HomeMy WebLinkAboutOrdinance 2795 ORDINANCE NO . 9
AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRI�?9��
DEVELOPMENT REVENUE BONDS UNDER ACT NO . 9 OF 1960 , ASj ��M�✓T "5
AMENDED , FOR THE PURPOSE OF PROVIDING PERMANENT FINANCIn �F
FOR THE COST OF SECURING AND DEVELOPING INDUSTRY (THE
PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE
�\ ORDINANCE ) ; AUTHORIZING THE EXECUTION AND DELIVERY OF A
( TRUST INDENTURE SECURING THE BONDS ; AUTHORIZING AND
PRESCRIBING CERTAIN OTHER MATTERS PERTAINING TO THE
CJ INDUSTRIAL PROJECT , THE CONSTRUCTING THEREOF AND THE
Z:) FINANCING THEREOF ; AUTHORIZING A LEASE AGREEMENT BETWEEN
THE CITY OF FAYETTEVILLE , ARKANSAS , AS LESSOR , AND ARKANSAS
WESTERN GAS COMPANY , AS LESSEE , IN SUBSTANTIALLY THE FORM
AND WITH SUBSTANTIALLY THE CONTENTS SET FORTH IN AND MADE A
PART OF THIS ORDINANCE ; AUTHORIZING THE EXECUTION AND
DELIVERY OF THE LEASE AGREEMENT ; PRESCRIBING OTHER MATTERS
RELATING THERETO ; AND DECLARING AN EMERGENCY .
WHEREAS , the City of Fayetteville , Arkansas ( the " City " ) is
authorized by 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 ( " Act No . 9 " ) , to acquire
lands , construct and equip industrial buildings , improvements ,
and facilities and to incur other costs and expenses and make
other expenditures incidental to and for the implementing and
accomplishing of the conduct of industrial operations ; and
WHEREAS , the City is authorized by Act No . 9 to issue
industrial development revenue bonds payable from revenues
derived from the industrial project so acquired and constructed
and secured by a lien thereon and security interest therein ;
and
WHEREAS , the necessary arrangements have been made with
Arkansas Western Gas Company , an Arkansas corporation ( " the
Company " ) , for an industrial project consisting of the
acquisition of lands , and the construction and equipping of
industrial facilities ( the " Project " ) , and to lease the Project
to the Company pursuant to the terms of a Lease Agreement ( the
" Lease Agreement " ) ; and
WHEREAS , permanent financing of the Project costs ,
necessary costs and expenditures incidental thereto and the
cost of the issuance of bonds is being furnished by the City
issuing Industrial Development Revenue Bonds ( Arkansas Western
Gas Company Project ) , Series 1.982 , under the provisions of Act
No . 9 of the principal amount of not to exceed One Million
Dollars ( $ 1 , 000 , 000 ) ( the " Bonds " ) ; and
® 1358 930
WHEREAS , the completion of the Project will furnish
additional employment and other benefits , and be in the best
interests of the City and its residents ; and
WHEREAS , the Bonds are to be sold and delivered in the
principal amount of $ 1 , 000 , 000 , and are dated , bear interest ,
mature and are subject to redemption as hereinafter set forth
in the form of Indenture authorized by this Ordinance ; and
WHEREAS , the City proposes to enter into a Bond Purchase
Agreement as requested by the Company for the sale of said
Bonds ;
NOW , THEREFORE , BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF FAYETTEVILLE , ARKANSAS :
Section 1 . That there be , and there is hereby authorized
and ire —the following :
( a ) The sale of the Bonds according to the terms of a Bond
Purchase Agreement to be recommended by the Company ,
substantially in the form submitted at this meeting ,
which Bond Purchase Agreement shall be entered into by
the Mayor with Stephens Inc . ( the " Purchaser " ) , and an
executed copy of which shall be filed with the City
Clerk ;
( b ) The acquisition and construction of the Project , and
in connection therewith , the execution of any
necessary architectural , engineering or construction
contracts or the acceptance of an assignment of any
such contracts previously executed by the Company for
the acquisition , construction and equipping of the
Project ; and
( c ) The performance of all obligations of the City under
the Lease Agreement pertaining to the constructing and
equipping of the Project and the performance of all
obligations of the City under the contracts referred
to above .
Section 2 . The Bonds shall bear interest at the rate
specifiesthe Trust Indenture ( hereinafter described ) , shall
mature as therein provided , and shall be in the original
principal amount of not to exceed $ 1 , 000 , 000 , provided that
additional bonds as provided in the Trust Indenture may be
subsequently issued in successive series at the request of the
Company . To provide the terms and conditions . 'upon which the
= 10' 58 931
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Bonds are to be secured , executed , authenticated , issued ,
accepted and held , 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 March 1 , 1982 ( 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 .
( Advice is given that , pursuant to Act No . 9 , a copy of the
Indenture in substantially the form authorized to be executed
is on file with the City Clerk of the City of Fayetteville , and
is available for inspection by any interested person . )
Section 3 . That there be , and there is hereby authorized
the exe— cumin and delivery of a Lease Agreement , dated as of
March 1 , 1982 , by and between the City as Lessor and the
Company as Lessee ( the " Lease Agreement " ) , and the Mayor and
City Clerk be , and they are hereby authorized to execute ,
acknowledge and deliver the Lease Agreement for and on behalf
of the City . The 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 Lease
Agreement in substantially the form submitted to this meeting
with such changes as shall be approved by such oersons
executing the document , their execution to constitute
conclusive evidence of such approval .
( Advice is given that , pursuant to Act No . 9 , a copy of the
Lease Agreement in substantially the form authorized to be
executed is on file with the City Clerk of the City of
Fayetteville , and is available for inspection by any interested
person . )
Section 4 . The Mayor and City Clerk , for and on behalf of
the Citi and they are hereby , authorized and directed to do
any and all things necessary to effect the execution of the
Lease Agreement , the performance of the City ' s obligations
� 15s 932
- 3 -
under the Lease Agreement , the execution and delivery of the
Indenture , its execution and acceptance by the Trustee , the
performance of all obligations of the City under and pursuant
to the Indenture , the execution and delivery of the Bond
Purchase Agreement , the execution and delivery of the Bonds ,
the execution and delivery of an official statement in form and
substance satisfactory to said officers and the Purchaser of
the Bonds , and the performance of all other 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 5 . That since the City is here involved with the
constru— ctTand equipping of a complex industrial project ,
requiring highly specialized work and specialized types of
machinery and equipment , it has been and is hereby determined
by the Board of Directors that competitive bidding be , and the
same is hereby , waived as to this particular industrial
project . This action is taken by the Board of Directors
pursuant to applicable laws of the State of Arkansas , including
particularly Act No . 9 .
Section 6 . Rose Law Firm , a Professional Association , of
Little Rock , Arkansas , is -hereby appointed as Bond Counsel with
respect to the issuance of said bonds , the fees and expenses of
which firm shall be costs of the Project .
Section 7 . That the provisions of this Ordinance are
hereby declared to be severable , 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 or 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 immedi- ateneed for the securing and developing of
substantial industrial operations in order to provide
additional employment , 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
herein are immediately necessary in connection with the
securing and developing of substantial industrial operations
= V'M 353
- 4 -
and deriving the public benefits referred to above . It is ,
therefore , declared that an emergency exists and this Ordinance
being necessary for the immediate preservation of the public
health , safety and welfare shall be in force and take effect
immediately upon and after its passage .
DATED : March 2 , 1982 .
MAYOR
ATTEST
C57ETY+ ERK
- 1 qSO� r
CI PICATE OF RECORD
Sfato of Arkansas
Ci:Y of Fayettovilta ( 5$
I, Sherry Rowe, City Clark and Ex-Officio
" recorder for the City of Fayetteville, do here
by ca tiiy ;het tho annexed or foregoing is
of record in my offico and thu same ap-
Poors in Ordinance & Resolution book
n I I at p`9 Witnessm
iv
:rtd and seal this y
day of
19 Z
City Clerk and Ex-Officio Recorder
CERTIFICATE OF RECORD
STATE OF ARKANSAS
Washington County SS.
I, Alma L. Kollmever, Circuit Clerk and Ex-Officio Recorder for
Washington Coun` '. :;,, hereby certify that the annexed or fore•
going in'strrM` ynntt w—:s Mad
ddn3for record in my office on that day
duly recorded in 19 '44. record
and the same
is
recordJ�J S�atpageL-%�
Witness my hand and seal this day of _19
Circuit Clerk and
Officio Re�garde�d - P� �jQ !�
By (Deputy Clerk - � V U 9�j
. 5 -
ORDINANCE NO . c22?�
AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS UNDER ACT NO . 9 OF 1960 , AS
AMENDED , FOR THE PURPOSE OF PROVIDING PERMANENT FINANCING
FOR THE COST OF SECURING AND DEVELOPING INDUSTRY (THE
PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE
ORDINANCE ) ; AUTHORIZING THE EXECUTION AND DELIVERY OF A
TRUST INDENTURE SECURING THE BONDS ; AUTHORIZING AND
PRESCRIBING CERTAIN OTHER MATTERS PERTAINING TO THE
INDUSTRIAL PROJECT , THE CONSTRUCTING THEREOF AND THE
FINANCING THEREOF ; AUTHORIZING A LEASE AGREEMENT BETWEEN
THE CITY OF FAYETTEVILLE , ARKANSAS , AS LESSOR , AND ARKANSAS
WESTERN GAS COMPANY , AS LESSEE , IN SUBSTANTIALLY THE FORM
AND WITH SUBSTANTIALLY THE CONTENTS SET FORTH IN AND MADE A
PART OF THIS ORDINANCE ; AUTHORIZING THE EXECUTION AND
DELIVERY OF THE LEASE AGREEMENT ; PRESCRIBING OTHER MATTERS
RELATING THERETO ; AND DECLARING AN EMERGENCY .
WHEREAS , the City of Fayetteville , Arkansas ( the " City " ) is
authorized by 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 ( " Act No . 9 " ) , to acquire
lands , construct and equip industrial buildings , improvements ,
and facilities and to incur other costs and expenses and make
other expenditures incidental to and for the implementing and
accomplishing of the conduct of industrial operations ; and
WHEREAS , the City is authorized by Act No . 9 to issue
industrial development revenue bonds payable from revenues
derived from the industrial project so acquired and constructed
and secured by a lien thereon and security interest therein ;
and
WHEREAS , the necessary arrangements have been made with
Arkansas Western Gas Company , an Arkansas corporation ( " the
Company " ) , for an industrial project consisting of the
acquisition of lands , and the construction and equipping of
industrial facilities ( the " Project " ) , and to lease the Project
to the Company pursuant to the terms of a Lease Agreement ( the
" Lease Agreement " ) ; and
WHEREAS , permanent financing of the Project costs ,
necessary costs and expenditures incidental thereto and the
cost of the issuance of bonds is being furnished by the City
issuing Industrial Development Revenue Bonds ( Arkansas Western
Gas Company Project ) , Series 1982 , under the provisions of Act
No . 9 of the principal amount of not to exceed One Million
Dollars ( $ 1 , 000 , 000 ) ( the " Bonds " ) ; and
WHEREAS , the completion of the Project will furnish
additional employment and other benefits , and be in the best
interests of the City and its residents ; and
WHEREAS , the Bonds are to be sold and delivered in the
principal amount of $ 1 , 000 , 000 , and are dated , bear interest ,
mature and are subject to redemption as hereinafter set forth
in the form of Indenture authorized by this Ordinance ; and
WHEREAS , the City proposes to enter into a Bond Purchase
Agreement as requested by the Company for the sale of said
Bonds ;
NOW , THEREFORE , BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF FAYETTEVILLE , ARKANSAS :
Section 1 . That there be , and there is hereby authorized
and direecte —the following :
( a ) The sale of the Bonds according to the terms of a Bond
Purchase Agreement to be recommended by the Company ,
substantially in the form submitted at this meeting ,
which Bond Purchase Agreement shall be entered into by
the Mayor with Stephens Inc . ( the " Purchaser " ) , and an
executed copy of which shall be filed with the City
Clerk ;
( b ) The acquisition and construction of the Project , and
in connection therewith , the execution of any
necessary architectural , engineering or construction
contracts or the acceptance of an assignment of any
such contracts previously executed by the Company for
the acquisition , construction and equipping of the
Project ; and
( c ) The performance of all obligations of the City under
the Lease Agreement pertaining to the constructing and
equipping of the Project and the performance of all
obligations of the City under the contracts referred
to above .
Section 2 . The Bonds shall bear interest at the rate
specifi'—'min the Trust Indenture ( hereinafter described ) , shall
mature as therein provided , and shall be in the original
principal amount of not to exceed $ 1 , 000 , 000 , provided that
additional bonds as provided in the Trust Indenture may be
subsequently issued in successive series at the request of the
Company . To provide the terms and conditions upon which the
- 2 -
Bonds are to be secured , executed , authenticated , issued ,
accepted and held , 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 March 1 , 1982 ( 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 .
(Advice is given that , pursuant to Act No . 9 , a copy of the
Indenture in substantially the form authorized to be executed
is on file with the City Clerk of the City of Fayetteville , and
is available for inspection by any interested person . )
Section 3 . That there be , and there is hereby authorized
the exec on and delivery of a Lease Agreement , dated as of
March 1 , 1982 , by and between the City as Lessor and the
Company as Lessee ( the " Lease Agreement " ) , and the Mayor and
City Clerk be , and they are hereby authorized to execute ,
acknowledge and deliver the Lease Agreement for and on behalf
of the City . The 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 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 .
( Advice is given that , pursuant to Act No . 9 , a copy of the
Lease Agreement in substantially the form authorized to be
executed is on file with the City Clerk of the City of
Fayetteville , and is available for inspection by any interested
person . )
Section 4 . 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 of the
Lease Agreement , the performance of the City ' s obligations
- 3 -
under the Lease Agreement , the execution and delivery of the
Indenture , its execution and acceptance by the Trustee , the
performance of all obligations of the City under and pursuant
to the Indenture , the execution and delivery of the Bond
Purchase Agreement , the execution and delivery of the Bonds ,
the execution and delivery of an official statement in form and
substance satisfactory to said officers and the Purchaser of
the Bonds , and the performance of all other 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 5 . That since the City is here involved with the
constructing and equipping of a complex industrial project ,
requiring highly specialized work and specialized types of
machinery and equipment , it has been and is hereby determined
by the Board of Directors that competitive bidding be , and the
same is hereby , waived as to this particular industrial
project . This action is taken by the Board of Directors
pursuant to applicable laws of the State of Arkansas , including
particularly Act No . 9 .
Section 6 , Rose Law Firm , a Professional Association , of
Little Rock , Arkansas , is hereby appointed as Bond Counsel with
respect to the issuance of said bonds , the fees and expenses of
which firm shall be costs of the Project .
Section 7 . That the provisions of this Ordinance are
hereby declared to be severable , 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 or 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
substantial industrial operations in order to provide
additional employment , 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
herein are immediately necessary in connection with the
securing and developing of substantial industrial operations
- 4 -
• J
and deriving the public benefits referred to above . It is ,
therefore , declared that an emergency exists and this Ordinance
being necessary for the immediate preservation of the public
health , safety and welfare shall be in force and take effect
immediately upon and after its passage .
DATED : March 2 , 1982 .
MAYOR
ATTEST :
140
CITY CL"K
( S E A L )
. 5 -
ORDINANCE 6r¢.Sla Soctam S. That then be, and then la I
Ao fhdloann authorizing the isSustae herby Sutluorrad the aaculton and STATE of ARKANSAS
of industrial development revenue delivery of a Max Agreement dated gg,
bonds otiose Ml No. 9 of 1966. u u of Masan 1. I=. by and between be County Of Washington
amended, for the purpose of providing City as Lsmwr and Use Company a I
permanent financing for Use cost d Losses (the "Mum Agreement' ), and
securing and developing industry (the the Mayor and City Clark be, and they I ///�VVA�� 66r���
particular industrial project is am hereby authorized b execute.Laws T � k
described In the usd'wleel; authjmt i- acknowledgee0yand rued the Mase ' Y hereby certify that I
in the eaect im and delivery d a Agreement for and on behalf of the Ci- I am LIle Publisher of THE NORT EST ARKANSAS TIMES, a daily
trust Indy cer
Indenture securing the Dada; ta Mase Agreement is hereby ap
authorizing and pnseribin8 certain proved Substantially in the form auto newspaper baring a second class mailing privilege, and being not less than
other matters pertaining to the in. miffed to this meeting. and the Mayor
Aerial project the easlrscting is hereby authorized to confer with the tour pages of five columna each, published at a fixed place of business an e
[am and the financing thered; Company. the Trustee and the Pur• a flied (daily) Intervale continuously In the City of P`ayettevl11% County of
authorizing a Lase agreement bet. chaser in order to cornDlcte use lease
ween the City of Fayetteville, Arkan. Agreement in Substantially the form Washington, Arkansas for more than a period of twelve months• circulated
las, as leans, and Arkansas Western Submitted b this meeting with Such and distributed from an established place of . business to subscribers and
(•a company. a Imes, in suhstan- changes as "D be approved by such
(tally the tam and with Substantially Penal exec ntmg the document. their readers generally of all classes In the City & County for is definite price for
the contents fel forth In and made a execution to constitute conclusiveeach copy. or a fixed price per a��• Wh1eb price was fixed at what Is
part d this ordinance; authorizing the evldoa ce d such approval.
eaennim and delivery d the lease (Advice D glean Sul, prwant b considered the value of the publication, based upon the news 'value and
agreement; prescribing other mattrn Ml No. 9, a COPY Of the Mase A¢ree-
relating thereto; aid declaring an hent In Substantially the fom service value it contains, that at least fifty percent of the subscribers
emergency. authorised to be ewi need Is on file , thereto have paid caeh for their subscriptions to the newspaper or its agents
WHEREAS, the City of FayeteviBr. NN the Cfty Clerk of the City of
Arkarsaa (the "City'") IS authorized by Payeitevige, aha Is available fa to- or through recognized news dealers Over a period Of at least six months;
Act Na 9 of the First Extraordinary speetim by any interested person.) ` and that the said newspaper publishes an average of more thanforty percent
Session to the SixtySecood Guerai Section e. The Mayor and City [left,
Assembly of the Stated Arkansas, exp for and on behalf of the City be, and,- news matter.
proved January rt, 19th, at amended they an hereby. authorized and I
t••Acl Na 9"1, to acquire lands, coo- directed b do any and an thing1 further certify that the legal notice 'hereto attached in the matter of
struel and equip industrial buildings, recmary b affect the execution d the
impr ammems, and facilities and to In. Kano Agreement, the performance of
Orr dDer costa and exparues and make .tie Cily'St,efigatios under the Mase 7q - �
other aani]
pendilures incidental to aAgreement. the execution and delivery /5 ,� �y 1 ` II 1r
far the implementing and ac- d the Indenture. IU execution and ac- -
C Izhddnq Of the Induct of I* ceplamce by the Trusts. it
per
d serial opmlimIci formance d all obligations of the Cil; ,
AWHEREAS, the City is authorized by under and Pursuant to the Indenture, was published ID the regular dally tonus of cold newspaper for
ct No. 9 to issue industrial develop the execution and delivery of the gond D
menu revenue bads payable from Purchase Agreement, the eaacution consecutive insertion Be follows:
novenas derived from the aAcstrssl and delivery of are Bonds. the exem-
proJact oro acquired and cashuueted um and delivery of an official Stara
and seamed br • nen uerem and ment in form and Substance sstisfao- The first insertion onthe day of 19
Snir;ty interest therein; and tory to said officers and the Purchaser
WHEREAS: the necessary a- of the Bads, and the performance of
nngementz have been made with an other area of whatever =lure the second Insertion on the day of 18
Arlmnsas Wmlero Ga Company, an necessity to dhxt and carry Out the
Arkansas corporation ("the Com- authority conferred byis thOrdinance.
perry' 1.for an industrial project coo- That the Mayor and the City Clark be-! the third insertion On the day Of 19
stating of the acquisition of lands, and and they arc hereby. furter authoriz- .
Ihe eorsWetion and equipping of in. ed and directed, for and an behalf of .
duntrial facilities (the "Project"), and the City, to • execute an papers, and the fourth insertion on the Acv Of 19
W lax the Project to the Company dauments, certificates and other im
pursuant to the firma of a Max carrying
that
of Such acquired for led
Agreemmllthe "Lease Agreement"); eanykg int d SucA authority orb n '6
and evidence ere nercince the
WHEREAS, permanent Dancing d Section i That since ire City is here
the Project sits, memory costa and involved with the conslroetbB and
expenditures incidentalncieo (bonds and equipping ri a hiNly s Industrial pro
the and is the by the it lamas g In. het. requiring highly specialized work Sworn to and subscribed before me on this day of
Ing furnished by the City ensuing Ina and equipmet, types d machinery
AsWai Development Revenue Bonds and equipment, it has been and a �^
(Arkansas Western under
Che pmri Pro- I Direby cts that competitive
by the Boardof
e. / / / ,./ i�•I r` l((l' /tel)
JKO, asses 19a, under the provkios Directors that enmpautin Oiddln8 be.
of Act No. *of the principal amount of and the ane is hereby, waived a Io
nal to exceed One Mutton Dollars this particular industrial project. This
n1.WU.ea6) (ere•'Ebnds'"): aha niton is taken by the Board of Dine,
WHEREAS, the completion of the ! ton pursuant to applicable laws ofthe
Project will furnish additiaul employ ( State of Arkamas, including per.
Ment and other bendib, and be in the hcularly Act No. 9. Notary blue
beat interests of the City and its Section 6. Rase Mw Firm, a Profen•
residents: and . I siooal Avacletim, of Little Rock,
WHEREAS. the Bads arc to be said . Arkansas. is hereby appointed as Bond MY COIDmisel0¢ Ex [reg: 1'
and delivered ialhe principal amount Counsel with respect to the kwancrol
Of f1,0010,060, and arc dated, bear tu- aid bads, the fees and npenan at .
tcrest, mature and we Subject to which firm sMB be costa of thui Pro• l
redemption as hereinafter Set forth to t
the form of Indenture authorized by hSection r. That the Provisias of this I • t -
this Oedkance; and • . , : Ordinance are hereby declared to bei
,, WHEREAS, the City proposes to xrverable, and If any section, phrase
enter into a Bond Purchase Agreement or provision shall for any reason be
a requested by the Company for the declared to be Invalid, such dMbn- mea for Printing .�
sate saidBads; son shall not affect the validity of the • `
NOW. THEREFORE, BE IT OR. nmainder.of the Sections. phrases or S
DAINED BY THE BOARD OF DIREC- visions. Cost Of Proof
TORS OF THE CITY OF FAYET- provisions
s. That all Ordinances ; (�,! •�
TEY tion 1 ARKANSAS: resduhm and Paris thereof In cm. ; Total i
Section t. That them he, aha then u nict herewith are hereby repealed to . . .
hereby authorized and directed the Neatened such conflict.
following: Sections. That there is hereby found -
(a) The sale of the Bads accorAng and declared to be an immediate need I
So the terms of a Bond purchase for the Securing and developing ofI
Agreement to be recommended by the Substantial industrial operations in
Company. substantially in the form adv b provide additional employ-
Submitted at this meeting, which Bad Ment. allevule unemployment and
Purchase Agreement shall be entered otherwise benefit the politic health.
Into by the Mayor with Stephens Inc. Safely and welfare of the City and the
(the '•PureDaer"), and oro executed inhabitants thereof. and the issuance )
copy of which sham be filed with the Ci• due Bads authorized hereby and the
ly Clerk: - . . • v • . . i taking d the other action aumorrax :
• (b) The acquisition and onntructke herein an immediately necessary In :
d- the project. and in eenaaction causation with the securing and
therewith, the executionof - mydeveloping of Substantial industrial
necessary arcbileeturaL erngiaezing operation and deriving ,Neie
oruveatruetion emirates or the scrap beriefib miss a to above. It is.
tante Of an assignment of any Such therefore. declared that an emergency
amtrseta peviwaly aenrtd by theaxAS and this Ordwrce being
Company fa Me acotusidartcrostrue. :ran fns NeImmediate Prexna.
iimadeAping Ne Project: and Hm am fie health Safety and
Pertamane d W oblige. welfare dull be in face aha take at. .
tions Of the City under the Lease fact Immediately upon and after its
Agreement prinumling to the cantru e• . :: gr�amm
&a
.. 0# and equipping 4 the Refect and ..z DATt : MareE r. nQ. '' " � -.g.. .✓ 'ms' s �, 5 (�' -u-'avow !. ' TcF•�^Kas- . . yr •..n
His pedorwnee of as obligations of _ PaW R Noland
the City radar err contracts safe, 'I `•r t• ' PAYOR
babas. - . r - r - " ATTF4T: ut'♦'i eti - -, - . C yrs _ . +, .h i'Y,. r -ori. i;t
Serum L The Bands ahe0 bear Ina- SherryReed s v `( +S < r « ••"-f'+ et = f 1 'p,'<r `of'z� �� - t 2 -�Xv .a
:. Neat at the uta sper b Ihe TtsW CITY Cr a sr a
wlMBmtare 11tner deaoradl, ! (SEAL) - r 'k
roan he In. N. min provided. and
.smauttd notbaeeed -
. vidd that additional bonds u provd ^ t..+ �z rz.3 r tv v r. �- A. 'i�'•"-Y.rT yr �„ .r- '�N g"..:
_ fid b the Trost Ie4otun may, he � i`Wra ,'yr3 7,} ^� 1J Ww a�yr._"��-x '_.'Y>^
k..
.: subsequently Imed 7q aueeaeiva 5 :-+= n' �• .: "" - '� v c H^x§ ^a�
r Price ar 1M aawl A W 1`p,w,nw .. 3. . �� �.T k+�h.. tl 3L1i i-
llihAllaa wuuan t,;u ewnpan), all uneaaary lo UtILLt + , m ,r .
Arkulaas anrpara6 ("the Com- sutharitycoNervedbyy Nis Ordinance. kO
wnY ). for •nirduatrial proleer con 71st Ue Mayor Ano Ue City Clerk he, . the third tneertfon on the . da] Of -%
sistUt(`d the acquisition of land9. and uq they are hereby. Nrllter gutnorir-
the consouttion and equipping of in. d and directed, for and on behalf of Aar Of 1!
duatefalfadtities (Oie '•Project"), and the City, to execute all Papers, and the fourth insertion on the
to lease the Prd�ect to the Company dustmen+, meOfick es and other in
v
Agr eem to the terms d e Kase spaying out
of Such
he required A the
Agreement (the "Lex Agreement"1: carrying cut d such authority or to
and eviectio O. exercisethereof.
theCi
WHEREAS,costs,
permanent Rnencfng tl Section i with
t Simco the CITY is here
the Project costs, nrrete9ry amts ad Inrdrd with oe Ilex I Mina
and
expenditures incidental thereto and equipping d a cam� plex Indetriel Pro-
the cost d the issuance d bonds is be- Sect, requiring III y apecwized wort Sworn to and subscribed before me on this daF of
ing furnished by the City Wiling In. and ipeelalized type of machintery
dustrial Development Revenue Binds ad equipment, It bus heen and of ,„,t ^ 1 `
(Arkansas Westen Gas Camwnny_ hereby Directors
d M the Board e, 7//1(ll/.J A{^y�
Iect). sent ISM under the prowisias � and the S that compeby, Wbidding he, - 19
d Act No. 9 d the principal amount tl am the cans W hereby. salved as to
not to exceed One Million Dollars this particular Industrial project. This
isl.tgl.600l
(the'•Bads"): and action is taken by the Board of Dhee-
WHEREAS, the completion of Use Ion pursuant to applicable Laws ofthe
Project will furnish additional employ. Stale of Arkansas, Including Par- NO b110
ns
meand other benefits, ad be in the Ocularly Act No. 9. tart
best interna of the City and W Section 6. Rose law Firm. A Probes- .
residents; and I siolul Association, of Little Rock,
WHEREAS. the Bods are o be add Arkansas. W hereby appointed as Rood My Commission BIS fres: .
ed o th
delivered in the principal amount Csmsel with respect e imuoca 0f,
of it,pm,00p, ad arc dated. bear In- said bands, the fee and expenses of l
serest, mature and are subtest to whichfirm shall be anis d Oem
.P .
redemption as hereinafter sed faro in _ . - '
the form of Idenlum-autharizedby Section y. That the provisions of this r
this Ordinance: adOrdinance am hereby declared to be
WHEREAS. the CIIY proposes to serverable, and If any Section. phrase '
enter intra Bond Purchase Agreementor Won Gull for any mason be gees for Printing
as requested by the Company for the . declared o be Invalid. such deelara.
sale of said Bonds: I tion shall not affect the validity of the (, •O
NOW, THEREFORE, BE IT OR. remainder of the Sections, phrases or Cost of Proof i ( •)
DAINED BY THE BOARD OF DIREC- provisions. /
TONS OF THE CITY OF FAYET- Section a That all Ordinance.
TEVILLE,ARKANSAS: . - resolutions and parts thereof In cos- TOtsl .
Section 1. That there bre and there Is flirt herewith are fancily repealed to I ..
hereby authorized MW directed to oeextenldwMcoMict.
following: Sectfon9. That there W hereby found '
(a) Tie Sale of the Bonds according and declared o he m immediate red
o the terms tl a Bond Purchase for the secaaug ad developing of
Agreement to be recommended by the Substantial industrial Apentioas in
Company. Substantially in lou form older to provide additional employ-
submitted at this meeting. which Bond mint, allevtsta unemplayment and
Purchase Agreement shad be entered dfatwix benefit tie pu01ic healtA,into by the Mayor with Stephens Inc. safety and welfare d the City at. Uw
(the "Purchaser"), and An executed inhabitants thereof, and the issuance
copy of which shall be filed with the Lt. of the Bods authorized hereby and the -
ty Clerk: I • - taking of the other action authorized I -
(b) The acquisition and construction herein an immediately necessary to
of Uta Project, and in con edam eonrcetion with the securing and ,
therewith, the execution of - my developing of Substantial industrial
necessary architectural. engineering operations and deriving the pu0lic
or co struclan contracts or the atcep berets referred to above. It is,
tance of an assignment d any Such therefore, declared that an emergency
contracts Wevloudy executed by the exists and this Ordinance being .
Company for the Acquisition. construe- necessary fa the immediate preeerva.
tion and equipping a the Project: and tlon of the public health, safety and
let The performance of W abliga. welfare &hall be in force and take ef.
tions of the City under• the base feet Immediately upon and efor Its
Agreement pertaining to the cwwc -••a:• pu&uBe. --�x--
ting and equipping the Project and DATED: March t: IM. w y �. L ` - V •.r. at ti u --:
the performance tl all obliganms tl 1 Paul R. Noland +� '4 ? .-• '� la t F .: L t � -iw_t.
the City (nisch the eontraeta referred MAYOR
oabove. •. _.' ArTESr: 4r a •.N . 1„ L :'
Section i The Bonds shall hear Io- .-a- Sherry Rowes
serest at the rate Specified La the Treat " CITY CLERK
Indenture Ihereina I descirt (SEAL)
shall mature as therein provided, and IWLI
shall be In the wriginal principal - �n? - 4\'•. '.
am nt of m[ W exceed 61.999 009 pro ) '- ^c cr - x hi: s. S " '• d• t.
` P, rte„ „ ks°vfvp,+)ft. d�b°l;+r x?�.,!'?i4uli ", w awn.f.✓. . ..r(,cl'..idF^•-,:,u"i'c 't�''..vz^x+`f�4�.�A„`%..�
vied lhet additional bonds as Ponied
Su in the Ten&1 Indenting they he - •. . ue+6 AA" as Subsequently Issued laved In successive Arak+•-
atria at the he ter tl Ind Company. '. `"`
To provide the terms conditions ° k y?"•
upon which the Bandsds art o he . ° .� a �y k „•�-'a^(^�\ -�v:.. �»7°�`*'•iape6lt(�u`i
secured, executed, authenticated ) >r� • - ^c > s rr�f'Miz
�•°'
issued, acceptedand held, the Mayor
is hereby Authorized and o
execute add acknowledge
a Trust In-
dentum
Dyad between
the Cityand a
banker wet company white will ct t
AcUuste ` - t - ,+ ) 1. r r �;. r.r-=.• '1-r w-•'ifr~1 s T 1aw�v_'. 4z'v•v �"=f.�^m'^a+,-`r� y3',•�-9�'i�--,..4'.'z.J,.^3?'ti�e?'^"'.+^:-`t.i�"1,',e,.tah.q.ul'"�Js"'
y
ihereu "In d
dated as el `a "" -+S'.4
March 1. 1901 (the "[deaWre ) ad ,`
the City Clerk W hereby Authorized and ...a
directed o execute and Acknowledge r t .$Ic
the Indenture and to affix the seal of
to City thereto, and the Mayor and Cl ,! r „r " , r) v .� �� ,t I r r �1*a - •ac�i vfr F
Or Ckrk are hereby autharbxd and
directed to Ouse the Indenture to M
accepted, executed and acknowledged
s�• X
by the Trustee. The Indenture is ^" J+ 1 dr- e ,A. �` `"` e , .y l �1 (.'"• �,ti
hereby approved In Substantially ther°-�-
form Submitted W this meeting, and
On Mayor Ishereby authortsed to coo- r ( ^` r ; •l .c „,P�y�c�.-•+':
ter with Or Trustee, the Company and
Uses ot / 1 ( a}. t w } >•,� a`Rv '•,e�.a4
the Purchaser to ademtokte Ue t...t .my.
Indenture In substantial Us dam _ a pe•'"K„ix'ti r i,�.j'• '..
submitted to this mai l with soca "`•' ' ar _ y ,:- ' c '` S,y `s�'rSISCs• z•y'."
change u shoo be approvals by Such
ppm
Wssro eeculug ase docemxn . Iter
execution to consulting conclusive
evidence of Wants appoint. -, n .y c" : ?.,`wzL-Yi a,µ„� r ,rim .. _• °'.tN?G
IAdvice W given that. Pursuant to \
s•. • ,
Ad No. A. a copy of the Idenluro inh• .. u +•esti A=ual Y ss „ ' y -y'y rz
wiWantially the form authorized to be _ < a.
eagcotd W an Ng with the City Ckrk t•": re .„ i „: ,, �-„ f 1. .` eyes a sy. .; a -� " x•
of the City of Fayetteville. ad isOlt
available fa Inspection by aq Io-
heated person.) - W " -