Loading...
HomeMy WebLinkAbout71-88 RESOLUTION RESOLUTION NO. 71-88 ' A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE TWO RENEWAL AGREEMENTS WITH THE STATE OF ARKANSAS FOR SALES AND INCOME TAX TURNBACK REVENUE. BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF FAYETTEVILLE, ARKANSAS: That the Mayor and City Clerk are hereby authorized and directed to execute two renewal agreements with the State of Arkansas for sales and income tax turnback revenue generated from tourist meeting facilities of the City (the Center for Continuing Education) . A copy of said agreements are attached hereto marked Exhibits "A" and "B" and made a part hereof . PASSED AND APPROVED this 20th day of September , 1988 . APPROVED By: 2c1lc ) 94421,14zAJ Mayor OO ATTEST By: ' y Clerk VAYErte �: : `+ `7 • is IF s .407) • t • • t J � . 'c) MICROFILMED of Ark /' --/? -8'o ,`e Ark, CITY CLERK'S OFFICE r I 220 State Capitol Jimmie Lou Fisher d y Little Rock, Arkansas 72201 `�RKANSO Treasurer of State December 7, 1988 Ms. Suzanne McWeshy City Clerk City Hall 113 West Mountain Fayetteville, AR 72701 Dear Ms. McWeshy: At the request of Scott Linebaugh, we are returning a copy of each executed agreement between the City of Fayetteville and the State Board of Finance, for turnback assistance as authorized by the City-County Tourist Meeting and Entertainment Facilities Assistance Law. Sincerely yours, MikPar Weldon H. McWhirter Chief Deputy WHM:dm encls. AGREEMENT It 1 AGREEMENT This AGREEMENT executed as of the 1st day of July. 1988, by and between the State Board of Finance, an agency of the State of Arkansas (hereinafter called "State") and the City of Fayetteville, Arkansas, a city of the first class organized and existing pursuant to the laws of the State of Arkansas (hereinafter called "City"). WITNESSETH WHEREAS, the State and the City executed an agreement dated July 1, 1983, pursuant to which the City has received financial assistance from the State as authorized by the "City-County Tourist Meeting and Entertainment Facilities Assistance Law," Act 763, Acts of Arkansas of 1977, as amended: and WHEREAS, a copy of said agreement is attached hereto marked Exhibit "A" and incorporated herein by reference thereto: and WHEREAS, said agreement provides that the term thereof shall be for two (2) years commencing July 1, 1983, but subject to approval of the General Assembly, will be extended from time to time for additional terms, which additional terms shall not exceed two (2) years: and WHEREAS, said agreement provides that the City will recertify, at the beginning of each two year term that said agreement is extended, for the State's consideration and determination, the additional State sales and income tax revenues to be generated by said Tourist Meeting Facilities of the City during the ensuing term all for the purpose of computing the amount of State assistance to be paid the City for said ensuing term. NOW, THEREFORE, THE PARTIES HERETO MUTUALLY AGREE AS FOLLOWS: I. The aforesaid agreement between the State and City dated July 1, 1983, shall be extended for an additional term of two (2) years commencing July 1, 1986. II. The City certifies to the State that the additional State sales and income tax revenues to be derived from the City's Tourist Meeting Facilities is estimated, projected or found to be $236,276 for the fiscal year 1986-1987 and $316,175.05 for the fiscal year 1987-1988. Ill. The State hereby covenants and agrees that it will certify to the State Treasurer the amount of assistance to be paid the City which the State hereby agrees to be the sum of $157,360.35 for the fiscal year 1986-1987 and $210,667.78 for the fiscal year 1987-1988 and directs the said treasurer to make quarterly payments to said City from the "City-County Tourist Facilities Aid Fund" established pursuant to the provisions of Act 763, Acts of Arkansas of 1977, as amended. IV. As modified by the Agreement, the agreement between the State and the City dated July 1, 1983, shall continue to full force and effect. This AGREEMENT executed in duplicate originals as of the 1st day of July, 1988. STATE BOARD OF FINANCE CA/ B aD'f't 14k Title:Acting Chairman ATTEST B y: 44--ititilt/ Title: Chief Deputy, Treasurer of State's Office