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HomeMy WebLinkAbout2011-05-01-R 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; 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 hereinabove described to finance the Project is hereby authorized and is in all respects approved. Section 2. That by the adopting of 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 declared to be separable, and if any section, phrase or provision shall for any reason be declared 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 herewith are hereby repealed to the extent of such conflict. Section 5. This Resolution shall be in force and effect immediately upon and after its passage. PASSED AND APPROVED THIS day of ) 2011. �r ayor ATTEST: City Clerk (W 2 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 o'clock p.m. on the 10th day of May, 2011. L(� V- _tnV-j1j City Clerk (SEAL) • • 3 RESOLUTION NO. 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; 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 hereinabove described to finance the Project is hereby authorized and is in all respects approved. Section 2. That by the adopting of 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 declared to be separable, and if any section, phrase or provision shall for any reason be declared 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 herewith are hereby repealed to the extent of such conflict. Section 5. This Resolution shall be in force and effect immediately upon and after its passage. PASSED AND APPROVED THIS 4day of , 2011. ATTEST: 011-- la-4j7ft C-�L Mjr�k- City Clerk 2 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 o'clock p.m. on the 10th day of May, 2011. L)LN City Clerk (SEAL) • • 3 RESOLUTION NO. 0 ) I-c)S-0 1—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; 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 hereinabove described to finance the Project is hereby authorized and is in all respects approved. Section 2. That by the adopting of 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 declared to be separable, and if any section, phrase or provision shall for any reason be declared 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 herewith are hereby repealed to the extent of such conflict. Section 5. This Resolution shall be in force and effect immediately upon and after its passage. PASSED AND APPROVED THIS /Oday of , 2011. ATTEST: 1 City Clerk I 2 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 o'clock p.m. on the 10th day of May, 2011. LO.J"aw--i :,on, oa-to4n- City Clerk (SEAL) 4L 3 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; NOW, THEREFORE,BE IT RESOLVED BY THE BOARD: SECTION 1. That when requested by the Corporation, it will authorize and take, or cause to be taken, the necessary steps to issue the Bonds in series from time to time under the Act in the aggregate principal amount of not to exceed $14,000,000 in order to finance the Project. It is expected that the first series of the Bonds will be issued in the principal amount of $9,000,000 in 2011 and the balance ($5,000,000 in maximum principal amount)will be issued in 2012. SECTION 2. That the Board will, at the proper times and subject in all respects to the recommendation and approval of the Corporation, adopt, or cause to be adopted, such proceedings and authorize the execution of such documents as may be necessary and advisable for the authorization, sale and issuance of the Bonds and the loan of the proceeds of the Bonds to the Corporation for those purposes. SECTION 3. That the Board will take or cause to be taken such other acts and adopt such further proceedings as may be required to implement the aforesaid undertakings or as it may deem appropriate in pursuance thereof. SECTION 4. That each series of Bonds will be designated by the Board as qualified tax- exempt obligations within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. SECTION 5. That this Resolution shall be in effect upon its adoption. ADOPTED this day of , 2011. Chairman ATTES v Secretary (SEAL) \r. 2 CERTIFICATE The undersigned, Secretary of the City of Batesville, Arkansas Public Facilities Board, hereby certifies that the foregoing pages are a true and perfect copy of a Resolution adopted at a meeting of the Board at 12:00 o'clock p.m. on the 27th day of April, 2011, and that the Resolution is a part of the records now in my possession. GIVEN under by hand on this�day of April, 2011. cret (SEAL) 3 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; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD: SECTION 1. That when requested by the Corporation, it will authorize and take, or cause to be taken, the necessary steps to issue the Bonds in series from time to time under the Act in the aggregate principal amount of not to exceed $14,000,000 in order to finance the Project. It is expected that the first series of the Bonds will be issued in the principal amount of $9,000,000 in 2011 and the balance ($5,000,000 in maximum principal amount)will be issued in 2012. SECTION 2. That the Board will, at the proper times and subject in all respects to the recommendation and approval of the Corporation, adopt, or cause to be adopted, such proceedings and authorize the execution of such documents as may be necessary and advisable for the authorization, sale and issuance of the Bonds and the loan of the proceeds of the Bonds to the Corporation for those purposes. SECTION 3. That the Board will take or cause to be taken such other acts and adopt such further proceedings as may be required to implement the aforesaid undertakings or as it may deem appropriate in pursuance thereof. SECTION 4. That each series of Bonds will be designated by the Board as qualified tax- exempt obligations within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. SECTION 5. That this Resolution shall be in effect upon its adoption. ADOPTED this day of , 2011. Chairman ATTEST etary (SEAL) 2 CERTIFICATE The undersigned, Secretary of the City of Batesville, Arkansas Public Facilities Board, hereby certifies that the foregoing pages are a true and perfect copy of a Resolution adopted at a meeting of the Board at 12:00 o'clock p.m. on the 27th day of April, 2011, and that the Resolution is a part of the records now in my possession. GIVEN under by hand on this day of ApFfir 2011. ret (SEAL) i 3 E