2020-03-01-R - Laserfiche WebLink

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RESOLUTION NO. A RESOLUTION AUTHORIZING THE ISSUANCE OF REVENUE BONDS BY THE CITY OF BATESVILLE, ARKANSAS PUBLIC FACILITIES BOARD; AND PRESCRIBING OTHER MATTERS RELATING THERETO, WHEREAS, pursuant to Ordinance No. 2003-10-1 adopted October 14, 2003, the City Council of the City of Batesville, Arkansas (the "City"), created the City of Batesville, Arkansas Public Facilities Board(the "Board"); and WHEREAS, the Board currently proposes to issue not to exceed $42,000,000 of its Hospital Revenue Bonds(White River Health System,Inc.),Refunding Series 2020(the "Bonds") and to loan the proceeds of the Bonds to White River Health System, Inc., an Arkansas nonprofit corporation (the "Corporation") for the purpose of (i) refunding the Independence County, Arkansas Public Health, Education and Housing Facilities Board Capital Improvement Revenue Bonds (White River Health System, Inc, Project), Series 2011 (the ""Series 2011 Bonds") (which financed improvements to White River Medical Center), (ii) refunding the Board's Refunding Revenue Bonds(White River Health System, Inc. Project), Series 2013 (the "Series 2013 Bonds") (which refinanced improvements to White River Medical Center), and (iii) providing permanent financing for the acquisition and construction of improvements -(the "UAMS Buildings Improvements") to the health care facilities located in two adjacent buildings at 1993 Harrison Street in the City(collectively,the "UAMS Buildings")(which UAMS Buildings are leased by the Corporation and subleased by the Corporation to the University of Arkansas for Medical Sciences), by retiring indebtedness incurred by the Corporation to finance the UAMS Buildings Improvements; and WHEREAS, a public hearing on the question of the issuance of the Bonds has been held before the Mayor of the City on this day following the publication of a notice of such hearing in the Batesville Daily Guard, a newspaper of general circulation within the City, on March 3,2020; and WHEREAS, the City Council of the City has determined that the purposes for which the Bonds are to be issued serve a proper public need and puTose; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Batesville, Arkansas: Section 1. That the issuance of the Bonds by the Board to refund the Series 2011 Bonds and the Series 2013 Bonds and to provide permanent financing of the UAMS Buildings Improvements is hereby authorized and is in all respects approved. Section 2. That by the adopting of this Resolution, the City assumes no liability or responsibility for the repayment of the Bonds. The Bonds are not a debt of or pledge of the credit of the City, and the City is not obligated to pay debt service on the Bonds.