2011-05-01-R - Laserfiche WebLink

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RESOLUTION NO. o5 Q/--e 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, Wood-Lawn, Inc., an Arkansas nonprofit corporation (the "Corporation"), owns and operates a 121 skilled bed nursing facility located at 2901 Neeley Street in the City and the Corporation proposes to construct and equip a replacement facility, consisting of approximately 85,000 square feet and approximately 140 beds, at 2800 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 not to exceed $14,000,000 in aggregate principal amount of revenue bonds (the "Bonds") to finance the Project; and WHEREAS, a public hearing on the question of the issuance of the Bonds has been held before the City Council 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 April 22, 2011; 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 Board will issue $9,000,000 in principal amount of the Bonds in 2011 and the balance (maximum principal amount of $5,000,000) in 2012; and WHEREAS, the City Council understands that the Bonds will be treated as having been issued by the City for the purpose of determining whether and to what extent any bonds issued by the City during calendar years 2011 and 2012 may be designated as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended;