HomeMy WebLinkAboutOrdinance 2548 F1I_ ED . 1- OR RECORD
1979 AUG 17 A14 10: 22
WASHINGTON. COUNTY. ARK .
ORDINANCE NO . ALMA KGLLMEYER
CIRCUIT CLERK
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE
PURPOSE OF PROVIDING PEP11ANENT FINANCING FOR
INDUSTRIAL FACILITIES ; AUTHORIZING A FIRST
SUPPLEMENTAL TRUST INDENTURE SECURING THE
BONDS ; AUTHORIZING A FIRST SUPPLEMENTAL LEASE
AND AGREEMENT BETWEEN THE CITY OF FAYETTEVILLE ,
ARKANSAS , AS LESSOR , AND HACKNEY BROS , BODY
COMPANY , AS LESSEE ; AUTHORIZING THE SALE OF
THE BONDS ; 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 , buildings or facilities which can be used
in securing or developing industry ; and
WHEREAS , the City has heretofore issued its Industrial
Development Revenue Bonds - Hackney Project , Series 1977 , in the
principal amount of $ 1 , 200 , 000 ( the " Series 1.977 Bonds " ) , secured
by a Trust Indenture dated as of October 1 , 1977 , by and between
the City First Union National Bank of North Carolina , Charlotte ,
North Carolina , as Trustee ; and
WHEREAS , the Series 1977 Bonds were issued for the purpose
of financing the costs of acquiring , constructing and equipping
an industrial plant at the City , which is being leased to and is
operated by Hackney Bros , Body Company , . a North Carolina corpora-
tion ( the " Company " ) pursuant to a Lease and Agreement dated as
of October 1 , 1977 , by and between the City and the Company ; and
WHEREAS , it is proposed that the City provide permanent
financing , through the issuance of additional revenue bonds under
the Act , of the costs of acquiring , constructing and equipping
995 453
MICROFlLM0.
DATE OCT 3 M
REEL�-
of an expansion , consisting of lands , buildings , improvements ,
machinery , equipment and facilities ( the " Project " ) ; 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 $ 1 , 000 , 000 in aggregate principal
amount of its Industrial Development Revenue Bonds - Hackney
Project , Series B ( the " Series B Bonds " ) , to provide such financing ;
and
WHEREAS , copies of the hereinafter described First
Supplemental Trust Indenture and First Supplemental Lease and
Agreement have been presented to and are before this meeting ;
NOW , THEREFORE , BE IT ORDAINED by the Board of Directors
of the City of Fayetteville , Arkansas :
Section 1 . That the issuance of the Series B Bonds
is hereby authorized . The Series B Bonds shall be issued in the
forms and denominations , 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 First Supplemental Trust Indenture
securing the Bonds ( hereinafter authorized ) .
Section 2 . That the Series B Bonds be sold to First Union
National Bank of North Carolina , Charlotte , North Carolina ( the
" Purchaser " ) , for the purchase price recommended by the Company .
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 First Supplemental Trust
Indenture by and between the City and First National Bank , Conway ,
Arkansas , as Trustee , dated as of the date of the Series B Bonds
® 995 454
( the " First Supplemental Indenture " ) , and the City Clerk is
hereby authorized and directed to execute and acknowledge the
First Supplemental Indenture and to affix the seal of the City
thereto , and the Mayor and City Clerk are hereby authorized and
directed to cause the First Supplemental Indenture to be accepted ,
executed and acknowledged by the Trustee . The First Supplemental
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 Purchaser in order to complete
the First Supplemental 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 First Supplemental Lease and
Agreement by and between the City as Lessor , and the Company
as Lessee ( the " First Supplemental Lease Agreement " ) , and the Mayor
and City Clerk be , and they are hereby , authorized to execute ,
acknowledge and deliver the First Supplemental Lease Agreement for
and on behalf of the City . The First Supplemental 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 Purchaser in order to complete the
First Supplemental Lease Agreement 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 First Supplemental Lease Agreement
and the performance of all obligations of the City thereunder , the
execution and delivery of the First Supplemental Indenture and
® 995 455
the performance of all obligations of the City thereunder , the
issuance , execution , sale and delivery of the Series B Bonds ,
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 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 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 First
Supplemental Indenture and First Supplemental Lease 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 Series B 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 be 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 continued and increased employment and payrolls ,
995 456'
alleviate unemployment and otherwise benefit the public health ,
safety and welfare of the City and the inhabitants thereof , and
the issuance of the Series B Bonds authorized hereby and the
taking of the other action authorized hereby areimmediately
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 : August 7 , 1979 ,
FpYE ] !F APPROVED :
' F ATT'E {�
t = :( � •. cam ':
Mayor
► ' # 3 Clerk
• f�i
9c a .� �
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 7th day of August ,
1979 , and that the Ordinance is of record in Ordinance Record Book
No , A Page now in my possession .
