HomeMy WebLinkAboutOrdinance 2024 FOR R FCO H
'74 AUG - 1 111 9 . 34 ORDINANCE N0 . aoaSL j 1 r -11
k,tltPASHNl TOiJ COUfJTY hiiiJ ` i`^id COUid7 '(
ARj. fZ CE CALLING A SPECIAL ELECTION TO VOTE UPON
Atl'1A � ,., _ - ria I : Ll. tic " � R
;, InOI !1QUESFfION OF ISSUING BONDS UNDER THE PROVISIONS ; , i, i
OF ACT SIO . 9 OF THE FIRST EXTRAORDINARY SESSION OF THE
SIXTY-SECOND GENERAL ASSEMBLY OF THE STATE OF ARKANSAS ,
APPROVED JANUARY 21 , 1960 , AS AMEIDoED , FOR THE PURPOSE
OF FURNISHING THE PERMANENT FINANCING OF THE COST OF
SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUS-
TRIAL PROJECT IS DESCRIBED IN THE ORDINANCE) ; PRESCRIBING
OTHER MATTERS RELATING THERETO ; AND DECLARING AN
EMERGENCY .
WHEREAS , Baldwin Piano and Organ Company , an Ohio corporation
(' Baldwin") has proposed a substantial expansion of an existing industrial
project which will furnish employment and payrolls and other benefits ,
all in the best interest of the City of Fayetteville , Arkansas (the
"City") and its citizens and inhabitants ; and
WHEREAS , the proposed expansion will involve the acquiring ,
constructing and equipping of manufacturing facilities and will consist
of lands , buildings , improvements , machinery and equipment utilized for
the manufacturing of such products as Baldwin shall elect to manufacture
(the "Project") ; and
WHEREAS , in order to make the necessary provision for the permanent
financing of Project costs and the expenses of authorizing and issuing
bonds , the City proposes to authorize Two Million Dollars ($ 2 , 000 , 000)
in principal amount of bonds under the provisions of Act No . 9 of the
First Extraordinary Session of the Sixty- Second General Assembly of the
State of Arkansas , approved January 21 , 1960 , as amended ("Act No . 9")
to be issued in series ; and
WHEREAS , the purpose of this Ordinance is to submit to the electors
of the City at a special election called for that purpose the question
of authorizing the issuance of the bonds ;
MiCRC 1' 6 1978
DATE�—
REEL
J 873 P I;,r 676
- 2 -
NOW, THEREFORE , BE IT ORDAINED by the Board of Directors of the
City of Fayetteville , Arkansas :
Section 1 . That a special election be , and the same is hereby ,
called to be held in the City on 406 us r a 7 , 1974 , at which
election there will be submitted to the electors of the City the question
of authorizing Two Million Dollars ($2 , 000 , 000) in principal amount of
Industrial Development Revenue Bonds for the purpose of furnishing
permanent financing of the costs of securing and developing industry
(the particular Project is described above) . The bonds will be dated ,
will bear interest at the rate or rates , the interest will be payable on
such dates , the bonds will mature on such date or dates , the bonds will
be subject to redemption prior to maturity in such manner and upon such
terms , and the bonds will be issued in series from time to time , all as
the Board of Directors shall subsequently determine and specify in the
ordinance or ordinances authorizing the issuance of the bonds .
Section 2 . That the question shall be placed on the ballot for
the election in substantially the following form :
- 3-
Vote on measure by placing an "X" in the square above
the measure either FOR or AGAINST :
FOR the issuance of Industrial Development Revenue Bonds
by the City of Fayetteville , Arkansas , in the aggregate
principal amount of not to exceed $ 2 , 000 , 000 . . . . . . . . . . . . . . .
AGAINST the issuance of Industrial Development Revenue
Bonds by the City of Fayetteville , Arkansas , in the
aggregate principal amount of not to exceed $ 2 , 000 , 000 . . . . .
