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HomeMy WebLinkAboutOrdinance 2576 r fid'- F_D F U ORDINANCE NO _ o• 5r1f� R RCUUIj ( 1979 DEI" - 3 AA! II 20 AN ORDINANCE AUTHORIZING THE ISSUAk1t '0F0PJCCU ) � INDUSTRIAL DEVELOPMENT REVENUE BOND '• L (idRjfrCLP•jEyEYEr( , . THE PURPOSE OF PROVIDING PERMAN1PQ(J( )' CLEq1� FINANCING FOR INDUSTRIAL FACILITIES ; AUTHORIZING A TRUST INDENTURE SECURING THE BONDS ; AUTHORIZING A LEASE AND AGREEMENT BETWEEN THE CITY OF FAYETTEVILLE , ARKANSAS , AS LESSOR , AND FAYETTEVILLE PLUMBING AND HEATING CO . , INC . , 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 lands , buildings 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 , for 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 Fayetteville Plumbing and Heating , Co . , Inc . , an Arkansas corporation ( the " Company " ) , as part of an industrial plant to be operated by the Company ( or its successors 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 $ 310 , 000 in principal amount of its Industrial Development Revenue Bonds - Fayetteville Plumbing and Heating Project ( the " Bonds " ) , to provide such financing ; and WHEREAS , copies of the hereinafter described Trust Indenture and Lease and Agreement have been presented to and are before this meeting ; MICROFILMED ®1002 908 DATE JAN 3 +agp REEL NOW , THEREFORE , BE IT ORDAINED jTy '-,H_he 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 form 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 Trust Indenture ( hereinafter authorized ) securing the Bonds . Section 2 . That the Bonds be sold to First National Bank , Fayetteville , Arkansas ( the " Purchaser " ) , for the purchase price recommended by the Company and upon the terms and conditions set forth in the Indenture ( identified hereinbelow ) . Section 3 . That in order 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 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 Purchaser 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 ® 1002 909 _ the execution and delivery of a Le-gg�and Agreement by and between the City as Lessor , and the Company as Lessee ( the " Lease and Agreement " ) , and the Mayor and City Clerk be , and i they are hereby authorized to execute , acknowledge and deliver tI he Lease and Agreement for and on behalf of the City . The LI ease and Agreement is hereby approved substantially in the I 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 Lease and 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 I directed to do any and all things necessary to effect the execution and delivery of the Lease and Agreement , the performance of all obligations of the City under the Lease and 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 , 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 , including 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 , i = 1002 910 i - for inspection by any intereste&- p-erson a copy of the Ilndenture , Lease and Agreement , and such documents shall be on file for inspection by any interested person . Section 8 . That the law firm of Wright , Lindsey & Jlennings , Little Rock , Arkansas , be appointed to act as Bond Counsel on behalf of the City in connection with the issuance Ind sale of the Bonds . I 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 If 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 unemployment and otherwise benefit the public health, safety and welfare of the City and the inhabitants thereof , and the I 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 I 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 : November 20 , 1979 . APPROVED : :cF - Mar �F ^r .prf�T� '..• eERTIFICATE OF RECORD IST:•Li�'i Statc of Arkansas City of Fayetteville SS Angela R. A;ed'.ock, City Clerk and Ex 1. Ca Officio recorder for the City of Fayetteville, Clerk f' ? ; do hereby certify that the amie .ed or fore- '•• ?; ••..t:?. . • "• • ;zoia CERTIFICATE OF RECORD STATE OF ARKANSAS SS. Washington County aa, I, Alma L. I(ollmoyer, Circuit Clerk and Ex-Officio Recorder for f i Washington County, do hereby certify that the annexed or fore- 'j • `" I1/ '•, going instr ent was filed for recg'An my office on the..- day ••; op _ 19Qyat1Lo'clork�QM, and the same is e � A record QO at Pagel^ duly recorded in . . , Al day o�.2� 19---F : KA (./$ AS 77 3 Witness my hand and seal this % .'. + - Circuit Clerk end 0 i• Ex-Officio Recorded . . . . {s By ••: ,,�.