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HomeMy WebLinkAbout14633M ORDINANCE NO. 14,633 AN ORDINANCE AMENDING ORDINANCE NO. 13,700, ADOPTED AND APPROVED AUGUST 7, 1979; AUTHORIZING THE CITY OF LITTLE ROCK, ARKANSAS HEALTH FACILITIES BOARD (BAPTIST MEDICAL CENTER) TO FINANCE FACILITIES FOR THE HOUSING OF ELDERLY PERSONS; PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the City of Little Rock, Arkansas (the "City ") has, by Ordinance No. 13,700, adopted and approved August 7, 1979 ( "Ordinance No. 13,700 ") created the City of Little Rock, Arkansas Health Facilities Board (Baptist Medical Center), pursuant to the Constitution and laws of the State of Arkansas, including in particular, Act No. 142 of 1975, as amended, for the purpose of financing certain health care facilities; and WHEREAS, there exists a need, in the City and in the State of Arkansas for housing facilities designed and intended to serve the needs of elderly persons, and the Board is an appropriate means for serving that need; and WHEREAS, it is appropriate, and in the interest of the residents of the City and of the State of Arkansas, that the Board be authorized to finance and assist in the financing of the development of the facilities for the housing and related needs of elderly persons in the case of projects owned or operated by, or sponsored and supported by, Baptist Medical System, an Arkansas nonprofit corporation, which is successor to Baptist Medical Center System, an Arkansas nonprofit corporation, referred to in Ordinance No. 13,700; NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of the City of Little Rock, Arkansas: Section 1. Ordinance No. 13,700 is hereby amended by striking therefrom the second sentence of Section 1(b). Section 2. Ordinance No. 13,700 is hereby amended by striking subsections (d) and (e) of Section 1 thereof and inserting, in lieu thereof, the following: (d) The City is authorized by the provisions of the Act to provide for the financing of healthcare facilities and of facilities for the housing of elderly persons through the creation of a public 101 0-// JJ -9 108 i facilities board and the issuance of revenue bonds by such public facilities board. (e) It is in the best interest of the City and its citizens and residents that there be created a public facilities board under the Act for the purpose of accomplishing, financing, contracting concerning and otherwise dealing in and with healthcare facilities and facilities for the housing of elderly persons (referred to collectively herein as "Facilities "), to be owned by or operated by, or to be sponsored or supported by, Baptist Medical Center, including the refinancing of all or any part of existing debt. Section 3. Section 2 of Ordinance No. 13,700 is hereby amended to read as follows: Section 2. Creation of Board. Pursuant to the authority of the Act, there is hereby created and established the "City of Little Rock, Arkansas Health Facilities Board (Baptist Medical Center)" (the "Board ") with the authority, as hereinafter provided, to accomplish, finance, contract concerning and otherwise deal in and with Facilities, as hereinafter defined, to be owned or operated by, or to be supported or sponsored by Baptist Medical Center, including the refinancing of all or any part of existing debt. As used in this Ordinance, the following terms shall have the meanings set forth below: "Facilities" shall mean healthcare facilities, as defined in the Act, or residential housing facilities for elderly persons, and facilities related or incidental thereto. "Baptist Medical Center" shall mean Baptist Medical Center System, an Arkansas nonprofit corporation, or any successor thereto, including particularly Baptist Medical System, an Arkansas nonprofit corporation. "Subsequent Project" shall mean additional facilities that may be required in the future in order that the healthcare and elderly housing needs of the citizens and residents of the State of Arkansas may be adequately served. Section 4. Section 4 of Ordinance No. 13,700 is hereby amended to read as follows: 0 9 109 Section 4. Powers. The Board is empowered, from time to time, to own, acquire, construct, reconstruct, extend, equip, improve, lease, sell, contract concerning or otherwise deal in or dispose of Facilities, including loans with respect thereto (including specifically the proposed improvements and subsequent projects, as hereinabove defined). However, the authority of the Board shall be limited to such Facilities as are sold, leased or mortgaged to Baptist Medical Center or are otherwise dealt in, disposed of or concerning which a loan is made to Baptist Medical Center, or which are otherwise supported or sponsored in some way by Baptist Medical Center. The Board shall have all the powers provided for in the Act, subject to the limitations of this Ordinance, and shall carry out its duties in accordance with the Act. Section 5. Section 5 of Ordinance No. 13,700 is hereby amended to read as follows: Section 5. Issuance of Bonds. The Board is authorized to issue revenue bonds, from time to time, and to use the proceeds, either alone or together with other available funds and revenues, to accomplish the purposes for which the Board is created. Such revenue bonds shall be obligations only of the Board and shall not constitute an indebtedness for which the faith and credit of the City or any of its revenues are pledged, and the principal of and interest on the Bonds shall be payable from and secured by a pledge of revenues derived from the Facilities financed, in whole or in part, by the Bonds or any debt previously incurred and refinanced by the Bonds, as authorized by and in accordance with the provisions of the Act, together with such other collateral as may be properly pledged. Each bond issue for a Subsequent Project must be approved by the Board of Directors of the City prior to delivery of such bonds to the purchaser or purchasers thereof. Section 6. The provisions of this Ordinance are declared to be severable. Should any provision of this Ordinance be held to be invalid or to be inapplicable to any person or circumstance, such holding shall not affect the validity and applicability of the remainder of this Ordinance. Section 7. All ordinances and resolutions of the City in conflict with this Ordinance are hereby repealed to the extent of such conflict. 0 0 110 Section 8. It has been found and it is hereby declared that there is an immediate need for facilities to serve the housing needs of elderly persons in the City and the surrounding area and that powers and authorities made available by this Ordinance provide a means for the serving of that need. Therefore, an emergency is declared to exist, and this Ordinance, being necessary for the preservation of the public peace, health and safety shall be in force upon its passage and approval. PASSED: April 3 , 1984. APPROVED: ATTEST: / By / �- ayor J. W. Bena iel City C1 Jane Czech (SEAL)