HomeMy WebLinkAbout90-15 RESOLUTIONRESOLUTION NO. 90-15
A RESOLUTION TO APPROVE THE ISSUANCE OF NOT TO EXCEED
$50,000,000.00 OF THE PUBLIC FINANCE AUTHORITY REVENUE BONDS
TO FINANCE OR REFINANCE CERTAIN COSTS OF VARIOUS PROJECTS,
INCLUDING THE ACQUISITION AND RENOVATION OF THE 91 -UNIT
PARK LAKE APARTMENTS LOCATED AT 1753 E. ZION ROAD, ON
BEHALF OF AMERICAN AGAPE FOUNDATION, INC. OF SAN ANTONIO,
TEXAS
WHEREAS, American Agape Foundation, Inc., a non-profit tax exempt entity under
Section 501(c)(3) of the Internal Revenue Code, has proposed to acquire and rehabilitate the 91
unit residential rental community known as Park Lake Apartments, located at 1752 E. Zion
Road, Fayetteville, Arkansas 72703; and
WHEREAS, American Agape Foundation, Inc. intends to fund this project and three
other projects located in Louisiana and Florida by issuing Public Finance Authority Multifamily
Housing Revenue Bonds (American Agape Foundation Portfolio Project), Series 2015, which are
private activity bonds governed by 26 U.S.C. §§ 141-147, issued through the Public Finance
Authority of Wisconsin; and
WHEREAS, 26 U.S.C. § 147(f) and 26 C.F.R. § 5f.103-2 require the approval of the
local government entity with geographic jurisdiction over projects funded by such private
activity bonds in order for American Agape Foundation, Inc. to qualify for tax exempt bond
financing; and
WHEREAS, approval of the issuance of these private activity bonds does not constitute
a debt of the City of Fayetteville and in no way makes the City of Fayetteville liable for such
bonds, nor will the City's bond rating or bonding capacity be affected by the issuance of these
bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville Arkansas, for the sole
purpose of satisfying the public approval requirement of 26 U.S.C. § 147(f) of the Internal
Revenue Code and 26 C.F.R. § 5f.103-2, hereby approves the issuance of the Public Finance
Authority Multifamily Housing Revenue Bonds (American Agape Foundation Portfolio Project),
Series 2015 by the Public Finance Authority in the aggregate principal amount not to exceed
$50,000,000 and the financing of the Projects with the proceeds of the Bonds and hereby
authorizes the Mayor to sign the document entitled "TEFRA APPROVAL OF THE CITY OF
FAYETTEVILLE, ARKANSAS, a copy of which is attached to this Resolution and made a part
hereof, provided that in no event shall the City of Fayetteville, Arkansas be liable for such Bonds
nor shall the Bonds constitute a debt of the City of Fayetteville, Arkansas.
Page 2
Resolution No. 90-15
PASSED and APPROVED this 21St day of April, 2015.
ATTEST:
By: AWJ44'jwk
SONDRA E. SMITH, City Clerk Treasurer
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sFAYETTEVILL E
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City. of Fayetteville, Arkansas 113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Text File
File Number: 2015-0188
Agenda Date: 4/21/2015 Version: 1 Status: Agenda Ready
In Control: City Council File Type: Resolution
Agenda Number: C. 1
PARK LAKE APARTMENTS ACQUISITION AND RENOVATION
A RESOLUTION TO APPROVE THE ISSUANCE OF NOT TO EXCEED $50,000,000.00 OF THE
PUBLIC FINANCE AUTHORITY REVENUE BONDS TO FINANCE OR REFINANCE CERTAIN
COSTS OF VARIOUS PROJECTS, INCLUDING THE ACQUISITION AND RENOVATION OF
THE 91 -UNIT PARK LAKE APARTMENTS LOCATED AT 1753 E. ZION ROAD, ON BEHALF OF
AMERICAN AGAPE FOUNDATION, INC. OF SAN ANTONIO, TEXAS
WHEREAS, American Agape Foundation, Inc., a non-profit tax exempt entity under Section 501(c)(3)
of the Internal Revenue Code, has proposed to acquire and rehabilitate the 91 unit residential rental
community known as Park Lake Apartments, located at 1752 E. Zion Road, Fayetteville, Arkansas
72703; and
WHEREAS, American Agape Foundation, Inc. intends to fund this project and three other projects
located in Louisiana and Florida by issuing Public Finance Authority Multifamily Housing Revenue
Bonds (American Agape Foundation Portfolio Project), Series 2015, which are private activity bonds
governed by 26 U.S.C. §§ 141-147, issued through the Public Finance Authority of Wisconsin; and
WHEREAS, 26 U.S.C. § 147(f) and 26 C.F.R. § 5f.103-2 require the approval of the local government
entity with geographic jurisdiction over projects funded by such private activity bonds in order for
American Agape Foundation, Inc. to qualify for tax exempt bond financing; and
WHEREAS, approval of the issuance of these private activity bonds does not constitute a debt of the
City of Fayetteville and in no way makes the City of Fayetteville liable for such bonds, nor will the
City's bond rating or bonding capacity be affected by the issuance of these bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville Arkansas, for the sole purpose of satisfying
the public approval requirement of 26 U.S.C. § 147(f) of the Internal Revenue Code and 26 C.F.R. §
5f.103-2, hereby approves the issuance of the Public Finance Authority Multifamily Housing Revenue
Bonds (American Agape Foundation Portfolio Project), Series 2015 by the Public Finance Authority in
the aggregate principal amount not to exceed $50,000,000 and the financing of the Projects with the
proceeds of the Bonds and hereby authorizes the Mayor to sign the document entitled "TEFRA
APPROVAL OF THE CITY OF FAYETTEVILLE, ARKANSAS, a copy of which is attached to this
Resolution and made a part hereof, provided that in no event shall the City of Fayetteville, Arkansas be
City of Fayetteville, Arkansas Page 1 Printed on 411412015
File Number: 2015-0188
liable for such Bonds nor shall the Bonds constitute a debt of the City of Fayetteville, Arkansas.
City of Fayetteville, Arkansas Page 2 Printed on 4114/2015