HomeMy WebLinkAboutOrdinance 2357 hILLU rug, Itti 'UtiU
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WASHINGTON COUNTY. ARK
v ORDINANCE NO . 3S ALMA KOLLMEYER
�\J1 CIRCUIT CLERK \C.
AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS UNDER ACT N0 , 9 OF THE
FIRST EXTRAORDINARY. SESSION OF THE SIXTY- SECOND
GENERAL ASSEMBLY OF THE STATE OF ARKANSAS , APPROVED
JANUARY 21 , 1960 , AS AMENDED , FOR THE PURPOSE OF
PROVIDING PERMANENT FINANCING OF THE COSTS OF
SECURING AND DEVELOPING INDUSTRY ( THE PARTICULAR
INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE ) ;
AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST
INDENTURE SECURING THE BONDS ; AUTHORIZING AND
PRESCRIBING OTHER MATTERS PERTAINING TO THE
ACQUISITION , CONSTRUCTION AND EQUIPMENT OF THE
INDUSTRIAL PROJECT AND THE FINANCING THEREOF ; AND
DECLARING AN EMERGENCY .
WHEREAS , the City of Fayetteville , Arkansas ( the " City " ) is
authorized by 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 acquire _ lands ,
construct and equip facilities and to- incur other costs, and expenses
and make other expenditures incidental to and for the implementing
and accomplishing of the conduct of manufacturing operations ; and
WHEREAS , the City is authorized by Act No . 9 to issue
Industrial Development Revenue Bonds payable from revenues derived
from the Industrial Project so acquired and constructed and secured
by a lien thereon and security interest therein ; and
WHEREAS , the necessary arrangements have been made with
Hackney Bros , Body Company , a North Carolina corporation ( " Hackney " ) ,
for the acquisition , construction and equipment of a manufacturing
plant consisting of lands , buildings , improvements , machinery , equip-
ment and facilities which will be utilized for the manufacturing of
!Rich products as Hackney shall elect to manufacture ( the " Project " )
and to lease the Project to Hackney pursuant to the terms of a
Lease and Agreement subsequently identified herein and referred to
as the " Lease Agreement " ; and
WHEREAS , permanent financing of the Project costs , necessary
costs and expenditures incidental thereto and expenses of authorizing
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MICROFILMED
DATE OCr ! �
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and issuing Bonds , is being furnished by the City issuing Industrial
Development Revenue Bonds under the provisions of Act No , 9 ( the
" Bonds " ) ; and
WHEREAS , the Bonds are being issued in the principal amount ,
bearing interest , maturing and subject to redemption as hereinafter
set forth in the form of Indenture authorized by this Ordinance ;
NOW , THEREFORE , BE IT ORDAINED by the Board of Directors of
the City of Fayetteville , Arkansas :
Section 1 . That there be and there is hereby , authorized
and directed the following :
( a ) The sale of the Bonds to First Union National
Bank of North Carolina , Charlotte , North
Carolina , and the execution by the Mayor and
City Clerk of a Bond Purchase Contract with
such purchaser for the price and pursuant to
the terms recommended by Hackney ( a copy of
which shall be filed in the office of the City
Clerk) ; and
( b ) The acquiring , constructing and equipping of
the Project , and , in connection therewith , the
execution of contracts , . and the acceptance of
assignments of contracts for acquiring , con-
structing and equipping of the Project , as set
forth in the Lease Agreement , and the performance
of any obligations of the City in that regard .
Section 2 . That the issuance of the Bonds is' hereby authorized .
