HomeMy WebLinkAboutOrdinance 2567 tv<t Sof, 4F1
ORDINANCE NO . a � ( iy � 1'rc(jllftr S'3
c�gct f''� Cry, YY �if;f;.
AN ORDINANCE AUTHORIZING THE ISSUANCE REVENUE BONDS BONDS FOR THE PURPOSE OF PROVIDING PE}
NENT FINANCING FOR TOURIST FACILITIES ; AUTHORIZING
A TRUST INDENTURE SECURING 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 . 380 of
the Acts of Arkansas of 1971 , as amended ( the "Act " ) , to acquire
land , construct and equip buildings , improvements and facilities
and to incur another costs and expenses and to make other expenditures
incidental to and for the securing and developing of tourism ; and
WHEREAS , the City is authorized under the Act to issue
revenue bonds and to expend the proceeds thereof for the purposes
set forth above ; and
WHEREAS , the necessary arrangements have been made with `
the Board of Trustees of the University of Arkansas ( " Lessee " ) for
the City to acquire a site for , construct and equip a convention
center facility ( the " Center " ) and to lease the Center to the Lessee
for use as a continuing education center pursuant to a Lease and
Agreement dated as of October 1 , 1979 ( the " Lease " ) ; and
WHEREAS , to provide parking for users of the Center the
City has determined to acquire sites for and develop two surface
parking lots ( the " Parking Facilities " ) ; 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 the Center and
the Parking Facilities ( collectively the " Project" ) ; and
WHEREAS , pursuant to and in accordance with the provisions
of the Act , the Board of Directors of the City , at a special meeting
held on October 8 , 1979 , ( i ) approved a construction contract between
the City and Brennan-Boyd Construction Co . , Inc . ( the " Construction
Contract " ) for construction of the Center for a contract price of
$ 3 , 137 , 492 , ( ii ) the Lease , and ( iii ) a Bond Purchase Agreement
between the City and Stephens Inc . ( the " Bond Purchase Agreement " )
® 101.1 660
MICROFILMED
DATE JAN 3 1981
REEL
providing for the issuance and sale by the City of its $ 4 , 475 , 000
City of Fayetteville , Arkansas Continuing Education Center Revenue
Bonds , Series 1979 , dated as of October 1 , 1979 ( the " Bonds " ) ; . and
WHEREAS , the authorized officials of the City have executed
and delivered , for and on behalf of the City , the Construction Contract ,
the Lease and the Bond Purchase Agreement ;
NOW , THEREFORE , BE IT ORDAINED by the Board of Directors
of the City of Fayetteville , Arkansas :
Section 1 . That the Construction Contract , the Lease and
the Bond Purchase Agreement ( which Bond Purchase Agreement was accepted
and entered into by the City on October 8 , 1979 ) , -.as previously
approved , executed and delivered ( copies of such documents being on
file in the office of the City Clerk ) are hereby approved , ratified
and confirmed .
Section 2 . That the issuance of the Bonds is hereby
authorized . The Bonds shall be dated October 1 , 1979 , and shall
be numbered , shall mature and shall bear interest as follows : Bonds
No . 1 to 7 , inclusive , maturing in the year 1984 , bear interest at
the rate of 6 . 75 % per annum ; Bonds Nos . 8 to 20 , inclusive , maturing
in the year 1985 , bear interest at the rate of 6 . 80 % per annum ;
Bonds Nos . 21 to 38 , inclusive , maturing in the year 1986 , bear
interest at the rate of 6 . 90 % per annum ; Bonds Nos . 39 to 60 , inclusive ,
maturing in the year 1987 , bear interest at4the rate of 7 % per annum ;
Bonds Nos . 61 to 84 , inclusive , maturing in the year 1988 , bear
interest at the rate of 7 . 10 % per annum ; Bonds Nos . 85 to 109 , inclusive ,
maturing in the year 1989 , bear interest at the rate of 7 . 208 per
annum ; Bonds Nos . 110 to 136 , inclusive , maturing in the year 1990 ,
bear interest at the rate of 7 . 25 % per annum ; Bonds Nos . 137 to 165 ,
inclusive , maturing in the year 1991 , bear interest at the rate of
7 . 30 % per annum ; Bonds Nos . 166 to 195 , inclusive , maturing in the
year 1992 , bear interest at the rate of 7 . 40 % per annum ; Bonds Nos .