GIVEN under my handand seal of the City thk ,, yt
I}# %
day of August , 1979 .
City Clerk
( SEAL ) Abd j0 1 � •'y
J '
CERTIFICATE OF RECORD
State of Arkansas SS
City of Fayetteville
I, Suzanne C. Kennedy. Cite Clerk and
Ex-Officio recorder forthe City of e:iyetteville,
do hereby certify that the a �iv, cd or fore-
going is of record in my office and 6e same ap-
pears in Ordinance & Resolution book
V11 _at page— I L5 L. Witness my
hand and sial this-- day of
, 19
City Clerk and L::;Officio Recorder
CERTIFICATE OF RECORD
STATE OF ARKANSAS I SS.
Washington County I
I, Alma L. Kollmeyer, Circuit Clerk and Ex.Officio Recorder for
Washinston County, do hareby ceriiiy that the annaxed or fore-
goine s ument w3S 'fiilllegd for record in my office on the 1 day
of \,9 a�D:l�'clorkA ' M and theage is
ham—record 5 at page
duly recorded i I i 40day of 19Z�
yfna� my hand and s
Circuit Clerk and
Ex-Offici Recro7d d
Deputy Clerk
tTp4hl
ORDINANCE NO. Sala �pcient IIOs: per annum), and shall he
N ORDINANCE AUTHORIZING THE subied b redemption prior to maturity all STATE of ARKANSAS l • ,. s� 'kJ t""
UANCE OF-INDUSTRIAL DEVELOP- upon the terms and conditions recommend. } as.
NT REVENUE BONDS FOR THE ad by the Company and to be set forth in County of Washington J
RPOSE OF PROVIDING PERMA- the First Supplemental Trust Indenture rJ
NT FINANCING FOR INDUSTRIAL securing the Bonds thereinafter authom- f• ry, ;. . .. Ta7y
:ILITIFS: AUTHORIZING A FIRST ed).
'PLEMENTAL TRUST INDENTURE Section !. Tlut the Series B Bonds he
:THING THE BONDS; AUTHORIZING sold to First Union National Bank of North I, .. ._. ___ ..... .. . . . ...... ... . . . .. ._ . ...__-. ;+..,:1•-het¢by certify that I
'IBST• SUPPLEMENTAL LEASE AND Carolina, Charlotte, North Carolina ithe am the Publisher of THE NORTHWEST ARKANSAS TRUES, a dally
REEMENT BETWEEN THE CITY OF ••parchesee"), for the parchast price
YETTEVILLE, ARKANSAS, AS reeoromendedby the Company, newspaper having a second class mailing privilege, and being not less than
;SOR, AND HACKNEY BROS, BODY Section 0. To prescribe the terms and
vfPANy, AS LESSEE; AUTHORIZING conditions uponwhichthe Bonds arc to he four pages of five columna each, Published at a fixed place of business and at
E SALEOF THE BONDS: AUTHORIZ- executed. authenticated, issued, accepted, a fixed (daily) Intervals continuously in the City of Fayetteville, County of
- AND PRESCRIBING OTHER MAT- hey and secpred, the Mayor is hereby
AS PERTAINING THERETO; AND authorized and directed to execute and Washington, Arkansas for more than a Period of twelve months, circulated
CURING AN EMERGENCY. acknowledge a First Supplemental Trust and distributed from an established place of business to subscribers and
'HEREAS, the City of Fayellevtile, Andenlure by and between the City and
anions (the "City"). is authorized and First National Bank, Conway, Arkansas. as readers generally Of all classes in the City & County for a definite price for
powered under the provisions of Act No. Trustee, dated as of the dale of the Series B each copy, or a fixed price per annum, which price was fixed at what is
the First Extraordinary Session of the Bonds (the "First Supplemental Inden.
nySecond General Assembly of the ane'l, and the City Clerk is hereby considered the value of the publication, based upon the news value and
te of Arkansas, approved January D, authorized and directed w execute and service value It contains, that at least fifty percent of the subscribers
1, as amended The "Act"l, to issue acknowledge the First Supplemental Io-
ene bands and to expend the esti denture and to affix the seal of the City thereto have paid cash for their subscriptions to the newspaper or its agents
LN-Of toflnnce the ac=tion, c�omtlao-i thereto, and the Mayor ad City Clerk are or through recognized news dealers over a period of at least six months;
i and equ''Womni of land, buildings ars hereby winterized and directed to caux g
Itahs whtA can be used in securing or;.the First Supplemental Indenture to be ac- and that the said newspaper publishes an average of more than forty percent
elaappI ` industry; and �-�.,._ cepled. executed and acknowledged by the
.'HER1 the City hal% heretofore Trustee. The First Supplemental indenture news matter.
led its Industrial Development Remse a is hereby approved in substantially the
ids — Hackney Project, Series IFr7, In form submitted to this meeting, and the I further certify that the legal notice hereto attached in the matter of
:n�gnBards') secured by'amount of 'aTrust theYor is Tnustee.hereby
and he Pto confer or _ v
enture dated as A October 1, l9T'J7. by chaser in order to complete the First Sup-
1
up e - /^")
1 betpeen the City First Union National elemental Indenture in substantially the feVaf
Ik of'Nonth Carolina, Charlotte, North form submitted to this meeting with such '��
vlins, As Trustee: and I changes as shall be approved by such per.
-' A�/,-- -0-"_ .--..-.--.._..._-.--._-_-.. -..--._..__.---..-.---__._--_.-----..
HEREAS, the Series 11171 Bonds were- sons executing the document, their execu-
)ed for the purpose of financing the tin to constitute conclusive evidence of was published in the regular daily issue of said newspaper for.--------- I .--_. ......
not acegqtilrrmmgg, constructing and equiP '- such approval, 1,
g an a =t0plant at the City, which'. Section s. That there bc, and there is 4et19eeCFtYe insertion� as follows :
being leased to and is operated by;hereby authorized the execution and �f
=kneY Bron. Body Company, a North delivery of a First Supplemental Lease and
tins mrporatim (the "Company') Agreement by and between the City as The first insertion on the -------------/0-- day of __. -- 19---
sunm
t to a Lease and Agreement dated Lessor, and the Company as Lessee (the - -
of October 1, 1977, by and between the "First Supplemental Lease Agreemnl'),
v and the Company; and ; and the Mayor and City Clerk be, and they the second insertion on the ------ --------------------- day of ----------------_..... _ 19.---.-----.-
i'HEREAS: It is proposed that the City I ane hereby, authorized to execute,
wide permanent financing, through the acknowledge and deliver the First Sup
iancw#additional m'esWe bonds under j plemenal Lease Agreement for and on the third insertion on the _.............______ ... day of -----------------------
-. 19----------
Act, of the calx of acquiring, tastrao ' behalf of the City The First Supplemental
and aquipp'u1g of n expansion. cos ' Lease Agreement ins• hereby approved _
:ing of Iandc, taayirngi. improvements, substantially in the form submitted to this
. and the fourth insertion on the ...___............._ day of _...:.---._ 19.......
chirery, equipment and facilities FNe mecting, and the Maya is hereby authoriz.
rojed"1; and ' ed to confer with the Company, the Trustee - - �
1'HEREAS, pueaam to -and in ac- and the Purchaser in order to complete the -
dunce with the provision of the Act, the Fust Supplemental Lease Agreement in
yUnowpreparedtoproceed with faun substantially the form submitted to this
g the Project and to issue and seU meeting with such changes as shall be ap-
00,000 in aggregate principal anlountof ' proved by such persons executing the docu-
todustrial DevelopmeOf enue Boedi mens, their execution to constitute tan Sworn to and subscribed before me on this ..0.4-^ t:�-day of
Hackney Project Series B 'the "Series; elusive evidence of such Approval.
rat
and Section 5. That the Mayer end the City
VIfEAEAS, copIes of this hereinafter ;Clerk, for and on behalf of the City, he, and ////L�•C' .
rrihee Finl SupplemensI Trust In- i they are hereby authorized and directed to 19-
rture and First Supplemea I lease and.�do enY and all things necessary b effect
rcemnl Neve been presented b and are !the execution and delivery n the First Sup-
ore
up
orethis THEREFORE. :;plemanal lease Agreement and the per
:the card oFORE, ors Of the City of thereunder.
ee . all obligation d the Citythe Board BoeN tl Directors d the City of . thereunder. Ne ex tion and delivery of - --- ---------
yettevlle, Arkansas: ' the First Supplemental Indenture and the Notary Public
ration 1. That the issuance of Use Serie: performance of all obligations of the City
londa is hereby authorized. The Series B , thereunder, the issuance, execution, sale
rids shall be issued in the forms andand delivery of the Series B Banda, and the Commission Expires:
wminathon;'kh` ITbe-ddled,"shag be performance of a 11 acts of whalevez nature
nhered, shall mature (over a period not I necessary toeffect and carry Out the
exceed thirty or Years), shall bear in authority conferred by this edt Ordinance.