To prescribe the terms and conditions upon which the Bonds are to
be executed , authenticated , issued , accepted , held and secured , the
Mayor is hereby authorized and directed to execute and acknowledge
a Trust Indenture ( the " Indenture " ) , and the City Clerk is hereby
authorized and directed to execute and acknowledge the Indenture
and to affix the seal of the City thereto , and the Mayor and City
Clerk are hereby authorized and directed to cause the Indenture to
be accepted , executed and acknowledged by the Trustee . The Indenture ,
which constitutes and is hereby made a part of this Ordinance , shall
be in substantially the following form , to wit :
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Section 3 . That the Mayor and City Clerk , for and on behalf
of the City , be and they are hereby , authorized and directed to do
any and all things necessary to effect the execution of the Indenture ,
its execution and acceptance by the Trustee , the performance of all
obligations of the City under and pursuant to the Indenture , the
execution and delivery ' of the Bonds , and the performance of
all acts of whatever nature necessary to effect and carry out the
authority conferred by the Indenture and by this Ordinance . That the
Mayor and City Clerk be , and they are hereby , further authorized
and directed , for and on behalf of the City , to execute all papers ,
documents certificates and other instruments that may be required
for the carrying out of such authority or to evidence the exercise
thereof .
Section . 4 . That the City is here involved with the acquiring ,
constructing and equipping of industrial facilities , and therefore
competitive bidding is waived , pursuant to a-oplicable laws of the
State of Arkansas , including particularly Act No . 9 .
Section 5 . That the Mayor and City Clerk for and on behalf of
the City , be and they are hereby authorized and directed to take all
action , and execute and file all docments , necessary to perfect an
election to proceed under Section 103 ( b ) ( 6 ) ( D ) of the Internal
Revenue Code of 1954 , as amended , to the end of insuring that interest
on the Bonds is exempt from federal income taxes .
Section 6 . That the provisions of this Ordinance are hereby
declared to be separable , and if any section , phrase or provision
shall for any reason be declared to be invalid , such declaration
shall not affect the validity of the remainder of the sections ,
phrases and provisions .
Section 7 . That all ordinances , resolutions and parts thereof
in conflict herewith are hereby repealed to the extent of such
conflict .
Section 8 . That there is hereby found and declared to be an
immediate need for the securing and developing of industry in order
to provide employment and payrolls , alleviate unemployment and
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otherwise benefit the public health , safety and welfare of the City
and the inhabitants thereof , and the issuance of the Bonds authorized
hereby and the taking of the other action authorized hereby are
immediately necessary for the accomplishing of these public benefits
and purposes . It is , therefore , declared that an emergency exists
and this Ordinance being necessary for the immediate preservation
of the public peace , health and safety shall be in force and effect
immediately upon .and after its passage .
PASSED : J�/�G/ �� 1977 .
APPROVED :
ATTES,
Mayor
Cif5 "Olerk
94 04
CERTIFICATE
The undersigned , City Clerk of the City of Fayetteville ;
Arkansas , hereby certifies that the foregoing pages are a true and
compared copy of an Ordinance passed at a —M-Vsession of
the City Council held at the regular meeting place of the City
Council at f3 o ' clock D . m . i on the � day of SZ&/ ,
1977 , and that the Ordinance is of record in Ordinance Record Book
No . J Page a87 now in my possession .
/ GIVEN under my hand and the seal of the City this day
of /V 1977 .
;` ► fire?,/��^ ' t G ty Clerk t.2J
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CERTIFICATE OF RECORD
State of Ari<ans.ts
City of Fsyetevilie Ss
Es-Of:i;no recm . i ICc n,e ,? City Clerk and
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CERTIFICATE OF RECORD City Clerk and E•;Ofcio eC— �t ]er
STATE OF ARKANSAS
Washington County SS.
I, Alma L. Kollmeyer, Circuit Clerk and Ex-Officio Recorder for
Washington County, do hereby certify that the annexed or fore,
going i trument was filed for rec and in my office on the � day _
of 197at a o'clorl•J� Na. and the same is;
duly recorded in recordA..�� at page0 if
Witness my hand-and seal this aket"q;±nr 19-
Circuit Clerk and
-Officio Record
BY ed
.'rai
(/ Deputy Clerk 941 05
