The Quorum Court hereby finds and determines:
(A) There exists in the county, a significant community need for additional educational facilities to which persons seeking a quality education, might have access.
(B) This may be substantially met through making provision for tax exempt financing of educational facilities under the provisions of the Public Facilities Boards Act, A.C.A. §§ 14-137-101 et seq.
(C) The purpose of making available educational facilities to persons seeking a quality education is a proper public purpose.
(D) The public purpose of financing eligible facilities may best be served by establishing an Educational Facilities Board to make loans to mortgage lenders, as defined in A.C.A. § 14-137-106(b), on condition that the mortgage lenders use the proceeds of each loan to provide financing for eligible facilities.
(Ord. 2001-18, passed 7-24-01)