196 to 227 , inclusive , maturing in the year 1993 , bear interest at
the rate of 7 . 45 % per annum ; Bonds Nos . 228 to 384 , inclusive , maturing
® 1 � C1 6E1
in the years 1994 to 1997 , inclusive , bear interest at the rate of
7 . 50 % per annum ; and Bonds Nos . 385 to 895 , inclusive , maturing in
the year 2004 , bear interest at the rate of 7 . 8758 per annum .
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 ( the " Indenture " ) , dated
as of October 1 , 1979 ? by and between the City and a bank or trust
company selected by Stephens Inc . to act as trustee thereunder ( the
" Trustee " ) 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 is hereby approved in substantially
the form submitted to this meeting , a copy of which shall be placed
in the minutes of this meeting . The Mayor is hereby authorized to
confer with the Trustee and Stephens Inc . in order to complete the
Indenture in substantially the form submitted 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 preparation and distribution to various prospective and actual
purchasers of the Bonds of an Official Statement ( and Preliminary
Official Statement ) , in the name of the City , describing the City ,
the Bonds , the Indenture , the Lease , and setting forth such other
information as may be determined to be necessary or desirable by
Stephens Inc . and First Southwest Company , Financial Advisor to the
City . The Mayor is authorized to execute such Official Statement
on behalf of the City .
Section 5 . That the Mayor and City Clerk , for and behalf
of the City , be , and they are hereby , authorized and directed to do
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any and all things necessary to effect the execution and delivery
by all parties thereto of the Lease and the Indenture , the performance
of all obligations of the City under the Lease and under the Indenture ,
the issuance , execution , sale and delivery of the Bonds , the execution
®1001 662
delivery and distribution of an Official Statement , and the performance
of all acts of whatever nature necessary to effect and carry out the
authority conferred by this Ordinance . The Mayor and the City ' Clerk
are hereby further authorized and directed , for and on behalf of the
City , to execute all papers , documents , certificates and other instru-
ments that may be required for the carrying out of such authority or
to evidence the exercise thereof .
Section 6 . That the appointment of the law firm of Friday ,
Eldredge & Clark as Bond Counsel on behalf of the City in connection
with the issuance and sale of the Bonds is ratified and confirmed .
Section 7 . 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 8 . That all ordinances , resolutions and parts
thereof in conflict herewith are hereby repealed to the extent of
such conflict .
Section 9 . That there is hereby found and declared to be
an immediate need for the securing and developing of tourism within
the City by proceeding with the Project , and the issuance of the
Bonds authorized hereby and the taking of the other action authorized
hereby are immediately necessary for the accomplishing of the Project .
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 : October 16 , 1979 ,
APPROVED :
ATTEST : Mayor
N;� . ' ' C Cle k
� � '•
663
AL
Y •
CERTIFICATE
The undersigned , City Clerk of the City of Fayetteville ,
Arkansas , hereby certifies that the foregoing pages are a true
and correct copy of Ordinance No . adopted at aA ///fff
session of the Board of Directors of the City of Fayetteville ,
Arkansas , held at the regular meeting place of the Board of Directors
in the City at T30 o ' clock _. m - , on the l60'P'L day of
O�CiC r 1979 , and that the Ordinance is of record in
Ordinance Record Book V11 Page J ( 5 now in my
possession .
GIVEN under my hand and seal this aw� daY of
. 1979 .
�- Fac- -
City Clerk
-e 43
F ., � ( 8EAh )
At
••.• . M.
�LrpN CDUfI�l • •• -
y :w.,«....«"fit
CERTIFICATE OF RECORD
Statc of ArkansaSS
s t
City of Faycttevikle Eq_
1\Yled'.�"k City Clcrk at`aville.
I Aneela R• IaC Cit? nF i'avc'
reeorc•c. for „ f forc-
Offi 'io that t11c an,'.':' c . or
f cert, Y reiI. :t xt. t'1^ sarac
do o,-t.
of ret' rd in Tnv P% C. `)00-C
aPt'e�rs i�.t Ordinance , t`
1.:.....+ ray
I ERTIFICATE OF RECORD VV lomat nage w-,y of
sc:l t :is-----
.TAT`: O.'- ARKANSAS ] hand and 17 .JJ--•
SS. 11-% ---
W.ishin.-•ton County ] o �
I. Alma L. Kcllmayer, Circuit Clerk and Ex-Officio Recorder forR="-amu
Washington County, do hereby certify that the annexed or fore- City erk ant E.
going in;4wment was filed for record in my office on theeL(tday
)f _ - M atll Pclore -f•A, and the same is
Iw . recordedin record QD I at page]co
Nitness my hand and seal his ay of 1911
t1'1CL
Circuit Cleik and
664 Ex-Offic' Rec rde
Sy
Deouty Clerk
FIRST ,50fd/ZCUAe�/Jt COMPANY
INVESTMENT 11AN' HEItR
MERCANTILE BANK BUILDING
DALLAS, TEXAS T5201
November 1 , 1979
W. BOYO LONDON. JR. 12141 742.6461
.VICE PRESIDENT
1.
