HomeMy WebLinkAboutOrdinance 3015 ORDINANCE NO...-. 3015 e4 LlzwFILMW Z�7
AN ORDINANCEICAUT ORIZING THE ISSUANCE OF /� � � 3�
INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE
PURPOSE OF FINANCING THE COST OF ACQUIRING
J
AND IMPROVING AN INDUSTRIAL P0 ti/ ` ,
AUTHORIZING A TRUST INDENTURE SECURING /T" RZI ct
BONDS ; AUTHORIZING A LEASE AGREEMENT AND/OR � tJ
LOAN AGREEMENT BETWEEN THE CITY OF
FAYETTEVILLE , ARKANSAS AND FAYETTEVILLE
DEVELOPMENT FOUNDATION , INC . ; AUTHORIZING
THE SALE OF THE BONDS ; AND AUTHORIZING AND
PRESCRIBING OTHER MATTERS PERTAINING
THERETO ; AND DECLARING AN EMERGENCY .
WHEREAS , the City of Fayetteville , Arkansas ( the " Cityll
is authorized and empowered under the provisions of 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 ( the " Act " ) , to issue revenue bonds and to expend the
proceeds thereof to finance the acquisition and improvement of
an industrial park which can be used in securing or developing
industry ; and
WHEREAS , it is proposed that the City provide permanent
financing , through the issuance of revenue bonds under the Act ,
for the costs of acquiring and improving. :an industrial park
consisting of lands , improvements , and facilities ( the
" Project " ) , and that the City make a loan to Fayetteville
Development Foundation , Inc . , an Arkansas non-profit corporation
( the " Foundation " ) , the proceeds of the loan together with other
funds to be used to acquire and improve a site comprising an
industrial park to be operated by the Foundation ( or its
successors or assigns ) in the City , and/or lease the Project to
Fayetteville Development Foundation , Inc . , as part of an
industrial park to be operated by the Foundation ( or its
successors or assigns ) in the City ; and
WHEREAS , pursuant to and in accordance with the provisions
of the Act , the City is now prepared to proceed with financing
the Project and to issue and sell up to $ 2 , 500 , 000 in principal
amount of its Industrial Development Revenue Bonds -
Fayetteville Development Foundation Project ( the " Bonds " ) , to
provide such financing ; and
WHEREAS , copies of the hereinafter described Trust
Indenture and Lease Agreement and/or Loan Agreement have been
presented to and are before this meeting ;
WHEREAS , the Bonds are to be sold and delivered in one
series , Series 1984 bonds in the principal amount of up to
$ 2 , 500 , 000 , dated , bearing interest , maturing and subject to
redemption as hereinafter set forth in the form of Indenture
authorized by the Ordinance ; and
WHEREAS , pursuant to the provisions of the Tax Equity and
Fiscal Responsibility Act of 1982 it is necessary for federal
income taxation purposes that the issuance of the Bonds be
approved by the Board of Directors of the City ; and
WHEREAS , the Board of Directors has determined that the
purposes for which the Bonds are to be issued serve a valid
public purpose ;
NOW , THEREFORE , BE IT ORDAINED by the Board of Directors of
the City of Fayetteville , Arkansas :
Section 1 . That the issuance of the Bonds is hereby
authorized . The Bonds shall be issued in the forms and
denominations , shall be dated , shall be numbered , shall mature
( over a period not to exceed thirty ( 30 ] years ) , shall bear
interest ( at a rate or rates not to exceed the maximum amount
allowed by law ) , and shall be subject to redemption prior to
maturity , all upon the terms and conditions recommended by the
Foundation and to be set forth in the Trust Indenture
( hereinafter authorized ) securing the Bonds. ,,
Section 2 . That the Bonds be sold to the Purchasers ( the
" Purchasers " ) for the purchase price recommended by the
Foundation and upon the terms and conditions set forth in the
Indenture ( identified hereinbelow ) .
