1108
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ORDINANCE NO. 1108 (#18. 98)
AN ORDINANCE APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CITY OF
JACKSONVILL~1 ARKANSAS HEAL TH CARE FACILITIES BOARD TO FINANCE HEAL TH
CARE FACILITIES FOR THE DEVELOPMENTALL Y DISABLED; DECLARING AN
EMERGENCY; AND, FOR OTHER PURPOSES.
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WHEREAS, the City of Jacksonville, Arkansas Health Care Facilities Board (the "Board") was
created pursuant to the Jrovisions of ACA ~ 14 - 137 -101 et. seq. (the "Act") and Ordinance No. 521
of the City of JacksonvLle, Arkansas (the "City") for the purpose of financing health care facilities;
WHEREAS, Pathfinder Schools, Inc., an Arkansas nonprofit corporation with its headquarters
in Jacksonville ("Pathfinder Schools"), proposes to construct and equi J new health care facilities for
the developmentally disabled in the City as hereinafter described (the ..Projecf'). Said Project will be
located at the corner of West Main and Redmond Road, where the foUowing facilities will begin
development of said property: a) construction and equigping an @ 45,000 s~uare foot Skills Trainln~
Center; and, b) construction and equipping of @ 10,000 square root Skills Training, Woodwork, ant
Maintenance and Repair facility;
WHEREAS, the Project will enable Pathfinder Schools to expand and better provide for the
health care needs of the community's developmentally disabled citizens, which is clearly in the interest
of all citizens of Jacksonville;
WHEREAS, the Health Care Facilities Board pro~oses to issue its Revenue Bonds in the
maximum Rrincipal amount of $2,500,000 (the "Bonds") to finance all or a portion of the Project. The
issuance of said Bonds does not obligate the City of Jacksonville in any manner to repay said amount;
and,
WHEREAS, the Project is necessary in order to properly meet the requirements of the citizens
for health care facilities and services for the developmentally disabled that are not currently being and
cannot be reasonably met by other community health care facilities.
BE IT ORDAINED AND ENACTED BY THE CITY COUNCIL OF THE CITY OF
JACKSONVILLE, ARKANSAS:
SECTION ONE:The Jacksonville Health Care Facilities Board is hereby authorized to issue
bonds in the principal amount not to exceed $2,500,000 to finance all or a portion of the Project (the
"Project Bonds").
SECTION TWO: The City hereby consents to the designation by the Board of the
Project Bonds as "qualified tax-exempt obligations" for purposes of paragraph (3) of Section 265a(b)
of the Internal Revenue Code of 1986, as amended, if such bonds are issued in calendar year 1998.
SECTION THREE: All Ordinances, parts of Ordinances, or previous actions taken by
said Council in conflict herewith are hereby repealed to the extent of such conflict.
SECTION FOUR: In order to more effectively provide for the health of our citizens, an
emergency is hereby declared to exist. This Ordinance shall take effect immediately upon passage
and publication, as provided by and subject to the requirements of applicable law.
APPROVED AND ADOPTED THIS /q-/l.., DAY OF NOVEMBER, 1998.
CITY OF JACKSONVillE, ARKANSAS
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A I lEST:
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LUlkM. HAWKINS, CITY CLERK
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ROB~T E. BAMBL, C:51 ICE