Mr . Charles Crow
- - Stephens , Inc .
114 East Capitol Avenue
Little Rock , AR 72201
Re :
$4, 475 , 000 City of Fayetteville , Arkansas
Continuing Education Center Revenue Bonds , Series 1979
Dear Charley ,
After conversations witi1 John Echols and yourself, I am
now advising that delivery of subject bonds is being initially scheduled
on Monday , November 19 , 1979 at 10:00 AM in the offices of Friday ,
Eldredge and Clark , barring unforeseen circumstances . I will finally
confirm this date approximately one week prior to the scheduled delivery
and advise of accrued interest due .
Please contact me if this is not per your understanding .
l:
Very truly yours ,
W . Boyd London , Jr .
Copies to : John C . Echols Angela R . Medlock
Friday, Eldredge and Clark City of Fayetteville
Ernest Butler James N . McCord
Stephens, Inc . City of Fayetteville
Donald L . Grimes Amanda V . Denham
City of 'rayettevilie First Southwest Company
STATE of ARKANSAS
rORDINANCE
ORDINA'NC'E NO. zsat , •• � County of Washington Bs,
Isl AUTHORIZING THE,CE OF TOURISM REVENUE FOR ' THE PURPOSE OF PRO-
PERMANENTFINA.NCL\C FORTtT FACILITIES: AUrHORIZINC) , .... -.... ___--..-...._._ _ . . . ...._...._....._P. .._..._-_.._.-_ _ -.-.. hereby C¢TC(fy LheC I
I IND UTHO IZING THEam the Publisher of THE NORTHWEST ARKANSAS TIMES, a daitS ; AUTHORIZING AND y
PRESCRIBING OTHER MATTERS PER. newspaper having a second class mailing privilege, and being not less than
TAINING THERETO: AND DECLARING
AN EMERGENCY. -. ana all ming% necessary m cue.+ the vat tour pages of five columns each, published at a fixed place of business and at
'•WHEREAS•• the City of Fayetteville, ecution and delivery by all parties theretoa fixed (daily) intervals continuously In the City of Fayetteville, County of
Arkansas she "City" 0, is authorized and 'd the Lease ark the Indenture. the per
empowered under the provisions of Act Na lormance of all ofthgmions olvthe City i Washington, Arkansas for more than a period of twelve months, circulated
760 of the Acts of Arkansas d 1471, as under the-Lease and under the Indenture, and distributed from an established place of business to subscribers and
aoendedlthe"Act"), loacquire land. con. the issuance. execution. sale and delivervtl
struct and equip buildings, improvements of the Bonds, the esecution delnen and readers generally Of all classes In the City & County for a definite price for
and facilities and to incur another costa distribution of an Official Statement, andl each copy, or a fixed price per annum, which price was tided at what is
and expenses and to make other expen., the performance al all acs of whatever
dhures-inceidental to an for, the securing+ nature nexcessan to effect and carry out considered the value of the publication, based upon the news value and
and developing d tourism; and , ., _ I the authorig conferred In[his Urdinance.
WHEREAS, the City is authorized under, The Mayor and the Cit% Clerk are hereby service value it contains, that at least fifty percent of the subscribers
the Act to issue revenue bonds and to ex.� Ifunher amhorized and directed, for and on thereto have paid cash for their subscriptions to the newspaper or its agents
pend the proceeds thereof fee the purposes; behalf of the City. to executeall papers.
ser forth above: and - ' documents. certificates and other inor through recognized news dealers over a period of at least six months ;
WHEREAS. the necessary urangemensn snumens that may be required for ne car. I and that the said newspaper publishes an average of more than forty percent
have been made with the Raw N dTrustees vying not of such authoril or toe%idence
of the University d Arkansas t•'levce"r theexercisetlw•red. R¢We matter.