CITY OF FAYETTEVILLE, ARKANSAS By: Title: Mayor ATTEST By: Title: -2- AGREEMENT 12 AGREEMENT This AGREEMENT executed as of the 1st day of July, 1988, by and between the State Board of Finance, an agency of the State of Arkansas (hereinafter called "State") and the City of Fayetteville, Arkansas, a city of the first class organized and existing pursuant to the laws of the State of Arkansas (hereinafter called "City"). WITNESSETH WHEREAS, the State and the City executed an agreement dated July 1, 1983, pursuant to which the City has received financial assistance from the State as authorized by the "City-County Tourist Meeting and Entertainment Facilities Assistance Law," Act 763, Acts of Arkansas of 1977, as amended; and WHEREAS, a copy of said agreement is attached hereto marked Exhibit "A" and incorporated herein by reference thereto; and WHEREAS, said agreement provides that the term thereof shall be for two (2) years commencing July 1, 1983, but subject to approval of the General Assembly, will be extended from time to time for additional terms, which additional terms shall not exceed two (2) years; and WHEREAS, said agreement provides that the City will recertify, at the beginning of each two year term that said agreement is extended, for the State's consideration and determination, the additional State sales and income tax revenues to be generated by said Tourist Meeting Facilities of the City during the ensuing term all for the purpose of computing the amount of State assistance to be paid the City for said ensuing term. NOW, THEREFORE, THE PARTIES HERETO MUTUALLY AGREE AS FOLLOWS: I. The aforesaid agreement between the State and City dated July 1. 1983. shall be extended for an additional term of two (2) years commencing July 1. 1988. II. The City certifies to the State that the additional State sales and income tax revenues to be derived from the City's Tourist Meeting Facilities is estimated, projected or found to be $332.135 for the fiscal year 1988-1989 and $348,735 for the fiscal year 1989-1990. III. The State hereby covenants and agrees that it will certify to the State Treasurer the amount of assistance to be paid the City which the State hereby agrees to be the sum of $221,202 for the fiscal year 1988-1989 and $232,258 for the fiscal year 1989-1990 and directs the said treasurer to make quarterly payments to said City from the "City-County Tourist Facilities Aid Fund" established pursuant to the provisions of Act 763, Acts of Arkansas of 1977. as amended. EXHIBIT A 1 IV. As modified by the Agreement, the agreement between the State and the City dated July 1, 1983, shall continue to full force and effect. This AGREEMENT executed in duplicate originals as of the 1st day of July, 1988. STATE BOARD OF FINANCE B t (1-7 L � Y• Title: Acting Chairman ATTEST By: a,),A," '01 21 j Title: Chief Deputy, Treasurer of State's Office CITY OF FAYETTEVILLE, ARKANSAS B Y platvJ �U 0 Title: Mayor ATTEST By: Title: -2- • • • • 16.25 • • AGREEMENT • THIS AGREEMENT made and entered into this 1st day of July, 1983 , by and between the State Board of Finance, an Agency of the State of Arkansas (hereinafter called "State") and the City of Fayetteville, Arkansas, a city of the first class organized and exist- ing pursuant to the laws of the State of Arkansas (hereinafter called "City") : WITNESSETH WHEREAS, Act 763 , Acts of Arkansas of 1977, as amended , includ- ing Act 356 , Acts of Arkansas , 1983 , cited as the "City-County Tourist Meeting and Entertainment Facilities Assistance Law, " authorizes financial assistance to qualifying cities and counties for constructing and/or securing tourist and entertainment facili- ties ; and WHEREAS , the General Assembly, in the enactment of said legis- lation, found and determined that "it is in the interest of both the State and its Cities and Counties for the State to assist any City or County in financing tourist meeting facilities and tourist entertainment facilities by paying to the City or County a portion of the increased State Sales Tax revenues and State Income Tax -- revenues attributable thereto as in this Act provided; " and WHEREAS , the City has constructed-in the said City "tourist meeting facilities" being a convention center and has made