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HomeMy WebLinkAboutOrdinance 2009 JU , I - 4 „ i , . ,T Y ORDINANCE NO . 2009 C . Cu , T CLE AN ORDINANCE PROVIDING FOR THE CONSTRUCTION OF A NEW AIRPLANE HANGER FACILITY AT THE MUNICIPAL AIRPORT (DRAKE FIELD ) IN THE CITY OF FAYETTEVILLE , ARKANSAS ; PROVIDING FOR THE ISSUANCE OF REVENUE BONDS ; PRESCRIB - ING OTHER MATTERS RELATING THERETO ; AND FOR OTHER PURPOSES . WHEREAS , the Fayetteville Board of Directors deems it desirable to construct a new airplane hanger facility having approximate dimensions of seventy - five feet by one hundred twenty feet ( 75 x 120 ) at the Fayetteville Municipal Airport (Drake Field ) ; and WHEREAS , the estimated cost of said airplane hanger facility is $ 50 , 000 and the estimated expenses incidental to the financing thereof is $ 500 . 00 ; and WHEREAS , the City does not have funds available sufficient to accomplish the improvements but can obtain the necessary funds by the issuance of revenue bonds under the provisions of Act No . 135 of 1929 . NOW , THEREFORE , BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF - FAYETTEVILLE , ARKANSAS ; Section 1 . That the construction of a new airplane hanger facility having approximate dimensions of seventy - five feet by one hundred twenty feet ( 75 x 120 ) at the Fayetteville Municipal Airport (Drake Field ) is hereby authorized . Section 2 . Under the authority of the Constitution and laws of the State of Arkansas , including particularly Act No . 135 of 1929 , Airport Improvement Revenue Bonds ( the "bonds " ) are hereby authorized and ordered issued in the principal amount of Fifty Thousand Five . Hundred . Dollars ( $ 50 , 500 . 00 ) for the purpose of financing the cost of accomplishing the construction of said hanger facility , paying necessary expenses incidental thereto , paying the expenses of issuing the bonds and proviAlag M1CR0FJZMFZ DATE . 6 1978 REEL 6 1ft 869 153 for interest on the bonds , if necessary , until the revenues are available . The bonds have been sold to First National Bank , Fay - etteville , Arkansas , and McIlroy Bank , Fayetteville , Arkansas , for a price of par and accrued interest . The bonds shall be dated July 1 , 1974 , and shall bear interest at the rate of six and one - half ( 6k % ) per annum . The bonds shall be in the denomination of $ 24250 each and shall be numbered consecutively from 1 to 2 inclusive . Principal and interest payments in the amount of $ 7 , 024 . 80 shall be payable on July 1 of each year , commencing July 1 , 1975 , until the principal and interest are fully paid , except that final payment of the entire indebtedness if not sooner paid shall be due and payable ten ( 10 ) years from the date of the bonds . The bonds shall be initially issued as two bonds ( either typewritten or printed ) registered as to principal and interest , in the principal amount of $ 25 , 250 each , maturing as set forth above . Section 3 . The bonds shall be executed on behalf of the City by the Mayor and City Clerk and shall have impressed thereon the seal of the City . The bonds , together with interest thereon , shall be payable out of the 1974 Airport Improvement Revenue Bond Fund , as hereafter set forth , and shall be a valid claim of the holders thereof only against such fund and the revenues pledged to such funds , which revenues are hereby pledged and mortgaged for the equal and ratable payment of the bonds and shall be used for no other purpose than to pay the principal of and interest on the bonds . The bonds and interest thereon shall not constitute an indebtedness of the City within any constitutional or statutory limitation . Section 4 . The bonds shall be in substantially the following form , and the Mayor and City Clerk are hereby expressily author - ized and directed to make all recitals contained therein : ( Form of single registered bond ) (To be typewritten ) UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF WASHINGTON CITY OF FAYETTEVILLE 611 % AIRPORT IMPROVEMENT REVENUE BOND No . R - $ KNOW ALL MEN BY THESE PRESENTS That the City of Fayetteville , Washington County , Arkansas ( the " City" ) for value received , hereby acknowledges itself to owe and promises to pay to the registered owner , or registered assigns , solely from the special fund provided as hereinafter set forth , the principal sum of TWENTY - FIVE THOUSAND TWO HUNDRED FIFTY DOLLARS with interest on the unpaid balance of the aggregate principal sum at the rate of six and one - half percent ( 6k % ) per annum from the interest commencement date hereof . The principal and interest shall be payable in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of debts due the United States of America and shall be payable in the following installments , on or before the following dates : principal and interest in the amount of .$ 3512 . 40.' on July 1 , 1975 , and each July 1 thereafter until the principal and interest are fully paid , except that the final payment of the entire indebt - edness , if not sooner paid , shall be due and payable ten ( 10 ) years from the date of this bond . Payments of the principal and interest installments due hereon shall be made , except for final payment , without presentation and surrender of this bond , directly to the registered owner at his address shown on the bond registration book of the City , and such payments shall fully discharge the obligation of the 'City to the extent of the pay - ments so made . 869 > ,,. 55 This bond is issued for the purpose of financing the cost to the City of constructing an airplane hanger facility at the Fay - etteville Municipal Airport (Drake Field ) , and costs of authorizing and issuing the bonds , and is issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas , including particularly Act No -. 135 of 1929 , and pursuant to Ordinance No . 2009 of the City , duly adopted and approved on the 21st day of May 1974 ( the "Authorizing Ordinance " ) . Prepayments of principal installments , or any portion thereof , may be made at any time . Such prepayments shall not affect the obligation of the City to pay the remaining installments . This bond does not constitute an indebtedness of the City within any constitutional or statutory limitation or provision , and the taxing power of the City is not pledged to the payment of the principal of or interest on the bond . The bond is a special obligation secured by a pledge of and payable solely from revenues derived from the lease of the airplane hanger facility to be constructed and financed by the sale of this bond . A sufficient amount of airport facility hanger revenues has been duly set aside and pledged as a special fund for that purpose , identified as the 111974 Airport Improvement Revenue Bond Fund , " created by the Authorizing Ordinance . The City has covenanted and agreed to maintain lease rates for use of said airport hanger facility which shall be sufficient