HomeMy WebLinkAboutOrdinance 2800 r•Ii . r • n • — � / r
I j •
ORDINANCE NO ,
. 04
CO
Mq �
AN ORDINANCE AUTHORIZING A FIRST SUPPLEMEN �
LAj '� /6
INDENTURE SECURING THE CITY OF FAYETTEVILLE ,
PARKING FACILITIES REVENUE BONDS , DATED SEPTEMBE ?k£R�� f
1981 ; 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 issued 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 " )
( 1 ) for the construction of a two - level parking facility ( the
" parking facility " ) on the City-owned lot immediately northeast
of the Center ( the " lot " ) in order to provide adequate parking
for visitors to the Center and the downtown area and ( 2 ) the
widening and repair of a street adjacent to the lot ; and
CJ\, WHEREAS , in connection with the construction of the parking
facility , the City widened a street adjacent to the lot and has
made certain repairs to such street ; and
WHEREAS , the 1981 Bonds were issued under and secured by
a Trust Indenture (the " Original Indenture " ) , dated as of
September 1 , 1981 , by and between the City and First National
Bank , Fayetteville , Arkansas ( the " Trustee " ) ; and
WHEREAS , the City has determined that additional parking
space is necessary in order to provide adequate parking for
visitors of the Center and 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 " l ; 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
secured , in part , by Project Revenues ; and
_, ® 1059 352
WHEREAS , the Series 1981 Bonds are secured , in part , by
a pledge of certain parking revenues , including Project revenues ,
and , therefore , a need exists to pledge additional parking
revenues to the 1981 Bonds and to any parity bonds ; and
WHEREAS , copies of the hereinafter described First
Supplemental Trust Indenture 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 :
Section 1 . That there is hereby authorized a First
Supplemental Trust Indenture by and between the City and the
Trustee , dated as of March 1 , 1982 ( the " Supplemental indenture " ) ,
pledging to the payment of the principal of , and interest on
and Trustee ' s and Paying Agent ' s fees in connection with the
1981 Bonds , the following :
( a ) All net revenues ( gross revenues less operation
and maintenance expenses ) derived from the City ' s parking
facilities , and subject to the City ' s pledge of the revenues
derived from those City-owned off- street parking lots which
are pledged to the Continuing Education Center Revenue Bonds ,
Series 1979 , dated October 1 , 1979 ( the " CEC lots " ) ; and
( b ) One-half ( 1/ 2 ) of Surplus CEC Revenues ( as defined
in the Original Indenture , except that there shall not be included
as Surplus CEC Revenues the parking revenues derived from the
CEC lots ) .
Section 2 . That the Mayor is hereby authorized and directed
to execute and acknowledge 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 , 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 3 . 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 , and the performance of all acts of
whatever nature necessary to effect and carry out the authority
®1059 353
2
i
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 4 . 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 such documents shall be on file for inspection by
any interested person .
Section 5 . 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 6 . That all ordinances , resolutions and parts
thereof in conflict herewith are hereby repealed to the extent of
such conflict .
Section , 7 . 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 taking of the 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 • 0and effect immediately upon and after its
passage . _ / /
PASSEI���GL( /(� 1982 .
AP,PRQV ED : ,
ATTEST,
l �
v4 Mayor
City Cle t
N
( SEAL )
s .
.' yC6JN 1� • � :'
3
® 1�s59 354
a
CERTWCATE OF RECORD
$lab d Arkansas ( SS
Gly of feyewville
t Sh" RQWOc City; Clark and. Ex-officio
faM& far. to C"V e8Ir8yo evill1a. db frere-
by certify tALt dte annexed or foregoing is
°f IeEardi h my office and the same ap-
P"" ii?, Ordinance 6 Resolution book
-X I I -FA PaSta•_ s. Witness my
6fadi andi seal( dais c�•y�r`— day of
E4 Z
City Clerk and E •Officio
Recorder
CERTIFICATE OF RECORD
STATE OF ARKANSAS SS.
