0586
Iliff
ORDINANCE NO. 5 8 6
AN .ORDINANCE AUTHORIZING TijE CONSTRUCTION AND EQUIPPING OF EXTENSIONS AND
IMPROVEMENTS TO THE CITY HOSPITAL; APPROVING THE ISSUANCE OF HOSPITAL
REVENUE BONDS; AND PRESCRIBING OTHER MATTERS PERTAINING THERETO.
WHEREAS, it has been found and determined that it is essential that
improvements and extensions (the "Project") to the City's general, acute
care hospital, Rebsamen Memorial Hospital (the "Hospital") be constructed
and equipped if the medical needs of the City's inhabitants are to be
adequately provided for; and
WHEREAS, the City does not have sufficient funds to pay the costs of
constructing and equipping the Project but can obtain the necessary funds
by the issuance of its Hospital Revenue Bonds, Series 1980, in the principal
amount of $9,400,000 (the "Series 1980 Bonds"), under the authority and pro-
visions of the Constitution and laws of the State of Arkansas, including
particularly Act No. 175 of 1961, as amended ("Act 175");
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of
Jacksonville, Arkansas:
Section 1. The construction and equipment of the Project is hereby
approved and, for the purpose of the financing thereof, there is hereby
approved the issuance by the City of its Hospital Revenue Bonds, Series 1980,
in the principal amount of $9,400,000. The Series 1980 Bonds shall be issued
and secured as set forth in the Trust Indenture and Official Statement
(identified and approved hereinafter). The interest rates for the Series
1980 Bonds, and other details, shall be determined by the offering of the
Series 1980 Bonds by the Underwriters, Stephens, Inc., Little Rock, Arkansas,
and shall be approved by Resolution of the City Council.
Section 2. To secure the Series 1980 Bonds, and to describe the Series
1980 Bonds and various matters in connection therewith, there is hereby
approved a Trust Indenture (the "Indenture") of substantially the form and
content presented to the City Council and a copy of which is herewith filed
with the City Clerk where it may be inspected by any interested person. The
Mayor and the City Clerk are hereby authorized and directed to execute and
attest the Indenture and to carry out the obligations and provisions set forth
therein,.
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PAGE TWO
ORDINANCE NO.
586
Section 3. The Mayor is authorized and directed to execute and deliver
to the Underwriters a Preliminary Official Statement and an Official Statement,
describing the City, the Hospital and the Series 1980 Bonds, and matters per-
tinent thereto, of substantially the form and content of the Preliminary
Official Statement presented to the City Council and a copy of which is here-
with filed with the City Clerk where it may be inspected by any interested per-
son.
Section 4. Pursuant to applicable law, including the provisions of Act
175, competitive bidding is waived to the extent necessary or appropriate for
the proper construction and equipping of the Project.
Section 5. The Mayor and the City Clerk are authorized to execute and de-
liver such writings and to take such other action as may be necessary or appro-
priate to the exercise or implementation of the powers and duties conferred
hereby, or the purposes hereof, or to evidence the existence or exercise thereof.
Section 6. The provisions hereof are declared to be severable. The in-
validity or inapplicability (to any person or circumstance) of any provision
hereof shall not affect the validity or applicability of the remainder of the
provisions hereof.
Section 7.
All ordinances and resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Section 8. It has been found and it is hereby declared that the construction
and equipment of the Project is essential to the provision of adequate health
care for the inhabitants of the City and that there is an immediate and urgent
need for the construction and equipment of the Project. Therefore, an emergency
is declared and this Ordinance, being necessary for the preservation of the public
peace, health and safety, shall be in effect upon its passage and approval.
ADOPTED AND APPROVED this
15th day of
MAY
, 1980.
ATTEST:
APPROVED:
74 fi,AA_'- C1A1I/ g~
,. CI~~ ~EJ ,r....
L .A~~
~YOR- -
(SEAL)
APPROVED AS TO FORM:
CITY ATTORNEY
EMERGENCY CLAUSE ADOPTED. ORDINANCE EFFECTIVE 15TH DAY OF MAY, 1980 (City Clerk Gerren)