HomeMy WebLinkAboutOrdinance 2532 FSR RCCORD
F.+
f 23
ORDINANCE 110 , � AL114T(7Pdc^CflliV—
RCUl r CL t Y aARK
.
\ AN ORDINANCE AUTHORIZING THE ISSUANCE OF
v\ INDUSTRIAL DEVELOPMENT REVENUE; BONDS FOR
� \ THE PURPOSE OF PROVIDING PERMANENT FINANC-
ING FOR INDUSTRIAL FACILITIES ; AUTHORIZING
A TRUST INDENTURE SECURING THE BONDS ;
AUTHORIZING A LEASE AND AGREEMENT BETWEEN
THE CITY OF FAYETTEVILLE , ARKANSAS , AS
LESSOR , AND WARREN TOOL CORPORATION , AS
LESSEE ; AUTHORIZING THE SALE OF THE BONDS
AND THE EXECUTION OF A BOND PURCHASE AGREE-
MENT IN CONNECTION THEREWITH ; AUTHORIZING
AND PRESCRIBING OTHER MATTERS PERTAINING
THERETO ; AND DECLARING AN EMERGENCY .
WHEREAS , the City of Fayetteville , Arkansas ( the " City " ) ,
is authorized and empowered 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 ( the "Act " ) , to issue revenue bonds and to expend the
proceeds thereof to finance the acquisition , construction and
equipment of land , building or facilities which can be used in
securing . or developing industry ; and
WHEREAS , it is proposed that the City provide permanent
financing , through the issuance of revenue bonds under the Act ,
of the costs of acquiring , constructing and equipping certain
industrial facilities consisting of lands , buildings , improvements ,
machinery , equipment and facilities ( the " Project " ) , and that the
City lease the Project to Warren Tool Corporation , an Ohio corpora-
tion ( the " Company " ) , as part of an industrial plant to be operated
by the Company ( or its successor or assigns ) at the City ; and
WHEREAS , pursuant to and in accordance with the provisions
of the Act , the City is now prepared to proceed with financing
the Project and to issue and sell $ 2 , 500 , 000 in principal amount
of its Industrial Development Revenue Bonds - Warren Tool Project ,
Series 1979 ( the " Bonds " ) , to provide such financing ; and
WHEREAS , copies of the hereinafter described Trust
Indenture , Lease and Agreement , and Bond Purchase Agreement have
been presented to and are before this meeting ;
MICR0F16LMiD 10
DATE��
993 296
NOW , THEREFORE , BE IT ORDAINED by the Board of Directors of
the City of Fayetteville , Arkansas ,
Section 1 . That the issuance of the Bonds is hereby
authorized . The Bonds shall be issued in the forms and denomina-
tions , shall be dated , .shall be numbered , shall mature ( over a
period not to exceed thirty ( 30 ) years ) , shall bear interest ( at
a rate or rates not to exceed ten percent ( 10 % ) per annum) , and
shall be subject to redemption prior to maturity all upon the
terms and conditions recommended by the Company and to be set
forth in the Trust Indenture securing the Bonds ( hereinafter
authorized ) .
Section 2 . That the Bonds be sold to The Second National
Bank of Warren , Warren , Ohio , Central National Bank of Cleveland ,
Cleveland , Ohio , and National City Bank , Cleveland , Ohio ( the
" Purchasers " ) , for the purchase price recommended by the Company
and upon the terms and conditions set forth in a Bond Purchase
Agreement to be entered into between the City and the Purchasers
( the " Bond Purchase Agreement " ) , The Bond Purchase Agreement is
hereby approved in substantially the form submitted to this meeting ,
and the Mayor is hereby authorized to confer with the Purchasers
and the Company in order to complete the Bond Purchase Agreement ,
and to execute and deliver the same on behalf of the City in
substantially the form presented to this meeting with such changes
as shall be approved by such persons executing the document , their
execution to constitute conclusive evidence of such approval .
