HomeMy WebLinkAboutOrdinance 2770 r ,
FILED FOR RECORD
1981 NOV 16 AM 11 : 05
ORDINANCE NO . C) �7�7 D WASHINGTON COUNTY, ARK .
ALMA KOLLMEYER
AN ORDINANCE AMENDING ORDINANCE NO . 2627 UIT CLERK
( RELATING TO THE ISSUANCE OF TOURISM REVENUE
BONDS ) ; AND DECLARING AN EMERGENCY .
WHEREAS , by Ordinance No . 2627 , the City of
Fayetteville , Arkansas ( the " City " ) , authorized the issuance of
$ 9 , 850 , 000 in principal amount of its Tourism .Revenue Bonds -
Sumner & Greener Project , Series 1981 ( the " Bonds " ) , to provide
permanent financing of certain tourist facilities , described
generally as a hotel in the City ( the " Project " ) , with the Bonds to
bear interest at a rate of not to exceed 10% per annum ; and
WHEREAS , the principal amount of bonds authorized and
the maximum interest rate must each be increased in order to make
the financing of the Project feasible ;
NOW , THEREFORE , BE IT ORDAINED by the Board of Directors
of the City of Fayetteville , Arkansas ;
Section 1 . That Section 1 of Ordinance 2627 is
amended to read as follows :
" Section 1 . That the issuance of the
Bonds in the principal amount of not to
exceed $ 10 , 000 , 000 is hereby authorized . The
Bonds shall be issued in the forms and
denominations , shall be dated , shall be
numbered , shall mature ( over a period of not
to exceed 30 years ) , shall bear interest ( at
a rate or rates not to exceed the maximum rate
permitted by applicable law at the time of
issuance ) , and shall be subject to redemption
prior to maturity all upon the terms and
conditions recommended by Sumner & Greener , a
Texas general partnership ( the " Company " )
and to be set forth in the Trust Indenture
( hereinafter authorized ) securing the
Bonds . "
Section 2 . That Ordinance No . 2627 , as hereby
amended , shall continue in full force and effect .
Section 3 . That all ordinances , resolutions and
parts thereof in conflict herewith are hereby repealed to the
extent of such conflict .
�4 1s5? 70
MICROFILMED
Section 4 . 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 5 . That there is hereby found and declared
to be an immediate need for the securing and developing of tourism
in order to provide employment , add to payrolls , alleviate
unemployment and otherwise benefit the public health , safety and
welfare of the City and the inhabitants thereof . 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 .
PASSED : November 3 1981 .
APPROV
ATTEST :
Mayor
.t. F ' Y€ ity Clerk
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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 . .2770 , adopted at a � session
of the Board of Directors of the City of Fayettevill6', Arkansas ,
held at the regularFnesting pla e in the City at7 ',30 o ' clock m . ,
on the 3 day of � �
, 19 , and that the Ordinance is o record
in Ordinance Record Book No . at page now in my
possession .
GIVEN under my hand and seal on this SCL day of �
City Clerk
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CERTIFICATE OF RECORD
STATE OF ARKANSAS SS.
WashinCton Countyo-, l rfcr
it Alma L. Kollinoycr, Circuit Cleric and C.-Ofticio Re=
Washington County, do hcrcby certify th>t th^fc
goinginstrumcnncac'1;
t was f' i f�r�Y
for record`'ye7 aj, .j
t, 11;l�TRe- ,i
Al6l ) 1 it�Q–� '
Z ,.t pane� �
duly recorded
in o c� rccorc'. `�-19
duly recorded in �
Witness MY hand and se^1I th`isu_ ^
`�'t Clerk and
Ex-Officio Re ^ ded
By Deputy Clerk .