Section 3 . To prescribe the terms and conditions upon which
the Bonds are to be executed , authenticated , issued , accepted ,
held and secured , the Mayor is hereby authorized and directed to
execute and acknowledge a Trust Indenture by and between the
City and First National Bank of Fayetteville , which will act as a
Trustee thereunder , dated as of the date of the Bonds ( the
" Indenture " ) , and the City Clerk is hereby authorized and
directed to execute and acknowledge the Indenture and to affix
the seal of the City thereto , and the Mayor and City Clerk are
hereby authorized and directed to cause the Indenture to be
accepted , executed and acknowledged by the Trustee . The
Indenture is hereby approved in substantially the form submitted
to this meeting , and the Mayor is hereby authorized to confer
with the Trustee , the Foundation and the Purchasers in order to
complete the Indenture in substantially the form submitted to
1112VAGE10i
:rte, 2
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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 4 . That there be , and there is hereby authorized
the execution and delivery of a Lease Agreement and/or Loan
Agreement by and between the City , and the Foundation ( the
" Lease Agreement " or " Loan Agreement " ) , and the Mayor and City
Clerk be , and they are hereby , authorized to execute ,
acknowledge and deliver the Lease Agreement and/or Loan
Agreement for and on behalf of the City . The Lease Agreement
and/or Loan Agreement is hereby approved substantially in the
form submitted to this meeting , and the Mayor is hereby
authorized to confer with the Foundation , the Trustee and the
Purchasers in order to complete the Lease Agreement and/or Loan
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 .
Section 5 . That the Mayor and the 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 Lease Agreement and/or Loan
Agreement , the performance of all obligations of the City under
the Lease Agreement and/or Loan Agreement , the execution and
delivery of the Indenture , the performance of, all obligations of
the City under and pursuant to the Indenture , the issuance ,
execution , sale and delivery of the Bonds , 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
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 6 . That the City is hereby involved with the
acquiring and improving of industrial facilities , and pursuant
to applicable laws of the State of Arkansas , including
particularly the Act , competitive bidding is waived .
Section 7 . That the City Clerk is hereby authorized and
directed to file in the office of the City Clerk , as a part of
the minutes of the meeting at which this Ordinance is adopted ,
for inspection by any interested person , a copy of the Indenture
and Lease Agreement and/or Loan Agreement , and such documents
shall be on file for inspection by any interested person .
600Y1112PAGE702
3
Section 8 . That the law firm of Wright , Lindsey & Jennings ,
Little Rock , Arkansas , be appointed to act as Bond Counsel on
behalf of the City in connection with the issuance and sale of
the Bonds .
Section 9 . 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 10 . That all ordinances , resolutions and parts
thereof in conflict herewith are hereby repealed to the extent
of such conflict .
Section 11 . That there is hereby found and declared to be
an immediate need for the securing and developing of industry in
order to provide employment and payrolls , alleviate unemployment
and otherwise benefit the public health , safety and welfare of
the City and the inhabitants thereof , and the issuance of the
Bonds authorized hereby and the taking of the other action
authorized hereby are immediately necessary for the
accomplishing of these public benefits and purposes . It is ,
therefore , declared that an emergency exists and this Ordinance
being necessary for the immediate preservation of the public
peace , health and safety shall be in force and effect
immediately upon and after its passage .
s `
PASSED : June 19 , 1984 ,
ATE )11
ATTEST R 'tig 1 :.; `,, APPROVED :
' v
-� • ' • �' � e'rkMayor
( SEAL )
0483C
809Y. 1112PACE 703
4
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 . 3015 adopted at a
regular session of the Board of Directors of the City of
Fayetteville , Arkansas , held at the regular meeting place in the
City at 7 : 30 p . m . , on the 19th day of June , 1984 , and that the
Ordinance is of record in Ordinance Record Book No . at
page now in my possession .
GIVEN under my hand and seal on this 19rh day of June ,
1984 .
-e l.:
i Kltr :
,�
City Clerk
;+�,� yCCUHS� • p
CERTIFICATE OF RECORD
STATE OF ARKANSAS I SS.
