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HomeMy WebLinkAbout14444278 ORDINANCE NO. 14,444 AN ORDINANCE AUTHORIZING THE ISSUANCE OF HEALTH CARE REVENUE BONDS FOR THE PURPOSE OF PROVIDING PERMANENT FINANCING FOR MEDICAL FACILITIES; AUTHORIZING A TRUST INDENTURE SECURING THE BONDS; AUTHORIZING A LEASE AND AGREEMENT BETWEEN THE CITY OF LITTLE ROCK, ARKANSAS, AS LESSOR, AND J & M PROPERTIES, AS LESSEE; AUTHORIZING THE SALE OF THE BONDS; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the City of Little Rock, Arkansas (the "City "), is authorizing and empowered under the provisions of Act No. 175 of the Acts of Arkansas of 1961, as amended (the "Act "), to issue revenue bonds and to expend the proceeds thereof to finance the acquisition, construction and equipment of lands, buildinas or facilities which can be used for hospitals, nursing homes, rest homes or related facilities; and WHEREAS, it is proposed that the City provide permanent financing, through the issuance of revenue bonds under the Act, of the costs of acquiring, constructing and equipping certain medical facilities (the "Project "), and that the City lease the Project to J & M Properties, a general partnership organized and existing under the laws of the State of Arkansas (the "Company ") , as part of a medical facility to be operated by the Company (or its successors or assigns) at the City; and WHEREAS, pursuant to and in accordance with the provisions of the Act, the City is now prepared to proceed with financing the Project and to issue and sell $240,000 in principal amount of its Health Care Revenue Bonds - J & M Properties Project, Series 1983 (the "Bonds "), to provide such financing; and WHEREAS, copies of the hereinafter described Trust Indenture and Lease and Agreement have been presented to and are before this meeting; NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of the City of Little Rock, Arkansas: Section 1. That the issuance of the Bonds is hereby authorized. The Bonds shall be issued in the forms and denominations, shall be dated, shall be numbered, shall mature (over a period not to exceed forty (40) years), shall bear interest and shall be subject to redemption prior to maturity all upon the terms and conditons recommended by the Company and to be Do -9 C-9 279 set forth in the Trust Indenture (hereinafter authorized) securing the Bonds. Section 2. That the Bonds be sold to First American National Bank, North Little Rock, Arkansas (the "Purchaser "), for the purchase price of $240,000. Section 3. To prescribe the terms and conditions upon which the Bonds are to be executed, authenticated, issued, accepted, held and secured, the Mayor is hereby authorized and directed to execute and acknowledge a Trust Indenture by and between the City and the Purchaser which will act as Trustee thereunder, dated as of June 1, 1983 (the "Indenture "), and the City Clerk is hereby authorized and directed to execute and acknowledge the Indenture and to affix the seal of the City thereto, and the Mayor and City Clerk are hereby authorized and directed to cause the Indenture to be accepted, executed and acknowledged by the Trustee. The Indenture is hereby approved in substantially the form submitted to this meeting, and the Mayor is hereby authorized to confer with the Trustee, the Company and the Purchaser in order to complete the Indenture in substantially the form submitted to this meeting with such charges as shall be approved by such persons executing the document, their execution to constitute conclusive evidence of such approval. Section 4. That there be, and there is hereby authorized the execution and delivery of a Lease and Agreement by and between the City as Lessor, and the Company as Lessee (the "Lease Agreement "), and the Mayor and City Clerk be, and they are hereby, authorized to execute, acknowledge and deliver the Lease Agreement for and on behalf of the City. The Lease Agreement is hereby approved in substantially the form submitted to this meeting, and the Mayor is hereby authorized to confer with the Company, the Trustee and the Purchaser in order to complete the Lease Agreement in substantially the form submitted to this meeting with such changes as shall be approved by such persons executing the document, their execution to constitute conclusive evidence of such approval. Section 5. That the Mayor and City Clerk, for and on behalf of the City, be, and they are hereby, authorized and directed to do any and all 'things necessary to effect the execution and delivery of the Lease Agreement, the performance of all obligations of the City under the Lease Agreement, the execution and delivery of the Indenture, the performance of all obligations of the City under and pursuant to the Indenture, the issuance, execution, sale and delivery of the Bonds, and the performance of all acts of whatever nature necessary to effect and carry out the authority conferred by this Ordinance. That the Mayor and City Clerk be, and they are hereby, further authorized and directed, for and on behalf of the City, to execute all papers, documents, certificates and other instruments that may be required for the carrying out of such authority or to evidence the exercise thereof. Section 6. That the City is hereby involved with the acquiring, constructing and equipping of medical facilities, and pursuant to applicable laws of the State of Arkansas, including particularly the Act, competitive bidding is waived. Section 7. That the City Clerk is hereby authorized and directed to file in the office of the City Clerk, as a part of the minutes of the meeting at which this Ordinance is adopted, for inspection by any interested person a copy of the Indenture and Lease Agreement, and such documents shall be on file for inspection by any interested person. Section 8. That the law firm of Friday, Eldredge & Clark, Little Rock, Arkansas, be appointed to act as Bond Counsel on behalf of the City in connection with the issuance and sale of the Bonds. Section 9. That the provisions of this Ordinance are hereby declared to be separable, and if any section, phrase or provision shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases and provisions. Section 10. That all ordinances, resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 11. That there is hereby found and declared to be an immediate need for acquiring and completing the Project in order to provide adequate medical services for the inhabitants of the City and its environs, and the issuance of the Bonds authorized hereby and the taking of the other action authorized hereby are immediately necessary for the accomplishing of these public benefits and purposes. It is, therefore, declared that an emergency exists and this Ordinance being necessary for the immediate preservation of the public peace, health and safety shall be in force and effect immediately upon and after its passage. SI PASSED: May 17 ATTEST: City C1 Jane Czech (SEAL) 1 °83. APPROVED: s — - ;_ _ g7 i