at all times at least to provide for the payments of principal and interest installments on all - the outstanding. bonds to which said hanger facility revenues are pledged as they become, due . This bond may be assigned , and upon assignment the assignor shall promptly notify the City Clerk .. :: . by registered mail , and the assignee shall surrender this bond to the City. Clerk '. ,) for transfer on the registration records . Every assignee shall take this bond subject to all payments - and prepayments of principal and interest '( as reflected by the Payment Record maintained by the City Clerk ) , prior to such surrender for transfer . IT IS HEREBY CERTIFIED , RECITED AND DECLARED that all acts , conditions and things required by the Constitution and statutes of the State of Arkansas to exist , happen and be performed precedent to and in the issuance of this bond , do exist , have happened and have been performed in regular and due time , form and manner as required by law ; that the bond does not exceed any constitutional or statutory limitation of indebtedness , and that provision has been made for the payment of the principal of and interest on this bond , as provided in the Authorizing Ordinance . IN WITNESS WHEREOF , the City of Fayetteville , Arkansas , has caused this bond to be executed in its name by its Mayor and City Clerk , thereunto duly authorized , with the manual signatures of the Mayor and City Clerk , and its corporate seal to be affixed , all as of the first day of July , 1974 . The interest commencement date of this bond is ]Da o)/ 99 CITY OF FAYETTEVILLE , ARKA SAS BY : &MAYOR ATTEST : CITDYE ERK 869 r. 157 REGI'STRATION 'CE'RTI`FI'CATE Date of Registration : Name of Registered : Manner of Signature of ; Owner Regi:s'tration : City Clerk ( Form of Assignment ) For value received , the registered owner last listed below sells , conveys , transfers , assigns and delivers this bond to the assignee last listed below : REGISTERED OWNER ASSIGNEE 86� :: 159 ( The following Payment Record shall be attached to the bond . ) /9 -7y AL -O . i, - ° PAYMENT RECORD z3 " Principal Signature Principal Balance Interest Appropriate Date Due Payment Due Payment Date Paid Official F, Title ,SV, S9 0 O-D, July 1 , 1975 July 1 , 1976 July 1 , 1977 July 1 , 1978 July 1 , 1979 July 1 , 1980 July 1 , 1981 July 1 , 1982 July 1 , 1983 July 1 , 1984 SCHEDULE "A" PRINCIPAL INSTALLMENTS ON WHICH PAYMENTS HAVE BEEN MADE PRIOR TO MATURITY SIGNATURE OF PRINCIPAL DUE PRINCIPAL DATE APPROPRIATE DATE AMOUNT PAYMENT BALANCE PAID OFFICIAL AND TITLE 161 Section S . The City covenants and agrees that it will at all times while any of the bonds are outstanding operate as a revenue producing undertaking the airport hanger facility authorized hereby , fix and collect rates and charges for the lease of said hanger facility , which shall be sufficient to make the required deposits into the 1974 Airport Improvement Revenue Bond Fund . Section 6 . All moneys received from the lease of the airplane hanger facility authorized hereby shall be deposited in such depository or depositories for the City as may be lawfully designated from time to time by the Board of Directors , provided that such depository or depositories shall hold member - ship in the Federal Deposit Insurance Corporation . All deposits shall be designated so as to indicate the particular fund to which the revenues belong . Any deposit in - any fund in excess of the amount insured by the Federal Deposit Insurance Corporation must be secured by bonds or other direct or fully guaranteed obligations of the United States of America , unless invested as herein authorized . Section 7 . 1974 Airport Improvement Revenue Bond Fund . All revenues derived from the lease of the hanger facility author - ized hereby shall be paid into a special fund , which is hereby created and designated the " 1974 Airport Improvement Revenue Bond Fund" . Such revenues so deposited in the 1974 Airport Improvement Revenue Bond Fund are hereby pledged and shall be applied as hereinafter set forth . This pledge in favor of the bonds is hereby irrevocably made according to the terms of this ordinance , and the City and the officer and employees of the City shall execute , perform and carry out the terms thereof in strict conformity with the provisions of this ordinance . Section 8 . The City hereby agrees that all payments on the bonds and interest shall be made only as provided in this ordinance . All bonds paid or purchased either at or before maturity shall be cancelled when such payment or purchase is made and shall not be 869 ; lb" - reissued . Section 9 . It is hereby covenanted and agreed by the City with the holders of the bonds that the City will faith - fully and punctually perform - all duties with reference to the airplane hanger facility authorized hereby required by the Constitution and laws of the State of Arkansas and by this Ordinance , including the charging and collecting of sufficient lease rates , as herein specified and covenanted , the segregating of the revenues to the respective funds created hereby and the applying of the pledged revenues to the respective funds created hereby . Section 10 . The bonds shall be subject to prepayment prior to maturity in a manner in accordance with the terms set out in the Bond Form in Section 4 hereof . Section 11 . The City will keep or cause to be kept proper books of accounts and records ( separate from all other accounts and records ) in which complete and correct entries shall be made of all transactions relating to the airplane hanger facility authorized hereby and the operation thereof , and such books shall be available for inspection by the holder of any of the bonds at reasonable times and under reasonable circum - stances . Section 12 . Upon the occurrence of an event of default , any bondholder may by filing written notice with the City Clerk declare the entire principal to be accelerated and due and payable and may exercise and pursue any remedy or remedies available at law or in equity , including without limitation mandamus and receivership . Section 13 . '(a) Moneys held for the credit of any fund may , at the option of the City , be invested and reinvested pursuant to the direction of the City in direct obligations of or obligations of , or obligations the principal of and interest on which are unconditionally guaranteed by the United States of 8u9 °, : 163 America , which shall mature , or which shallbe subject to redemption by the holder thereof , at the option of such holder , not later than the date or dates when the moneys held for the credit of the particular fund will be required for the purposes intended as specified by the City . (b ) Obligations so purchased as an investment of moneys in any such fund shall be deemed at all times to be a part of such fund and the interest accruing thereon and any profit realized from such investments shall be