HomeMy WebLinkAboutOrdinance 2485 4/ t4
ORDINANCE NO . ;� q
JAN ORDINANCE CREATING THE CITY OF FAYETTEVILLE ,
ARKANSAS RESIDENTIAL HOUSING FACILITIES BOARD
PURSUANT TO THE PROVISIONS OF ACT N0 , 142 OF
1 THE ACTS OF ARKANSAS OF 1975 ; PROVIDING FOR THE
APPOINTMENT OF THE INITIAL MEMBERS THEREOF ;
PRESCRIBING OTHER MATTERS RELATING THERETO ;
2:ND DECLi,RING AN EMERGENCY .
WHEREAS , the City of Fayetteville , Arkansas ( the " City " ) ,
pu : srant to the _-,rovisious of Act No . 142 of the Acts of the
General Assembly of the State of Arkansas for the year 1975
( the " Act " ) , is authorized to establish public facilities boards
for the purposes set forth in the Act , which include assisting
in the financing of residential housing facilities within or
near the City ; and
WHEREAS , the providing of decent , safe and sanitary
residential housing facilities will be aided by the creation of-
a public facilities board to assist in the financing of residential
housing facilities ; and
WHEREAS , funds may be obtained by a public facilities
board on , such terms and under such conditions as will materially
assist persons of low and moderate income to obtain financing of
residential housing facilities under conditions more favorable
than would otherwise be available ;
NOW , THEREFORE , BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF FAYETTEVILLE , ARKANSAS :
.Section 1 . Findings . The City hereby finds and
determines :
( a ) There exists within and near the City , including
the City ' s projected growth areas and the City ' s
extra- territorial planning areas , a shortage of
decent , safe and sanitary residential housing
facilities available for rehabilitation , con-
struction or purchase on terms that persons and
MICROFILMED.' 900 74
DATE JUN 1 71979
REEL Baa
families of low and moderate income can afford
to pay .
( b ) Existing economic conditions including high
rates of interest on residential mortgage loans , and
a shortage of funds within lendin; institutions in
the State of Arkansas for residential mortgage loans
are operating ( i ) to further restrict the rehabilita -
tion , construction and purchase of residential housing
by persons . of low and moderate income at reasonably
affordable costs , ( ii ) to create unemployment and
hardship within the residential construction industry ,
adversely affecting residents of the City and ( iii ) to
reduce and limit the value of property within the City ,
all of which adversely affect the City ' s tax revenues
and which , if not alleviated , will lead to further
urban blight and decay and result in disproportionately
large expenditures for services by the City .
( c ) The availability of mortgage financing to
assist such persons and families in the rehabilitation ,
construction or purchase of decent , safe and sanitary
residential housing facilities will be aided by the
providing of funds for mortgage financing of residential
housing facilities by the creation of a public facilities
board pursuant to the provisions of the Act .
(d ) The providing of financial assistance in
order to enable persons and families of low and moderate
income to finance the costs of decent , safe and sanitary
residential housing facilities is a proper public purpose
as declared by the Act , and by this determination of
the Board of Directors of the City .
;. M 989 75
( e ) The public purpose of financing residential
housing facilities may best be served by establishing
a public facilities board to purchase mortgages on such
residential housing facilities or make loans to mortgage
lenders to provide financing for residential housing
facilities as provided in the Act .
Section 2 . Creation of Board . Pursuant to the authority
of the Act there is hereby created and established the " City of
Fayetteville , Arkansas Residential Housing Facilities Board"
( " Facilities Board" ) with authority as hereinafter provided to
accomplish , finance , contract or purchase mortgage loans concerning ,
. and otherwise act in such manner as may be permitted by the Act
to provide decent , safe and sanitary residential housing faci -
lities within or near the City , including the City ' s projected
growth areas and the City ' s extra- territorial planning areas .
Section 3 . Members of the Board ; Term of Office ;
Duration of the Board . The Facilities Board shall consist of
five persons . The initial members shall , as provided in the Act ,
be appointed by the Mayor of the City to serve for terms of one ,
two , three , four and five years , respectively . The members of
the Facilities Board shall be residents of the City and shall
take and file with the City Clerk the oath of office prescribed
by the Act . The duration of the Board shall be for the life of
any such bonds issued hereunder as provided in Section 7 .