It is proposed to authorize City of Fayetteville , Arkansas (the "City")
Industrial Development Revenue Bonds (the "bonds") under Act No . 9
of the First Extraordinary Session of the Sixty- Second General
Assembly of the State of Arkansas , approved January 21 , 1960 , as
amended ("Act No . 9") , in the aggregate principal amount of not to
exceed $ 2 , 000 , 000 for the purpose of furnishing the permanent
financing of the costs of securing and developing industry . The
bonds will be dated, the bonds will bear interest at such rate or
rates , the interest will be payable on such dates , the bonds will
mature on such date or dates , the bonds will be subject to redemption
prior to maturity in such manner and upon such terms , and the bonds
will be issued in series from time to time , all as the Board of
Directors shall subsequently determine and specify in the ordinance
or ordinances authorizing their issuance . The proposed industrial
project will involve the acquiring , constructing and equipping of
an expansion to an existing manufacturing plant which will consist
of lands , buildings , improvements , machinery and equipment (the
"Project") . The Project will be owned by the City and leased to
Baldwin Piano and Organ Company , an Ohio corporation ("Baldwin") ,
for lease rentals sufficient to provide for the payment of the principal
of and interest on the bonds that are issued . Baldwin is a subsidiary
of D . H . Baldwin Company , an Ohio corporation ("D . H . Baldwin") ,
and D . H . Baldwin will unconditionally guarantee performance of the
obligations of Baldwin under the Lease . The bonds will not be general
obligations of the City but will be special obligations payable solely
from Project revenues , including particularly lease rentals under the
Lease with Baldwin , which will be specifically pledged to the payment
of the principal of and interest on the bonds , and the bonds will be
secured by a lien on and security interest in the Project as authorized
by Act No . 9 .
-4 -
Section 3 . That the election shall be held and conducted and the vote
canvassed and the results declared under the law and in the manner provided
for municipal elections , so far as the same may be applicable , and the Mayor
of the City shall give notice of the election by an advertisement published
once a week for four consecutive weeks in a newspaper having a bona fide
circulation in the City , with the last publication to be not less than ten
days prior to the date of the election , and only qualified electors of the
City shall have the right to vote at the election.
Section 4 . That the results of the election shall be proclaimed by the
Mayor and his proclamation shall be published one time in a newspaper having a
bona fide circulation in the City , which proclamation shall advise that the
results as proclaimed shall be conclusive unless attacked in the courts within
thirty days after the date of the proclamation .
Section S . That a copy of this Ordinance shall be furnished to the
Washington County Board of Election Coimnissioners so that the necessary election
officials and supplies may be provided .
Section 6 . That the Mayor and City Clerk are hereby authorized to
execute , for and on behalf of the City , a Memorandum of Agreement in the usual
form setting forth a general understanding of the undertakings of the parties
with respect to the constructing and equipping of the facilities , their operation
and their financing by the issuance of the bonds referred to in this Ordinance .
Section 7 . That there is hereby found and declared to be an immediate
need for the securing and developing industry in order to provide employment
and payrolls , and the issuance of the bonds referred to in this Ordinance is
essential to accomplishing such public benefits . It is , therefore declared
�`�
's, 679
- 5 -
that an emergency exists and this Ordinance being necessary for the immediate
preservation of the public health , safety and welfare shall be in force and
take effect immediately upon and after its passage .
PASSED : Ltief e 16 1974 .
APPROVED :
Mayor ;
fly
City Clerk
f aSEAL�+ .,
CERTIFICATE
I , the undersigned , City Clerk of Fayetteville , Arkansas , hereby
certify that the foregoing pages numbered 1 to 5 , inclusive , are a true and
compared copy of an ordinance passed at a session of the Board
of Directors of Fayetteville , Arkansas , held at the regular meeting place of
the Board in the City at q ,,; c) o ' clock —,P—.m . , on the _day of
1974 , and that said ordinance is of record in Ordinance Book
IV PageA -/dd , now in my possession .
GIVEN under my hand and the seal of the City this / 2h day of ,
1974 .
