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RESOLUTION NO. 2 2 8- 7 8
WHEREAS, the City Council of the City of Jacksonville, Arkansas, has
created, by Ordinance No. 516, adopted and approved Oct. 19, 1978 (the
"Enabling Ordinance "), pursuant to Act No. 142 of the Acts of Arkansas of
1975, as amended (the "Act "), the City of Jacksonville, Arkansas Residential
Housing Facilities Board (the "Board ") for the purpose of assisting in the
financing of safe, decent and sanitary residential housing facilities, as
authorized under the Act; and
WHEREAS, the Board is authorized, in the implementation of its pur-
poses, to establish and carry out a housing program (the "Housing Program ")
which includes the purchase of mortgage loans and the making of loans to
mortgage lenders and the issuance of revenue bonds secured by pledges of
revenues derived from residential housing facilities financed thereby and
mortgage loans acquired in implementation of the Housing Program; and
WHEREAS, it is essential to the proper protection of the interests of
the City, of the mortgage lenders who may be involved, of homeowners who
may be involved and of the holders of any revenue bonds that may be issued
by the Board that investment bankers of demonstrated ability serve as under-
writers for any revenue bonds issued by the Board; and
WHEREAS, the City Council has reserved, in. the Enabling Ordinance,
the power to select or approve the underwriters for any revenue bonds issued
by the Board in the implementation of the Housing Program;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Jacksonville, Arkansas:
Section 1. The City Council hereby selects as underwriters for any
revenue bonds issued by the Board the firm of Stephens, Inc., of Little
Rock, Arkansas.
Section 2. The Mayor and the City Clerk are authorized and directed
to enter into an agreement implementing this Resolution and the Board
shall enter into such agreement or agreements with Stephens, Inc. as may
be mutually acceptable.
Section 3. This Resolution shall be in effect upon its passage and
approval.
APPROVED and ADOPTED THIS 2nd day of November, 1978.
CITY OF JACKSONVILLE, ARKANSAS
'ayor
ATTEST:
City Jerk
SEAL
APPROVED AS TO FORM:
ity At orney