appro- priate application to the State for financial assistance for said facilities all in keeping and conformance with provisions of said legislation; and WHEREAS , the State , after notice .and in keeping with all other provisions of Act 763 , Acts of Arkansas .of 1977 , as amended, in- cluding Act 356 , Acts of Arkansas , 1983 , held a public hearing on March 1 , 1983 on the City' s application and following such public hearing made the following findings and determinations : (a) That the tourist meeting facilities of and by the City , are eligible facilities and have been financed by the �3 . (0 --cd • • 16.26 City through the issuance of Four Million and Four Hundred Seventy- Five Thousand and 00/100 ($4 ,475 , 000 . 00) Dollars in Tourism Revenue Bonds issued by the City under Act No. 380 of the Acts of Arkansas of 1971, as amended; that the financing of such facilities through a combination of the City' s bonds and state assistance under Act 763 , Acts of Arkansas of 1977 , as amended , including Act 356 , Acts of Arkansas , 1983 , is in the best .interest of the City and the State and the City' s application should be approved. (b) That the additional State Sales and Income Tax revenues . to be derived from the City' s tourist meeting facilities is esti- . mated and projected and found to be $122 , 278 . 00 for the fiscal year 1.31-8‘f 1983-1984 and $179 , 759 . 00 for the fiscal year 1984-1985. (c) That the investment multiplier for computing additional State Sales and Income Tax revenues is fixed at 4x. (d) That the debt service requirements of the City for the bonda issued to finance these facilities for the years 1982 through 2014 are set forth on page 3 of the City' s application for state assistance a copy of which, marked Exhibit "A" , is attached hereto and made a part hereof as though set out herein word for word. • (e) That the State assistance shall be two/thirds (2/3) of the additional State Sales and Income Tax revenues herein estimated and projected to be generated by the facilities annually, but in no case shall such exceed eighty (300) percent of the annual debt service on the bonds issued to finance the facilities . . NOW, THEREFORE, THE PARTIES HERETO MUTUALLY AGREE AS FOLLOWS : ' The parties hereto mutually understand and agree that this - contract is made and entered into in keeping with and pursuant to authority of Act 763 , Acts of Arkansas of 1977 , as amended , includ- ing Act 356 , Acts of Arkansas , 1983 . II . The State hereby covenants and agrees to pay to the City for debt services as reflected on page 3 of Exhibit "A" attached hereto on the City ' s bonds hereinabove described issued to finance -2- L3 , 1 (ccc4) 16.27 the tourist meeting facilities an amount equal to two-thirds (2/3) of the additional _State Sales and Income Tax revenues hereinabove estimated and projected to be generated by said tourist facilities as desdribed in the City' s application, but not more than eighty (80%) percent of the annual debt service requirements of said bonds. • III . The State hereby covenants and agrees that it will certify to the State Treasurer the amount of assistance to be paid the City which the State hereby agrees to be the sum of $81 , 519 . 00 for the fiscal year 1983-1984 and the sum of $119 , 339 . 00 for fiscal year 1984-198-5 and directs the said Treasurer to make quarterly payments to said City from the "City-Counties Tourist Facilities Aid Fund" established pursuant to the provisions of Act 763 , Acts of Arkansas of 1971, as amended, including Act 356 , Acts of Arkansas , 1983 . It is understood by the parties that the City will recertify, at the beginning of each two year term that this ' Agreement is extended, if any, for the State ' s consideration and determination, the additional State sales and income tax revenues to be generated by said tourist meeting facilities of the City dur- ing the ensuing term all for the purpose of computing the amount of state assistance to be paid the City for said ensuing term. IV. Payment of such assistance funds by the State shall be made to the Trustee designated by the holder of the City ' s bonds • (First Bank & Trust Company of Mountain Home , Arkansas or its successor) and said Trustee shall apply all