Section 3 . 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 by and
between the City and a bank or trust company which will act as
Trustee thereunder , dated as of the date of the Bonds ( 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
297
authorized and directed to cause the Indenture to be accepted ,
executed and acknowledged by the Trustee . The Indenture is
hereby approved in substantially the form submitted to this
meeting , and the Mayor is hereby authorized to confer with the
Trustee , the Company and the Purchasers in order to complete the
Indenture in substantially the form submitted to this meeting
with such changes as shall be approved by such persons executing
the document , their execution to constitute conclusive evidence
of such approval .
Section 4 . That there be , and there is hereby authorized
the execution and delivery of a Lease and Agreement by and be-
tween the City as Lessor , and the Company as Lessee ( the " Lease
Agreement " ) , and the Mayor and City Clerk be , and they are hereby ,
authorized to execute , acknowledge and deliver the Lease Agreement
for and on behalf of the City . The Lease Agreement is hereby
approved substantially in the form submitted to this meeting ,
and the Mayor is hereby authorized to confer with the Company ,
the Trustee and the Purchasers in order to complete the Lease Agree -
ment in substantially the form submitted to this meeting with such
changes as shall be approved by such persons executing the document ,
their execution to constitute conclusive evidence of such
approval .
Section 5 . That the Mayor and the 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 and delivery of the Lease Agreement , the performance
of all obligations of the City under the Lease Agreement , the
execution and delivery of the Indenture , the performance of all
obligations of the City under and pursuant to the Indenture , the
issuance , execution , sale and delivery of the Bonds , the execution
and delivery of the Bond Purchase Agreement , and the performance
of all acts of whatever nature necessary to effect and carry out
the authority conferred by this Ordinance . That the Mayor and the
City Clerk be , and they are hereby , further authorized and directed
for on behalf of the City , to execute all papers , documents ,
r:,A� 993 298
certificates and other instruments that may be required for the
carrying out of such authority or to evidence the exercise thereof .
Section 6 . That the City is hereby involved with the
acquiring , constructing and equipping of industrial facilities ,
and pursuant to applicable laws of the State of Arkansas , in -
cluding particularly the Act , competitive bidding is waived .
Section 7 . That the City Clerk is hereby authorized
and directed to file in the office of the City Clerk , as a part
of the minutes of the meeting at which this Ordinance is adopted ,
for inspection by any interested person a copy of the Indenture ,
Lease Agreement , and Bond Purchase Agreement , and such documents
shall be on file for inspection by any interested person .
Section 8 . That the law firm of Friday , Eldredge &
Clark , Little Rock , Arkansas , be appointed to act as Bond Counsel
on behalf of the City in connection with the issuance and sale
of the Bonds .
Section 9 . That the provisions of this Ordinance are
hereby declared to be separable , and if any section , phrase or
provision shall for any reason by declared to be invalid , such
declaration shall not affect the validity of the remainder of
the sections , phrases and provisions .
Section 10 . That all ordinances , resolutions and parts
thereof in conflict herewith are hereby repealed to the extent of
such conflict .
Section 11 . 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 unemploy-
ment and 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
rmy 993 299
the immediate preservation of the public peace , health and safety
shall be in force and effect immediately upon and after its passage .
PASSED : May 15 , 1979 ,
APPROVED :
ATTEST :.
T
!do port
Mayor
+ City Clerk
Q /:I : �(.SEAL)r _
iy 1
�x O�Ohwc0 H ,+
Mnu. '•or'
pw_ .
993 300
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 regular session of
the Board of Directors held at the regular meeting place of the
Board of Directors at 7 : 30 o ' clock p . m . , on the 15th day of May ,
1979 , and that the Ordinance is of . record in Ordinance Record
Booty No . V ) I , Page 9 1 , now in my possession .
GIVEN under my hand and seal of the City this 15th day of
•, .... .° • •, 1979 .
pF F . . .� _ ?tF
e: f 0 �y f' e. r , City Clerk
�£ ( SEATS); .
o
11%,�M1yM1y
CERTIFICATE
r•�
State of Arkn""q f
City of FayctAngelo
villc.
Officio re . r ' (lirfore-
do here, . fhc sante
'ir^ - �1 n `took
gn3
oi ;.. . . a i
aPD r 1 q_$• r, :itncss MY,
< {� of
Officio Recon
CERTIFICATE OF RECORD
OS ARTA!O'c-AS I SS.