credited to such fund and -.any loss resulting from such investment shall be charged to such fund . Section 14 . In the event the office of Mayor , City Clerk , or Board of Directors shall be abolished or any two or more of such offices shall be merged or consolidated or in the event the duties of a particular office shall be transferred to another office or officer , or in the event of a vacancy in any such office by reason of death , resignation , removal from office or otherwise , or in the event any such officers shall become incapable of performing the duties of his office by reason of sickness , absence from the City of otherwise , all powers conferred and all obligations and duties imposed upon such office or officer shall be performed by the office or officer succeeding to the principal functions thereof , or by the office or officer upon whom such powers , obligations and duties shall be imposed by law . Section 1S . The provisions of this Ordinance shall constitute a binding contract between the City and the holders of the outstanding bonds , and the City will at all times strictly adhere to the terms and provisions hereof and fully discharge all of its obligations hereunder . Subject to the terms and provisions contained in this section and not otherwise , the holders of not less than seventy - five percent in aggregate principal amount of the bonds then outstanding shall have the right , from time to time , anything contained in this Ordinance to the contrary notwithstanding , to consent to and approve the adoption by the City of such ordinance supplemental hereto as shall be necessary or desirable for the cow - 164 purpose of modifying, altering, amending, adding to or rescinding, in any particular, any of the terms or provisions contained in this ordinance or in any supplemental ordinance; provided,, however, that nothing herein contained shall permit or be construed as permitting (a) an extension of the maturity of any installment of principal and interest payments on any bond issue hereunder, or (b) a reduction in the principal amount of any bond or the rate of interest thereon, or (c) the creation of a lien upon or a pledge of revenues other thans expressly authorized by the appropriate provisions of this Ordinance as now adopted, or (d) the creation of a privilege of priority of any bond or bonds over any other bond or bonds, or (e) a reduction in the aggregate principal amount of the bonds required for consent to such supplemental ordinance. Section 16. The Mayor is hereby directed to publish this Ordinance for one insertion in a newspaper published in the City and of general circulation therein. Section 17. As used in this Ordinance, the terms "holder" and "bondholder" shall include the registered owner of any bond authorized hereunder. Section 18. When the bonds have been executed and the seal of the City impressed as herein provided, they shall be delivered to the purchasers thereof upon payment in cash of the purchase price of $50,500:00 plus accrued interest from the date of the bonds to the date of delivery of the bonds (called "total sale proceeds"). The total sale proceeds shall be handled as follows: (a) The accrued interest on the bonds shall be deposited into the Bond Fund. (b) The balance of the total sale proceeds shall be deposited by the City in a special account designated "1974 Airport Improvement Construction Fund" ("Construction Fund") in a depository designated by the City that is a member of the Federal Deposit Insurance Corporation. The moneys in the Construction Fund in excess of the amount insured by the Federal Deposit Insurance Corporation shall be continuously • 869 L.X65 secured by bonds or other direct or fully guaranteed obligations of the United States of America, except that any moneys invested as herein authorized need' -not be so secured. The moneys in the Construction Fund shall be disbursed solely in payment of the cost of accomplishing the construction of the airplane hanger facility authorized hereby, paying necessary expenses incidental thereto and paying the expenses of issuing the bonds. Disburse- ments shall be on the basis of checks or requisitions which shall contain at least the following information: the person to whom payment is being made: the amount of the payment: and the pur- pose by general classification of the payment. Each check or requisition must be signed by one designated representative of the Board of Directors. If requisitions are used, the depository shall •issue its check upon the Construction Fund payable to the person designated in the requisition. The depository of the Construction Fund shall be required to keep accurate records as to all payments made on the basis of requisitions, and the City shall keep accurate records of all payments made on the basis of checks. When the improvements have been completed and all required expenses paid from the Construction Fund in connection with the improvements and the issuance of the bonds, this fact shall be evidenced by a certificate signed by the designated representative of the City and by the Mayor and the City Manager, which certifi- cate shall state, amoung other things, the date of completion and that all obligations payable from the Construction Fund have been discharged. A copy of the certificate shall be filed with the depository of the Construction Fund and upon receipt thereof the depository of the Construction Fund shall take the necessary steps to transfer any remaining balance in the Construction Fund to the 1974 Airport Improvement Revenue Bond Fund created by this Ordinance. fr - Section 19. No rights shall be deemed to arise under this ordinance until the bonds authorized hereby are delivered to the purchasers thereof. Section 20. The provisions of this Ordinance are hereby declared to be separable, and if any provision shall for any reason be held illegal or invalid, such holding shall not affect the validity of the remainder of the Ordinance. Section 21. The City covenants that it will not take any action or suffer or permit any action to be taken or condition to exist which causes or may cause the interest payable on the bonds to be subject to federal income taxation. Without limiting the generality of the foregoing, the City covenants that the proceeds of the sale of the bonds will not be used directly or indirectly in such manner as to cause the bonds to be treated as "arbitrage bonds" within the meaning of Section 103 (d) of the Internal Revenue Code of 1954, as amended. Section 22. It is hereby ascertained and declared by the Board of Directors that the construction of a new airplane hanger facility at Drake Field should be completed as soon as possible in order than more efficient air transportation service may be made available to the City and its inhabitants at the earliest possible time, all of which is hereby declared to be necessary for the safety and welfare of the citizens of the