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A RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF JONESBORO, ARKANSAS RESIDENTIAL HOUSING AND HEALTH CARE FACILITIES BOARD OF $4,000,000 PRINCIPAL AMOUNT OF ITS REVENUE BONDS (GREENLEAF CENTER/ARKANSAS PROJECT), SERIES 1985
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WHEREAS, the City of Jonesboro, Arkansas Residential Housing and Health Care Facilities Board (the “Board”) has adopted a resolution authorizing the issuance of $4,000,000 principal amount of the Board’s Revenue Bonds (Greenleaf Center/Arkansas Project), Series 1985 (the “Bonds”), for the purpose of acquiring, constructing, and equipping a 60-bed in inpatient psychiatric facility to be located at 2712 East Johnson Avenue, Jonesboro, Arkansas, by Greenleaf Center/Arkansas, Inc., an Arkansas corporation and wholly owned subsidiary of Greenleaf Health Systems, Inc., a Delaware Corporation; and
WHEREAS, a public hearing has been held before the City Council of the City of Jonesboro, Arkansas on this date regarding the issuance of the Bonds, following publication of the notice of the public hearing in The Jonesboro Sun on December 2nd and 9th, 1985; and
WHEREAS, pursuant to the provisions of the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”), it is necessary for federal income taxation purposes that the issuance of the Bonds by approved by the City Council of the City of Jonesboro, Arkansas; and
WHEREAS, the City Council of the City of Jonesboro, Arkansas, has determined that the public purposes for which the Bonds are to be issued serve a proper need; and
WHEREAS, the City has previously adopted Resolution No.1984-04, granting approval to the issuance of bonds for Delta Hills Center, Inc. the predecessor of Greenleaf Center/Arkansas, Inc., at a location other than the presently proposed location;
(1) That the issuance by the Board of $4,000,000 principal amount of its Revenue Bonds (Greenleaf Center/ Arkansas Project), Series 1985 be and the same is hereby approved within the meaning of Section 103 (K) of the Internal Revenue Code of 1954. as amended.
(2) That this Resolution is adopted solely for the purpose of complying with the provisions of the Tax Equity and Fiscal Responsibility Act of 1982, and that by the adoption of this Resolution, the City of Jonesboro, Arkansas has not assumed any district of indirect financial responsibility for the payment of Bonds.
(3) That this Resolution shall be in effect from and after its passage and approval.
PASSED and ADOPTED this 16th day of December, 1985.