2014-08-01-R - Laserfiche WebLink

Home Browse Search

Y 7 t RESOLUTION NO. 01 —A" A RESOLUTION AUTHORIZING THE ISSUANCE OF RE ENUE 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 00,ober 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, Wood-Lawn, Inc., an Arkansas nonprofit corporation (the "Corporation"), proposes to construct and equip an assisted living facility, consisting f approximately 31,380 square feet and approximately 47 beds, at 2901 Neeley Street in the City the "Project"); and WHEREAS, the Project will be owned and operated by the Corporation; and WHEREAS, the Board proposes to issue its Revenue Bonds (Wood-Lawn Project), Series 2014 in a principal amount of not to exceed $4,000,000 (the 'Bonds") to finance the Project; and WHEREAS, a public hearing on the question of the issuance of I he Bonds has been held before the City Council on this day following the publication of a noti of such hearing in the Batesville Daily Guard, a newspaper of general circulation within the C' , on July 23, 2014; and WHEREAS, the City Council has determined that the public) purposes for which the Bonds are to be issued serve a proper need; and WHEREAS, the City Council understands that the Bonds will bc treated as having been issued by the City for the purpose of determining whether and to what -.xtent any bonds issued by the City during calendar year 2014 may be designated as "qualified ax-exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended; 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 as bereinabove described to finance the Project is hereby authorized and is in all respects approved. Section 2. That by adopting this Resolution the City assumes no liability or responsibility for the repayment of the Bonds. Section 3. That the provisions of this Resolution are hereby eclared to be separable, and if any section, phrase or provision shall for any reason be declarec. illegal or invalid, such declaration shall not affect the validity of the remainder of this Resolution.