Section 4 . Powers . The Facilities Board is empowered ,
from time to time , to loan , acquire , construct , reconstruct ,
extend , equip , improve , sell , lease , and contract concerning
(which shall include the purchase of mortgage loans and the
making of loans to mortgage lenders ) residential housing facilities
as shall be determined by the Facilities Board to be necessary to
effect the purposes of this Ordinance to provide decent , safe and
sanitary residential housing facilities within or near the City ,
® 980 76
including the City ' s projected growth areas and the City ' s
extra- territorial planning areas . In addition , the Facilities
Board shall have each of the powers set forth in Section 7 of
the Act , as amended , and appropriate to the purposes for which
the Board is createL anless otherwise restricted herein . The
Board may enter into such contractural or cooperative agreements
with such persons as may , in its discretion , be advisable to
accomplish the purposes of this Ordinance , including without
limitation , departments , agencies or instrumentalities of the
United States of America , the State of Arkansas , or the City ,
for example , the Department of Housing and Urban Development , the
Federal Housing Administration , the Veterans Administration and
the Arkansas Housing Development Agency . Prior to the issuance
of any such bonds , the Facilities Board must submit to the City
Board of Directors for its approval the following information :
( a) the size of the proposed bond issue and all
related details , including , but without limitation :
( i ) principal amount ;
( ii ) date of the bonds ;
( iii ) interest payment dates ;
( iv) principal payment dates ;
(v) numbers
(vi ) denominations ;
(vii ) rates of interest ;
(viii ) a schedule reflecting the annual
principal maturities ;
( ix) the semi- annual interest requirements
and the total requirements ; and
( x) applicable redemption provisions .
(b ) Recommendations for person or persons to serve as
underwriter or underwriters , trustee , and custodian for any
such bonds and the mortgage lenders and servicing institu-
tions with which the Facilities Board shall contract , which
the Board of Directors reserves the right to select or
approve . The trustee and the custodian shall be institu-
tions located within the City , if such institutions are
qualified and such appointments do not otherwise adversely
affect the rating of the bonds ( if submitted for rating ) .
Section 5 . Bond Proceeds . - Any agreements made by the
Facilities Board with mortgage lenders must contain a provision
to the effect that such mortgage lenders may only loan the
proceeds provided to them to finance housing located within the
City ' s corporate limits and to finance housing located within
the City ' s projected growth area and extra- territorial planning
area . A minimum of seventy - five percent ( 75% ) of the bond
proceeds shall be available to finance housing located within
the City ' s corporate limits ; and a maximum of twenty - five percent
( 25%) of the bond. proceeds shall be available to finance existing
housing located within the City ' s projected growth area and extra-
territorial planning area . The Facilities Board shall. have the
authority , after prior approval of the City Board of Directors ,
to reallocate such percentages .
Section 6 . Investment of Bond Proceeds . The Facilities
Board shall offer bond proceeds not otherwise required to be
deposited with the custodian to financial institutions which
have their principal place of business located within the City
and which are qualified for such investments .
Section 7 . Issuance of Bonds . The Facilities Board is
authorized and is limited to issue this initial series of revenue
bonds , in accordance with the conditions set forth in Section 4
hereof , and to use the proceeds , either alone or together with
other available funds and revenues , to accomplish the purposes for
which the Facilities Board is created as the same relates to the
providing of decent , safe and sanitary residential housing facilities .
® 980 78
Such revenue bonds shall be obligations only of the Facilities
Board and shall not constitute an indebtedness for which the faith
and credit of the City or any of its revenues are pledged , and the
principal and interest on the bonds shall be payable from and
secured by a pledge of revenues derived from residential housing
facilities financed , in whole or in part , from bond proceeds
and as authorized by , and . in accordance with the provisions of the
Act , together with such other collateral as may properly be
pledged under the Act and as the Facilities Board in its discretion
may determine .
Section 8 . Organization ; Reports . As soon as practicable
after the adoption of this Ordinance the Facilities Board shall
meet and elect such officers as shall be required by the Act .
The Facilities Board may adopt such by- laws and other rules and
regulations as shall be necessary for the conduct of its business
and consistent with the provisions of the Act . The Facilities
Board shall cause to be . filed with the City Clerk of the City
the annual report described in Section 18 of the Act .
Section 9 . The law firm of Friday , Eldredge & Clark ,
Little Rock , Arkansas , is hereby appointed to act as Bond Counsel
on behalf of the City and the Facilities Board in connection with
the issuance and sale of the Bonds .
Section 10 . Severability . If any provisions of this
Ordinance or the application thereof to any person or circumstance
is held invalid , such invalidity shall not affect the other provisions
or applications of this Ordinance , which can be given effect
without the invalid provision or application , and to this end the
provisions of this Ordinance are declared to be severable .
`I -® 980 79
Section 11 . General Repeal . All Ordinances of the City ,
or parts thereof , in conflict with this Ordinance are hereby
repealed to the extent of such conflict .
Section 12 . Emergency . It is hereby found and determined
the '- there is an immediate and urgent need for the providing of
decent , safe and sanitary housing for persons of low and moderate
income in or near the City , including the City ' s projected
growth areas and the City ' s extra- territorial planning areas ,
and the providing of financial assistance to such persons , and
that creation of the Facilities Board and the exercise of the
duties and powers provided in this Ordinance are necessary to
the preservation of the public peace , health and safety . Therefore ,
an emergency is declared to exist and this Ordinance shall be in
full force and effect from and after its passage .
PASSED : 1978 .
APPROJ
� `• Assists t - Mayor
,•"'FAY T "'• , "
1, r
AiV' e k
-,.[ s i /,.•gip• -: -
`• CUni'i .
CERTIFICATE OF RECORD
� I" • _ OF ARKAf t�,4s I
county ISS.
I, A' - L, Kolhreyer, Circuit Clark and Ex-Officio Recorder for
Washin,ton county, do herby certify that the annexed or fore- ' '• ' { ' '
goin„ instruW n1 was filed for record in my office on the e!;fday • .
of
_C4 197&at / o clock�4M and the same is Ht;ate rf
L ? c
duly ss my
in ,seal � o at pagz iL t: r
Witness my hand and seal this day of 19 /®
1 t\A.)�eI , (\kek)oCd- C' .A: x -13 :-
Circuit �!erk and Oi 1C?G F' � G:'tier f..^.r rile l� V;' : di,ic^ ,{�Vi C.
Ex-Or.iao Recorded
By doing is O2 record in my OffIcue :'_1d :he satec
Ornur�. ._perk -- appears in �i�.-�__ _R._._--- bock
_ N I I at page __—. Witness my
hand and seal this
t -- day of
IUlAA1 11 Fnly-l9-
n ,, c� Qc= n QaA
City Cleric and Es-Officio Recorder
. ® 980 80
i
air :_ • ;+t -+,v,
STATE of ARKANSAS 1
County of Washington
financing at rn of a pu tic fa eg facilities
and
ORDINANCE NO. 2A65 f �' _
AN ORDINANCE CREATING THE CI. by the creation of a public facilities Imard koxoo J'r I ,,rr,,, .
TY OF FAYETTEVILLE, ARKANSAS pursuantIIThe
the proprovviding
of the pct. 7- yj % Ssc- ---- hereby certify that I
RESIDENTIAL HOUSING FACILITIES iso The pder 1,ng of financial I, --------------.. blis._._-_-_.- . ... .._..-- -'J'. _....._...._._.__-..- . . .,
BOARD PURSUANT TO THE PROVI• familance in order to enable persons and m the Publisher of THE NORTHWEST ARKANSAS TIMES, 8 dally
SIONS OF ACT NO. 142 OF THE ACTS OF families the
law and moderate income to
ARKANSAS OF 1915; 'PROVIDING FOR (Date the costs or decrna sok and ewapaper having a second cissa mailing privilege, and being not less than
THE APPOINTMENT OF THE INITIAL proper residential housing facilities is a our pages of five columns each, published at a fixed place of business and at
MEMBERS THEREOF; PRESCRIBING proper public purpose as declared by the
OTHER MATTERS RELATING determinationandby this determination of the Board fixed (daily ) iIIC¢rv818 COptlDu0u91y in the City of Fayetteville, County OL
off!ej The ofthe City.
