0977
1'z"
ORDINANCE NO. 977 (#16-92)
AN ORDINANCE APPROVING THE ISSUANCE OF HOSPITAL REVENUE
BONDS; APPROVING A TRUST INDENTURE; DECLARING AN EMERGENCY;
AND, FOR OTHER PURPOSESM
WHEREAS, the City of Jacksonville, Arkansas, (the
"Ci.ty") owns its general, acute care hospital, Rebsamen
Regiorlal Medical Center (the "Hospital"); and,
WHEREAS, the Hospital Commission of the City has
recommended that certain improvements and additions (the
II Improvelnents") be made to the Hosp i tal and that the Improve-
ments be financed by the issuance, by the City, of its
Hospital Revenue Bonds, Series 1992 (the "Series 1992 Bonds")
as described herein; and,
WHEREAS, notice of the issuance of the Series 1992 Bonds
has been published, in a newspaper of general circulation in
the City, at least ten days prior to the date hereof, as
required by law; and,
WHEREAS, pursuant to such notice, a public hearing was
conducted on the sixth day of August, 1992, at which hearing
no one appeared to object to the issuance of the Series 1992
Borlds; and,
WHEREAS, the
obligations only
indebtedness for
pledged; and,
Series 1992 Bonds will be special
and will not in any event constitute an
which the faith and credit of the City are
WHEREAS, the City has outstanding its Hospital Revenue
Refunding Bonds, Series 1989, dated December 1, 1989, (the
"Ser ies 1989 BOl1ds II ), secured pursuant to t:he Trust Indenture
between the City and First Jacksonville Bank & Trust,
Jacksonville, Arkansas, dated as of December 1, 1989 (the
"Original Indenture"), and the Series 1992 Bonds will be
secured on a parity of pledge and security with the Series
1989 Bonds and will be secured pursuant to the Original
Indenture, as supplemented by the First Supplemental
Indenture, identified hereinbelow; and,
WHEREAS, copies of the First Supplemental Trust
Indenture, the Purchase Agreement and the Preliminary
Official Statement (all being identified hereinbelow) have
been presented to the City Council.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF JACKSONVILLE, ARKANSAS, THAT:
SECTION ONE: Under the authority of the Constitution
and laws of the State of Arkansas, including particularly
Arkansas Code of 1987 Annotated, Title 14, Chapter 265 (the
II Act" ), ttle issuance of the Ser ies 1992 BOllds in th.e aggre-
gate principal amount of $2,255,000 is hereby authorized.
The Series 1992 Bonds shall be issued in the form and
denominations, shall be dated, shall be numbered, shall
mature, shall bear interest at the rates, and shall be
subject to redemption prior to maturity all upon the terms
and conditions set forth in the First Supplemental Trust
Indenture and the Purchase Agreement.
SECTION TWO: The Series 1992 Bonds shall be sold
pursuant to the terms and conditions of a Bond Purchase
Agreement , dated September 3, 1992 (tile If Purchase
Agreement"), between the City and Stephens, Inc. (the
13
Purchasers"), for the purchase price and upon the terms and
conditions set forth therein. The Purchase Agreement is
hereby approved in substantially the form heretofore
presented, and the Mayor is hereby authorized and directed to
execute the Purchase Agreement on behalf of the City, with
such insubstantial changes as he may approve.
SECTION THREE: To prescribe the terms and conditions
upon which the Series 1992 Bonds are to be executed, authen-
ticated, delivered, issued, accepted, held and secured, the
Mayor is hereby authorized and directed to execute and
acknowledge the Trust Indenture dated as of October 1, 1992
(the "First Sllpplemental Indenture"), and trle City Clerk is
hereby authorized and directed to execute and acknowledge the
First Supplemental Indenture and to affix the seal of the
City thereto, and the Mayor is hereby authorized and directed
to cause the First Supplemental Indenture to be accepted,
executed, and acknowledged by the Trustee therein. The First
Supplemental Indenture is hereby approved in substantially
the form heretofore presented, and the Mayor is hereby
authorized to execute the First Supplemental Indenture on
behalf of the City, with such insubstantial changes as may be
approved by him.
SECTION FOUR: There is hereby authorized, ratified, and
confirmed the preparation and distribution to various
prospective and actual purchasers of the Series 1992 Bonds of
the official City, describing the City and the Hospital and
the Series 1992 Bonds and setting forth such other informa-
tion as may be determined to be necessary or desirable. The
Mayor, of and on behalf of the City, is authorized and
directed to execute such Official Statement. The Preliminary
Official Statement, in the form heretofore presented, is
hereby approved.
SECTION FIVE: The Mayor and City Clerk, for and on
behalf of the City, are hereby authorized and directed to do
any and all things necessary to effect the execution and
delivery of the First Supplemental Indenture, the issuance,
execution, sale and delivery of the Series 1992 Bonds, the
execution and delivery of the Purchase Agreement, the
execution, delivery, and distribution of an Official
Statement and the performance of all acts of whatever nature
necessary, to effect and carry out the authority conferred by
this Ordinance. The Mayor and City Clerk are hereby further
authorized and directed, for and on behalf of the City, to
execute all papers, documents, certificates, and other
instruments that may be required for the carrying out of such
authority or to evidence the exercise thereof.
SECTION SIX: Pursuant to the provisions of the Act,
competitive bidding is hereby waived.
SECTION SEVEN: The law firm
Clark, Little Rock, Arkansas, is
Counsel to the City.
of Friday, Eldredge &
hereby appointed Bond
SECTION EIGHT: The City shall maintain, as a part of
the Minutes of the meeting at which this Ordinance is
adopted, for inspection by an interested person, a copy of
the First Supplemental Indenture, the Purchase Agreement, and
the Preliminary Official Statement.
SECTION NINE: It has been determined that the issuance
of the Series 1992 Bonds is necessary for the financing of
the Improvements, which are essential to the continued
provision of proper medical care for the inhabitants of the
City and its environs. Therefore, an emergency is declared
to exist and this Ordinance, being necessary for the public
peace, health, and safety, shall be in force upon its passage
and approval.
7f
APPROVED AND ADOPTED THIS THIRD DAY OF SEPTEMBER, 1992.
~".
LJ ~ ~
TOMMY SWAIM, MpO
,
ATTEST:
~A1 YA. d~~R J
~LbLA M. LEONARD, CITY CLERK
:2uc. /
ROBERf E. BAMB~CI~ORNEY
"............
CERTIFICATE
STATE OF ARKANSAS)
)
COUNTY OF PULASKI)
I, Lula M. Leonard, City Clerk within and for the City
aforesaid, do hereby certify that the foregoing is a true and
correct copy of Ordinance No. 977 (#16-92) of the Ordinances
of the City of Jacksonville, Arkansas, entitled:
"AN ORDINANCE APPROVING THE ISSUANCE OF HOSPITAL REVENUE
BONDS; DECLARING AN EMERGENCY; AND, FOR OTHER PURPOSES";
adopted by the City Council of the City on September 3, 1992,
as the same now appears of record in this office.
I~ WITNESS.WHER~O~~I have hereunto set my hand and seal
of off loe on thls 3'~ day of September, 1992.
~cn. " "
LULA M. LEONAR ,