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A RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF JONESBORO, ARKANSAS HOUSING AND HEALTH CARE FACILITIES BOARD OF HOSPITAL REVENUE REFUNDING AND CONSTRUCTION BONDS (ST. BERNARDS REGIONAL MEDICAL CENTER) SERIES 1996, IN AN AMOUNT NOT TO EXCEED $35,000.000
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WHEREAS, the City of Jonesboro, Arkansas, Residential Housing and Health Care Facilities Board has previously issued its 411,060,000 Hospital Revenue Refunding Bonds (St. Bernard’s Regional Medical Center), Series 1988, dated April 1, 1988 (the Series 1988 Bonds), for the purpose of refunding bonds previously issued to provide financing for the construction of additions and improvements to St. Bernard’s Regional Medical Center, an acute-care hospital owned and operated by St. Bernard’s Hospital, Inc. (The Corporation), located in the City of Jonesboro, Arkansas; and
WHEREAS, the Corporation has determined to expand and improve the hospital by constructing and equipping additions and improvements to and renovating and equipping existing facilities of, St. Bernard’s Regional Medical Center, including, but not limited, to a 75,000 square foot heart care center and a 9,600 square foot dialysis center; and
WHEREAS. the corporation has requested the Board to issue its revenue bonds in a principal amount not to exceed $35,000,000 to be designated the Hospital Revenue Refunding and Construction Bonds (St. Bernard’s Regional Medical Center Project), Series 1996 (the Series 1996 Bonds) for the purposes of (I) refunding the Series 11988 bonds in order to obtain an interest savings for the benefit of the Corporation, (ii) financing the costs of the proposed additions, and improvements, renovation and equipment, and (iii) paying the costs of issuing the Series 1996 Bonds; and
WHEREAS, Section 147(f) of the Internal Revenue code of 1986, as amended and Ark. Code Ann. Section 19-9-607, require that the City Council of the City of Jonesboro, as the duly elected representative of the City and the local governing body, approve the issuance of revenue bonds after a public hearing following reasonable notice; and
WHEREAS, there was published in the Jonesboro Sun on April 18, 1996, notice of public hearing on the question of the issuance of the Series 1996 Bonds, to be held before the City Council on May 6, 1996, at 6:30 p.m., and all persons desiring to be heard have been on the question on such date and at such time; and
WHEREAS, it is the public interest and for the public benefit that the City Council approve the issuance of the Series 1996 Bonds;
NOW, THEREFORE, BE IT RESOLVED by the city council of the City of Jonesboro, Arkansas, that:
1. The issuance of Hospital Revenue Refunding and Construction Bonds (St. Bernard’s Regional Medical Center), Series 1996, in the maximum aggregate face amount of $35,000,000 by the City of Jonesboro, Arkansas Residential Housing and Health Care Facilities Board is hereby approved for the purposes set forth above in order to provide for the refunding of the Series and for St. Bernard’s Regional Medical Center, an acute care hospital located at 234 East Matthews Street in the City of Jonesboro, Arkansas, which facility is owned and operated by the Corporation.
2. This resolution shall be in effect from and after its passage. Passed: May 6, 1996
PASSED AND ADOPTED this 6th day of May, 1996.