�.... . •`•/�� . . Deputy Clerk �f L ' NCE No. ot—i"— STATE of ARKANSAS CE AUTHORIZING THE INDUSTRIAL DEVELOP es. County OC W88h(ngt0¢ _ , 'ENUE BONDS FOR THE I al OF PROVIDING PERIA- ' T_tw(ee and the Purchaser inorder to ttm + FINANCING FOR INDUSTRIAL �/� 1 P -' JN/V�� IES: AUTHORIZING A TRUST I plate Ibe Lease oral Agreement in suG<tan . ,�.. ENTURE SECURING THE BONDS: Rally the form Submitted to this meeting . V���� UTHORIZING A LEASE AND AGREE- I with Such changes as shall be approved by j © hereby certify that I rFAYETTEVILLE E.NT BETWEEN THE CITY OF FAYET- such person executing the document, their EVILLE, ARKANSAS, AS LESSOR, AND execution to constitute cooelusive evidence am the Publisher of THE NORTHWEST ARKANSAS TIMES, a dally PLUMtlINC AND of such approval' newspaper having a second class malling privilege, and bei¢g not tele ihaII EATING CO.. INC., AS LESSEE; Tion 5. Thal Ibe Ma 'or and the City AUTHORIZING THE SALE of THE Clerk.re herebfor and vnauthorizedt and directed fit tour Dagen of flue columna each, published at a fixed place at business and at BONDS: AUTHORIZING AND doanyandallthin necesxry Mellen a tined (dally) intervals continuously In the City of Fayetteville, County of PRESCRIBING OTHER D DECLARINGthe and ggss Nery TAMING THERETO: AND DECLARING Agreement. the perfonnicthe Leon and t AN EMERGENCY. dgreemenl. the perlormantt of all obligmI Washington, Arkansas for more than a period of twelve months, circulated WHEREAS, the City of Fayetteville Hon of the City under the Lean anJ and distributed from an established place of business to subscribers and ,trknmas (me "City"), Is authorized artd Agreement the executton and delivery off the IMenmre. the performance of alt readers generally of all classes in the City & County for a definite price for empoweredunderthe provisiomof Act No. obliqations of the City under and pursuant g y 9 0l me First ExvaoNmany Session of the to the Indenture, the issuance, execution, each copy, or a fixed price per annum, which price was fixed at what is SixtyStvwmd General Assembly of the Sale and delivery of the Bonds. and the peri State of Arkansas, appproved January 21, farmance of all acs ai whatever nature considered the value of the publication, based upon the news value and ma a annen& aed (the •Act' a to reeds necessary to effect and carry out the revenue bonds and b expend m< proceeds aulmm;ty conferred by this Ordinance. service value it contains, that at least fifty percent of the subscribers thereof to finance II oacqumuon, ldi That the Mayor and the City Clerk be, aml thereto have paid cash for their subscriptions to the newspaper or its agents tion and esuipme of latdsI buildings or Ihn are hereby, further authorized and: facdiHn which can be used to seturfng or dimeted, for and on behalf of the Cny, to or through recognized news dealers over a period of at least six months; levelopm iMuslry; and exec to all WHEREAS, it is rd papers. ents Chats, certificates P P p g p peed iNt the CIIY and that instruments that they M re, and that the said news a er ubltshea an avers a of more than forty percent yrovidepermanent Emmet Finn Elie puired for the carrying out of such authori- news matter. sedan of rev em a Wanda ceder the Act. ty or to evidence the exercise theme(. for the ism of acquiring. constructing and Section 6. That the City is hereby invaiv. eTAppinq certain industrial facilities coo- ed with the acquiringg, mmtmcttnRR and I further certify that the legal notice 'hereto attached in the matter of .,isting of lands, buildings. improvements, equipping of irndus n"I facilities, amt qtr i machinery. equipment and facilities ithel scant to applicable laws of the Stale of _ "ecu to T ( tmir thatPlumbing land thefizz Pru ; competitive ompArkms. including particularly' the Act. / '/� '� � �/ 11ed to Fayetteville Plumbing andion 4the coin olive biddingg us waived. ' / 111/..situ CCo Inc.. an s Pa of corporation last Section t.and directed i the City Clek in herMy. to be as Pan ofanindustrial plant authorized ?erdirectedto file-intheoffice tobeoperatedbytne Ce ity: Nor Note- the the City Ciera. ahaW rtis the insanes s ceWHE or AS,p1a11he Cto and the meeting ns wtdcn this ordinance thi was published in the regular daily issue o[ said newspaper for _ WHEREAS, pursuant to and in ac- adopted, for inspection by any intercsleAi p condoner with the provisions of the Act. the person a copy a the Indenture. Lease and , 90zairfu sue insertlon� as follows : City is now prepared to proceed with finan- I Agreement. and such documents shalt be /' cing the Prated and to into and sell " file for inspection by any interestedper- 2 �/ ssm.a6o D