Washington County
I, Alma L. Kolimeyer, Circuit Clerk and Ex-Officio Recorder for
Washington County, do hereby certify that the annexed or fore-
going instrument was Maoddfor �rr /4prdin myofficeon the�ay
of L
�rilaA .L�ofa�Eo'cloc' M, and the same is
duly recorded in ' 944 / - record at pagej;LSa
Witness my hand and seal thiscaCdayof Qv/ 19-4
Circuit Clerk and
-Officio R ord /
oy
Deputy Clerk
t ,
i
a
FI ORp SUPPLEMENTAL
RIZING - STATE Of - ARKANSAS 1
FIRST' SZNCE AVn TRUST A )}
DENTURE SECURING THE CITY
OF FAYRT TEYILIX. ARKANSAS County of Wsebtngton --
PARKING FACIIJTIES REMUS
` BONDS. DATED1.
j - SIER
lost ; AUTHORIZING AND
PRESCRIBING OTHER HATTva��/ a�
hereby certify that I
PERTAINING THERETO: AND
a daily
DECLARING AN EMERGENCY.
wImRF.tS. the City deayeotariUq am the lyublteher of THE NOR EST ARKANSAS eing out•less than
: 'AAam.e Its "City"r, has acaWroO, L'Sectim, f; 71;i the hlo r N heitDy ' newspaper having a second class malting Drivlleg%
cmetruelnd and equipped a corxantfoe anlh9dsed and directed W ettcuta aid
anter nh ••center•') to lex downtown acknowledge tlx Supplemental IMeo- tour pages o[ flue columna each, published at a fixed Place of buetaeae and at
. need theCiy, eMleadedthCesbr it turn and the City Clea b .skis a fixed (daily) intervals continuously in the City of Fayetteville, County of
m Ux Bound d Tvmtees d me UWvert , •aumortwd ape directed to exemta and
dtydAraacxsu(w esaamotinuing ' acknowledge the Supplemental indery ( Washington, Arkansas for more than a POT
of twelve months,subsccirculribers
education center: and •. � .. -!.. : .tore aid W affix tee seal d the city
WHEREAS the City his issued Its Mason and Use Mayer and City Clark and distributed from an established Dlers of ounty for
t0 efinite be is an
mnux Donde to finance a hotel (the ,,; are hreby wtlwima and duetted a _ y�dere generally of all classes in the City & Connty for a definite price for
-Howl") thathasheenmeewcrodad- '.canna the Supplemental lodestone W Or a fixed Drtra per annum, which price was fixed at what to
1:71 to, and for the Purpose of avec j ' be accepted, executed and etch copy,
_ Ins value and
vietore to the Canter: and - ,.ht acknowledged =the 'nunillue.y!Ttihee . conoldered the value of the publication, based upon
percentits
the subscribers
WHEREAS. the City w Iwwd its ; � 91rpplemanW I tura le -sub• r18rv1Ce value it contains, that at least fifty De
0.nl,ta Parking FaeiBy Revenue -proved u wNtantialy ON farm
Berm, dated September 1. last. Ithe , ,; maledmoameeuN. - -. - thereto have paid cash for their subscriptions to the newspaper Or its agents
•IWI Bosch'•) (l) fm U,e twnbuctlm . - Section 0. That the Ma
and City period of at least six months;
' d a e Ienl parking facility Ithe #Clerk, feratdmbduUYtNMCit)'• be or through recognised news dealers over a DB
••parking facility") on the City-owned (; am V are hereby. author' abd and that the oatd newspaper publishes an average of more than forty Percent
') • let ImmedietelX bortlxaef d irk -. directed to do eery std otl Wnge
Center nth "lot") in order to provide ' -necessary to effect the executim Rad news matter-
, adequate Ham for vltltra to Ux t'ddivay' d the SupDlemm7al'Idm-
, )
center =9 downtown area and Olt ;s,Wye• rpa. performance d all oblige• I further certify that the legal notice hereto attached i¢ the matter o
the widening and repair d•a sDeet.ad.' . ; TG a d meaty miler aid wnWm to
1 ycmttothebt: and* - .�:: . _ 'me Supplemental Indenture, aid the
e
WHEREAS,
Wetim d theparklW vllictillib, •.'r exha a necessarytoWain effect
� j(�('7 �• 'y/�' /` ,n /` n i / 1 /1
the City widened a .Leel adlacem to r:,out me autbority coderred by fhb or,
m
I ebwre
tasdhamaNWnpalnW tdi T'ast the Mayo and City
I pea Meet; annd - - 1 :."Clerk be. aid th arc bne0 P.father for
wHEAF.A3, nh 1181 BooAi waw 1' edhorirnd and abected for aux on was published in the regular dally issue of said newspaper
bound utdle and Wetted by • Trust : (.DelaO d the City, W esemta all
"bdmture lOx "Original IMaaue' 7 paper, documents, a rofkatn and .
consecutive insertions erg follows: �/j�" )
• dated es d I1. lap. by and ''tomer. Wwmmle •thl :m8r`be,
ht sea th y tad Find NRUnne "' Ired for Use eseylng ml d-phN day of
Bank. Faydlevilie. Altaemas r
It ; aquUthwity or to evidence the exacta• The !fret insertion on. the
livered - ii . yl ; ._,.,.
