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Springdale council approves revenue bonds for Arkansas Children—s Northwest expansion
Summary
Springdale City Council voted unanimously to authorize the Springdale Public Facilities Board to issue tax-exempt revenue bonds of up to $24,000,000 to help finance an expansion of Arkansas Children—s Northwest.
Springdale City Council voted unanimously to authorize the Springdale Public Facilities Board to issue tax-exempt revenue bonds of up to $24,000,000 to help finance an expansion of Arkansas Children—s Northwest.
At a required public hearing, Shep Russell of Friday, Eldridge & Clark, bond counsel, told the council that the public facilities board issues tax-exempt bonds on behalf of nonprofit hospitals so investors can buy at a lower, tax-exempt yield and that the city and facilities board do not take on an obligation to repay the debt. He cited the Public Facilities Boards Act (ACA 14-1-37-100) and said…
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