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A RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF JONESBORO, ARKANSAS RESIDENTIAL HOUSING AND HEALTH CARE FACILITIES BOARD OF ITS CAPITAL IMPROVEMENT REVENUE BOND (MID-SOUTH HEALTH SYSTEMS, INC. PROJECT), SERIES 1998, IN AN AGGREGATE AMOUNT NOT TO EXCEED $4,500,000
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WHEREAS, by resolution adopted May 20, 1998, the City of Jonesboro, Arkansas Residential Housing and Health Care Facilities Board (the "board") has authorized the issuance of its Capital Improvement Revenue Bond (Mid-South Health Systems, Inc. Project), Series 1998, in principal amount not to exceed $4,5000,000 (the "Bond"), and the loan of the proceeds thereof to Northeast Arkansas Community Mental Health Center, Inc., an Arkansas nonprofit corporation doing business as Mid-South Health Systems, Inc.; and
WHEREAS, a public hearing regarding the issuance of the Bond was held before the Mayor of the City of Jonesboro, Arkansas (the "City") , at 1:00 p.m. on May 20, 1998, prior to the adoption of the resolution of the Board authorizing the issuance of the Bond; and
WHEREAS, said public hearing was conducted following the publication of notice thereof (which notice contained a general description of the purposes for which the Bond is to be issued, the principal amount thereof, and the date, time and place of such public hearing) in the Jonesboro Sun, a newspaper of general circulation in the City, on May 4, 1998; and
WHEREAS, the City Council of the City has determined that the public purposes for which the Bond is to be issued serve a proper need of the residents of the City;
NOW, THEREFORE, be it resolved by the City Council of the City of Jonesboro, Arkansas:
Section 1. That the issuance of the Bond by the Board in principal amount not to exceed $4,500,000 for the purpose of financing the acquisition, construction and equipping of a mental health care facility (the "Project") within the City is hereby authorized within the meaning of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and the Revenue Bond Act of 1987, Arkansas Code Annotated Sections 19-9-601 et seq. (Repl. 1998).
Section 2. That this Resolution is adopted solely for the purpose of complying with the provisions of the Code and the Arkansas Revenue Bond Act of 1987, and that by the adoption of this Resolution the City has not assumed any direct or indirect financial responsibility for the payment of the Bond.
Section 3. That the City hereby consents to the designation by the Board of the Bond for purposes of paragraph (3) of Section 265(b) of the Code.
PASSED AND ADOPTED this the 1st day of June, 1998.