1776r~
RESOLUTION NO. ~~ 7
A RESOLUTION AUTHORIZING THE ISSUANCE OF A
REVENUE BOND BY THE CITY OF WEST MEMPHIS,
ARKANSAS PUBLIC FACILITIES BOARD
WHEREAS, the City of West Memphis, Arkansas Public
Facilities Board (the "Board") proposes to issue its revenue bond
in the principal amount of not to exceed $2,000,000 (the "Bond"),
under the authority of Title 14, Chapter 137 of the Arkansas Code
of 1987 Annotated, for the purpose of financing an approximately
16,000 square foot mental health care and treatment facility to be
located at 905 North Seventh Street, West Memphis, Arkansas 72301;
and
WHEREAS, the initial owner and/or operator of the
property being financed will be Counseling Services of Eastern
Arkansas, Inc., an Arkansas nonprofit corporation (the "Borrower");
and
WHEREAS, the proceeds of the Bond will be loaned by the
Board to the Borrower for loan repayments sufficient to provide for
the payment of the principal of, premium, if any, and interest on
the Bond, as due; and
WHEREAS, the Board has presented to this meeting the
particulars of its proposal and has requested approval of the
issuance of the Bond pursuant to Section 147 (f) of the Internal
Revenue Code of 1986, as amended, and applicable provisions of
Arkansas law, particularly the Revenue Bond Act of 1987;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of West Memphis, Arkansas:
Section 1. The issuance of the Bond by the Board is
hereby authorized and is in all respects approved.
Section 2. This Resolution shall be effective
immediately upon its passage.
PASSED: December 18, 2003.
APPROVED:
ATTEST: )
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"' ~ / Mayo
~ity Clerk
(SEAL) ... ~ A~CEIi
pa by Clerk's Offer
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MINUTES OF PUBLIC HEARING
The City Council of the City of West Memphis, Arkansas, met in
the usual meeting place of the Council in City Hall, 205 South
Redding, West Memphis, Arkansas 72301, at 1:30 o~clock p.m., on the
18th day of December, 2003, for the purpose of holding a public
hearing. The following were present: Mayor William Johnson, E-~
~e~~~ ~-'"'r """, and Council Members l~A~-~ T+'bMAS JAMt.S HaL?
S MES v~,t.IAuirY~ C(„~ NcE vtS ARCO ImcG ~L PITON ~
Absent : NeRMAN Cot.~l'(~PW~ RArMoNR1- T~yt,o+R co~R~~~c RaBt ~o~
The meeting was open to the public. The time of the meeting
and the room in which the meeting was held provided a reasonable
opportunity for persons of differing views to appear and be heard.
Mayor Johnson announced that on application of Counseling
Services of Eastern Arkansas, Inc. and pursuant to applicable
provisions of Arkansas law and Section 147 (f) of the Internal
Revenue Code of 1986, as amended, the City Clerk had caused the
publication of a notice of public hearing on December 4, 2003, in
the Evening Times, a newspaper having general circulation in the
City of West Memphis, Arkansas.
Mayor Johnson having a quorum announced the commencement of a
public hearing pursuant to the notice. The following person(s)
appeared and asked to be heard with respect to the issuance by the
City of West Memphis, Arkansas Public Facilities Board of its
revenue bonds in the aggregate principal amount of not to exceed
$2,000,000:
None
Mayor Johnson declared the public hearing closed.
GIVEN under my hand and the seal of the City of West Memphis,
Arkansas this 18th day of December, 2003.
_ ~
~~ ~ City Clerk
(SEAL) ~"
CERTIFICATE
The undersigned, City Clerk of the City of West Memphis,
Arkansas, hereby certifies that the foregoing is a true copy of a
Resolution duly passed at a regular session of the City Council of
the City of West Memphis, Arkansas, held at the regular meeting
place of the City Council at 1:30 o'clock p.m,, on the 18th day of
December, 2003. The Resolution appears in the official minutes of
the meeting which are in my custody.
I further certify that at the time of the meeting the
duly elected qualified and serving members of the City Council and
their respective votes on the adoption of the Resolution were as
follows:
Council Members
Herman Coleman
Harold Thomas
James Holt
Ramona Taylor
James Pulliaum
Clarence Davis
Lorraine Robinson
Marco McClendon
Al Fenton
Gheric Bruce
Vote
_(Ave, Nay Abstain or Absent)
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A-Y E
A-YE
A-YE
CERTIFIED this ~$ day of December, 2003.
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City Clerk
(SEAL )