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ORDINANCE 16,199
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3 AN ORDINANCE APPROVING THE ISSUANCE BY THE CITY OF 225
4 LITTLE ROCK, ARKANSAS RESIDENTIAL HOUSING AND
5 PUBLIC FACILITIES BOARD OF NOT TO EXCEED $1,500,000
6 PRINCIPAL AMOUNT OF CAPITAL IMPROVEMENT REVENUE
7 BONDS; DECLARING AN EMERGENCY; AND FOR OTHER
8 PURPOSES.
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10 WHEREAS, the City of Little Rock, Arkansas Residential Housing and Public Facilities
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Board (the "Facilities Board "), at the request of the City of Little Rock, Arkansas (the "City "),
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13 proposes to issue capital improvement revenue bonds (the "Bonds ") in an amount not to exceed
14 $1,500,000 for the purpose of providing funds for capital improvement facilities projects of the City;
15 and
16 WHEREAS, pursuant to the provisions of the Revenue Bond Act of 1987, Ark. Code Ann.
17 Sections 19 -9 -601 to 607, inclusive (Supp. 1991) (the "Code "), it is required that the issuance of the
18 Bonds be approved by the Board of Directors; and
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20 WHEREAS, the Facilities Board desires to issue the Bonds as soon as approval is given by
21 the City's Board of Directors; and
22 WHEREAS, pursuant to the Code, a public hearing was held before the Board of Directors
23 on April 7, 1992, regarding the issuance of the Bonds following publication of notice of the public
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hearing in the Arkansas Democrat/Gazette on March 20, 1992; and
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26 WHEREAS, the Board of Directors has determined that the issuance of the Bonds will serve
27 proper public purposes;
28 NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY
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OF LITTLE ROCK, ARKANSAS: that;
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31 SECTION 1. That the issuance by the Facilities Board of not to exceed $1,500,000 principal
32 amount of its capital improvement revenue bonds, in one or more series, as it shall determine, be
33 and the same is hereby approved within the meaning of the Code. The Facilities Board shall
34 proceed in the manner deemed proper by it to accomplish the issuance of the Bonds on such terms
35 and conditions as the Facilities Board shall determine and as permitted by the laws of the State of
36 Arkansas and the ordinances of the City applicable to the Facilities Board.
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SECTION 2. This O•nance is adopted solely for the purpose of complying with the 226
provisions of the Code and, by the adoption of this Ordinance, the City of Little Rock, Arkansas,
has not assumed any direct or indirect financial responsibility for the payment of the Bonds.
SECTION 3. It is hereby ascertained and declared that the issuance of the Bonds above
must be accomplished as soon as possible in order to provide for the financing of certain capital
improvement facilities to alleviate immediate hazards to the health, safety, and welfare of the City
of Little Rock, its inhabitants, and their property, and that this can be accomplished only by the
issuance of the Bonds. 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 take effect and
be in force from and after its passage.
PASSED: April 7, 1992
ATTEST:
ROBBIE HANCOCK, CITY CLERK
APPROVED AS TO FORM:
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THOMAS M. CARPENTEWCITY ATTORNEY
4A41-�-L' a;&
SHARON PRIEST, MAYOR