WI7EREAS,
we City has determined Seaelm t T .:That the City Cleft li � � 19
text additional Patty spare b day of
In W provide Isl0*1 to ireereby adheflznd and dirrtnd W find) the IecoIId Insertion on the
narking Wmadriesdat Cly Clerk, tateyn1" 19
peeking /err n am
d that
Center and .d nix mlnotes d IIx meshed at wmrb I day of
Use iWe way
orae aid Wt tae meet ,tele by anaaes re adopted, to inepae- I the third insertion on the -
feeslbb rq W provide lex amitloal ',..tlm by any Interested person a topY d
pad!Wy span b to rorotruet a Wed tau Supplemental Indenture, and path Amu of 19
Eve! io me Ling parking tsdut} do0anmto duo be m file for bapec• and the fourth insertion On the ���
Ule••PPN1OjJGR "=; and ileo by,any lntercstad person• , 1 �� � ra �
tyFa?RR•C, me eninutedcast of the Secnm S. Text theproWiom d lob A I�
Project, .incl did the casuuctton 'oNWasra ase Inneby decured to h
: Waia. archRect'a fen. iinancWg coat. . t•aepareble, and a any section, pluaaa 1
aid other cab ioeidenW iheret0. b _ ex ppoovvulm Sher for aro realm De
i $210,900: and ' - ` decbred to h Invalid, an deslhra•
oLLWHEREAS. the City ran f mnall the eon Nall rot affect Use valld(ty of tM day ot��
estimated Prefect tau by 0+ ia' rmWMer dirk Secliem, PfOaaes and I Sworn to and subscribed before me on this
Wise d additional Parking Facility
Ravmue BOMB secured. W Pars by Pgoetcla 0. Thi aB ordlunce; ,(�/ 1 ^ t•-t \ �LJ.i�e�
prefect Revenue: aid mookaW os aid para Ilhertal In am- I 1 ll A ) l
: WxEREAs, me Series Ike! �aoM. . .Hitt I,erewan .). .pray rrnesled la � 19
Faro secured, to part. Dy a plmndagas d sere meestemld NcheonBlcIF
Wit parking mann. Including Pro. Serum 7. That Inde b hereby fmnd —
y pct evepo. and, threfora. a need "and derurnd W be an Immediate need
aaba to pladp addiliaal peekIng fer the securing and developing Of .
revenue to Ux Hal Bands end W any . tourism W. orcin to provide emplay. - NO pnbifC
.� D w1 EemOa; and - men! and payrolls• • alleviate
WHEREAS. eybdtlr hereinafter unemployment and otherwise peaiil ,��1 ' � • . . !
desc= Faretsupp wITevello- the public helm, safely and welfared
� 'deslure pave been pr led b and
the.City and the inhabitants thereof. My Commission Expfreet
are bdorc mm meeting: aid the taking ef the adion Oumadsed -
NOW, By TH BOARORE. O DI OR- acaa nW�uWy thea puecretaryblic o Z
- PAINED BY THE CITY OFFDIREC• ' Derby off
TORS OF THE CITY OF FAYEI'-. t . Mils and purposes. It a, thereinto-
- VILLSWUM L That tide u aeeeDy i. declared that an emergenCY exists and
authorized a First Suppleramtal Teal Ieb Ordinance Me being ooa�f�Ik .l .
F Indennme by aid between the City and expomihail sefety dull be In
ma Trustee, dated as d Marsh 1, b$2 " S'Ierte and effect Immediately upon aid Fees for Pr
latlag
'' (ts *IIGWOmanul IedeMore"), nidler as Peal '•i .
�d�N W the WYaseat d the Pdn' pASiED: March IL 1917 a_
IL.mid Paying
ssmp m .MrnaWe'. •a,Yi :•e•. ROVED:
ov® Cogf. of
aid Paybhg Apnea fee W comnec0onn n ri:,'t_"r SPaW R Natant Mayo
W"UWI IBoMs, mefoBowiN: n•ATTdT+ -'* + )'' w
'jvJ• ter) All std ewemxa loose eemw yxrty Row• Clly Cierk „i i}•n , Total
Ira operation aideminuunoe ex• . 1, (SEAL)
?' ) dwh d from an
City'*
.. W$2 •. i e `. • v ., /. ,
tacRities, &W subject to the City.
oxi revenues
sem ti Clb id afml�� -
e,gpuwblebampledgette.Oxt�• ' ei iia E I V E D
Boarix, Bain unit, dated 1
:,R•resO�,d dem ins the
APR 81582
: me 1dal_ 1eeeY"cast than
be CEC
derivedr muse ACCOUNTS PAYABLE
, 1