City Clerk
Ntl
s �� �',� . 681
CERTIFICATE OF RECORS ,
State of A
ICity ofOf;i.:iot :nnl to ( SS
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ficin t
o=lrecorlerf:;r {i;Y C. `r Cierk and
cb5' cc;'tif,,, I
8oigfrisofrec Lr;:{ {�� , S'etteville,
re-
Pears in Ordh,ance RcwoL:Soa os;une aP-
at Pale LI r
book
hand and seal this my
of
City Clerk and E:;-0;7;
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CERTIFICATE OF RECORD
STATE OF ARKANSAS
,Washington Count 1SS.
1. Almg 1. Ic y
Washington cllmoyer, Circuit ,
of going Instrument as filed hereby cee l`q and Ex Officio Record 3r for
tlulY recor ed i 1 =SAI n ny.4ffice on [hL Jr fore-
Witn n �lor--,;�`j o -L da
Witness my hand and seal this record DN�and i,'te salne is
day of at pally
Circuit Clerk and
Ex-Officio
.- ,., .., . . 6y Recorded
..i
DeputyCle[k
A N u�D�a+u+cCCejj ro. 21011
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SPECIAL E[A[CTio TO ry+'s UPON
TAN OF BOND8 P90t5SIONP
ACT NO. B �'f op�TY. STATE of ARKANSAS
DIN ARY- T)ia TY-
isECtEfP c _ ' � County of Washington ss.
THE il'A tom'
PROVED -.tslr
One I /
' OOOr E V
I, I �. hereby certify that I
INO
a am the ubli er of T NORTHWEST ARKANSAS TIMES, a daily
[N
ao AIM, newspaper having a second class mailing privilege, and being not less than
a�,�tw,w,.onen tour pages of five columna each, published at a fixed place of business and at
com 6+t dY ("Bila- a fixed (daily ) Intervals continuously in the City of Fayetteville, County of
Rival W Y p d Washington, Arkansas for more than a period of twelve months, circulated
whlobe R'S' l ' ud test and distributed from an established lace of business to subscribers and
�'W' tY 'Lee- P
;nwe*nld pit wSpsmnts readers generally of all classes in the City & County for a definite price for
� each copy, or a fixed rico
Ipha P p per annum, which price was fixed at what Is
o4 REAS, Rise Frpmeed elmanetpe. considered the value of the publication, based upon the news value and
iwi involve the amulrina. mnatructint
s olind lna at manudaurinto .fkaie" service value it contains, that at least fifty percent of the subscribers
and NM teopM d Vp4h thereto have paid cash for their subscriptions to the newspaper or its agents
lvoized tw aaeaMrf..
vtmrad f�prr �tfeR•meAaargatAsf �seach A or through recognized news dealers over a period of at least six months :
'inccomsIIR ."'M)Ktry; �aF' and that the said newspaper publishes an average of more than forty percent
�� far �P swni news matter.
fuencine of project mete a$d the eapen-
vese a I further certify that the legal notice hereto attached in the matter of
the CUy =70"Amin
Two
Million Do1We (I}Eai lG .prircipal •
amount of bunds under the ptovbions
of Act No. p of the First Exlrmerlina"
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Aseaubly an, the of AtpNpp,
approved Jenm ' , s --
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-„ �, was published In the regular daily issue of said newspaper for.........
. VAOMrAlt SO At R9RN pD9p- .ceaaaoaElce Insertions as follows :
state is m epMnit a •'d tore'
d. b city it a +call[ .laoaos wad
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DA�� MI the second Insertion on the day of 19_......._.
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!^ Sworn to and subscribed before me on this ._ .____.____ day of --------------
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to tnetur-' / (�
-nnncr and upon such termv. ' 19- L—
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Fees for Printing
Cost of Proof ---------- i------_. ---
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' X011r11Section !. That the ofertmn mall htRher :, held and conducted and the vote can
vassed and the results declared under
F the law and in the manner provided
to for municipal elections, to far as the
oI tame may he applicable, and the Mayor
gate dk of the City shall give notice of the elec-
S_Ip0, lion by an advertisement published once
AGAINST thb issuance of In a week for four consecutive weeks in
Decclopment Revenue Bonds a newspaper having a bons ids till
(
il la-
t nof Fayetteville, Arkansas, thous in the City with the last publication
aggregate principal amount of to be act less than ten days prior to @fie
aceed S2000,600 date of the election, end only qualificA
1 electors of the City shall have the right
It n proposed to allth to vote at the election.
Fayetteville, Arkansas it Section 4. That the results of the elec-
clinical, De v than shall be proclaimed by the Mayor
(the "brial 0 and his proclamation shall be published
the First one time in a newspaper having a bona )
SWY-Second. title circulation in the City, which procla-
state of motion shall advise that the results as '
21, 1960, at - proclaimed shall be conclusive unless 1,
i,i the ag attacked in the courts within thirty days ;
"rt to ex- atter the date of the proclamation.
or ainzglm Section 5. That a copy of this Ordin
of the costs - ance shall be furnished to the Washingl
industry. The bonds will ' . ton County Board of Election Commis I
Vie bonds will bear ince stoners so that the necessary election
+te or rates, the int officials and supplies meY be provitletl.
parable an such dates, the Section 6. net the ]tayor aM CiM1y
mature onsuch date or date@ ' Clerk are hereby authorized to execute,
bonds 01116 Wbjem b for and on behalf of t-.1
random of Agreement in the usual form
setting forth a general understanding of
the undertakings of the parties with re
spect to the constructing and equipping
of the facilities, ,their operation and
their financing by the issuance a the
bonds referred to in this Ordinance.
Section 7. That there is hereby found
catatnuctiii'g -and an ex- and declared to be an immediate need
pansion to an existing manufacturing for the securing and developing industry
Plant which will consist of lands, build- In order to provide employment and
Ings, improvements, machinery and payrolls, and the issuance of the bonds
equipment the "Project"). The Project '. referred to in this Ordinance Is essential
will be owned by the City and leased to accomplishing such public benefits.
to Baldwin Piano and Organ Company. It is, therefore declared that an
an Ohio corporation ("Baldwin"), fors emergency exists and this Ordinance
lease rentals sufficient to provide for ' nedul for the immediate pre-
the payment of the principal of and servation of the public hsauh, saili
Interest on the bontls ttiet ate Issued. and welfare shall be in force and take
Baldwin is a subsidiary a[ D. H. Bald- effect immediately upon and after its
win Company flus Ohio corporaifon passage.
C' D.H. Baldwin"), antl D.H. Fsaltlwin PASSED: JULY 16, 19'14
will unconditiopally guarantee perform APPROVED:
ance of the obligations of Baldwin RUSSELL T. PURDY
under the Lease. The bonds will noU MAYOR
be general obligations of the ATTEST:
City but will be special obligations DARLENE WESTBROOK
payable solely from Project revenues, CITY CLERK
including partemiraly lease rentals (Seal)
under the Lease with Baldwin, which 1Tc 22
will be specifically pledged to the pay- CERTIFICATE
ment of the principal of and interest I, the undersigned, City Clerk of Fay-
on the bonds, and the bonds will be etteville, Arkansas hereby certify that
seemed by a lien on and scenery the foregoing pages mmaberetl 1 to 5.
Interest in the Project as authorized '. inclusive , are a true and
by Apt. No. 9. compered copy of an ordinance
passed at a regular session of the Board
of Directors of Fayetteville, Arkansas.
held at the regular meeting place of
the Board In the City at 93) o'clock
p.m., on the 16th day of July, 1974.
and that said ordinance is of record
In Ordinance Book IV, Page 146.150,
in my possession.
GIVEN under my band and the seal
of the City this Bath day of July, 1974.
DARLENE WESTBROOK
CITY CLERK
(Seal)