HomeMy WebLinkAboutOrdinance 2762 i �`'
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ORDINANCE NO .
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
PARKING FACILITY REVENUE BONDS ; AUTHORIZING
A TRUST INDENTURE SECURING THE BONDS ;
AUTHORIZING THE SALE OF THE BONDS AND THE
EXECUTION OF A BOND PURCHASE AGREEMENT IN
CONNECTION THEREWITH ; AUTHORIZING AND
PRESCRIBING OTHER MATTERS PERTAINING
THERETO ; AND DECLARING AN EMERGENCY . /( the WHEREAS , the City of Fayetteville , Arkansas
" City " ) , has acquired , constructed and equipped a convention
center ( the " Center " ) in the downtown area of the City , and leased
the Center to the Board of Trustees of the University of Arkansas
for use as a continuing education center ; and
WHEREAS , the City has agreed to issue its revenue bonds
to finance a hotel ( the " Hotel " ) that has been constructed
adjacent to , and for the purpose of serving visitors to , the
Center ; and
WHEREAS , the City has determined that in order to
provide adequate parking for visitors to the Center and the Hotel
additional parking spaces are necessary , and that the most
feasible way to provide the additional parking space is to
construct a two level parking facility ( the " Project " ) on the City
owned lot immediately northeast of the Center ; and
WHEREAS , the City has awarded a contract to Brennan-
Boyd Construction Company for construction of the Project ; and
WHEREAS , the estimated cost of the Project , including
the construction contract , architect ' s fees , financing costs and
other costs incidental thereto , is $ 426 , 000 ; and
WHEREAS , the City has remaining from the proceeds of the
City ' s revenue bonds issued to finance the Center and available to
apply to the Project approximately $ 45 , 000 , and can finance the
balance ( $ 381 , 000 ) of estimated Project costs by issuing its
Parking Facility Revenue Bonds ; and
WHEREAS , copies of the hereinafter described Trust
Indenture and Bond Purchase 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 :
♦ c1�151 284
ANCROfILMED
Section 1 . That . the issuance of Parking Facility
Revenue Bonds ( the " Bonds " ) in the principal amount of $ 381 , 000 is
hereby authorized . The Bonds shall be dated September 1 , 1981 ,
shall bear interest at the rate of twelve percent ( 12% ) per annum ,
payable March 1 , 1982 , and semiannually thereafter on each
September 1 and March 1 , and shall mature on September 1 of each
of the following years and in the following amounts :
Maturity Amount
1984 $ 12 , 000
1985 21 , 000
1986 30 , 000
1987 39 , 000
1988 51 , 000
1989 63 , 000
1990 75 , 000
1991 90 , 000
The Bonds shall be issued under the authority of the
Constitution and laws of the State of Arkansas , including
particularly Ark . Acts 1971 , No . 380 , as amended , and Ark . Acts
1949 , No . 468 , as amended .
Section 2 . That the Bonds be sold to First National
Bank , McIlroy Bank & Trust Co . and Northwest National Bank ( the
" Purchasers " ) , for the purchase price of 100% of the principal
amount thereof plus accrued interest from the date of the Bonds to
the date of delivery , 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
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
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 .
2
rru 285
Section 4 . That the Mayor and 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 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
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 5 . 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 and
Bond Purchase Agreement , and such documents shall be on file for
inspection by any interested person .
Section 6 . 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 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 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 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 the
immediate preservation of the public peace , health and safety
shall be in force and effect immediately upon and after its
passage .
3 1 51 MON
PASSED : 1981 .
APPROV
QST :
EpYE17�' , , ' .I Mayor
/ • r it}l Clerk
:( SEAL )
Nt .ill
151 287
4
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CERTIFICATE
The undersigned , City Clerk of the City of
Fayetteville , Arkansas , hereby certifies that the foregoing pages
are a true and perfect copy of Ordinance No . (aQ , adopted at a
session of the Board of Directors of the City of
F etteville , Arkansas , held at the regular meeting place in the
City at ; 3 0 o ' clock � . m . , on the _ day of
1981 , and that the Ordinhnce is of record in Ordinance Record Book
No � _ at page now in my possession .
wo" GIVEN under my hand and seal on this /orrn day of
1981 .
OF f AY;
City Clerk
(,SEAL )
COUW
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CERTIFICATE OF RECORD
STATE OF ARKANSAS I
Washington County SS.
I, Alma L. Kollmayer, Circuit Clerk and Ex-Officio Recorder for
Washington County, do hereby certify that the annexed or fore.
going i strument was fiplr, for record in m/ office on thol9_day
of_ ['�19a�4� �4 ,o'clockjMNynnd the same is�
duly recorded in—''�0.•_record�(�.�f _ AAAA vvvvvv
at paa,�
Witness my hand and seal thi Oday of 1 -
Circuit Clerk and
Officio Recorded
By � a nn Cln ' n � 0
Deputy Clerk
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Thi, Inw mml PrepveE by.
Lme, W. Smith. Fs -
SWTH HMT, PLC
II6 W. DXWM Sue4 Suilc 301
F&Wwville, Mm,u 72701
RELEASE OF TRUST INDENTURE
Bank of America (as successor in interest to First National Bank, Fayetteville,
Arkansas), a national banking association ("Trustee"), hereby certifies that the Trust Indenture
dated as of September 1 , 1981 and filed for record November 20, 1981 intas Book 1047 at Page
426 and executed by First National Bank, Fayetteville, Arkansas as Trustee and the City of
Fayetteville, Arkansas as the City, (the "Trust Indenture"), together with all loans,
indebtedness, and debt secured by such Trust Indenture, have been fully paid, satisfied, released,
and discharged, and that all such property secured thereby has been forever released from the
lien of said Trust Indenture.
IN WITNESSHEREOF, the undersigned has executed this Release of Trust Indenture
effective as of this KXday of October, 2011 .
TRUSTEE:
BANK OF AMERICA
(as successor in interest to First National Bank,
Fayetteville, Arkansas)
By: _
ignature)
Print Name: p
Title: S V 1
n ACKNOWLEDGMENT
STATE OF �ls+�s )
I ll )ss.
COUNTY OF 04 .1 jglN6? 0L1 )
On this 0�I.S day of October, 2011 , before me, a Notary Public duly commissioned,
qualified and acting, within and for the said County and State appeared in person the within
na,(ned �i�R� to me personally well known, who stated that he/she was the
rnl� r VV �Cof Bank of America (as successor interest to First National Bank,
Fayetteville, Arkansas) (the `Bank's and was fully authorized in such capacity to execute the
foregoing instrument for and in the name and behalf of said Bank, and further stated and
acknowledged that he had so signed, executed and delivered said foregoing instrument for the
consideration, uses and purposes therein mentioned and set forth.
IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this
day of October, 2011 .
NOTARY PUC
'
My Commission expires: