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RESOLUTION NO. C' <br /> A RESOLUTION APPROVING THE ISSUANCE OF REFUNDING <br /> REVENUE BONDS, SERIES 1990, BY THE INDEPENDENCE <br /> COUNTY, ARKANSAS PUBLIC HEALTH AND EDUCATION <br /> FACILITIES BOARD; AND PRESCRIBING OTHER MATTERS <br /> RELATING THERETO. <br /> WHEREAS, a public hearing has been held before the City <br /> Council of the City of Batesville, Arkansas (the "City" ) , on <br /> this date regarding the issuance of Refunding Revenue Bonds <br /> (Arkansas College Project) , Series 1990, in principal amount not <br /> to exceed $2, 600, 000 (the "Bonds " ) , by the Independence County, <br /> Arkansas Public Health and Education Facilities Board (the <br /> "Board" ) following the publication of notice of the public <br /> hearing (which notice contained a general description of the <br /> purpose or purposes for which the Bonds are to be issued, the <br /> principal amount thereof, and the date, time, and place of such <br /> public hearing) in the Batesville Guard, a newspaper of <br /> general circulation in the City, on July 30, 1990; and <br /> WHEREAS, the City Council of the City has determined that <br /> the public purposes for which the Bonds are to be issued serve a <br /> proper need; <br /> NOW, THEREFORE, be it resolved by the City Council of the <br /> City of Batesville, Arkansas : <br /> Section 1 . That the issuance of the Bonds by the Board in <br /> principal amount not to exceed $2 ,600,000 for the purpose of <br /> refunding the Board ' s Capital Improvement Revenue Bonds <br /> (Arkansas College Project) , Series 1985 (the "Series 1985 <br /> Bonds" ) , originally issued for the purpose of financing capital <br /> improvements at Arkansas College, an independent four-year <br /> college located at 2300 Highland Road in the City, is hereby <br /> authorized within the meaning of Section 147 ( f) of the Internal <br /> Revenue Code of 1986 , as amended. <br /> Section 2 . That this Resolution is adopted solely for the <br /> purpose of complying with the provisions of the Internal Revenue <br /> Code and that by the adoption of this Resolution, the City has <br /> not assumed any direct or indirect financial responsibility for <br /> the payment of the Bonds . <br /> Section 3 . That this Resolution shall be in full force and <br /> effect from and after its adoption. <br /> • <br />