V; ;yin ;,-On County I
1, All is L. I(of meyer, Circuit Clerk and Ex-Officio Recorder fol
washington County, do hereby certify ttat the annexed or fore
goin„ i rumont was filed for record in to kvT.ffice on the^n and the same
Z eay
r/1.��. l�gl`1 all: a,3 ' - 993_at Paged �O
of mor di aArrircuit
aecord 19yq
duly recor din .W—
witness my hand and seal ]aY °i-Clerk and
Ex-Offici Recor
"'o'
By erk
Deoutk
r 993 S01
aWrSrV
ORDINANCBNO. = _ _7 STATE Of ARKANSAS l '
AN ORDINANCE AUTHORIZING THE Clerk, for enc an benan a tnc Cny, be, and } m.
ISSUANCE OF INDUSTRIAL DEVEWP lbey are hereby, amlrorised and directed to County of Washington 111
IMENT REVENUE BONDS FOR THE do any and all things necessary to effect '"i
PURPOSE OF PROVIDING PERMA. lbe exceulim and delivery d the Lease �:J
NEW; FINANCING FOR INDUSTRIAL Agreement, the performance d all oblige- ( jiyvv,ya�v ,' '•.
FACILITIES; AUTHORIZING A TRUST If ons d the City under the [.ease Agree- I
..... hereby '
! INDENTURE SECURING THE BOM1T)S; menL [be execution and delivery d the 10- ----------------- 7 certify that 1
AUTHORIZING A LEASE AND AGREE. denture, Om pertrma of all obligations am the Publisher of THE NORTHWEST ARKANSAS TIMES, a dally
NEW BETWEEN THE CITY OF FAYEr- d City underlbe pursuant to the Indereh
TEVILE. AKRNASAS, AS LESSOR, AND tune. the issuance, execution, sale are newspaper having a second class mailing privilege, and being not leas than
WARREN TOOL CORPORATION, AS delivery d the Bonds, the execution and [our pages of five columns each, published at a fixed place of business and at
LESSEE: AUTHORIZING THE SALE OF delivery of the Bond Purchase mncAgreement,
THE BONDS AND THE EXECUTION OF and the Performance Of all acts ;4 a fixed (daily) intervals continuously in the City of Fayetteville, County of
,A BOND PURCHASE AGREEMENT IN whatever nature necessary to effect and Washington, Arkansas for more than a period of twelve months, circulated
CONNECTION THEREWITH ; carry out the authority conferred by this
AUTHORIZING AND PRESCRIBING Ordinance. That the Mayor and the city and distributed from an established place of business to subscribers and
OTHER MATTERS PERTAINING Clerk be, and they are hereby, further treaders generally of all classes in the City & County for a definite price for
THERETO; AND DECLARING AN authorized and directed for on behalf of the
EMERGENCY. City, to execute all papers, documents, cer- each copy, or a fixed price per annum, which price was fixed at what is
. WHEREAS, the City of Fayetteville, 'required
and other instruments that maybe considered the value of 'tile publication, based upon the news value and
Arkansas Ithe -City"), is authorized and required far the carrying out of such D
empowered under the Provisions of Act No. authority a to evidence the exercise service value It containfir that at least fifty percent of the subscribers
9 of the First Extraordinary session Of ON trend. -
SlxtySecond General Assembly of are Section s. That the City is hereby invdv- thereto have paid cash for their subscriptions to the newspaper or its agents
State of Arkansas, approved January 71, ed with the acquiring, constructing and or through recognized news dealers over a period of at least six months ;
12 60, As amended (Ne "Act"), W issue equipping of industrial facilities, and per.
revenue bards and to expend the proceed. Sunil to applicable laws d the Stale d and that the said newspaper publishes an average of more than forty percent
thereof to finance line acquisition, castiue- Arkansas, including particularly the Act, news matter.
use and equipment Of land, building a competitive bidding is waived.
facilities which can be used in securing or authorizedSection T. That the City Clerk is hereby
and directed to file in the office I further certify that the legal notice hereto attached in the matter of
developing industry; and of the City Clerk, as a part of the minutes of
WHEREAS. it is proposed that the City the mcetin at which this Ordinance is
.� 'e-�r- 'c--•
provide permanent financing, through the adopted, for
inspection b an
issuance d revenue bads under the Act, of Y any -�
the cases d acquiring. constructing and anon Agreement,cand Bond Purchase opy d Ne Indenture. Lease
equipping ceresin rndhlrial (aeiiitiei eon aM uch doavmmts shall be aro file
sisbngd lands, buildings, improvements, farimpectionbyanp interestedpersao,
machinery, equipment and facilities (the Section 9. That the law firm of Friday, was published in the regular daily issue of said newspaper for-------------------- ......
'•Pmject"), and that the city leasethe Pro Eldredge A Chant, Little Rack. Arkansas,
ject M Warren Tod Corporation, an Ohio be appointed to act as Bond Counsel on •C0e9eCnttPB'lEaertl0np' as [Ol10WB :
coporation I the "Company"1. as part d an behalf dare City in connection with the is-
industrial (1
planttobeoperatedby the Com- suance and sale of the Bads. 2 � h (j
pany n or its successor or assigns l at the Cl- Section 9. That the provisions of this Or- The first insertion on the _.._-.- .._____..---. day of ._ ---------- 19..`J..�_.
ly; and - dfnance arc hereby declared In be
WHEREAS, personal to and to an separable, and if any section, phrase or
the second Insertion on the ------------------_-------- day of ------------.___-------- 19.------....-
credence with the provisions of the Act, the provision shall for any reason be declared
City is now prepared to proceed with finan to be invalid, such declaration shall not of-
eing the Project and to nue and sell lecture validity of the reminder of the
32,500.000 in principal Amount Of its In sections, Phrases and previsions. the third Insertion on the --------_------------- ___ day of
dustrial Development Revenue Bards — Section 10. That all ordinances, resale.
Warren Tod Pro
'ecL Series IM (tie Serum
'ilh
• Bands'•1, W provide such financing; and are hereby repealed to the extent of such and the fourth Insertion on the ___ day of ------____--_------ 19.__.....
WHEREAS. copies of the hereinafter conflict-
described
onflictdescribed Trust Indenture. Lease and Section 11. That there is hereby found
Agreement, and Bond Purchase Agree. and declared to be an immediate need for Y p S
ment have been presented to and am nes securing and developing d industry in - G L
before this meeting; order to provide employment and payrolls,
NOW, THEREFORE., BE IT ORDAINED alleviate unemployment and otherwise
by the Board of Directors of the City d benefit the public health, safely and 9 /
Fayetteville, Arkansas. wtifam of the City and the inhabitants Sworn to and subscribed before me on this -... day of ----_..-_.-_
Section L That the issuance Of the Bands thereof. and the issuance of the Bonds i
is hereby authorized. The Bala shall bt authorized hereby and the taking of the
Issued in the farms and denonninations; other action authorized hereby are un-
shall tae dated, shall be numbered, shall mediately nearsser far the aecomplishin8 -------
mature (over a period not tu exceed thirty, ......__..-.___ _
pend Ilrese public benefits and purposes. It is,
(70) yearn, shall bear interest (ata rate ar therefore, declared that an emergency ex.
o rates not to exceed 10 percent (10 recall tsts and this Ordinance being necessary for
per 1 the immediate preservation d the public -------------
eMeml, and shall be ru ect to l _ -_--__�oes�t C��
redemption prior to maturity all upon the Peacehealth and safety shall be in force
terms and conditions recommended by the and effect immediately upon and after its No y Public
Company and lobe set forth in the Trust In. Passage,
denture.sectrina the Baha rberei 1 PASSED: May 15, 19A.
APPROVED: My. omm[ssion ExDires :
Halms IbLL- ILS David R. Malone
HSIB 34t/m ATTEST: . MAYOR
ATTER. Medlock
•/ I .4VON I/ 'kmH •asloayl CITY CLERK -
hB Agajddy no Isom uml
_ Ile 72 _
w!1uavuo� :: ' Fees for Printing _------ /
di moi ajg0A9ijaqun
AeuoW Puog Ail: Cost of Proof ---------- i..........._...............
s a131:03nns Total
v
i
d0HS18
and
i
