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HomeMy WebLinkAbout15361473 ORDINANCE NO. 15,3G1 AN ORDINANCE AUTHORIZING THE ISSUANCE OF REVENUE BONDS FOR THE PURPOSE OF PROVIDING FINANCING FOR THE EXPANSION AND RENOVATION OF FACILITIES OF THE PULASKI COUNTY CHAPTER OF THE AMERICAN NATIONAL RED CROSS; AUTHORIZING A LOAN AGREEMENT BETWEEN THE CITY OF LITTLE ROCK, ARKANSAS AND THE PULASKI COUNTY CHAPTER OF THE AMERICAN NATIONAL RED CROSS; 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 authorized and empowered under the the Constitution and laws of the State of Arkansas, including Act No. 974 of 1985, as amended (the "Act "), to issue revenue bonds and to expend the proceeds thereof to finance the acquisition, construction and installation of facilities which constitute "capital improvements" as defined in the Act; and WHEREAS, the Pulaski County Chapter of The American National Red Cross (the "Chapter ") has requested that the City issue its revenue bonds and make the proceeds thereof available to defray the cost of the Project described below, and the Project constitutes "capital improvements" within the meaning of the Act ( the "Project ") ; and WHEREAS, the Project consists of the construction and equipping of an expansion, of approximately 30,000 square feet, of the existing facilities of the Chapter and the renovation of the existing facilities of the Chapter, including blood service facilities (which include blood center, laboratory, distribution and warehousing facilities) and Chapter headquarters facilities (which include facilities for disaster relief, safety and nursing and health services, and services to military families and veterans) and related administrative and support facilities, all of which are located in the City at 402 South Monroe Street; and WHEREAS, the aggregate principal amount of bonds to be issued with respect to the project will be $2,500,000; and WHEREAS, pursuant to and in accordance with the provisions of the Act, the City is now prepared to proceed with the issuance and sale of $2,500,000 in principal amount of its Variable Rate Convertible Revenue Bonds (American National Red Cross Project) (the "Bonds "), to provide such financing; and ® • WHEREAS, copies of the hereinafter described Loan Agreement have been presented to and are before the meeting at which this Ordinance is considered; 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, and shall be subject to redemption prior to maturity all upon the terms and conditions to be set forth in the Loan Agreement (hereinafter authorized) securing the Bonds. The Bonds shall bear interest at the rates per annum and shall mature as set forth in the Loan Agreement. Section 2. That the Bonds be sold to a purchaser recommended by Cain Brothers, Shattuck & Company, New York, New York, which is the placement agent selected by The American National Red Cross, for the purchase price of 100% of par. Section 3. That to prescribe the terms and conditions upon which the Bonds are to be executed, issued, accepted, held and secured, the Mayor is hereby authorized and directed to execute a Loan Agreement between the City and the Chapter, acting on behalf of The American National Red Cross (the "Agreement "), and the City Clerk is hereby authorized and directed to execute the Agreement and to affix the seal of the City thereto, and the Mayor and City Clerk are hereby authorized and directed to cause the Agreement to be accepted and executed. The Agreement is hereby approved in substantially the form submitted to this meeting, and the Mayor is hereby authorized to complete the Agreement in substantially the form submitted to this meeting with such changes as shall be approved by the persons executing the document, their execution to constitute conclusive evidence of such approval. Section 4. That the rights and interests of the City under the Agreement_ are conveyed to the holders of the Bonds, and the holders of the Bonds are the beneficiaries thereof and are entitled to exercise and enjoy such rights and interests as set forth in the Agreement. The provisions of this Section constitute a contract with the holders of the Bonds. 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 Agreement, the performance of any obligations of the City under the Agreement, the issuance, execution, sale and delivery of the Bonds, and _the performance 474 M M M M 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 agreements, 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 Project and the Bonds are an exceptional situation, in which the City has no responsibility for the construction and equipping of the Project or the costs of issuance of the Bonds, and, therefore, pursuant to applicable laws of the State of Arkansas, including Act No. 99 of 1921, as amended, competitive bidding is hereby 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 Agreement and such document shall be on file for inspection by any interested person. Section 8. That the law firm of Friday, Eldredge & Clark, Little Rock, Arkansas, is 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 the Project, in order that the Chapter may perform needed services to the public, which services benefit the public health, safety and welfare of the City and the inhabitants thereof, 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. 475 • 47G PASSED: October 6 , 1987. APPROVED: ATTEST: L / Assistant avor F. G. Villines City lerk Ja( Czech (SEAL)