Washington County
0483C I, Arma L. Ko:lmeyer, Circuit Clerk and Ex-Officio Recorder for
Washington County, do hereby certify ,hat the annexe or fore
;going instrument was fil d f9rr rreec�ordin my office on that3day
CERTIFICATE OF RECORD of and the same is
,duly r rded in t'N. MCk o r'erord 1\ \�. at pave.to� o
State of Arkansas ( SS iWitness my hand and seal this%_ Daay of 19M
City of Fayetteville ( f�,a11\L1���y- -
I, Suzanne C. Kennedy, City Clerk and circuit clerk and
E' ftiao Recorde
Ex-Officio recorder for the City of Fayetteville,
ray
do hereby certify that the anne::ed or fore- Del:jjty Clerk
going is of record in my office and the sane ap-
pears
din Ordinance & Resolution boot:
rst
X .e—at page g my
hand an seal this — l:°y BOD
of 111 q
Iq • Y, PAGE O4
,ill Clark and };` fi io P.ec rde
5
. � A'Pe . : 04wtLn�N)V¢ryllp,�nlw,
'2 51 ,NORTHWEST: ARKANSASTIMES � .�1 �, j'" e► �; 1
u- +P.O. DRAWER D FAVETIEVIIU; ARKANSAS 72701 Er•3{!�
212 NORTH EAST AVENUE :PHONE (501 J.42-6212 Moe" mAsarsn
roe CUE. s Nm run srtwN a '�*.
. an uEwn arc ena u
' rNONE .ptwl . .
•• wDFux0 TEI1YE 1
. - }. - . ' .. 1� . ,. • . `+;ORDINANCE ' .
,} City of Fay ettevil•ls '
_ WINNER q -<'�FECUUWFCATCx
Drawer F
Fayetteville BAR
` 72702 V 00
Etrtun nn •ror wrt Iw•wwa
{ 07/03/6 07/03/ 4 R2
ti rYYE PAY r Y
I "ORDINANCE NO. 3015^ AN ORDINANCE AUTHORIZING THE ISSUANCE OF
INDUSTRIAL DEVELOPMENT REVENUER BONDS FOR THE PURPOSE OF FINAN
CING THE COST OF ACQUIRING AND IMPROVING AN INDUSTRIAL PARK;
} AUTHORIZING A TRUST INDENTURE SECURING THE BONDS; AUTHORIZING
A LEASE AGREEYIE -
/EJ
MAKE CHEu PA.AE TO: 047036 No. 047036
no.kE® iloN�nT4Rw
25120 NORTHWEST ARKANSAS TIMES OgBL TM l 1MWxT
P.O. DRAWER D FAYETTEVILLE, ARKANSAS 72701
212 NORTH EAST AVENUE PHONE (501 ) 442-6242 YOUR CLASSIFIED INVOICE 4
NOW Om. IF NOT PAID WITHIN 18 IEYT�
'
OATS AYOYNT DUE MRL EE
PHONE CLERK
ti 501 - - 00
H INDEXING TERMS
I Section 6
• City of Fayetteville
AO GrvEN av clAzvFlurroN
\ 102`,
Drawer F
Fayetteville SAR CC n KA
t 72702 D V 00
e FART DATE IMP DATE "IPUTHEDULE
7 07/03/6 07/03/ 4 R2
E PUUJE PAT PEw.vnY
Section 6. That the City is hereby involved with the ac Quirin
g and improving of industrial facilities , and pursuant to appl
icable laws of the State of Arkansas , including particularly t
he Act , competitive bidding is waived . " Section 7 . That the Ci
ty Clerk is her
1
1
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s E foe•nlaled Ira an Nana b. ane isMay" ama rhe tryNI yFn Ib AreaewMM Gull 'r RM. alr.cleh. M aM ed than a
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olar sera gPsrelno ime QNr lMNumNs'1bt1111Yb
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awns AUew ro • Or" SPATE of ARKANSAS
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ISSVANCE Or IMNSTRIAL lir a1Cn 11ipNG ",rim aM Irrpghb de'ss�'
OIVECOFMENT REvoi al IWrm. hit 1f4nF �Mtlngr�IMmnMa• a sf I« 1 CIIIN•e a
EOMpf'FDN THE ry1RWSB N1Mf marllNeR pEXm wnua t b a $CR W I M / certify that 1 • '
-OR FINANGIN° •rX!`CO{T .yNnylpNl.a17 �••••> — Ib Stott a ArtMNR4J 'a1R 1, "-�R hereby ce
