2011-05-01-R - Laserfiche WebLink

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RESOLUTION A RESOLUTION COMMITTING THE CITY OF BATEVILLE, ARKANSAS PUBLIC FACILITIES BOARD TO ISSUE REVENUE BONDS TO FINANCE HEALTH CARE FACILITIES FOR WOOD-LAWN, INC.; AND PRESCRIBING OTHER MATTERS RELATING THERETO. WHEREAS, pursuant to the Constitution and laws of the State of Arkansas, particularly Title 14, Chapter 137 of the Arkansas Code of 1987 Annotated (the "Act"), the City of Batesville, Arkansas Public Facilities Board (the "Board") has been created by Ordinance No. 2003-10-1 of the City of Batesville, Arkansas (the "City"), passed October 14, 2003 (the "Authorizing Ordinance"), for the public purpose of assisting in the financing of facilities within the City identified in the Act, including particularly, without limitation,health care facilities; and WHEREAS, the Board is authorized pursuant to the provisions of the Act and the Authorizing Ordinance to accomplish, finance, refinance, contract concerning, and otherwise dispose of and deal with "health care facilities" (as defined in the Act but including particularly nursing home and long-term care facilities), and to issue bonds from time to time and to use the proceeds to accomplish the purposes for which the Board has been created; and WHEREAS, Wood-Lawn, Inc., an Arkansas non-profit corporation (the "Corporation"), owns and operates a 121 skilled bed nursing facility located at 2901 Neeley Street in the City and has evidenced interest in financing the construction and equipping of an approximately 140 skilled bed nursing facility consisting of approximately 85,000 square feet to be located at 2800 Neeley Street in the City(the"Project"), to replace the existing facility; and WHEREAS, the Board desires to assist the Corporation in the financing of the Project; and WHEREAS, the Corporation has determined that it must obtain a commitment from the Board that it will issue bonds as the Corporation and the Board, upon advice of counsel, shall deem appropriate (the"Bonds") and make the proceeds available for the financing of the Project and to pay costs incurred in connection therewith; and WHEREAS, the Board is willing to make the requested commitment and finds that the issuance of the Bonds and the accomplishment of the Project are in the best interest of the City and its residents;