City. This cannot be accomplished without the issuance of the bonds authorized by this Ordinance, and therefore an emergency is hereby declared to exist, and this Ordinance being necessary for the immediate preservation of the public peace, health and safety shall take effect and be in force from and after its passage. PASSED: May 21 , 19 74 aPPP P, AT\ ST: - �. :,l 1I . LLjt KN o —S. V.11 89,J;167 w CERTIFICATE STATE OF ARKANSAS CITY OF FAYETTEVILLE I, DARLENE WESTBROOK, City Clerk within and for the City of Fayetteville, Arkansas, do hereby certify that the annexed and foregoing is a true and correct copy of the Fayetteville, Arkansas, ORDINANCE 2009 , therein set forth, and the same is as it appears of Record in Ordinance and Resolution Book , Volume IV at Page 10$-113 thereof. n IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal this 22nd day of May 1974 4. (^l t/�Q�rrzJ U.i1�,QJ/ ii•W rC •,A„ I y CITY CLERK rc'p. 1 • i ^ ' CERTIFICATE• OF Rc;ORD STATE OF ARKANSAS �,y.: .8. �rd. .L `�� Washington County J SS' I, Alma L. Kollmoyer, Circuit Clerk and Ex -Officio Recorder for Washin y ,y gtOn County, do hereby cerii that the annaxed ^r ore - going in ument was filad for record in my office on the day of---2�7Lat/ r,3oct:A•nl,and the same is duly recorded in_,�_fecord Witness my hand �daY o., and seal this at page 19 AMA KO I M ER Circuit Clerk and Ex -Officio Recorded By '&J Deputy Clerk i Qt w CERTIFICATE OF RECORD State of Arkansas• SS City of Fayetteville 1, Suzanne C. Kem:e y, Cit; C' " vd I -,a Ex -Officio recorder for the Cty •.f P do hereby certify that t'•: going is of record in my of The s. pears in Ordina:lte 3 i e J'..+:iJi L ' .' 1 1 \�—arril;e--•��--. ... v:!t' my �.�1t band and seal this __ ____ -- if • City Clerk and E% -O f:.io R or J.cr ORDINANCE NO. 2m9 AN ORDINANCE PROVIDING FOR THE CONSTRUCTION OF A NEW AIRPLANE HANGER FACIIATY AT THE MUNICIPAL AIRPORT (DRAKE FIELD) IN THE CITY OF FAYET- TEVILLE. ARKANSAS; PROVIDING FOR THE ISSUANCE OF REVENUE BOND5: PRr,camui0 OTHER \LITTERS RDLATLNO THERETO; AND FOR OTHER PURPOSES. WHEREAS, the Fayetteville Board of Directors deems it nesirt . to coaalrnct a new airplane hanger faculty having approximate dimension, of seventy-five teal by one hundred twenty feet (71 a 120) at the FayetleNWO Municipal Airport (Drake Field); f WHEREAS, the call coal of said ahphtne hander fad 4510,000 and the ralrmled expense,enrol to the Ib.being thereof is 4.i OD. ; and WHEREAS, the City does not have funds available sufficient to accomplish the improvements but can obtain the necessary funds by the issuance of revenue bonds under the provisions of Act. No. 145 of 1929. NOW. THEREFORE. BE IT OR' DAINED BY THE BOARD OF DIRECTORS OF THE CITY OF }9YETTEVIA.K, ; Section 1. That the construction al a new airplane hanger facility haviM .,oruximate dimensions Of eeventy-Rek by one hundred twenty feet (7: '.2)) at the Fayetteville Munk ruort (Drake Field) is befebj tonzea 4. -,.etiort 2. Under the authority of 1M stttutgn and laws of the State to ..timal. Incllsmn¢ particularly M S • of 1949. Airport Imp 1 •'Bonds the "bonds') an criedan ordered issued d •m i and b r zed n of Fifty Thousand - opal amount - 51109 f REGLSTR.ATIDS (FRT1tII'ATt; shall be deposited into the Bond Fund Fund. (b) The balance of the total sale proceeds shall he deposited by the City in a special account designated "1971 Airport Improvement Construction Fund" (''Construction Fund') in a depository designated by the City that is a member of the Federal Deposit Insurance Cot' poration. The moneys in the Construction Fund in excess of the amount insured by the Federal Deposit Insurance Car Poration shall be continuously secured hinds or other direct or fully guaran- toed obligations rthe United ones u herein.Th authorized moneys ein rat investedof as except that any need not he et secured. The the Con' struction Fund shall be disbursed solely in payment of the rest of accomplishing the construction of the airplane hanger Facility authorized hereby, paying necessary expenses incidental thereto and paying the expenses of issuing the bonds. Disbursements shall be on the basis of checks or requisitions which shall a.ti at least the following in- formation: the person to whom payment the is being me pe the amount of the payment: and the purpose by general classification at the payment, grace: or requisition must be signed by one representative of the Board or Directors. If requisitions are used, the depository shall issue its check upon the Construction Fund payable to to person designated in the requisition. The depository of the Construction cun Fund O dsi be required n keep accurate records, as a is payments n's made on the rests of requisitions, and the City Shell keep accurate records of all payments made on the basis of checks. When the improvements have been completed re and all ion d expenses connection from the pron Fund issuan with the thiimprovements and the issuance the erndc this fact yll heeg evidenced c by a certificate signed by the designated all obligations payable from the CnmlOf the ptfklia psae . health and safety struction Fund have been discharged. shall feu efleet and be th force IrOm A copy of the certificate shall be filed and alter he WaM. with the depository of the Construction PASSED: Mn 21, 2114. APPROVED: Fund and upon receipt thereof he Russell P. Purdy depository of the Construction Fund shall I MAYOR take the necessary steps to transfer any' remaining balance in the Construction ATTEST: Darlene Westbrook Fund to the 1971 Airport Improvement CITY CLERK Revenue Bond Fund cleated by this tsel Ordinance. CERTIFICATE Section 19. No rights shall be decreed STATE OF ARKANSAS to arise under this ordinance until Ih1• CITY OF FAYETTEVILLE bonds authorized hereby are delivered 1, DARLENE WERPBROOR. City Clerk to the purchasers The 1pren within and for the City of Fayetteville. or this be Arkansas, do hereby certify that the Section r The pnni declared siparab are hereby Aeprecis to be annexed and foregoing is a true and separable, r and if any egal provision shall correct copy of the Fayetteville, for any reason by held illegal invalid, Arkansas, ORDINANCE 1009, therein set such holding shall not effect the validity forth and the same is as it appears of the remainder of the Ordinance. or Record in Ordinance and Resolution Section 21. The City covenants that Book, Volume IV at Page I05-119 thereof. it will not take any action o surfer LN WITNESS WHEREOF', I have here - or permit any action to be taken or unto sal my hand and affixed my official condition to exist which causes or may seal this 2J14 day of May. 1974. cause the Interest payable nil the bonds Darlene Westbrook to he subject to federal '.nrome teof the CITY CLERK Without limiting the ' i'n'ndby at the <eell proeeds the City cot ev=role that the not be s of the sale of iui bonds win __. not used directly or indirectly inI such manner as w cause the