HomeMy WebLinkAbout2014-08-01-R Y
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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.
Section 4. All resolutions and parts thereof in conflict here with are hereby repealed
to the extent of such conflict.
Section 5. This Resolution shall be in force and effect imm&iately upon and after its
passage.
PASSED AND APPROVED THIS� ay of 2014.
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ATTEST:
City Cl k
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CERTIFICATE
The undersigned, City Clerk of the City of Batesville, Arkansas, hereby certifies that the
foregoing is a true and compared copy of a Resolution duly adopted by the City Council of the
City at its regular meeting place at 5:30 p.m. on the 1 _ day of , 2014.
City Clerk
(SEAL)
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