THERETO; AND DECLARING AN .yet The ashington, Arkansas for more than a period of twelve months, C1CCU18ted
EMERGENCY( y WDin Wrpose of financing
WHEREAS, the City of Fayetteville.the
r,,ad y staling incia pis may bell he nd distributed from an established place of business to subscribers and
Y seared by establishing a public facilities
Arkansas Ohe "City 'I, pursuant to the -hard to purchase mortgages an wen eadera generally of all classes 1n the City & County for a definite price for
provisions of Act No. 112 of the Acs of ilk residential housing facilities or make loans ach copy, or a fixed price per annum, which price was fixed at what is
Games[ Assembly of the State of Arkansas to mortgage lenders to provide financing
fa the year 1925'(the "Act"), If authorized ifor residential housing facddies as onsidered the value of the publication, based upon the news value and
to establish public facilities boards for the provided in the Act. • f eiyiCe value it contains. that at least fifty percent o[ the subserlbers
purposes set forth in the Act, which include Section 2. Creation of Board. Pursuant to
asssung in the rimming of residential the authority of the Act there is hereby hereto have paid cash for their subscriptions to the newspaper or its agents
hawing facilities within or near the City; created and as lee "City f t
and - - ' - Fayeueviue. Arkansas Hes City of i i through recognized news dealers over a period of at least six months ;
WHEREAS, the pprooss'tding of decent. safe Hau.ing Facilities Board" r-Faceihes and that the said newspaper publishes an aver8gir fVlore than forty percent
and satdlary resMential hawing facilities Board ') with authority as hereinafter ? � w� /
Will be aided by the creation of a public provided to accomplish, finance, contract news matter. 1
facilities board to assist in the Mancing Of • or purchase mortgage Irons rnncernmg, �`
residential housing mcihties: and and ooherwise act in such In as may I further certify that the legal notice herelsl attached in lhPatiatter of
WHEREAS, funds may be Obtained by a be permitted by the Act In provide decent. IV
public facilities board on such terror and safe and sanitary ' residential housing C
under such conditions as will materially facililies within Or near th< Cily, indutlinR s •'
assist persons of low and moderate income the City's projeclM gmulh areas and the e� �1� 7
to obtain rimming A residential housing CiIY'.s extra le. .... ... Plannin8 arras. _ P. I v "ef- ` ,V � ' ryh pJ
facilities under conditions more favorable —�' �'"_'�---------'- -------�" V------ -
than wondotherwixboavailabk; Tion 2, Members M the Board, Term y—__--_—__--
NOW.THERrwiseb BEIlable; NEi of (RRfC Duration d the Board. The arot[[pp
BY NOW.THEREFORE.
BEI OR AWED Facilities Rood shall consist rt five was published in the regular daily issue of Said newspaper fd1'------I-_-..---___......
persons. The initial members shall, as
CITY OF FAYETTEVILLE, ARKANSAS:. rovided in the Act. he appointed by Ihe - Insertion/' as follows :
Section 1. Findings. The City hereby" .Mayor of the City reserve fur terms of nm, 0 A
finds and determines: • . . ^' tw», three. four and five years, respec- ✓o /NN- hI ,CCn -1 y
"tai There exists within and near the Ci. lively. The members of the t'acililics The first InaeitiOn On the ....pt..._.... ____. day Of ...-YFL1-._:.._..._ 19-.f--A...-
lY, including the City's proJcelM growth Board shallhe residents of the ON and
areas and the city's extra-territorial pknri. shall Like and file with the City Clerk the
Ing areas, a shortage of decent, safe and auto of office prescribed by the Act. The the second insertion on the day of ................_-------- 19.—_-----.
sanitary residential honing facilities duration of the Board shall he for the life of
avdlable for rehabilitation, construction pry such bonds' issued hereunder as
or purchase on karts that persons and providedin Sectionl. c r 1. ,, . . 'v' the third insertion on the day of ...... 19___.__ _
families of low and moderate income can _ . aMi,m a: Powers. The-F-acililics Board
afford to pay. - ' - '' K empowered, from time to time, to loan.