bonds. to be treated as ach trAon bonds'I within the meaning of Section 103 (d) of the Internal Revenue Code of 194.1 as amended. s ed. It is hereby f Directors oa thedeclared by the Bad of n that the construction of a a new airplane. soul hen¢e1' leilidy at Drake Field should be completed as soon as possible n older than more efficient air tratupo cation service may be made nvaUadel to the city and its inhabitantsliF at the hereest decimalble time, all of which is eeby t eclandd to be f the necessary fns zens the safety and wano1 of the pushed iahad ofw the City- This cannot be accomplished without the issuance of the boQ Date at Reglehat4DO Name of Resalered Manner Of Signature of Owner Registratere City Clerk (Form of lasignment' For value received. the registered owns law Ii510A below sell', convey, trans- fera, vatby ¢ns and delivers this bond n the assignee cast listed below: REGISTERED OWNER A>a6IGNEE I The following Payment Record shall be attached w the bond.) Record Signature Pray met Balance Inlerem Appropriate Date Due Payment Due PAymeol Date Paid Official & Title July L 1915 July 1, 197e July 1, 1917 vdesignated Jul 1. IM July 1, 1979 July 1. 1980 July 1, 1981 July 1, 1987Section July 1 Ital Judy, 1 1'H4 S(MEDULE ••A•t PRLNCIPAL 1NBDA7AJdENT9 ON WFn(Ie PAYMENIH HAVE BEEN MADE PRIOR TO MATURITY 1` SIGNATURE OF TPAL DATE APPROPRIATE iFp��Ft-p7N•�ICIPAL DUE PAYMENT AMOUNT PAYMENT RAL9NCE PAM OFFICIAL AND TITLE y,r •of t • Arad Dollars (1'.A ) or lose of financing the cost of Section •5: The City a ,pants and of delivery of the bonds (called "total r -presentative of the City and by the Authorized by ibis Ordinance and toe lh .nn -,in of .lid hanger aj(Ieea that It will at ail times while l sale proceeds"). The total sale proceeds Mayor and the City Manager, which fore an emergency is hereby Aec p, ,na Inns of Re Mnda Are nutstandmi !r era:e, shall be handled as follows: Icertificate Mall state, axe other to exist, and this Ordinance r r., •real m.hr, (a) The accrued interest on the bonds I things, the date of mrteplebnn and that necessary for the immrdiale preseN the third insertion on the day of _.. 19 and the fourth Insertion on the _ - day of _---a__ - 19..x__-.. Sworn to and subscribed before me on this day of ._-----_-.— 1, 1971, ,YnpIrlg JULY oathW o W nonwhite the n .n particular W whi •ch i n-----------' - ------- 19— i, ti /i w4C� the .. awn bonds (either tyTxwnnen ar I herein ,nthnrized iQ0 PObIIC My Commission Expires: _ Fees for Println-......- /Sb �o Inrhh sere 1.1 a tea.' rsi g {.. -.___ 'he id hen thereof on! k,It Vast al: Rind end the n, anti Pledged w s pledg, which meaner. rue here. Cost of Proof _.._..---_. pledged and P`f for the Mpg. am ratable payment of the bonds an, L r-311 v used i no other end in IN.- Total ,j-�l!.. 1O Thy the . T The I id and inter -- bolls. The stilut and Inter,-: ae, anti han not consu inn an titutu na - - nes pf the City w'lthilt any mnslltutionnl in Ii reither All ere e.r.l or or ctafwoq' he b nds purchased either at or before maturity Section 4. The hoods shall be in sub shall b• cancelled when such payment alanunly the lollnwwk form. and the or purchase is made and shall not be Mar and City Clerk are hereby ex' reissued presily authorized and directed to make Section 9. It Is hereby cnvenanted and all recitals contained therein: agreed by the City with the the holders (Farm of sinclp rvircum)d bond) of the lands that the City will faithfully ITo be Of' en) and punctually perform all duties with UNITED STATES OF AMERICA referrto the enplane hanger facility STATE OF ARKANSAS authorized hereby required by the Constl- (OCNIT OF WASHINGTON tuand and laws of the State of Arkansas ITT'' OF' FAF'FDTRT and by this Ordinance. Including the e, PER CENT AIRPORT charging and collecting of sufficient lease IMPROVEMENT REVENUE BOND rates herein nether and revenues venan- au No. R t, the se8re arms of the SNOW ALL MEN BY THESE to the respective funds created hereby PRESENTS and the applying at the pledged revenue, That the City of Faveltev01e Is the respective funds created hereby. Washington Cmiuiy, Arkansas (the Section 10. The for bonds shall he subject .e- lm In- valued revved, heDe to prep -In ac pdar w e. O1, s an pOy edges itself to owe and owner, mainer in hdanee with cite ii rms to pry to the registered owner. or sal out in the Bond Form In Seeue. special nsicm. �a'rly' from the 4 hereof. specal fund presided ns hereinafter set Section II. The City will keep nr cause forth, the principal snot of to be kept proper books of accounts TWENTY-FIVE THOUSAND and records (separate from all ether e TWO HUNDRED FIFTY DOLLARS accounts and records) in which complete with interest on the lmpnid balance ae and correct entries shall be made of the aggregate Prull is sum at the rate all transactions relating to the airplane of six and one -alt per mot 16',i per hanger facility authorized hereby and cent) per annum from the mleresl the operation thereof, and such books commencement Noe hereof, The Inn' shall be available for Inspection by [het cipal and interest shall be payable in holder of any of the bonds at reaaonablel such coin or currency of the United times and under reasonable air States of America as at the time of cumstanees, payment shall be legal tender for the .Section 12. Upon the Occurrence of An event of default, any bondholder may payment o1 dells due the Slates of .America and shall be payable m by filing written notice with the City the following installments, on or before Clerk declare the entire principal to the following dates: principal and in- be accelerated and due and payable wrest in the amount or szi 4o on JWy and may exercise and pursue any 1, 1975, and each July 1 thereafter until remedy or remedies available at law the principal and interest are fully paid, Or in equity, including without limitation except that the final payment of the mandamus and renivetablp. entire indebtedness. if not sooner paid, Section 13. (a) Moneys held for the shall be due and payable lee (10) years credit of any fund may. at the option from the data of this bond, Of the City, be Invested and reinvested pursuant to the direction of the City Payments of the principal and interest in direct obligations of or obligations installments due hereon shall be made, of, or obligations the principal of and except for final payment, without interest on which are unconditionally presentation and surrender of this bind, guaranteed by the United States of directly to the registered owner at his America which shall mature, or which address shown on the bond repaymelon shall be' subject to redemption by the book of the and such payments holder not , athe option of such shall roll" discharge the obligation of holder, not later than the date or dates we City to the extent of the payments when the moneys held for the credit an made, of the particular fund will be required This bond is issued for the purpose for the