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1017~ ~ ~ ; ~ r' '• ~ • ` ORDINANCE NO. ~ (~ AN ORDINANCE AUTHORIZING THE CITY OF WEST 24E2+IPHIS, ARKANSAS RESIDENTIAL HOUSING FACILITIES BOARD TO ISSUE ADDITIOt7AL REVI'sNU1; BONDS; AMENDING ORDINANCE N0. 951, PASSED AND APPROVED ON TiiE 19TH DAY OF OCTOBER, 1978, PERTAINING TO TiiE CREATION OF SUCH HOARD, FOR SUCH PURPOSE; • AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DELCARING AN EMERGENCY. WHEREAS, the City of West Memphis, Arl:ansas (the "City") adopted Ordinance No. 951, passed and approved on the 19th day of October, 1978 ("Ordinance No. 951"), which created and established the City of West Memphis, Arkansas Residential Housing Facilities Board (the "Board"), pursuant to the provisions of Act No. 142 of the Acts of Arkansas of 1975, as amended (the "Act")t and WHEREAS, Ordinance No. 951 authorizes the Board to issue revenue bonds, from time to time, and to use the fir' proceeds either alone or together with other available funds and revenues, to accomplish the purposes for which the Board was created as the same relates to the providing of decent, safe and sanitary residential housing facilities; and WHEREAS, Ordinance No. 951 places a limit on the Board's initial program by limiting the Board to issue and sell its revenue bonds one time only, and in addition limits the aggregate principal amount of revenue bonds of the. Board outstanding at any one time to $25,000,000; and WHEREAS, pursuant to Ordinance No. 951 and the Act, the Board has heretofore issued its Single Family Mortgage Revenue Bonds, 1979 Series A, in the total principal amount of $16,500,000 (the "1979 Series A Bonds"); and ~7EC~~iYE.D CITY ClERK'1i 1)FrICE ~'i ! ~. 0 ~,-/PTT-_ ~• _^ . i WHEREAS, it has been determined that the Board should be authorized to issue and sell additional revenue bonds in an aggregate principal amount not to exceed $25,000,000 for the purpose of engaging in a sinyle family residential mortgage purchase program; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of West 2lemphis, Arkansas Section Y. That the City Council of the City hereby confirms and continues the findings made by the City Council in Section 1 of Ordinance No. 951.. ~~ Section 2. That the Board be, and it is hereby, authorized and empowered to issue and sell additional revenue bonds under the provisions of the Act and Ordinance No. 951, as amended and supplemented hereby, one time only in an aggregate principal amount not to exceed $25,000,000, for the purpose of engaging in a single family (one to four dwelling units, at least one of which of the one to four dwelling units is owner-occupied) residential mortgage purchase program. The previous issuance by the Board of the 1979 Series A Bonds is hereby ratified and confirmed in all respects. Section 3. That Section 5 of Ordinance No. 951 is hereby amended to read as follows: "Section 5. Issuance of Bonds. Subject to the provisions of Sect on o t is Or inance, the Board is .authorized to issue revenue bonds, from time to time, and to use the proceeds either alone or together with other available funds and revenues, to accomplish the purposes for which the Board is created as the same relates to the providing of decent, safe and sanitary residential housing facilities. Such revenue bonds shall be obligations only of the Board and shall not constitute an indebtedness for which the faith and credit of the City or any of its revenues are pledged, and the principal and interest on the bonds shall be payable from and secured by a pledge of revenues derived from residential housing facilities financed, in whole or in part, from bond proceeds and as authorized by, and in accordance with the provisions of :• .• w the Act and as the Board in its discretion may determine. Any net earnings of the Board, hcyond that necessary for retirement of the indebtedness or to implement any public facilities project, shall not inure the benefit of any person other than to the City of West Memphis, Arkansas." Section 4. That if any provision of this Ordinance or the application thereof to arty person or circumstance is held invalid, such invalidity shall not affect the other provisions or applications of this Ordinance which can be given effect without the invalid provision or application, and to this end the provisions of this Ordinance are declared to be severable. Section 5. That Ordinance tJo. 951, as amended and supplemented hereby, is continued in full force and effect. All other ordinances of the City, or parts thereof, in conflict with this Ordinance are hereby repealed to the extent of such conflict. Section G. That it is hereby found and determined that there is an immediate and urgent need for the providing + of decent, safe and sanitary housing for persons of low and moderate income in or near the City and the providing of financial assistance to such persons, and that the issuance of the revenue bonds authorized hereby and the taking of the other action authorized hereby are immediately necessary for the accomplishing of these public benefits and purposes. Therefore, an emergency is declared to exist and this Ordinance being necessary for the immediate preservation of the public peace, health and safety shall be in full force and effect immediately upon and after its passage. ~/ . PASSED: ~U~ j ~ , 1980. APPROVED: ATTEST : C~~~ Joyce T. er son Ci Mayor (SEAL)