,lam o
EXCERPTS FROM MINUTES OF A MEETING OF THE
BOARD OF DIRECTORS OF THE CITY OF
Fayetteville , : Arkansas HELD November 3 , 19 81
The Board of Directors of the City of Fayetteville ,
Arkansas , met in regular session at its regular meeting place
in Fayetteville Arkansas , at 7 : 30 m . , on the 3
day of November 19 81 The following were present : Mayor
John Todd City Clerk Vivian Koettel
and Directors Paul Noland , Rick Osborne - Frank Shari) , Ron Bumpass . and
Ann Henry
Absent :
The Mayor stated that consideration should be given to
an ordinance amending ordinance No , 2627 ( relating to the issuance of
tourism revenue bonds ) ; and declaring an emergency .
This was a matter with which the Board was familiar and after a
discussion , Director John Todd introduced an Ordinance
entitled :
AN ORDINANCE AMENDING ORDINANCE NO , 2627
( RELATING TO THE ISSUANCE OF TOURISM REVENUE
BONDS ) ; AND DECLARING AN EMERGENCY ,
and the City Clerk read the Ordinance in full ,
l
- 2-
Director
ZDirector Osborne , seconded by Director
Henry moved that the rule requiring the
reading of an ordinance or resolution in full on three different
days be suspended and that the Ordinance be placed on its second
reading . The Mayor put the question on the adoption of the motion
and the roll being called , the following voted aye :
Director Noland Director Todd
Director 'Osborne Director Bumpass
Director Sharp Director Henry
and the following voted nay :
Thereupon the Mayor declared that at least two- thirds
of all members of the Board having voted in favor of the motion
to suspend the rule , the motion was carried and the rule suspended .
The Ordinance was then read by the City Clerk .
Director Osborne seconded by Director
Bumpass then moved that the rule requiring the
reading of an ordinance in full on three different days be further
suspended and that the Ordinance be placed on its third reading .
The Mayor put the question on the adoption of the motion and the
roll being called the following voted aye :
Director Noland Director Todd
Director Osborne Director Bumpass
Director Sharp Director Henry
. 3-
and the following voted nay :
The Mayor declared that at least two- thirds of all members
elected to the Board having voted in favor of the motion to suspend
the rule , the motion was carried and the rule suspended . The
Ordinance was then read by the City Clerk .
Director , seconded by Director
moved that the Ordinance be adopted . The
question was put by the Mayor on the adoption of the motion and
the roll being called , the following voted aye :
and the following voted nay :
Director seconded by Director
then moved that Section _ , the emergency
clause , be adopted , and on roll call the following voted aye :
and the following voted nay :
I
I
. 4 -
The Mayor thereupon declared the Ordinance and the emergency
clause adopted and signed the Ordinance , which was attested by the
City Clerk and impressed with the seal of the City . The Ordinance
was given No . 2770
( Matters not relating to
are omitted . )
There being no further business , the Board adjourned .
4i T
MayorATTEST :
City Clerk
( SEAL )
/
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I
•;'g r`' STATS of ARKANSAS V
r
AN ORDfNANCE No.M AMENDING
/��
AN ORDINANCE AMENUINGj County Of Washington
ORDINANCE NO. 767'1 IREI:ATINGt
'TO THE'ISSUANCE OF TOURISM . -
REVENUE BONDS) ; ANDS ff�� -�-�,
' DECIARINOANEMERCENCY••. . M/r� 1 hereby certify that I
WHEREAS, by Orduurce No. 3127,
we City of Fayetteville. Arkama:she am the Publisher of THE NORTHWEST ARKAN8A8 TIMES, a daily
, ..City*'), authorized the issuance d ' newspaper having a second sleds =ailing privilege,
and being Dot lees than
199,8511,0%) in principal amount of us .
Tourism Revenue Binds - Sumner _ four pages Of five columns mch, published at a fixed place of business and at
GreeneBands project, videSeri"' )per lent a fixed (daily) intervals continuously in the City of Fayettevi110, County of
Bands"). to provide permanent
°"anted at certain s a h tel i. a. . Washington, Arkansas for more than a peri0d of twelve o subs, circulated
described generally w a hotel n Oc.
