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RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF JONESBORO, ARKANSAS RESIDENTIAL HOUSING AND HEALTH CARE FACILITIES BOARD OF NOT TO EXCEED $4,000,000 PRINCIPAL AMOUNT OF ITS REVENUE BONDS (HEALTH RESOURCES PROJECT)
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WHEREAS, the City of Jonesboro, Arkansas Residential Housing and Health Care Facilities Board (the “Board”) has adopted a resolution indicating its intent to issue not more than $4,000,000 principal amount of the Board’s Revenue Bonds (Health Resources Project) (the “Bonds”) for the purpose of acquiring, constructing, and equipping a 60-bed inpatient psychiatric facility to be located in the cul-de-sac created by the intersection of Olser Drive and Professional Acres Boulevard with Fleming Avenue, by Delta Hills Center, Inc., an Arkansas Corporation and wholly owned subsidiary of Health Resources, Inc. (Tennessee), a Delaware corporation; and
WHEREAS, a public hearing has been held before the City Council of the City of Jonesboro, Arkansas on February 6, 1984, regarding the issuance of the Bonds, following publication of the notice of the public hearing in The Jonesboro Sun on January 21, 1984; and
WHEREAS, pursuant to the provisions of the Tax Equity and Fiscal Responsibility Act of 1982, it is necessary for federal income taxation purposes that the issuance of the Bonds be 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;
NOW, THEREFORE, be it resolved by the City Council of the City of Jonesboro, Arkansas:
1. That that issuance by the Board of not to exceed $4,000,000 principal amount of its Revenue Bonds (Health Resources Project) be and the same is hereby approved within the meaning of Section 103 (k) of the Internal Revenue Cody 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 direct or indirect financial responsibility for the payment of Bonds.
3. That this Resolution shall be in effect from and after its passage and approval.
Adopted: February 20, 1984.