0925• T
t
' _ . ~' ~ .~
RESOLUTION N0.
A RESOLUTION APPROVING THE ISSUANCE OF TOURISM REVENUE
BONDS UNDER ACT NO. 380 OP' 1971, AS AMENDED, AS
AUTHORIZED BY ORDINANCE NU. 1.120 ADOPTED JANUARY 20,
1983.
WHEREAS, the City of West Memphis, Arkansas (the "City") is
authorized by Act No. 38G of the Acts of Arkansas of the year
y 1971, as amended ("Act No. 380"), to issue revenue bonds and to
expend the proceeds thereof to finance the acquisition,
construction and equipping of facilities to secure and. develop
~,,, tourism, and to incur other costs and expenses and make other
expenditures incidental to and for the implementing and
accon;plishing of such purposes; and
WHEREAS, the necessary arrangements have been made with
Heath & House Construction Company, Inc. ("Developer") for a
substantial tourism project consisting of the acquisition,
construction and equipping of hotel facilities which will be
utilized for attracting tourists to remain overnight in the
City, by providing attractive lodging accomodati.ons to be
located near existing tourist facilities and attractions in the
City, along with such other related and lav,~ful activities as
Developer shall elect (the "Project"); and
WHEREAS, the City by Resolution No. 908, adopted
December 16, 1982, authorized the execution of a Memorandum of
Intent between the City and the Developer relating to the
building of the Project and the issuance of tourism revenue
bonds to finance the same; and
WHEREA.5, the City, by Ordinance No. 11.20, adopted
January 2G, 1983, authorized the issuance of tourism revenue
~, bonds under provisions of Act D1o. 38G in the principal amount
of Three Million Dollars ($3,OG0,000) (the "Bonds") to finance
the costs of issuance of the Bonds and to provide permanent
financing for a portion of the Project; and
WHEREAS, pursuant to Section 103(k) of the Internal Revenue
Cone of 1954, as amended, the issuance cf the Bonds must be
approved by elected city officials subsequent to a public
hearing following reasonable notice; and
WHEREAS, Notice of a public hearing on the question of the
issuance of the Bonds (the "Hearing") was published in the
Evening Times, a newspaper of general circulation in the City
of West Niemphis, Arkansas, on Niarch 2., 1983; and
~:~ ~~
1\Lt-' •'
~~~~~.~
Pj h ' .~ ~, 'v'v ~.
t~•_~"
a~~, _ '~
WHEREAS, the Hearing was held immediately preceeding the
introduction of this Resolution and at such hearing all
interested individuals were given a reasonable opportunity to
voice their opinions on the issuance of the Bonds;
NOW, THEREFORE, be it resolved by the City Council of the
City of West Memphis, Arkansas:
~. Section 1. The issuance by the City of -West Memphis,
Arkansas of 3,000,000 in tourism revenue bonds as authorized
by Ordinance No. 1120, approved January 20, 1983, is hereby
~,, approved.
Section 2 The Mayor and City Clerk of the City of West
Memphis, Arkansas are hearby authorized to take all necessary
and appropriate action to assist in the issuance of the Bonds.
Section 3. There is hereby found and declared to be an
immediate need for the securing and developing of tourism
facilities in order to stimulate and enhance the economic
growth and well-being of the inhabitants of the City, to
provide ..additional employment, alleviate unemployment and
otherwise benefit the public health, safety and welfare of the
City and the inhabitants thereof, and the issuance of the Bonds
authorized hereby and the taking of the other action authorized
herein are immediately necessary in connection with the
securing and developing of tourism facilities and deriving the
public benefits referred to above. It is, therefore, declared
that an emergency exists and this Resolution being necessary
for the immediate preservation of the public health, safety and
welfare shall be in force and take effect immediately upon and
after its passage.
PASSED: March ,~~, 19 83
-2-
(S E A L)
i
CERTIFICATE
ti
STATE OF ARKANSAS )
(SS
COUNTY OF CRITTENDEN)
The undersigned, City Clerk of the City of West Memphis,
Arkansas, hereby certifies that the above and foregoing is
a true and complete and correct copy of
as the same appears in the official records of said City.
IN WITNESS WHEREOF, I have hereunto set my hand as City
a
Clerk of the City of West 114emphis, Arkansas, and the Official
Seal of said City, on this 17 day of March ~ 19~_•
CITY CLERK, CI Y F WEST 141EMPHIS _
CRITTENDEN COUNTY, ARKANSAS
(SEAL)
_: +~'
RESOLUTION
OF THE CITY OF WEST MEMPHIS
ARKANSAS
..
PREFACE
A RESOLUTION APPROVING THE ISSUANCE OF TOURISM
SUBJECT: REVENUE BONDS UNDER ACT N0. 380 OF 1971,
AS AMENDED, AS AUTHORIZED BY ORDINANCE N0. 1120
ADOPTED JANUARY 20, 1983.
SPONSORED BY: Alderman
b
Alderman
Mayor
DATE OF COUNCIL MINUTES PASSED:
MONTH DAY YEAR