purposes intended as specified of financing the cost to the City' of all by the City. facility an airplane hanger facility ratt (b) Obligations so purchased as an the Fayetteville Municipal Airport Investment of moneys in any such fund (Drake Field), and costs of authorizing shall be deemed at all times to be a and issuing the bonds, and is Issued part of such fund and the interest ac pursuant to and in full compliance with cruin8 thereon and any profit realized the Constitution and laws of the State from such investments shall be credited of Arkansan, including particularly Act to such fund and any loss resulting No. 115 of 1929, and pursuant to Orei- from such investment shall be charged nnco No. 2009 of the City, duly adopted to such fund. an d approved on the 21st day of May, Section 14, In the event the office 1974 (the "Authorizing Ordinance''), of Mayor, City Clerk, or Board o Prepayments ofof principal installments, Directors shall be abolished or any two or any time portion thereof. f. may be made or more of such offices shall be merged time at any . Such prepayments shall or consolidated or in we event we duties not affect the obligation of the City of a particular office shall be transferred. to pay the remaining installments, to another office or officer, or In the This bond does not constitute an in- event of a vacancy In any such office debtedneaa of the City within any comb- by reason of death, resignation, removal tutional or statutory limitation or from office or otherwise, or in the event prevision, and the lazing power of the any such officers shall become incapable City is not pledged to we payment of of performing the duties of his office the principal of or interest on the bond, by reason of sickness, absence from The bond is a special obligation secured the City or otherwise, all powers con - by a pledge of and payable solely from tarred and all obligations and duties revenues derived From the least' of the imposed upon such office or officer shall airplane hanger facility to be constructed be eenrmed by the office or officer and financed by the aisle of 1613 bind. therdi eedtng e, the principal functions A sufficient amo.mt of airport Facility ereof, or by the office or officer upon hanger revenues has been duly set aside thwhom such powers, obligations and and pledged as a special fund for that duties shall be imposed by law. purple, identified as the '1974 Airport Section 15. The provisions of this Or Improvement Revenue Bond Fund.'' dinance shall constitute n binding con - created by the AulhorlrinR ordinance. tract between the City and the holden The City has ci,venanted and agreed of the outstanding bonds, and the C to maintain Ica 5t•a rates fur use of said will at all limes strictly adhere to the airport hanger facility which shall be terms and provisions hereof and fully sufficient at all times at least to provide discharge all of its obligations hereunder. for the payments of principal and In Subject to the terms and provisions •arest installments on all the outstanding contained in this section and not other brands a which said hanger facility wise we holders of not less than d venues are pledged as they become seventy-five per cent in aggregate Prince due. , pall amount of the bonds then outstanding This bond may be assigned, and upon shall have we right, from time to time. assignment the assignor shall promptly anything contained in this Ordinance to lntify the City Clerk by registered mail we contrary notwithstanding, to consent hag surrey'rr In', to and Apnmce ihr adnpt'on by thel tl the edi as ptac urd w WLnIn1 .n` supplemental upply real a ail consent to such Ordinance, Atlpec ten 1, ordinance. ry' 'yrT:!'SS R1IER FIR' t'.e CIH n' Faction ld '^h. 1Llmr Is hereby 0 Y, of fr¢nruaMrc bin d all obligations payable from the Cory or the public peace, health and safety STATE of ARKANSAS struction Fund have been discharged, shall lake effect and be to force from M its. A copy of the certificate shall be filed and after its passage. County of Washington 3 with thedepostory of the Construction PASSED: May 21. 1974. 11 depository and open receipt thereof that llAPPROVED1i take the the steps Construction Fund shall Russell T. Purdy /'e. 9 take necessarybalnce steps a transfer any MAYOR /v'I tr remaining balance in the Construction ATTEST: Darlene Westbrook Fad b the 3974 Airport improvement CITY CLERK I, -- hereby certify that I venue Bond Fund created by this (seal) am th P b i h f • Section 19. No rights shall be deemed CERTIFICATE I b aria, under this ordinance until the STATE OF ARKANSAS • bonds authorimd hereby are delivered CITY OF FAYETTEVILLE e to the purchasers lheror. 1, DARLF25E WEST'BROOK, Cite e Section 20. The provisions or this Or- within and for the City of Fayeth e dlmnca are hereby declared to be Arkansas, do hereby certify that I. separable, and if any provision shall annexed and foregoing is a true v for any reason be held illegal or invalid, correct copy of the Fayeth I such holding shall not street the validity Arkansas. ORDINANCE 2009. there) of the remainder of the Ordinance. Forth and the same is as it lip Section 21. The City covenants that of Record in Ordinance and Rest I It will not take any action or suffer Book, Volume IV' at Pane 1a5-119 N, I on permit any action m be taken or IN WITNESS WHEREOF, I have I condition to exist which causes or may onto and me hand and affixed my of 1 cam the interest payable on the bonds Seel this 22nd day of May. 19/4. I to be subject to federal income taxation. Darlene Wesn 1 Without limiting the generality of the CITY Cl foregoing the City covenants that the isce I I proceeds of the sale of the bonds will nc' 29 1 not be used directly or indirectly in manner as to case the bads" to in treated as eition bands) within the meaning of Section (d) of Vie Internal Revenue Code of 1924, fan amended. Sen:on _' It is hereby ascertained and declared by the Board of Director that r cility atom of a new aishasld I J� beer fletedy at Drake Field should be e than ed as coon at possible in order service more ,Relent r avnaPery As the eaittyre be made "vat the b s city and its inhabitants llfs me .heftiest possible o all of is thereby safety declared to be .necessary for Fine ee iand welfare of the pushed) pwi the City. This cannot be act cons' pwithOri the Ore or the them chopsaned by this is here, and there - an emergency is hereby declared flat exist, and this Ordinance being -w�ssv ref -M -charges for hcecopary far the Immediate preservation of god Mager facility, which the third insertion on the Tbe beer Mica aglDespt t, make the required _._. --. hAa [111'19'14 Airport Improve l u s er o HE NORTHWEST ARKANSAS TIMES, a dally newspaper having a second class mailing privilege, and being not less than tour pages of five columns each, published at a fixed place of business and at a fixed (daily) intervals continuously in the City of Fayetteville, County of Washington, Arkansas for more than a period of twelve months, circulated and distributed from an established place of business to subscribers and readers generally of all classes in the City & County for a definite price for each copy, or a fixed price per annum, which price was fixed at what is considered the value of the publication, based upon the news value and service value it contains, that at least fifty percent of the subscribers thereto have paid cash for their subscriptions to the newspaper or its agents or through recognized news dealers over a period of at least six months; and that the said newspaper publishes an average of more than forty percent news matter. I further certify that the legal notice hereto attached in the matter of M was published in the regular daily issue of said newspaper for _ -eeweeeutF're insertions as follows: The first insertion on the ..