, making loans to lending institutions and otherwise contracting concerning residential housing facilities, for the purpose of financing or assisting in financing the acquisition, construction, development and renovation or rehabilitation of multi- family residential rental housing facilities (hereinafter called a "Loans -to- Lenders Program" or "Program "); and WHEREAS, the City of Little Rock, Arkansas ( "City of Little Rock ") has, in accordance with the Act, created by Ordinance of the Board of Directors of the City of Little Rock, the City of Little Rock, Arkansas Residential Housing Facilities Board (the "Board ") and has empowered the Board to undertake a Loans -to- Lenders Program; and WHEREAS, each of the undersigned Counties, and each of the undersigned Municipalities other than the City of Little Rock, has determined that it is not economically feasible for it to undertake its own separate Loans -to- Lenders Program, but that it would be in the best interests of the citizens of each such County, and each such Municipality, as the case may be, to participate in the Program as hereinafter provided, and the City of Little Rock has determined that such participation by the other Municipalities and by the Counties would strengthen its Program; NOW, THEREFORE, in consideration of their mutual agreements and undertakings the Counties and the Municipalities agree as follows: 1. The Board may, but shall not be obligated to, issue revenue bonds under the Act in the principal amount of not to exceed $75,000,000, and use the proceeds, after payment of -3- :.• M � r � M I issuance costs and creation of necessary reserves, for the making of secured loans through its Loans -to- Lenders Program to mortgage lending institutions for the exact amount of funds to be provided to be in the discretion of the Board. All such secured loans shall be made to lending institutions participating in the Program, such loans to be secured by a pledge of seasoned single family residential mortgages or other collateral owned or held by such lending institutions and meeting the standards and requirements of the Program. The funds provided shall be used to make loans to lending institutions for the purpose of providing construction and /or permanent financing for multi - family residential rental housing facilities (a) in the City of Little Rock and its Planning Area, and (b) in any of the Counties, and in any of the Municipalities and their Planning Areas. 2. Each County and Municipality covenants and agrees not to engage in, on its own, nor to participate in any similar Loans -to- Lenders Program of another municipality or county of the State of Arkansas, prior to the earlier of, (a) June 30, 1982, or (b) if bonds have been issued by the Board to finance the Loans -to- Lenders Program, the date on which such Bonds are issued and delivered to the initial purchasers thereof. 3. This Agreement shall become effective upon its execution by the City of Little Rock and any one other Municipality or County, and upon approval by the Attorney General of Arkansas. This Agreement shall terminate thirty -six months after issuance of the Board's bonds to finance the Loans -to- Lenders Program. 4. The Loans -to- Lenders Program shall be administered solely by the Board. Except as herein expressly provided no County and no Municipality shall have any control over the Program or the expenditure of funds under the Program. 5. The Program shall be financed solely from the proceeds of revenue bonds, loan repayments from lending institutions, proceeds of sale of collateral and other revenues of the Board derived pursuant to the Program. No Municipality and no County shall have anv financial obligation with regard to the Program or in respect of payment of any revenue bonds issued to finance the Program. 6. All money and property acquired,by the Board shall be and remain the property of the Board and /or the City of Little Rock, subject to use and pledge of such money and property for discharging the Board's obligations under the Program. M M M M = M = M = r 7. This Agreement is made pursuant to the authority conferred by the Interlocal Cooperation Act, and an authorizing resolution of each of the Counties and Municipalities executing this Agreement, and, as provided in Paragraph 3, shall not be effective until approved by the Attorney General of Arkansas pursuant to the Interlocal Cooperation Act. 8. Fully executed copies of this Agreement shall be filed with the County Clerk of each County which executes this Agreement and with the County Clerk of each County in which is located a Municipality which executes this Agreement, and with the Secretary of State of Arkansas. 9. This Agreement may be executed one or more counterparts, each of which shall be deemed an original, and all of which shall be considered one and the same instrument. IN WITNESS WHEREOF, the Counties and the Municipalities have executed and delivered this Agreement as indicated. On 1981, by the City of Little Rock, Arkansas. ATTEST: City Clerk [TO BE EXECUTED AND DATED BY EACH OTHER MUNICIPALITY AND COUNTY LISTED ON SCHEDULE "A" WHICH ELECTS TO ENTER INTO THE AGREEMENT.] -5- 51 Schedule "A" to Form of Interlocal Cooperation Agreement COUNTIES: CITIES: Ashley Camden Baxter Conway Benton Fayetteville Clark Helena Garland Jacksonville Jefferson Jonesboro Mississippi Rogers Ouachita Sherwood Sebastian Springdale Union Texarkana Washington West Helena White West Memphis 52 :� ■� a a a a a a a a �a a a a 53 Section 2. That the Mayor is authorized and directed to execute and deliver the aforesaid Interlocal Cooperation Agreement for and on behalf of this City. Section 3. If any provision of this Ordinance or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect the other provisions or applications of this Ordinance which can be given effect without the invalid provision or application, and to this end the provisions of this Ordinance are declared to be severable. Section 4. All ordinances of the City, or parts thereof, in conflict with this Ordinance are hereby repealed to the extent of such conflict. Section 5. It is hereby found and determined that there is an immediate and urgent need for the providing of decent, safe and sanitary multifamily residential rental housing facilities, including those for persons of low and moderate income, in or near the City, and that the providing of financial assistance to persons engaged in the acquisition, construction, development, or renovation of such facilities and the execution and delivery of the Interlocal Cooperation Agreement as provided for in this Ordinance in furtherance thereof are necessary to preservation -7- of the public peace, health and safety. Therefore, an emergency is declared to exist, and this Ordinance shall be in full force and effect from and after its passage. PASSED: October 20 , 1981. ATTEST: City CIPFFV (SEAL) APPROVED: '--0 Z' '/" "e�� — Mayor 54