HomeMy WebLinkAbout13-97 RESOLUTION •
•
•
RESOLUTION NO. 13-9 7 SCAN N E D
A RESOLUTION APPROVING THE ISSUANCE BY THE
FAYETTEVILLE PUBLIC FACILITIES BOARD OF ITS
REFUNDING REVENUE BONDS (BUTTERFIELD TRAIL
VILLAGE PROJECT, SERIES 1997) IN A PRINCIPAL
AMOUNT OF $29,100,000, RATIFYING THE PROVISIONS OF
THE RESOLUTION OF THE FAYETTEVILLE PUBLIC
FACILITIES BOARD, AND FOR OTHER PURPOSES.
WHEREAS, the Fayetteville Public Facilities Board(the "Board"), is a public body politic
and corporate created by Ordinance No. 2485 and amended by Ordinances Numbered 2708 and
2991 (the "Ordinance") of the City Council of Fayetteville, Arkansas (the "City") under the
constitution and laws of the State of Arkansas (the "State"), including A.C.A. § 14-137-101 et
seq. (1987 & Supp.. 1995), as amended (the "Act"); and,
WHEREAS, the Board is authorized by the Act and the Ordinance to issue and sell its
revenue bonds and to use the proceeds thereof for the purpose of financing housing and health care
facilities in the City to secure payment of such revenue bonds as therein provided (including bond
insurance or letters of credit) and to issue refunding bonds, all in accordance with the provisions
of the Act and the Ordinance; and,
WHEREAS, the Board has determined that the economic interest and public purpose of
the Board are served by issuing its Variable Rate Demand Refunding Revenue Bonds, Series 1997
(Butterfield Trail Village Project) (the "Bonds") in an aggregate principal amount of$29,100,000
for the purpose of providing moneys to pay the costs of issuing the Bonds and for other purposes
related thereto. In order to prepare for the issuance of the Bonds, the Board herein deems it
proper to authorize the Underwriters, the Chairman and the Secretary to take certain actions
provided for herein; and,
WHEREAS, pursuant to the provisions of the Ordinance the Board must obtain the
approval of the City in order to issue the Bonds, and the City finds that the items adopted by the
resolution of the Board ratified, January 22, 1997, should be ratified by the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF FAYETTEVILLE, ARKANSAS:
Section 1. Authorization to Market Bonds. The Board is hereby authorized to issue
its $29,100,000 Variable Rate Demand Refunding Revenue Bonds (Butterfield Trail Village
Project, Series 1997) (the "Bonds") for the purpose of providing moneys to advance refund prior
bonds, pay the costs of issuing the Bonds and for other purposes related thereto.
•
Page 2
Resolution No. 13-97
Section 2. Ratification of Board's Resolution. The provisions of the Board's resolution
approved January 22, 1997, a copy which is filed with the Clerk of the City, are hereby approved
by the City.
Section 3. Severability. If any provisions of this Resolution shall be held or deemed
to be or shall, if fact, be illegal, inoperative or unenforceable, the same shall not affect any other
provision or provisions herein contained or render the same invalid, inoperative or unenforceable
to any extent whatever.
Section 4, Repeal of Resolutions in Conflict. All resolutions and parts of resolutions
in conflict herewith are hereby repealed to the extent of such conflict.
Section 5. Effective Date. This resolution shall be in full and effect immediately upon
its passage and approval.
•'' FSED AND APPROVED this 18th day of February , 1997.
•t
(9.
'r r ' APPROVED:
4 14/1
r : -i / ,`
/
red Hanna, Mayor
ATTEST: /�
Traci Paul, City Clerk