0489 7Z
RESOLUT7ON NO. 489 ( #4 - 96)
A RESOLUTION DECLARING INTENT OF 77-1E CITY OF JACKSONVILLE, ARKANSAS, TO
FINANCE CERTAIN EXPENDITURES FOR CAPITAL IMPROVEMENTS AND 70 SEEK
REIMBURSEMENT FOR SUCH EXPENDITURES FROM THE PROCEEDS OF BONDS;
DESIGNA77NG A FORUM AND PLACE FOR A PUBLIC HEARING; AND, FOR OTHER
PURPOSES.
WHEREAS, THE CITY OF JACKSONVILLE, ARKANSAS, (THE "CITY ") PROPOSES TO
ACQUIRE, CONSTRUCT AND EQUIP FACILITIES FOR THE IMPROVEMENT, EXPANSION OF, AND
RENOVATION TO REBSAMEN REGIONAL MEDICAL CENTER ( "RRMC ") IN JACKSONVILLE, ARKANSAS;
AND
WHEREAS, IT IS APPROPRIATE THAT THE CITY COUNCIL ASSURE THAT THE POWER OF THE
CITY TO ISSUE BONDS OF WHICH THE INTEREST IS EXEMPT FROM FEDERAL INCOME TAX WILL,
UNDER APPLICABLE TREASURY REGULATIONS, BE PRESERVED.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL. OF THE CITY OF
JACKSONVILLE, ARKANSAS, THAT:
SECTION ONE: THE CITY COUNCIL AND BOARD OF DIRECTORS OF RRMC AUTHORIZE AND
APPROPRIATE A SUM NOT TO EXCEED SEVEN MILLION DOLLARS ($7,000,000) (THE
"EXPENDITURE ") FOR THE PURPOSE OF ACQUIRING, CONSTRUCTING AND EQUIPPING FACILITIES,
INCLUDING LANDS, BUILDINGS, EQUIPMENT, FIXTURES AND IMPROVEMENTS, FOR THE EXPANSION,
IMPROVEMENT, AND RENOVATION TO RRMC (THE "PROJECT ").
A. PROCEEDS OF THE BONDS WILL BE APPLIED TO REIMBURSE THE CITY OR REBSAMEN
REGIONAL MEDICAL CENTER, INC. (THE "CORPORATION ") FOR THE EXPENDITURE WITHIN EIGHTEEN
( 6) MONTHS AFTER THE LATER OF: (A) THE DATE OF THE EXPENDITURE; OR, (B) THE DATE ON
WHICH THE PROJECT IS PLACED IN SERVICE AND, IN ANY EVENT, WITHIN THREE (3) YEARS AFTER
THE DATE OF THE MAKING OF THE EXPENDITURE.
B. THE CITY COUNCIL IS AWARE OF NO REASON WHICH WOULD CAUSE IT TO EXPECT THAT
THE EXPENDITURE WOULD BE REIMBURSED FROM ANY SOURCE OTHER THAN THE PROCEEDS OF
THE BONDS.
C. THE CITY COUNCIL IS AWARE OF NO REASON WHICH WOULD CAUSE IT TO BELIEVE
THAT THE EXPENDITURE WILL NOT BE REIMBURSED FROM PROCEEDS OF THE BONDS.
D. THE CITY COUNCIL IS AWARE OF NOTHING IN THE BUDGET OR FINANCIAL
CIRCUMSTANCES OF THE CITY OR THE CORPORATION WHICH IS INCONSISTENT WITH THE INTENT AND
DECLARATION TO FINANCE THE EXPENDITURE WITH THE BONDS. THE CITY COUNCIL 15 AWARE OF
NO RFASON TO EXPECT THAT FUNDS OTHER THAN PROCEEDS OF THE BONDS WILL BE RESERVED
OR ALLOCATED 014 A LONG BASIS OR OTHERWISE SET ASIDE FOR THE EXPENDITURE
PURSUANT TO BUDGETARY OR FINANCIAL POLICIES OF THE CITY COUNCIL.
E. THE EXPENDITURE WILL BE A "CAPITAL EXPENDITURE" WITHIN THE MEANING OF
APPLICABLE TREASURY REGULATIONS OR WILL CONSTITUTE A PORTION OF THE COSTS OF
ISSUANCE OF THE BONDS.
SECTION 1WO: THIS RESOLUTION IS ADOPTED TO DOCUMENT COMPLIANCE WITH
APPLICABLE TREASURY REGULATIONS, INCLUDING TREAS. REG.§ I .I SO-2.
SECTION THREE: FOR THE PURPOSE OF COMPLYING WITH TREAS. REG. §SF. 1 03-3
AND ARKANSAS CODE ANNOTATED, §I 9-9-60 I ET. 5E0., THE BOARD OF DIRECTORS OF THE
CORPORATION IS DESIGNATED TO CONDUCT A PUBLIC HEARING AT RRMC, PURSUANT TO NOTICE
PUBLISHED IN A NEWSPAPER OF GENERAL CIRCULATION IN THE CITY NOT LESS THAN FOURTEEN
(1 4) DAYS PRIOR TO SUCH HEARING.
'93
RESOLUTION NO. 489 ( #4 -96) PAGE Two
MAY 2. 1996
SECTION FOUR: ANY AND ALL. RESOLUTIONS IN CONFLICT HEREWITH ARE HEREBY
REPEALED TO THE EXTENT OF SAID CONFLICT.
SECTION FIVE: THIS RESOLUTION SHALL SE IN EFFECT FROM AND AFTER ITS DATE OF
PASSAGE.
APPROVED AND ADOPTED THIS 2 DAY OF MAY, 1 996.
1 '
as sa —u.. 2a-a— t
TOMMY SWAIM, M • OR
ATTEST:
LU M. LEONARD, CITY CLERK
•
APPR• D AS TO FO= :
�I1t
ROBE E. BAMBU OR
CERTIFICATE
THE UNDERSIGNED, CITY CLERK OF THE CITY OF JACKSONVILLE, ARKANSAS, HEREBY
CERTIFIES THAT THE FOREGOING PAGES ARE A TRUE AND PERFECT COPY OF A RESOLUTION
ADOPTED AT A SESSION OF THE CITY COUNCIL OF THE CITY, HELD AT THE
REGULAR MEETING PLACE OF THE CITY COUNCIL AT 7 O'CLOCK 0 M., ON THE rig DAY
OF /l�Lti�7 , 1 996, AND THAT THE RESOLUTION IS A PART OF THE RECORDS NOW IN
MY POSSESSION,
GIVEN UNDER MY HAND AND SEAL ON THIS 7�� DAY OF /L -F-�j' 996.
CITY CLERK
(SEAL)