such funds received from said City-County Tourist Facilities Aid Fund to the payment of or redemption of said bonds of, the City and to the payment of interest thereon. City covenants that any remaining funds re- ceived from the State after retirement of said bonds shall be returned forthwith to the State Treasurer. -3- �3. ( c cT { ' 1 It( • 16.28 • V. Payment of assistance funds as provided for herein is subject to approval by and appropriation of the General Assembly of the State_ of Arkansas and nothing herein contained shall be construed to be a demand of the General Assembly to make any appropriation pursuant to Act 763 , Acts of Arkansas of 1977 , as amended, includ- ing Act 356 , Acts of Arkansas , 1983 , or to prohibit the General Assembly from amending or repealing the said Act at any time. VI . - The term of this Agreement shall be for two (2) years commenc- ing July 1, 1983, but subject to approval of the General Assembly, will be extended from time-to-time for additional terms , which additional terms shall not exceed two (2) years . ,This Agreement may be executed in duplicate of counterparts , each of which when so executed and delivered shall constitute an original, but all of which together shall constitute one and the same Agreement. THIS AGREEMENT executed in duplicate originals this 1st day of July, 1983 . STATE BOARD OF FINANCE r) y B : , ' ( f -. ._ ATTEST: CITY OF -FA'iE_'TEVILLE, ?1RKANSAS 1 I 1i i / i By: -/ �! < •< ''� �/. C•{ ATTEST: • City Clerk ` -4- - c- • /., AGREEMENT This AGREEMENT executed as of the 1st day of July , 1985, by and between the State Board of Finance, an agency of the State of Arkansas (hereinafter called "State") and the City of Fayetteville, Arkansas, a city of the first class organized and existing pursuant to the laws of the State of Arkansas (hereinafter called "City"). WITNESSETH WHEREAS, the State and the City executed an agreement dated July 1, 1983, pursuant to which the City has received financial assistance from the State as authorized by the "City-County Tourist Meeting and Entertainment Facilities Assistance Law," Act 763, Acts of Arkansas of 1977, as amended; and WHEREAS, a copy of said agreement is attached hereto marked Exhibit "A" and incorporated herein by reference thereto; and WHEREAS, said agreement provides that the term thereof shall be for two (2) years commencing July 1, 1983, but subject to approval of the General Assembly, will be extended from time to time for additional terms, which additional terms shall not exceed two (2) years; and WHEREAS, said agreement provides that the City will recertify, at the beginning of each two year term that said agreement is extended, for the State's consideration and determination, the additional State sales and income tax revenues to be generated by said Tourist Meeting - Facilities of the City during the ensuing term all for the purpose of computing the amount of State assistance to be paid the City for said ensuing term. NOW, T EREPORE, THE PARTIES HERETO MUTUALLY AGREE AS FOLLOWS: I. The aforesaid agreement between the State and City dated July 1, 1983, shall be extended for an additional term of one (1) year commencing July 1, 1985. II. The City certifies to the State that the additional State sales and income tax revenues to be derived from the City's Tourist Meeting Facilities is estimated, projected or found to be $ 264,257.00 for the fiscal year 1985-1986. -2- III. The State hereby covenants and agrees that it will certify to the State Treasurer the amount of assistance to paid the City which the State hereby agrees to be the sum of $ 264,257.00 for the fiscal year 1985-1986 and directs the said treasurer to make quarterly payments to said City from the "City-County's Tourist Facilities Aid Fund" established pursuant to the provisions of Act 763, Acts of Arkansas of 1971, as amended. IV. As modified by this Agreement, the agreement between the State and the City dated July 1, 1983, shall continue in full force and effect: This AGREEMENT executed in duplicate originals as of the 1st day of July , 1985. STATE BOARD OF FINANCE By: eh;L__;.„ ajPcie ;11.14:1•L Title: Secretary ATTEST ;Lidert By• Title: CITY OF FAYETTEVILLE, ARKANSAS B;:_2a,e'd-k?f,‘-fe/Z Mayor ATTEST Clerk