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ORDINANCE N0. ISOO
AN ORDINANCE AMENDING ORDINANCE N0. ~5T0
ADOPTED AND APPROVED OCTOBER 19, 197$,
EXPAND THE POWER AND AUTHORITY OF, AND CHANGE
THE NAME OF, THE C>=TY OF WEST MEMPHIS,
ARKANSAS RESIDENTIAL HOIISING FACILITIES BOARD;
PRESCRIBING OTHER MATTERS PF,t2TAINTNG THERETO;
AND DECLARING AN EMERGENCY.
y~EREAS, pursuant to the provisions of Act No. l42 of the Acts
of Arkansas of x.975 (now codified, as amended, as Title 14, Chapter
137 of the Arkansas Code of 1987 Annotated) (the "Act"), the City
of West Memphis, Arkansas Residential Housing Facilities Board (the
~~8oard") was created by Ordinance No. 951. (the "Enabling
Ordinance"), duly adopted and approved by the Mayor and Clon
Council of the City of West Memphis,, Arkansas (the "City"),
October 19, ].978 ; and
WHEREAS, the general powers of the Board are limited by the
Enabling Ordinance to the development of residental housing
facilities within or near the City of West Memphis, as more
specifica~.ly described in the Enabling Ordinance; and
WHEREAS, in order tc~further the public purposes set forth in
the Act, it has been determined that the power and authority of the
Board should be expanded to permit the Board to engage in other
types of facilities projects as described in the Act; and
WHEREAS, to accomplish such purpose it is neces$ary that the
Enabling Ordinance be amended;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City
of West MemphXS, Arkansas:
Section 1. Section 1 of the Enabling Ordinance is hereby
amended to read as fal7.ow:
Section 1. Findin4s. {a) The findings set forth
in Section 1 of Ordinance No. 951 are hereby confirmed
and continued as if set forth herein.
{b) The city Council of the city hereby' further
finds and determines there may exist from time tc time
within the city a need for health care facilities,
emergency medical health care facilities, residenti2tl
housing facilities, off-street parking facilities,
recreational. and tourist facilities, waterworks
facilities, sewer facilities, facilities for securing or
developing industry, energy facilities, hydroelectric
power prvjects, education facilities, or other capital
improvement facilities as set forth and defined in the
ACt.
(c) The public purposes of financing or otherwise
developing such facilities projects may best be served by
establishing a public facilities board, as provided in
the Act.
Sec ion 2. Section 2 of the Enabling Ordinance is hereby
amended to read as follows:
Section 2. creation of Board. Pursuant to the authority
of the Act there is hereby created and established the
"City of West Memphis, Arkansas Public Facilities Board"
(hereinafter referred to as the "Board") with authority
as hereinafter provided to accomplish the purposes set
forth herein.
Section_~. Section 4 of the Enabling ordinance is hereby
amended to read as follows:
Section 4. Powers. The Board is empowered, unless
otherwise limited in this Ordinance, to own, acqua.re,
construct, reconstruct, extend, equip, improve, operate,
ma~.ntain, sell, lease, contract concerning (which shall
include the making of loans to mortgage lenders as
provided in the Act} , and otherwise deal in or dispose of
health care facilities, emergency medical health care
facilities, residential housing facilities, off-street
parking facilities, recreational and tourist facilities,
waterworks facilities, sewer facilities, facilities for
securing or developing industry, energy facilities,
hydroelectric power projects, education facilities, and
other capital improvement facilities as set forth and
defined in the Act, as shall be determined by the Board
to be in the best interest of the City and its
inhabitants. In addition, the Board shall have each of
the powers set forth in Section 14-137--111 of the Act and
appropriate to the purposes for which the Board is
created. The Board may enter into such contractual or
cooperative agreements with such persons as may, in its
discretion, be advisable to accomplish the purposes of
this Ordinance, including, without limitation,
departments, agencies or instrumentalities of the IInited
States of America, the State of Arkansas, and the City.
Section 4. Section 5 of the Enabling ordinance is hereby
amended to read as follows:
Section 5. Issuanc of Bonds. 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. Such revenue bonds shall
be obligations only of the Board and shall not constitute
an indebtedness fvr which the faith and cxedit of the
City oz any of its revenues are pledged, and the
,i
;principal and interest on the bends shall be paya.b~e from
'and secured by a p~.edge of revenues derived from the
facilities financed, in whole yr in part, by proceeds of
the bonds, from investment revenues ar other revenues
derived from such proceeds, and as authorized by, and in
accordance with, the provisions of the Act and as the
Hoard in its discretion may determine.
Section 5. Section 6 of the Enabling Ordinance is hereby
repealed.
Section 6. All ordinances, resolutions and parts thereof in
conflict herewith are hereby repealed to the extent of such
conflict.
Section ~. That there is hereby found and declared to be an
immediate need for the issuance of revenue bonds by the Board in
order to provide substantial savings to the Huard and needed public
facilities,. thereby benefiting the public health, safety and
welfare of the City and the inhabitants thereof, and the matters
authorized hereby are imnted~.ately necessary for the accomplishing
of these public benefits and purposes. It is, therefore, declared
that an emergency exists and this Ordinance being necessary for the
immediate preservation of the public peace, health and safety shall
be in force and effect immediately upon and after its passage.
PASSED: December 5, 1991.
AP ROVED:
ATTEST:
ayor
City C
(SEAL)
Sponsor: