HomeMy WebLinkAboutOrdinance 2798 ORDINANCE NO . 0017N
AN ORDINANCE AUTHORIZING THE ISSUANCE Obi ;=PPFC NG /f. 041/
FACILITY REVENUE BONDS ; AUTHORIZING A FIRS SS P-PT,EMEdSAL
TRUST INDENTURE SECURING THE BONDS ; AUTHORIlI�LTN
SALE OF THE BONDS AND THE EXECUTION OF A BONDE
AGREEMENT IN CONNECTION THEREWITH ; AUTHORIZING AND
PRESCRIBING OTHER MATTERS PERTAINING THERETO ; AND
DECLARING AN EMERGENCY .
WHEREAS , the City of Fayetteville , Arkansas ( the_ " 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 issued its $ 381 , 000 Parking Facility
Revenue Bonds , dated September 1 , 1981 ( the " 1981 Bonds " ) for
the construction of a two - level parking facility ( the " existing
parking facility " ) on the City-owned lot immediately northeast
of the Center in order to provide adequate parking for visitors
V to the Center and the downtown area ; and
WHEREAS , the 1981 Bonds were issued under and secured by
a Trust Indenture , dated as of September 1 , 1981 , by and between
the City and First National Bank , Fayetteville , Arkansas ; and
WHEREAS , the City has determined that additional parking
space is necessary in order to provide adequate parking for
visitors of the Center and patrons of the downtown area and
that the most feasible way to provide the additional parking
space is to construct a third level to the existing parking
facility ( the " Project " ) ; and
WHEREAS , the estimated cost of the Project , including
the construction costs , architect ' s fees , financing costs and
other costs incidental thereto , is $ 210 , 000 ; and
WHEREAS , the City can finance the estimated Project
costs by the issuance of additional Parking Facility Revenue
Bonds ; and
WHEREAS , copies of the hereinafter described First
Supplemental Trust Indenture and Bond Purchase Agreement have
been presented to and are before this meeting ;
' ` ® 1053 347
NOW , THEREFORE , BE IT ORDAINED by the Board of Directors
of the City of Fayetteville , Arkansas :
Section 1 . That the issuance of Parking Facility
Revenue Bonds ( the " Bonds " ) in the principal amount of $ 210 , 000 is
hereby authorized . The Bonds shall be dated March 1 , 1982 , shall
bear interest at the rate of twelve percent ( 12% ) per annum ,
payable September 1 , 1982 , and semiannually thereafter on each
March 1 and September 1 , and shall mature on March 1 of each of
the following years and in the following amounts :
Maturity Amount
1985 $ 51000
1986 10 , 000
1987 15 , 000
1988 20 , 000
1989 25 , 000
1990 35 , 000
1991 45 , 000
1992 55 , 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 1000/; 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 First Supplemental Trust
Indenture by and between the City and First National Bank ,
Fayetteville , Arkansas ( the " Trustee " ) , dated as of the date of
the Bonds ( the " Supplemental Indenture " ) , and the City Clerk is
hereby authorized and directed to execute and acknowledge the
Supplemental Indenture and to affix the seal of the City thereto ,
2
m1G59 348
and the Mayor and City Clerk are hereby authorized and directed to
cause the Supplemental Indenture to be accepted , executed and
acknowledged by the Trustee . The Supplemental Indenture is hereby
approved in substantially the form submitted to this meeting .
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 Supplemental Indenture_, the
performance of all obligations of the City under and pursuant to
the Supplemental 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 Supplemental
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 Citv 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
3
® 159 349
' k
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 : gkaLcrz 6 1982 .
" 2 ATTEST :
Mayor
City Cle =.k
A _ ( SEAL )
�- r
s •
CERTIFICATE OF RECORD
_ .'. _.«
State of Arkansas ( $$
City of Fayetteville
I, Sherry Rowe, City Clark and Ex-Officio
recorder for the City of Fayetteville, do here-
by certify that the annexed or foregoing is
of record in my office and the same ap-
pears in Ordinance & Resolution book
Of psga, Witness my
hand a seal this day of
19 cp-
City Clerk and Ex-Officio Recorder
CERTIFICATE OF RECORD
STATE OF ARKANSAS SS.
Washington County I
I, Alma L. Kollmeyer, Circuit Clerk and Ex-Officlo Recorder for
Washington County, do hereby certify that the annexed onrr,,f�ore-
going mry§SSS,ttr,�,um� e� n/�t wis filed fort%� in my office on thaZday
of 19��nt_o'clocY!f M, and the same is
duly recorded in 40-4 `& record /OS 1 at pager
Witness my hand and seal thi/sa� Gday
Circuit Clerk and
Officio Reco�rd-edd�- /d
DY V
Derndv CI-•�
4
® 1u59 350
ORDINANCE NO.
AN ORDINANCE AUTHORMNO ,�Lytyy.m•j�e illyy thetas
HE ISSUANCE OF PARKING ted m this useaW with
ACILITY REVENUE BONDS; 1, prostitute!
shelf be •;=Wod by aemh- I
UTHORIZING A FIRST SUP- . paraaa eared g the dNorthen� tMr,
IBMRNTAL TRUST INDENTURE aaaerltion .m ceasahrte maeAsah1, BTATID of ARKANSAS l
SCORING THE BONDS; J}
UTHORIZLYO THE SALE OF THE 7 Section 3. To ch apps he 1. fermi end. an.
ONDS AND THE EXECUTION OF A ; caldltiun upon which the Bony are m county O! W66h1DEtOa
UND PURCHASE AGREEMENT' IN s beeremtad, autheelkated, issued, ac,
ONNECTION THEREWITH ; cep W, held and secured, the Mayor is
UTUHRI ING AND PRESCRIBING u Is.
, hereby authorized and directed1H'
rHZR MATTERS PERTAINING , acute and acknowledge a First . • hereby certify that I
HhUUM; AND DECLARING AN Suppimssnted Trust Indenture by and
MERGENCY. , ' i-between tete City and Final National am the Publisher of THE NO HWEST ARKANSAS TIMER, a daily
WHEREAS, UW L7 d fhyamdlMr :' and being not tete than
.taws lUss „ppp'� 1, tw 1eQuleed, , Bank. FsyateviRe. Arkansas toss newspaper having a second class me111nB Driv11060.
manetdd and agdpped•eatvmUa Tusus' 1, aged ere d the au d the
otr (the "CmuY,l In the do to Bads (the 'Su emented Indeo- tour pages of flue columns each, published In
at a fined place tt business and a
valhep a>d lased the ��. homp'). and tea city Clefts h hereby a fixed (daily) Intervale continuously to the City of Fayetteville, County of
ihe Reaed �, &Mlesade.{Center autherhed and dllected mcxecate aro
rya Arkansas Trustees
u• acanwledge the Supplemmul lndeo- Washington, Arkaneae for more than a period of twelve month{, circulated
. nd
oration tenter; end continuing tuts and n eche the real tl the City
R•Bvpwae use City has m IheceW and ode May" and city Clcrk and distributed from an egtablfehed place of . 0 tyros to subscribers beic eco
oe Ile nemesis, bony m llagree to are hereby audeorhad and dhaeted to I readers generally of all classes in the City & County for 9 definite Druce for
. o its arb tide hes team cera came the Supplemental ladrut a to be I which price was fixed at what 1a
Need adjacent m aro tar too by ate• eeecdad and acknowledged ? each copy, or a fixed prise per annum,
saaewlac nt to.
d Ilss t:enlar; • by dee Trustee. The Supplemental lo- considered the value of the publlcation, based upon the news 'value and
A dmtum R hereby approved it. subeun•
WHEREAS, ass City W iseued la , muy the term submlued to thin service value It contains, that at least fifty percent of the . subscribers
Wpm Parting Fadhry esued w ; nueltnitSeeam e. Thal uta Mayw and ply thereto have paid esah for their subscriptions to the newspaper or its agents
nay. dated SeDlaalbte L inn ((rho perk, IN and on behalf of the City, be, I Or through recognized newt dealers over a period of at least six months;
281 Bonds"I fte fistcryu trucllen at a and they am bemb , authorixd led
'0*10ma) Parking fact I - cute `"- directed to do any and os things I and that the Laid newspaper publishes 6II average of more than forty percent
�nnted lot RduNlaury••I an ONa the awry to effect au erecuum andi news matter.
. � adapeatel delivery tl Uss 5lrppkmenui Indere
cater b o_ a W 'tun, the prfaoanw tl as obuga-
Irking for vsshora to ow cern; m—la non d Ur Ciry unser ere Imsuane m ; I further certify that the legal notice hereto attached 1¢ the matter o
wdwanlomaw; and . •Ate the Supplemental Indenture, the W
WHEREAS, the last Bondswereamnro, seacttua sale and defivery of t
under and eeavmd by • Treat Use Banda, the execution and delivery 'j� /1 1� /\ r
adadme. dated as of September I. a the Bona Pureltaee Agreement, and I 1 ( ,lA ^ 1 t..J•-• ` -Q
in. by and betwas the CityandFlat the ��aw a all ecu d .
;sHmal Back. Fayetteville. Amanse: t whatever utero prof gal m efIM
cant . I. and carry cent the authority confered
WHP.REAS. lhepty hese Eeleemieed py ley Oedlcaoe:That the Ma and ' was published in the regular daily issue of said newspaper for
net additional parking space is Cil clerk be, and they are hereby, I
peaa•ry In toprovid.adertuste t { consecutive insertions ere follows:
Or% a or visitors d Ude Center and further auatorlrnd and directed, fw `
atroa a the downtown area and that i and on behalf d the City, to execute AD _ day of
he se feasible way u pmrlde u,ei papere, documents, certificates and ,the tint insertion on. the
dditional parking s h u car osste wtmmenu that may he ro•
.trvdathudievNuthe imsHppam- 4uaad f; lea. exmint ml d mM day Of 18
ngfacllit Hhe••Prolect'9: and auulodty a• to evidence the "emus the second logo
rtiOn on the
WTIER leaelineated aoltoluer descent.
.'roject, including the cons Ulm ' Swum ed qh S. That the Clerk 19
:ass. uchllect •s feet Ocaaeing msec - hereby authorized and directed m Ole the third Insertion OD the day of
and other costs hxideoml lheseto. a In thedfltta Om Cityperk, ass pad
110.000: an a the mimtes d the meeting at winch 79
WHEREAS, the City can flturce Uss this Ordinance is adapted, for hepar• I and the fourth Insertion on the day Of
.wliou ed Project mu by the no . Um by any Interested person s copy Of
urates, tl ed nthead Parking Facility ' the SuppNmental Indenture and Need
iasenuas sada: •cad .. Purchase AGREEMENT, AND SUCH T1LYw��
WHEREAS.copies d the bereinah" DOCUMENTS SHALL BE ON FILE V
lescribed Fine; Supplemental Treat la FDR INSPECTION BY ANY IN-
fennow and Rad Purchase Apw• TERSSTED PERSON.
ment hetet base Presented to and am SacUm S. That the law fCm of Fit-
refewmbpws,ling: , . .. - .ayl•, FJdredge a perm, wa aoet, Sworn to and subscribed before me on there day o!
NOW THEREFORE, RE R OR- Altoessas, be appointed to set as Rad
DAINFD ere Board d Dimetors d ONCounselmbehalftl lased memneo
Ih CiIY tl oyateville, Arkansas: tlm with Use Isewrae and sale d the I AN`II
Sarum I. That the iseemm of Park- Bads. 19 .
ing Facility Revenues Bads (the Section?. That the previsions of this
•'Edey"I m W principal amount of Ordinance are hereby declared m he
IImOm Is nmby authorized. The separable. and if any section, pheaae �.
Bonds still be dated March 1, Hon, w,gwalm shall In any wean as
shall bar [normal at las nu d twelve decllaredmhemvalld, such deelen- No Public
Qemenl Hxx t per annum, Payable - Um shall not affect the validity of the. I . ,
kaptembar 1. niM andsenuumwlly ' mmalnd;d the eeetlma, ptvasea and
thereafter an each March 1 sed provhlaa.
September 1. and shall mamm an Section a. That all ordinance.
March 1 tl each d less fallowing yah revoluliw and parts thereof m dere, MY Commission —w—sTxfres : _
udlnlM fntlowing amounts: Okt herewith an hereby repealed m U� —
.gamaq• Am bre ' iheeatmtd surf castle{, rY ,
I= o . s : -,!{ 3,000 _SeeUon a.TMllbtre is herebYlurRd�
less •Ip•0
in? 00
and dmlered ri an immediate roved
e y V mo t far the snorter
and Provide
qmt v. .
late Y gat pOp �' , lauriam M min u prwitle rmpbyl `
Iii y,� ( mvnt and Payrella, alleviate;
IasD , :::i eri .' 35-M ♦-' unemdoymenl and otherwise bendil.�J Feet to
PrlDlfn6 —
r r 0:-... 4uce ' me public health, eafely and wetfam or .
Ion .1' Pp�% �•� ;,i� „ : 1M Pity and me idubiunta tnemal. .
Iawnwe bards ahe6 W lasted upas u�ss and the by and t e the Hands., lroria-� Cost of Proof a / � .
alltMhty d to Cdnuutlm and laws ed Iwtrby am .d eking y less ere .I .
•cum ly evead y ar 0, ion:' - , .
a NasuudMkaws, i. Kk 3gpar mediately naeHave tel Ur ac Told
atuMdy Ark. Ace Ins Kw Sap, a Ord""Pushing .I Ince pedk benefits
a 1 and Art. Aces IM, Na esa I . and purposes.eraea. It a, lheeee a! decs Or.
at mamas that a rmerg necessary
tshu and the Q-
tecaea x That B the Banta he def 1 Chadian Gema rwcesaary IN the son-:
Fast National Bap{, Mclhoy Bank a pssMau plth and
ty the bite,
Trot CO. and Nads,% r National pas. health and aslaty ahep pubs Int
Bons (dee ' at 111111% of'1, rte IM ppituhh '. tate sed effect ImaWutNY ttpm sed -
dam pda a Ion% a rued 4*WPa afterusPASS ass
it= the
ssrwla f phot atoned taural •PASSFD: March m IBQ
d Anti;;;mthe
on Bonds to the an;. e:»,4',z tv .�Fw: APPROVED- EL i i k. C E I V E �J
coodiaon at forth M.Baal Nathan Pas ••: '" {# i+�"a i{+;q•d MAYOR 1'�e
AgrOSOMt u be mined into her Of 11 ATTEST: t_ ,. +,�I.j., ,- .l c„ APR 81982
ler City and use Purcbasaa (me seeny� Raw,, .
.•sopa Purchases Agm�mmt'•L no City past w! t'i�figL'¢•."'.;:i?�y'xx
Bad PurctiM Agreemsat ls.bwft '/ 1 '!t {xl.;f'rFbOr:-ti�1:
approved m substantially me ram lea , : ACCOUATS PAYA11"
submitted to ibis rtrwnlL sad the
Ma7a lsed
bbies" wthamaxec"
•adddlate.Ur.•am• Ws.OMuaU.q
the
UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF WASHINGTON
CITY OF FAYETTEVILLE
12% PARKING FACILITY REVENUE BOND
No . R- 1 $ 83 , 000
KNOW ALL MEN BY THESE PRESENTS :
That the City of Fayetteville , Washington County ,
Arkansas , a municipality under the laws of the State of
Arkansas ( the " City " ) , for value received , promises to pay to
the registered owner hereof the principal sum of
EIGHTY- THREE THOUSAND DOLLARS
in such coin or currency of the United States of America as at
• • • the tipaos ;f payment shall be legal tender for the payment of
. . . . public • and private debts , and to pay in like coin or currency
• • , intereV% • bn the unpaid balance of said principal amount from the
"Ufte hdr&'of until paid at the rate of twelve per cent ( 12 % } per
• ; annum , such interest to be payable on March 1 and 59ptemlaer. • 1
• , of eao4j• •iear commencing September 1 , 1982 . Prince paol shall• be
• . •
payable, 4ia installments as follows : • .
• Date Amount . . : . . . : .
( March 1 ) • '
1985 $ 11976 • �
1986 31952 „ •
1987 51929 '
1988 7 , 905
1989 9 , 881
1990 13 , 833
1991 17 , 786
1992 21 , 738
Principal shall be payable at the principal office of First
National Bank , Fayetteville , Arkansas ( the " Trustee " and " Paying
Agent " ) . Payment of interest shall be by check or draft to the
registered owner as shown oil the bond registration books of the
City maintained by the Z3! Stee ;
. :
This Bond , •designatee " City of Fayetteville , Arkansas
Parking Facility Revenue Bond , " is one of an issue of Bonds in
the principal •amount ' ;Cf Two* Hundred Ten Thousand Dollars
( $ 210 , 000 ) ( the 163982 •Bonds " ) , • , *Phe City has heretofore issued
Parking Facility Revenue Bonds , dated September 1 , 1981 , in the
aggregate principal amount of Three Hundred Eighty- One Thousand
Dollars ( $ 381 , 000 ) ( the " 1981 Bonds " ) and the 1982 Bonds are
issued on a parity of security with the 1981 Bonds . The 1981 Bonds
and the 1982 Bonds will be referred to herein as the " Bonds . " The
Bonds are all issued under and are all equally and ratably
secured and entitled to the protection given by a Trust
Indenture ( the " Indenture " ) , dated as of September 1 , 1981 ,
duly executed and delivered by the City to the Trustee , which
Indenture is recorded in the office of the Circuit Clerk and
Ex- Officio Recorder of Washington County , Arkansas , and
reference is hereby made to the Indenture and all indentures
supplemental thereto ( including a First Supplemental Trust
Indenture , dated as of March 1 , 1982 , setting forth the details
of , and certain other matters necessary by virtue of the issuance
of , the 1982 Bonds , duly executed , delivered and recorded ) for the
provisions , among others , with respect to the nature and extent
of the security , the rights , duties and obligations of the
City , the Trustee and the holders and registered owners of the
' 1 $6nds , and the terms upon which the Bonds are issued and
• . se� cureci ► e • • The Bonds ( including the 1982 Bonds ) are being issued
0 0 , 0 for the *purpose of financing a portion of the costs of
, 00 , copstrogt%ng a three level parking facility ( the " Project " ) at the
, ' : C3ty , z'e{S2iring and widening a street adjacent to the Project atld
• • paying expenses of issuing the Bonds . 0 0
• 0 00 . 00 . . .
• „ •The Bonds are issued pursuant to z�nd• e • in full 0 0 0
: • 06mpli%h"d with the Constitution and laws of the State of
' Atkansas , particularly Ark . Acts 1971 , No . 380 , as amended ; , AL'k .
Acts 1949 , No . 468 , as amended , and Ark . Acts 19750
, .No: 977 , as •
amended , and pursuant to Ordinance No . 2762 of the .City , passed ' ' '
and approved on the 6th day of October , 1981 , as•% amender4 , tjnd
supplemented by Ordinance Nos . 2798 and 2800 of the City ,b"i;h
passed and approved on the 16th day of March , 1982 , Vildh
ordinances authorized the execution and delivery of the
Indenture . The Bonds are not general obligations of the City ,
but are special obligations payable solely from ( 1 ) 50% of the
surplus moneys ( as therein defined ) in the Pledged Revenue Fund
created by Section 502 of the Trust Indenture dated October 1 ,
1979 , securing the City ' s Continuing Education Center Revenue
Bonds , Series 1979 , dated October 1 , 1979 , except there shall not
be included as surplus moneys the parking revenues derived from
the CEC lots identified below ( which surplus moneys will be
hereafter referred to as " $arplus CEC Revenues " ) , and ( 2 ) net
revenues ( gross reveAwes' Iess; oFjeration and maintenance expenses )
derived from the Citp;es • parki:4%, acilities , subject to the City ' s
pledge of revenues derived ' fzbm those City- owned off - street
parking lots ( the " CEC lots " ) , the revenues of which are pledged
to the Contin uing• 6 a•C2on Center Revenue Bonds , Series 1979 ,
dated October 1 , �9 �9�. . : ,
. . . , . . ,
2
The holder of this Bond shall have no right to enforce
the provisions of the Indenture or to institute action to enforce
the covenants therein , or to take any action with respect to any
event of default under the Indenture , or to institute , appear in
and defend any suit or other proceeding with respect thereto ,
except as provided in the Indenture . In certain events , on the
conditions , in the manner and with the effect set forth in the
Indenture , the principal of all the Bonds issued under the
Indenture and then outstanding may be declared and may become due
and payable before the stated maturity thereof , together with
accrued interest thereon .
Modifications or alterations of the Indenture , or of
any indenture supplemental thereto , may be made only to the extent
and in the circumstances permitted by the Indenture .
The Bonds shall be subject to redemption prior to
maturity as follows :
( 1 ) The Bonds shall be redeemed from the proceeds of
• • • • 9 condemrnat•ion of all or substantially all of the Project , in whole
. . . . put note •irr part , at any time , at a redemption price equal to the
princiZla'i% amount being redeemed plus accrued interest to the
' : Y611emp1fibn date . 0 •
• , • • • • • e ( 2 ) Principal installments of the Bonds ' shall • be '
'redeemed„ in whole or in part , in multiples of $ 1 , 0009 • 4(oaom time to
go
0 otlVie o% Oeoth interest payment date in inverse chronolpgical order
of maturity ( and by lot within a maturity ) , from Boncj , Fpnd rJQvAYs
to the extent provided in Section 503 of the Inderfture , • at a
redemption price equal to the principal amount being oredeemed• Aus
accrued interest to the redemption date . • : • •
. . .
( 3 ) The Bonds may be redeemed on any interest pclWeflt
date , at the option of the City , from funds from any other source ,
in whole but not in part , at a redemption price equal to the
principal amount of the Bonds being redeemed plus accrued interest
to the date of redemption .
The Trustee , at the expense of the City , shall mail
notice of the call for redemption by first class mail placed in the
mails not less than thirty ( 30 ) days prior to the date fixed for
redemption to the registered owner of any Bond called for
redemption , in whole • or, in ,part , addressed to such registered
owner ' s registered add1e$ g . : Egoh notice shall specify the Bond
numbers , the date of ogre Bonds „ t�re maturity dates and amounts of
principal installments beim} called , and the date on which the
Bonds shall be presented for payment . After the date specified in
such call , the priricip W amounts so called will cease to bear
interest provided f�nde Eor th� i•r payment have been deposited with
• , • , . . ,
• • • •
3
• • • , ,
• . .
00
the Trustee . The registered owner of each Bond so called shall
surrender his Bond to the Trustee for payment of the principal
amount being redeemed and endorsement of such redemption payment
hereon and notation on the registration books or for cancellation
if redeemed in full .
This Bond shall at all times be registered as to
principal and interest and may be transferred with the effect and
subject to the terms and conditions endorsed hereon and set forth
in the Indenture .
IT IS HEREBY CERTIFIED , RECITED AND DECLARED that all
acts , conditions and things required to exist , happen and be
performed precedent to and in the issuance of the 1982 Bonds do
exist , have happened and have been performed in due time , form and
manner as required by law ; that the indebtedness represented by
the 1982 Bonds , together with all obligations of the City , does
not exceed any constitutional or statutory limitation ; and that
X''A7e above referred to revenues pledged to the payment of the
' 0pfincipal of , premium , if any , and interest on the 1982 Bonds as
• • •the same • become due and payable will be sufficient in amount for
too . •that pirrpolse .
0 00
0 0 0
000000 • • This Bond shall not be valid or become obligatory fpr
• ; any purpose or be entitled to any security or benet'it' unddro %le ;
Indenbire * until the Certificate of Authentication • he'eon shall '
*have beep• signed by the Trustee . 0
. . 00 0 0 0 '
IN WITNESS WHEREOF , the City of Fayettevil7,e ,• Ark4ps3s ,
has caused this Bond to be executed by its Mayor aridetitty Clerk ,
thereunto duly authorized ( one signature may be facsim&le but one '
must be manual ) , and its corporate seal to be affixe6,• *all • pjy ,of • • •
the first day of March , 1982 . , • • •
0 .
so
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TRUSTEE ' S CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds issued under the
provisions of the within mentioned Indenture .
FIRST NATIONAL BANK
Fayetteville , Arkansas
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PROVISIONS FOR REGISTRATION AND TRANSFER
This Bond may be transferred only upon an assignment
duly executed by the registered owner or his attorney or legal
representative in such form as shall be satisfactory to the
Bond Registrar , such transfer to be made on such books and
endorsed hereon by the Bond Registrar . The principal of and
interest on this Bond shall be payable only to or upon the
order of the registered owner or his legal representative .
. Signature of
Date of Registration : Name of Regis red Owner and Registrar
: First National Bank
: Fayetteville , Arkansas Za. [ �i9•
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RECORD OF PARTIAL REDEMPTION
Maturity of Prin- Total of Such Signature
cipal Installment Principal Amount of
Redemption Date Redeemed ( Date ) Installment Redeemed Trustee
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