(:try (wd ••Proiect"). with ere Bondsm and distributed from an established place of business to subscribers as
bear interest at a rate of not to exceed readers generally of all classes In the City 4 County for a definite price for
luperenlperannum; and '
WHEREAS. the principal amount of . each copy, or a fixed price per annum, which price Was fixed at what e
. bands authorized and the maximum considered the value of the publication, based upon the news value and
interest rate must each be Increased in
order to make the financing of the service value it contains, that at Imet fifty percent of the . subscribers
Projectfenible: .
r id Cash for their BIIbBCTIpL10IIe to Lh0 ¢BWt leas or its agents
NOW, THEREFORE. BE 11; thereto have pa
I ORDAINED by the Board of Director or through recognized news dealers over a period of at least stz moths:
of the City of Fayetteville, Arka0sas;' ,
Section I. Thal Section I af' Bud that the mid newspaper publishes an average of more than forty Doreen
Ordinance = is amended to read as news matter.
follows: . .
Section 1. That the issuance of the -
Bon6sinthe.principalamadro
nitto i I further certify that the legal notice hereto attached in the matter of
! exceed 910,000,000 Is hereby
authorized. The Bonds shall be issued " r� 1 '7
In lCh farms and be
numbered,
shall 1 \ �J �1 I all��./I , /
10 haler shall be rami ations shall ( ( fah-1 1
mature (mer a period of not to exceed
a0 ymn). Shall bear interest (at a rale
I or rales rot to exceed the maximum
I rate permitted by applicable law at the was published In the regular daily issue of mid newspaper for.�
time of issuance), and shall be subject consecutive insertions Be follows:
to redemption poor to maturity all �r(y
Upon the terms and conditions 19.Z- -
reaommended bySummer&Greener, a ` The first lnmitloa 0¢ Che � day of
Texas general partnership (the
"Company") and to be set forth in the - day of 18
Trust Indenture " (hereinafter the second insertion on the
0u0rorized) securing the Bads!'.. . •-
Section r. That Ordinance No. Ysr7, , d� Of 39 _
fu hereby amended, atoll continue In the third insertion on the
tali hereby
a ender. .
Section t. That all ordinances 79
mOlutiom and. parts thereat in and the fourth Insertion On the Awy Of su arc hereby repeated theaeswntor such con
Saa. That the orrisi othis
Ordinance are hereby declared to be
cepanhk
a,e
rgjre
v
and if any sezlyloase be
I eavttlm stfor anyy memo be
declared o
declareh be ffectinvalid. mite ' 4b-
01 the tion cinderall of thehevaBdtty Sworn t0 and subscribed before we On this dal Of
of the remainder of t - 'aecliau, + .
phrases led That them 13 -hereby c
Section declar TM be an immate nerd
one the
ec i be an immediate need
for is securing and developing oftour
employment,
to order to provide,
ere employme add to payrib, alleviate [ le
Ithe
unemployment and eymadOtherwise benefit ) 11 ••
tle wblic tnealll4 safetyaM wWarc af ; NOIPabl�fj � •• .,
the City and the inhabitants lhered. r
The Issuance of the bonds mUtorized , ;C� v\!\ t()`r
hercbY and the taking of we ether I
,action authorized herebyl arer
immediately necessary for the: My COmmisalOj1 Expires: j. J._ v n • j �d •t
accomplishing of , therefore,
a public declared benefits
and Purposes. itis, Iherpubli declared1
Out an emergency exists and this — (• ' :�
ordinance being mressary for the Y t./'•.• 1' / ) ,•
Immediate preservation of the public'
Pratt, health and safety, shall be to
once and effect immediately upon and
efI%1xEp2-,3, ; .. Fees for Printing
PASSED: November a. 1981. ' . , . - • •r% . • r: I .i. )I 'i! '� • .
K \1
AP Jahn ToDddl Cost of ProofATTv. •rfriirn 1p , I,I•(t(o('
Mayen
\ �iviianKoetW Total {
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CityClerk - .
(SEAL) . . ,' I •:
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