est (el a rate a rates Out to exceed len That the Mayor and the City authorized
ed and
diretheycted, for
are hereby, further sae City, and
dfrecsd, tp ern hehalfoftie City, toea- / �O
scale nd papers, documents, certificates
land other instruments that may be m Fees for Printing -------_ _.
quires for the carrying Out of such authori-
ty or to evidence theexercise thereof.
ed$w4on 6. That the City is hereby involy-
ith the acquiring, contacting and Cost of Proof ---------------- ;----------_----.._----__
equipping of industrial facilities, and pur-
sunt to applicable laws of the Stab of Total l.__
Arkarsn, including particularly the Act, .._-----_----- f---. -----
competitivebidding is waived.
Section 7. That the City Clerk Is hereby
uthorfzed and directed W file in the office
. mf the City Clerk, As a part of the minutes of
Ithe meeting at which this Ordinance is
!adopted, for inspection by any instated
person a c'oapy'of the First Supplemental In
Aenture and First Supplemental lease
Agrcemea , and such documents shall be
ton file for inspection by any interested per.
son.
!Eldredge
dge A. That the new firm of kaiser, .
'Eldredge t Clark. Lillie and Arkansas,
�he apppof Uze to act n Bond Counsel on
hestic a Ihe City th e Series B with the is-
justice tie Serie BBonds:
nanste a That they declared
tl this Or,
iseance an hereby declared to or
I separable, and H any section, phrase or
provision shell for any recon be declared
to he invalid, such f the ma shagrAer not he
ted the validity tl the remoinder of the
aephrases and pr a
'
Section m. That at ordinances. reaoi
lions and parte thereof in conflict herewith
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ORDINANCE NO. 2548 vtefon s�ia�l .far any reason dec7xrc�
AN ORDINANCE. AUTHORIZING THE ;To be invalid, such declaration shall not at' TATE of ARKANSAS
ISSUANCE OF INDUSTRIAL DEVELOP. feel the validity of the remainder of the
HENT REVENUE BORDS FOR THE seetions, phrases andprovisians. SS.
CDIlIIty 01 WashingtOD
PURPOSE OF PROVIDING PERMA. . Section to; Thal all ardimmm. raolu-
NENT FINANCING FOR INDUSTRIAL tions and or meccaI in Conflict herewith
FACILITIES: AUTHORIZING A FIRST are heled to the extent of such - -
. : .
SUPPLEMENTAL TRUST INDENTURE conflict. ,
A FIRS
SECURING THE BNIENTA AUTHORIZING AND Section edll. to be Cotte Is hereby fCond I, _-_.__.... ..... .. ..... .. _. hereby certify that I
A FIRST SUPPLEMENTAL LEASE AND - and declared to be ve immediate need for -" " ' - -'-'--- "-' "'-"- -- ' ' ""-'-
FAYETTEVILLE,BETWEEN THE
AS, OF 'these curing and developing and
in am the Publisher of THE NORTHWEST ARKANSAS TIMES, a daily
FAYETTEVI HA ARKANSAS, AS herder to provide continued and increased
LESSOR. AND LASE EI' BROS. BODY employment and Payrolls, alleviate newspaper having a second class mailing privilege, and being not less than
COMPANY, AS LESSEE; AUTHORIZING: AUTH � umrmployment and otherwise benefit the four pages Of five columns each, published at a fixed place of business and at
ING AND PRESCRIBINOF THE G OTHER MAT. ftYORIZ- ,alms the inhabitants theand reof, and fa tore 6, a fixed (daily ) intervals continuously In the City of Fayetteville, County Of
TERS PERTAINING THERETO: AND ( suame of the Series B Bonds autherized
DECLARING AN EMERGENCY. ,hereby and the taking o the other artion Washington, Arkansas for more than a period Of twelve months, circulated
WHEREAS, the City of Fayetteville, 'jaumorind hereby are immediately and distributed from an established place of business to subscribers and
Arkansas ane "City's, o aumome t and ( necessary for the aceamplab ng o :nese readers generally of all classes in the City & County for a definite price for
empowered under the provnstans o Act NO. P blit benefits and purposes it u,
9 a the First Extraordinary Session of the ,!herefore, declared that an emergency ex: each copy, or a fixed price per annum, which price was fixed at what is
Sixty-Second General Assembly of the Ire and this Ordinance being necessary for
State of Arkansas, approved January 21. immediate preservation of dM public considered the value of the publication, based upon the news value and
1960, as amended (the "Act"), to issue (Peace, health and safety shall be in force service value it contains, that at least fifty percent of the subscribers
revenue bands and to expend the proceeds ynd effect immediately upon and after its thereto have paid cash for their subscriptions to the newspaper or Its agents
-
tnereoftafnan« the.cpuaelan, amshve- �Wssage. _ I
tion and equipment o land, buildings or , PASSED; August r, 1929 • • Il or through recognized news dealers over a period of at least six months:
facilities which can he used in securing or APPROVFL:
de v lapingirdustry; and 1 David R. Aialone I and that the said newspaper publishes an average of more than forty percent
WHEREAS, the City has heretofore : ' '- - .. MAYOR neve mallet.
issued its lndiaWal Development Revenue i ATTEST: ,
Botch- Hackney Protect. Soria 1771, In Ue lAngelaMedlucN - 71
principal amount rifj o9o.(the "Serie City Clert - +� I further certify that the legal notice hereto attached in the matter of
1pi, 13 its secured Dy a Tro: Indenture It
)
dated as or October 1, 1971, by and between Hell
On City First Union te,National Bank a,
Norm Candor, Charlotte, North Carolina, I , _' L�� -_------_
as Trustee: and �,�.<.. .
WHEREAS, the Soria ffi Benda were
iswed for the purpose d financing the !
rorIraind9mring cazstrocung and equip was published in the regular dally issue of said newspaper for ..._L(_..___.
I Pin an Indsas plant at the Rty, which r _--
a 1 ,•eeeeeRl4+e Insertion as follows :
u tog leased o and u operated by
' 6
Hackney Bros. Body Company, a North j )/ �7�� / �/
pursuant
Corporation (the "Company") // CC /,/T/� 1/ 1
I pnrsnanl to a Lean am Agreement galea : The [fret insertion on the _......__- - -- day of .._ 19. ___ _.
m of October 1, 19n, by and between the -
CityandtheCompany, and 11
WHEREAS, it is proposed that the City the second insertion on the ............................ day of ............ 19___-____-
Provide permanent financing, through the
issuanceof additional revenue bodsunder I
ithe Act, of the casts of acquiring, Construe- the third insertion on the _............._._ -------- --- day Of ---------------------------- 19._____.__.
Ling and equipping of an expansion, can- .
sisting of lands, buildings, improvements•
machinery, equipment and facilities (the and the fourth insertion on the ------------------------ day of _.....--_-____...
"Projecl"); and
WHEREAS, pursuant to and in ac- ! '
cordanee with the provisions of the Act, the e
City is new prepared to prated with finao- --__----.-------
cing the Project and in issue and x11
. 31000000 in aggregate principal amount of
Its Industrial Development Revenue Bonds
1 - Hackney Project. Series B (the "Seriest I Sworn to and subscribed before me on this ___ ----------- day of ----_._.—
Bonds"), to provide such Rwleing and- . .
WHEREAS, Copia of the hereinafte
described First Supplemental Trust Inden,
tun and First Supplemental Lear"and - 19__./
Agreement have been presented to and art
Wore this meefing� IA �4 s.
NOW.BoardTHEREFORE. BEIT ORDAINED V 77�� /
by led Booed o Dunton o me C'Iry o -=_-•_�iJ
Fayetteville, Arkansas: li
Section 1. That the issuance o the Stria ' • - Not Public
B Bonds in hereby authori>ed. Tee Serice B .:
Bonds shag be .snued in ,tM .*os and 070
demminaGma, shall be dated, shall be I lw , `/ My Commission Expires :
numbered, Nag mature (:over a period I a?C(^nr•..�,�
not to exceed thirty (3m years), shat bear -_. =L ,a s v • nl
intetesl (alarateorratest exceed ten
oe efiys Q
percent 110$) per amrvml, and Stull be - --- ------- -�
subject to redemption prior to maturity at ,
upon the terms and conditions recommend. -
ed by the Company and to be xl forth in
the First Supplemental Trust Indenture Feer Printing.....—
securing the Bonds (hereinafter authoinz. _s for Pr _ g......-- �.--
ed). :• . . I . .
Seetion2.That t eSeries B Bonds be sold
to First Union national Bank of North Cost of Proof ................ $...........................
Carolina, Charlotte, Norm Carolina (the I — `}
' PurohaWe'), her the purchase price I Total §...f L-----
recommended by the company. 1 ........------
Section 3, To prescribe the terms and
caditlms upon widen the Buds aro to be
examted, autberieated, laved, accepted,
held i I
heand secured. the M•yar is hereby
aumulyd and directed m .execute and
• • Pint SupplemmW Trot
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FUatNaOmd Baal . Caoway,Arkarsn,as j
_ batd a of Oso dab d lies Series
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