-.....-._T.-_----- day of the second Insertion on the day of 19 1, 1274. hpd shad bear Interest at the rate of vex and one-half (Sy pet cut) per annn. The binds shall be In the denomination of IE.250 each and shall be numbered consecutively from 1 to 2 inclusive. Principal and interest pay- ments in the amount M r.24.90 pail be uavrb an July I of ..eh year, dim 9. All moneys received from ease of the airplane hanger facility Irued hereby shall be deposited in depository or depositories for the as may be tewSYlly deelgmted from to time by the Board of Directors, dad that such depository or world- i shall hold membership in the other ate day of __-_ 19 ---_---- and the fourth insertion on the ...-. day of ._ _ - 19-_--------- 9c Sworn to and subscribed before me on this �`'-' --- day of -. _---------- -'-'----------------- No Public The bands shall be initially hailed on U! .,....�.. suwrau.w wu u.sa..am o e Stabs of America, unless Invested eel as two bonds (either typewritten or ��° authorized. printed) registered as to principal and interest, In lb. principal amount of Sec Ran T. 1974 Airport improvement $25,250 each, maturing as set forth Revenue Bond Fund. All revenues above, derived from the lease or the hanger Section 2. The bonds shall be executed facility authorized hereby shall be paid behalf the City by the Mayor Into a special fund, which is hereby Co of and City Clerk and shall have impneald elealad and designated the "19'14 Airpwl thereon sea Seal of the city, me Sea. Improvement Revenue Bond fluid". Such o together with Interest thereon. Shall be Ievames AS deposited in the 1174 Airport Improvement Revenue Bold an pidabe out the 1974 Airport Irwpove- be applied hereby pledged and shallapplied went Revenue Bond Fund, as hereafter ea hereinafter set forth. This pledge Set forth, and shall be a valid claim in favor of the bonds is hereby or the holders thereof only against such made according to the terms fund and the revenues pledged m web of this ordinance, and the City and it funds, nvenuee are hereby ledpd mnt4nged (m the, fY9ai wl omcer and. arlpley of the City P Sp t4 carry out and ra payment of tbe _ Yd for .pfd terms In am �a thereof In prick conformity shall netusad m other ___ to the of and with the povisloed of this ordinance. pay prinekpl '. he bonds. The bonds and Section 9: The City hereby agrees on .that all payments on me bonds and thereon shall not constitute an i Interest shall be made only as provided mzs of the City wdmin any comtihdbnal in this ordinance. All bonds paid or m ;wtelol'>' line naf.m. purchased either at or before maturity Section 4. The Minds shall be in Sub- shall be cancelled when Ruth payment ai.,Iltally the billowing form, and the or purchase is made and shall not be hilyor and Cite Cerk are hereby ex. reissued, pressily authorized and directed to make Section 9 It is hereby covenanted and all recitals contained thon'in'. agreed by' the City with the holden (Form or single n`glstercd bond% of the bonds that the City will faithfully (To be ppewritten) and punctually perform ail duties with UNITE!) STATES OF AMERICA reference to the Airplane Mager facility STATE OF ARKANSAS authorized hereby required by the Consti- COUNTY OF WASHINGTON lotion and laws or the State of Arkansas CITY OF F%IFTTEvIIJ.E and by this Ordinance, Including the It, PER ('ENT AIRPORT charging and collecting of sufficient lease IMPROVEMENT REVENUE BOND rates s hereon specified and caveman - No. R ---- lilt, the segrceatl:lg of the revenues KNOW ALL MEN BY THESE to the respective funds created hereby PRESENTS and the applying of the pledged revenues That ilia City or Fayetteville In the respective funds created herete'. Was)Irgue, Co,,,,l c, Arkaasas (the Section 10. The bonds shall be subject • . lu' valued re.P.ved Speer to mapayment prior to maturity in a ,rkr,nw el urs itself to nw' and promisee manner in accordance with the terms to p:.y U, the registered owner, or set out in the Bond Form in Section registered as,wn-. voe!y from the 4 hereof. Special fund pmnded as hereinafter set Section It. The City will keep or cause forth, the or ncal 11 sum 0• to be kept proper books of accounts TWENTY -FINE THOUSAND and records (Separate from all Other TWO HUNDRED FIF'FN DOLLARS accounts and records) in which complete with Interns on the unpiid balance of and correct entries shall be made of the aggregate prmalpal sum at the rate all transactions relating to the airplane Or six and one -min per tent (6!,l per hanger facility authorized hereby and cent) per annum from the interest the operation thereof, and such books commencement date hereof. The grin- shall be available for inspection by the cipal and Interest shall be payable In holder of any of the bonds at reasonable) such coin hr currency of the United times and under reasonable eir States of America as at the time of cumstanres. payment shall be legal tender for the Section 12. Upon the occurrence of payment of debts due the United States an event of default any bondholder may of America and ,hall he payable in by filing Written notice with the City. the following installments. on or before Clerk declare the entire principal to the following dates: principal and in be accelerated and due and payable terest in the amount of t3512,40 on July and may exercise and pursue any 1, 1975, and each July 1 thereafter until remedy or remedies available at law the principal and interest are fully paid, or in minty, including without limitation except that the final payment of the mandamus and receivership. entire indebtedness, if not sooner mid, Section 13. (a) Moneys held for the shall be due and payable hen (10) yeah credit of any fund may, at the option from me date of this bond, of the City, be invested and reinvested pursuant b the direction of me City Payments of the principal and interest P in direct obligations of or obligations Installments due hereon shall be made, of, or obligations the principal of and except for final payment, without interest on which al unconditionally presentation and surrender of