principal amount of its In. ' sae. .. - day of ' /`� 19 Fayette Development Revenue Bonds o- Section e. That the law firm le Wright The first Insertion on the {� Fayetteville ds' ). to and Heating Pro- Lindsey & Jennings, Little FHrd jeet(the REAS: copin protide suer natterTIC. Arkansas, be appointed to act r cad m aM Counsel on behalf n the City in connection the second Insertion On the day of 19 WHEREAS. copies Indenture an hereinafter with Sectio issuance and sale ofthe Bends. described Trent been pces and case ands Sections. That they declared chis Or- 1 Agreement nave been presented to and amt dinance are hereby declared n, het the thud Insertion on the . day Of 19 beNOW. iHEREngg separable, and if any station, decle or NON'.THEREF08 E. BE IT ORDAINED prov¢ian shall for any Mason M Aedand ' b7� the Board d Directors of the City of lobe invalid. such declaration shall not at da o1 19 Fayelteville. Arkansas. feel the validity of me remainder of the and the fourth insertion o �A—y T— Seclfan 1. That the ihsuatRe d the Bords seelians. PAraxs aM pmvisions. (�a(��a � � :�.. Q „ n "'' is hereby authorized. The Bonds shall be Section lo. That all ordinances, renlu. VVV VV; j, .-�,,;wea,/t nj�/ derated fnthe fern and denominations. shall lion and parts thereof in conflict herewith - bedated. shall be numbered. shall mature arc hereby repealed to the extent of such (over a pend not to exceed thirty tins conflitL years( all bear Interest tat a rate ar Section 11. That there is hercbv fcumP rates nos to exceed ten pereent (Wpemea t . and declared in Man immediate nt-J rur, � 2 per annum., and _lull be 6ugient to the mooning and developing of industry m Sworn t0 and subscribed before me on this _, .day of redemption prior to maturity. iescom, all upon the abler to provide oyme t a and them) a,l � term_ and and to iese recammentlM us the alleviate wcem Ilie'mhea and fety atsc Couture 4andioMxtultmth izthe meaniIn.ng benewelfare the panic health snhab and denture thereinaller authoritedt aecurin6 welfare of the Cil and the inhabitant: the Bonds Section mereai, and the land the of the sends StionalB That Bonds hesold to First authorized nereby and the taking a Hen NationalBank. for Fayetteville. Arkansas Price I the other action authorized hereby are in:t "Purchaser-t, for the ; purchase price mediately necessary for the purposes. It na fix tem and by the Company and upon of these public red the and purposes. It x de turrnand conditions eei setforthowN. in the In. IMrandthis rima cebeng nevgsaty for N taffy Public denture (identifiedThat in rderto pre Isis and this Ordinance Ming of less Hylic Section 3. Tlut fn order to which the B the the immediate preservation of flet public) terms and executed. ns upon Beate the BOMB peatt, health and safety shall and form are to d. executed, authimcthe issued. and effect immediately upon anJ alter,iU s accepted, held and secured, the Mayer to passage. My Commission Expires: hereby authorized and directed to excule PASSED: November ZO, 1'lN, \, and acknowledge a Treat Indenture by and APPROVE!): 1 1 between the City and a bank or trust coin David R. hialnuc pany which will act as Trustee therender. Mayni dated as of the date of the Bands UM ATTEST: - - 'Indenture"N. add me City Clerk h herby Angela R. Medlock autlneriud and directed to execute auk City Clerk - I J 7 nkoowledgga the ledenlure and to affix no (heap Fees for Printing _ r L t seal dhe Citly miand the Mayor one l to s I City Clerk are hereby authorized ani-- ' directed to cause the Indenture to be accepted, execdted and acknowledged by I Cost of Proof m e russet. The Indenture u mere y aP proved in senna, mails Marin submitted , ��_ � to this melting• and the Mayor is Trustee. the. Total f Company to confer with the Tn order me. Company and the ure in in order to - rortssub iteddenmrcinsubstantially the corm as sled to this approved o ed b with such sees echanges u snail a ocumeed by such per, sena executing the document their ncecof such to roval. to conclusive evidence oil such approval. - - Section e. That there M, and mere is hereby authorized the execution and' delivery of a Lease and Soreend t by and Com- pany as me City as lessor, and the gCom- - ment"u and the Mayor and Cityase nCl ikrbbe, and the; are hereby authorized to execute, acknowledge and deliver the Lease and Agreement Int and on INN of the City. The Leon and Agreement is thereby ap� proved wM1stantially in the form submittedl to this meeting, and the Mayyor is hereby' authorized to confer with Use CumPany. me '