HomeMy WebLinkAbout33-97 RESOLUTION °
RESOLUTION NO. 33-9 7 CA NAIL_
A RESOLUTION RATIFYING THE RESOLUTION OF THE
FAYETTEVILLE PUBLIC FACILITIES BOARD APPROVING
REFUNDING REVENUE BONDS (BUTTERFIELD TRAIL
VILLAGE PROJECT) (SERIES 1997) IN A PRINCIPAL
AMOUNT OF $29,100,000, AND FOR OTHER PURPOSES.
WHEREAS, The Fayetteville Public Facilities Board (the"Board"), is a public body
politic and corporate with the power of perpetual succession created by Ordinance Number 2485,
as amended (the"Ordinance") of the Board of Directors of the City of Fayetteville,Arkansas (the
"City") under the constitution and laws of the State of Arkansas(the"State"), including the
Public Facilities Board Act as codified at Arkansas Code annotated §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 advance refund prior bonds, pay the costs of issuing the
Bonds and for other purposes related thereto; and
WHEREAS, the Bonds are not a debt of or pledge of the credit of either the City or the
Board and neither the City or the Board is obligated to pay debt service on the Bonds; and
WHEREAS, the Act provides that none of the powers granted to the Board under the
provisions of the Act shall be subject to the supervision or regulations or require the approval or
consent of the State or of any municipality or political subdivision of the State, except as provided
in the Ordinance; and
WHEREAS, pursuant to the provisions of the Ordinance resolutions adopted by the
Board which authorize the approval of bonds for financing residential housing, health care and
related facilities for the elderly which are owned by non-profit corporation shall be ratified by the
City; and
WHEREAS, the Board adopted a resolution on January 22, 1997 to approve the bonds
subject to the ratification by the City and subsequent approval by the Board of final financing
terms; and
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WHEREAS, the City Council of the City has heretofore ratified such resolution on
February 18, 1997; and
WHEREAS, the Board adopted a resolution on March 17, 1997, authorizing the
Chairman and Secretary to execute documents to effect the issuance of the Bonds; and
WHEREAS, the City, as an exercise of its ministerial powers should ratify the Board's
resolution in recognition that the City is not a part of the deliberative process of approval of the
issuance of the Bonds and provided further that the City should ratify the resolution adopted by
the Board on March 17, 1997, based upon a determination that the Board has solely and
independently exercised its powers and responsibilities in a manner which complies with the
Ordinance.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. Recognition of Board's Authority. The Board is authorized by the Act
and the Ordinance to approve the issuance of its $29,100,000 Variable Rate Demand Refunding
Revenue Bonds (Butterfield Trial 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 and shall comply with other provisions of the Act and the Ordinance.
The bonds by statute and intent of this city council are not a debt of or pledge of the credit of
either the City or the Board and neither the City or the Board is obligated to pay debt service on
the Bonds whether or not said bonds have been properly issued.
Section 2. Ratification of Board's Resolution. The provisions of the Board's
resolution approved March 17, 1997, a copy of which is filed with the Clerk of the City, are
hereby ratified by the City.
Section 3. Severability. If any provision 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 part of resolutions
in conflict herewith are hereby repealed to the extent of such conflict.
Section 5. Effective Date. This Resolution shall be in full force and effect
immediately upon its passage and approval.
Passed and approved this 18th day of March , 1997
APP VED: •
M OR
ATTEST:
C21-1
CITY CLERK
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