« tscan
Ibi Existing oic cunditionti a'tyu; construct. reconstruct. extend. nd the fourth insertion On the ....... _... _ day of ---_----—-----,____ 19_.___
eluding high rates of interest on residential Lyuip. improve, sell, lease, and crllracl ( 9
mortgage loans, and a shortage Of fur%A comernmg (which shall include the pur- i \yAj O n
within lending institutions in the SUM of chascol mortgage loansand lhemakingof
Arkansas for residential mortgage lard loans ta , mortga8e lendersi residential lJ
Oft operating (I) W further restrict the' hiw.sing facilities as shall he determined by '
rehabilitation. construction and purchase ther, F•acilitiex Board to ,be ,necessary, to
of residential housing by persons of low and effecl .ohe, purposes of this ordinance to
moderate income at reasonably affordable provide ' decent, safe ' and sanitary Sworn t0 and subscribed before me on this ------------------------ day of ---___.—
costs. til) W create unemployment and residential hausing facilities within Or mar.
hardship within the residential mnsntnC the City._ I
including' eneCity's projected
tion industry,adversely ow
ely affecting residents growth areas and Cilva , extI �J yr
d the City and 6HY k reduce and limit the. territorial planning areas. iniddition, the __-_-----------.__--_—. _ 19_./1
value of property within the City, OB of FSctitlies BOM shall have each of the
which adversely affect the City's taxi pp%en lel (Drib in Sedinn 'J,of.lhe Act, ori
revenue and which, it not alleviated, will amended, and'apn.Sectate In the purposes,
Ind to further urban blight and dory and Bir whii�h the Board is created unles.
reult to disproportionately large exp}(v otherwise 'restri,coi herein. The Boats' -- --
it, urealorservkeb the Ci '� N i Public
Y ly. "�operatkr agreements
tatntrnc per 'ns Y
s�dye;{^�.a•.•iv F,'t'..,FyR�yy ( f. 'i$ •• &.ma . in aRm(mentawith'such Penom:
,voreilt i;.ayV;.wT+"'n•Yn`.cr�.4 . r.mry. to The purposes . be Ordlihk•m
••ocI Th 'pa all - ., eecludingwlhepurpmeid ion.thisOMtm(ww; My Commission Expires :
lel The availability d ' mMgaBe iaehdtnR without Initiation.fmarctng to ' asskt aaxlr 'persons end sP,encies or instrumentalities of the United
famibe in the rehabiliktton, eont[rucaon' Stales of America. the State M Arkansas; Zo
or purchase of decent, safe and sanitary orlhe City. ranample, the Department of �--
residential housing facilities will be aided ilotnmg and Urban Development, the
by the providing. of funds file mortgage Federal hosing Administration, the
Veterans Administration and the Arkansas. r C '
Hosing Developrcot Agency. Prior In the Fees for Printing ._ %5 O �
issuance of anya
'sh bonds, the Facilities ----"-- _- ---"---
nand must submit to the..City .Bard of
Directors for irp ,approval. the. (allowing Cost of Proof
Information: ";_( is _.___..._.. _._.......--
•ond!a e
( '+oro the,aiseaL the propmed bond issue
r:
and all.,rclaled�deai�n, including. but
. . . Total ---'-- --- -- -
wilhaM1timitalinnc pry;yil .4A'�P.
lit Principal amonnt,l ,;y Dern l: ,rah.
' ..{lin.dam of thebond.: ..(iiv9'r•.vE7 '
tlititi inlcret paym(.ml dale;ti. s �r,t} .
; (w r pr'uwI paymell ale;i dN\ito
�IYs numbers. .. aj:Xt,R
1,1vo teonmimliaa5; 4o? JON I-6^2i
Gl viii rales rf Interest: -. y ) , to oar
(viol a achaduI reDcedng the arcual
principalmaturities p_..: -_.y I • , r s
r� ixr Ihe'(semi ' total l Ialereit
riqu.. . A zsaid t�e' total requiremens'
int ;,• . !rJwlnm o4 � ra�„ ,.1 ,
"ajh IJ
A .
IBeamnmeridakrpnstiofopmpe� .,w
peRom to serve gas It I" ar un:
derwrilee, trustee. and eustoran'for any
Earn horns and the'modglift kndes and
servickli ; institutions- with -.wllicl the
Fadmies"Bard shall construct. which the
Beard ist Directors reserve the right to
select or:approve: ,1Le Dvslee-'and the
custodian shell: beanuointhvs ltochred
� "" h'n hal„ Ct '•-r�._..ai«•n_ns4itHt�a6�.