tar the City to acquire a site tar, coostrvci Section 6 Tut the appointment of the :
and equip a convention center Iadury she law firm of Friday. Eldredge & Cis& as; I further certify that the legal notice hereto attached in the matter o1
:'Center 's and to lease the Center to the Bond Counsel'on behalf of the Citv in con,1
Lessee for use as n continuing education nection with the issuance and sale d thel
center pursuant !a a Lease and Agreement Bonds is ratified and confirmed.
dared as W Oriohei 1. 19-,9 •The Leaw's: Section 7. That the procisions of this Or-
and s.w..-. - dinance are hereby declared to be
WHEREAS.toprovide parkingfar users separable, and if any section, phrase or
of the Center the City has determined to ac- provision shall far any reason be declared
quire sues for and develop two surface to be invalid. such declaration shall not Al. ' was published in the regular dally Issue of said newspaper for-----------._-._..
parking lots ,the 'Parking Facilities b: feet the validity of the remainder of the -
and uJttt sections. phrases and procisions. .ennsaeal+Te iasertioni as follows :
WHEREAS. it is proposed that the Ciiy Sntion e. That all ordinances. resolu- I '�
Provide permanent financing through the rions and parts thereof in conflict herm%ith
issuance d revenue bonds under the Act, of are hereby repealed to the extent of such The first insertion on the -.-.-.... .............. day of ...........--......._------ 19.... ...9
the costs of acquiring. constructing and conflict. i
equipping the Center and the Parking Sections. That there is hereby found ark i
Facilities collectively the "Project- t,;ark t declared m be an immediate need for the i the second insertion on the ... ...................... day of ____.._._..._.-..._- 19---------
11HERE.iS, pursuant to and in ac-� securing and developing of tourism within
cordance w 4h 'be Provisions of the Act.the 1 the Ciro by proceeding with the Project. !
Board of Directors of the City, at a special I and the issuance of the Bonds authorized& the third insertion on the ........................ -.- day of ...____.__. -----_.----
meeting held on Oclonerx. 1919, tit appro%- hereby and the taking of the other action
ed a construcooncontraet between the City authorized hereby are immediately
and Bremen-Boyd Construction Co.. Inc I necessary for the accomplishingd the Pro' and the fourth insertion on the -----------------_---
-- ------- 19-_----.
t1he -Construction Contract" , for con- jeer It is, therefore. declared that ant _
stmciion of the Center far a contract price ' emergency extsts and this Urdinance being
d O.IS.Rt, tilt the lease, and t tilt a Bob necessary for the immediate preservation;
Purchase Agreement between the Cir% and I of the public peace, health and safety shall i� - - =++•r'�
Stepahensbe in force and effect immediateh a nl ` z
Agreement"
Inc. she "Bond Purchase , po t
Agmment" t Providing for the issuance : and ober its passage. .
andeale by theArkansas
C Moils ¢ duca. I PASSED: Ocraber 16. 1979. t
Fayenenter Arkansas Continuing s 1979. , : David
R.
M lone Sworn to and subscribed before m¢ on this --&/ ..._-__-. day of -..----_
:ion Center Revenue Bonds Serres 1919. ' " David R. Univac.
dated riot Octoper 1. I, uhe -BandsI t; % •• Atayori
and •t . t - t.x• ' . . ATTEST: , : '_ .-
WHEREAS. the. authorized d officials d Angela R. Medlock , L
the Cfty have execmed and delivered, for City Clerk ------ ----- ---�- �--- - -- --
ark on behalf d the City, the Construction (SEAL) :, t^i•,� "•, - /J
Agree
Contract: Lease a, the Bond Purchase ve 7o.__.., _..._.
Agreement: and
Bond Purchase
-
NOW'. THEREFORE. BEITORDAINEO Not PubIIC
bv'the' Board or Directors of the City of
Fayetteville.Arkansas:
Section 1, That the Construction Con-
tract., the Lease and the Bond Purchase Commission EZpires '
.Agreement 'which Bond Purchase Agree
mem was accepted and entered into by the
City an October 6. JIMd iv previously apt
Proved,documents
ark delivered rcopice of I T
such tkscum ler being an file In the approved,d
rbe"Cfty dcrkr are hereby apprm ed,
ralinedold cMlvtned. 1 /^
Sectlmt. flat the iasuace d the Bonds , Fees for Printing ------.. :._{.--l.C^+
ushereby.Authorized. The Bonds shag be
sited -Wober I, 14,9. and shall be .
mmtbmma
d, shall rine and shall bear in. -. $-----------_.........._--.
t Coat Of PT001 .............
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