this bond, guaranteed by the United States of directly to the registered owner at his America which shall mature, or which address shown on the bond registration shall be subject to redemption by the book of the City, and such payments holder thereof, at the option of such shall fully discharge the obligation of holder, not later than the date or dates the City to the extent of pre payments when the moneys held for the credit so made, of the particular fund will be required This bond is issued fnr the purpose for the purposes intended as specified[ of finenemg the ,o,t to the City of con- by the Cit structing an airplane hanger facility at tb) Obligations an purchased as an the Fayctlevilio Municipal .Airport investment or moneys in any such fund, (Drake Field), and costs or authorizing shall be deemed at all times to be a' and issuing the bonds, and is Issued part of such fund and the interest ac - pursuant to and in full compliance with cruing thereon and any profit realized the Constthtion and laws of the State from such investments shall be credited' of Arkansas, including particularly Act to such fund and any loss resulting No. 135 of 1929. and pursuant to Ordi- from such investment shall be charged nance No. 2009 of the City, duty adopted to such fund. and approved on the 21st day of May, Section H. in the event the office 1974 (the 'Authorizing Ordinance"). of Mayor, City Clerk, or Board n Prepayments of principal installments. Directors shall be abolished or any twat or any portion thereof, may be made or more of such offices shall be merged at any time. Stith prepayments shell or consolidated or in the event the duties not affect the obligation of the City of a particular office shall be transferred. to pay the remaining Installments to another ofiee or officer, or in the This bond does not constitute an in- event of a vacancy in any such office debtedness of the City within any consti- by reason of death, resignation, removal tutional or statutory limitation or from office or otherwise, or in the event provision, and the taxing power of the any such officers shall become incapable City is not pledged to the payment of of performing the duties of his office the principal of or interest on the bond, by reason of sickness, absence from The bond is a special obligation secured the Cif or otherwise, all powers con - by a pledge of and payable solely from ferred and all obligations and duties revenues derived from the lease of the imposed upon such office or officer shall airplane hanger faclhW to be constructed be prrormed by the office or officer and financed b. Oil' sale of this bend. succeeding to the principal functions A su rrtvlent Amount of airport facility the rent ter by the office or officer upon hanger essences has liven duly set aside whom such powers, obligations and and pledged as a spec inn fund for that duties shall be unposed by law. purpose, Identified as the "1974 Airport Section 13. The provisions of this Or Improvement Revenue Bond Fund," dinance shall constitute a binding con created by the Authorizing Ordinance. tract between the City and the holden The City has covenanted and agreed of the outstanding bonds, and the Cifv to maintain lease rates far use of said will at all times strictly adhere to the airport hanger facility which shall be terms and provisions hereof and fully sufficient at all times at least to provide discharge all of its obligations hereunder. for the payments of principal and in- Subject to the terms and provisions serest installments on all the outstanding contained in this section and not other-i bonds to which said hanger facility wise the holders of not less than' revenues are pledged as they become seventy-five per cent in aggregate prfnci- due. . pal amount of the bonds men outstanding This bond may be assigned, and upon shall have the right, from time to time, assignment the assignor mall promptly Anything contained in this Ordinance to notify the City Clerk by registered mail the contrary notwithstanding, to consent and the assignee shell surrender this to and approve the adoption by the bond to the City Clerk for transfer on City of such ordinance supplemental the registration records. Every assignee hereto as mall be necessary or desirable shall take this bond subject to all for the purpose of modifying, altering, payments and premtyments of principal amending, adding to or rescinding, In and interest (as reflected by the Pay- any particular, any of the terms or ment Record maintained by the City provisions contained In this ordinance Clerk), prior to such surrender for trans- or in any supplemental ordinance: far provided, however, that nothing herein contained shall permit or he construed I T IS HEREBY CERTIFIED, as pvnlhin(at an Pa the RECITED AND DECLARED that all maturity or any installment of of principal! a acts, conditions and things required by and interest payments on any bond Issue me Constitution and statutes of the State hereunder, or (b) a reduction in then of Arkansas to exist, happen and be principal amount of any bond or the ormed precedent to and in the pierforce of Interest thereon, or (c) the of this bond, do ,x191, haverate reveue of a' a pledge of happened and have been Performed In t eren Man revenues other than as P1evisio s, regular and due time, form and manner to provisions authorized by the appropriate as required by law; that the bond does now of this Ordinance as now adopted, my riot exceed any constitutional or statutory (d) the creation of a privilege of priority I limitation of indebtedness, and that of any bond or bonds over any otherI provision has been made for the payment bond or bonds or (e) a in of the principal of and interest on this f the aggregate principal amount of the bond, as provided in the Authorizing bonds required for consent to such ordinance, supplemental ordinance, IN WITNESS WHEREOF, the City 0 Section 10. The Mayor is hereby Fayetteville Arkansas, has caused this directed in publish this ordinance for bond to be executed In its name by one Insertion in a newspaper published its Mayor and City Clerk. thereunto duly c the Cis' and of general circulation authorized with the manual signatures therein. of the Mayor and City Clerk, and its Section 17. As used in this Ordinance. corporate seal to he affixed, all as o the terms "holder" and "bondholder' the t of d.. of nu 1, tlr. shall include the registered owner of The interest commencement date n any bond authorized hereunder. MIS 'xi nd Is - ---- Section IS When the bonds have been CITY OF FAV'ETTENIl.1.E, ARKANSAS executed and the seal of the City im- By.- messed as herein provided, they shall LNSERT TWO COLUMN, PEE COPY oe delivered to the purchasers thereof MAYOR upon payment in cash of the purchase _ ATITEST: pfM' of go.500.00 plus accrued falsest gyyv Cr XRK from the data of the Mods to the data Commission Expires: xuov-zL �O Fees for Printing Cost of Proof .... Total ......