1994-07-02-R - Laserfiche WebLink

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RESOLUTION NO. • A RESOLUTION APPROVING THE ISSUANCE OF REVENUE BONDS,SERIES 1994,BY THE INDEPENDENCE COUNTY, ARKANSAS PUBLIC HEALTH, EDUCATION AND HOUSING FACILITIES BOARD; AND PRESCRIBING OTHER MATTERS RELATING THERETO. WHEREAS, a public hearing has been held before the City Council of the City of Batesville, Arkansas (the "City"), on this date regarding the issuance of Refunding and Capital Improvement Revenue Bonds (Lyon College Project), Series 1994, in principal amount not to exceed $6,000,000 (the 'Bonds"), by the Independence County, Arkansas Public Health, Education and Housing Facilities Board (the 'Board") following the publication of notice of the public hearing(which notice contained a general description of the purpose or purposes for which the Bonds are to be issued, the principal amount thereof, and the date, time, and place of such public hearing) in the Batesville Guard, a newspaper of general circulation in the City, on July 11, 1994; and WHEREAS, the City Council of the City has determined that the public purposes for which the Bonds are to be issued serve a proper need; 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 in principal amount not to exceed $6,000,000 for the purposes of refunding existing indebtedness and financing capital improvements at Lyon College, formerly known as Arkansas College, an independent four-year college located at 2300 Highland Road in the City, is hereby authorized within the meaning of Section 147(f) of the Internal Revenue Code of 1986, as amended and the Revenue Bond Act of 1987 [Arkansas Code Annotated Sections 19-9-601 to -607 (1994)]. Section 2. That this Resolution is adopted solely for the purpose of complying with the provisions of the Internal Revenue Code and that by the adoption of this Resolution, the City has not assumed any direct or indirect financial responsibility for the payment of the Bonds. Section 3. That this Resolution shall be in full force and effect from and after its adoption. Section 4. That the provisions of this Resolution are hereby declared to be separable and if any provisions shall for any reason be held illegal or invalid, such holdings shall not affect the validity of the remainder of this Resolution. Passed and approved this 26th day of July, 1 3,� Mayor ATTEST: City Clerk (SEAL)