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A RESOLUTION APPROVING THE ISSUANCE OF BONDS BY THE CITY OF JONESBORO, ARKANSAS RESIDENTIAL HOUSING AND HEALTH CARE FACILITIES BOARD IN AN AMOUNT NOT TO EXCEED $12,260,000 FOR THE PUROSE OF REFUNDING THE HOSPITAL REVENUE BONDS (ST. BERNARDS REGIONAL MEDICAL CENTER), SERIES 1982, DATED NOVEMBER 1, 1982, PREVIOUSLY ISSUED BY THE FACILITIES BOARD
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WHEREAS, the City of Jonesboro, Arkansas Residential Housing and Health Care Facilities Board has previously issued its $12,750.000 Hospital Revenue Bonds (St. Bernard’s Regional Medical Center) Series 1982, dated November 1, 1982 (the “Series 1982 Bonds”), for the purpose of providing permanent 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 requested the Board to issue its refunding bonds in a principal amount not to exceed $12,260,000 to be designated the Hospital Revenue Refunding Bonds (St. Bernard’s Regional Medical Center), Series 1988 (the “Series 1988 Bonds”), for the purpose of refunding the Series 1982 Bonds in order to obtain an interest savings for the benefit of the Corporation; 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 March ____, and on March ___, 1988, at 7:30 p.m., 1988, notice of a public hearing on the question of the issuance of the Series 1988 Bonds, to be held before the City Council on March 21, 1988, at 7:30 p.m., and all persons desiring to be heard have been heard on the question on such date and at such time; and
WHEREAS, it is in the public interest and for the public benefit that the City Council, approve the issuance of the Series 1988 Bonds;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Jonesboro, Arkansas:
(1) That the issuance of Hospital Revenue Refunding Bonds (St. Bernard’s Regional Medical Center), Series 1988, in the maximum aggregate face amount if $12,260.000 by the City of Jonesboro, Arkansas Residential Housing and Health Care Facilities Board is hereby approved for the purpose of refunding the Series 1982 Bonds, which were originally issued in order to provide for the construction of additions and improvements to St. Bernard’s Regional Medical Center, a 321 bed acute care hospital located at 234 East Matthews Street in the City of Jonesboro, Arkansas, which facility is owned and operated by St. Bernard’s Hospital, Inc.
PASSED and APPROVED this 21st March, 1988.