a wewraWa ' AND"IM caslNa'y',Ta:ardehib ib loa b Hcanly lPa Aa: refit_ am thepubllsherof THE N0RMVtj%8rARKANSASTI1k1ES. a dailyrlewspeper
[AUTHvaOVINe 'AN"INDYsrauL MrIK_«y ,wbnblN ,yapn pNlnve blaClrbNwMe. laving a Second class malling privilege, and being not less than four pages of
ORIZING
aUTXORN- U A ,*skit Me astla;an N a, r: TM itedGwI
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[UCURING THORIZNrHH ' aONDs: gnu", «ceaaim, Isarany alr«I« rorlNrn m• enba Intervals Continuously In the City of Fayetteville, County Of Washington, Arboreal
AG RE E SA IND a LEASE ycureized m di IF MrFr imi < n cin W R oanNON- for more than riod of twelve months. circulated and distributed from an
° RI AGREEMENT
AMD/OR avlMrlreO RM alrtclea n; IMNn a NN ~10 for Pe
}LOAN THE
OF «Nawab aa[amwl«« a Which IMF Ordlnsnu -I� established place of business to subscribers antl readers generally M all classes
FT W E E N T X E C IT F Twat IMMbn •DT aM bjIfter
ea, der I by x d lir J y In Ne City and County for a definite price for each copy. or a fixed price per
_ R v .E r T E v I L LIETHE
crit Cln aM Fleet xs1•R RaM11• • Ctpl'aM
yAaRANSAf . AND THE tied&, EMk a.F"mmlN, mre .aM l"L Aade' annum, which price was fixed at what he considered Ne value of the publication.
4FavETTEVILI! -0EVEL WhM will act « Trusl« •^°J°r L^F^ Aarae^INIL based uponthenewsvalueand service value itconuins, that at least fifty percent
I OPMENT -FOUNDATION. thrwMsr, Galea n a onNh d«phNrrlf Wln•an
INC.: AUTHORIZING THE dans a me ems hodN lU . inpKllmbranv tutuof Ne subscribers Neretobave paid cash for thelrsubscriptlans to the newspaper
SALE OF sONDf; AND and fbcityClark IFouggr e^..Z or Its agents or through recognized news dealers wet a period of at least six
I.AU THORISINO AND ,PREa«reav avmerlsp Mq dlrKM sepbn a, Taw NN lserlNM months; 9114 that Me said newspaper LC RIBINGOTHERMATTERS b •etKuns am KLMrledb «Wr-tMl. Llnd♦er a Jonathan' pape publishes an average of more than forty
NNM M
ERTAININO THERETO: ln NthN L
NIMO KI.,ArsallYa. b ap- percent news meDer.
IANO DECLARING. AN I li lM city tMM. aM me "MM b K1'O Bona ce
EMERGENCY. Jr' ,Mayor eon Oh CNTI "•n bbh•IIwmOIy MrJnbc
WHEREAS, Ina City .•r I,ereBYAamarlsp YN dlr�tTw tied with Far Issuance NW MM I further Certify Nal the legal WIIM hereto attached •In IhP matter Of
RarNhvllle. '"M• ItI n cWle-fb IMImVn ft am•EppA . t
IIY"1.- H N•IINrIM ,ban Kc•pbe, e[Kutee 'aftl e5• • aKfbn F..TM dopMNNN �L
W W Art
tuna« .lh• Ps' -kbNNbee by th T.w«. a mH Onllianca sM1.lwabv
rlFbmaho" n mbf no The Indenture IF hereby a isroC b MbpORIw.Mau err.
EaRWY- SO rag d Gt #T@l � b N tYmam 'llr any M(tlbl. a ow a :P6
s I. 1 r- s e c o n d ,can•. e I MM eWn11M b RW man, vlabn N ll M any rehash b
AFsamNY a Ind slate be ba�Rb lM Map H Mnby eKlalw b 'b'Imatle.;Wcn Was published In the regular dally issue of said newspaperfor
Into.
jNl wllslx.a ro.ImM'. 11N ?•WrNI°" ahalllvl Yl•C* m• Lnmecudve Insertions as follows:
lel. Mo. - AS nun«O INN rrvsM.•ma PWMNbn Rod. validity a�Mrlamaam a.IM
� M"l.b luua revMue bwM. M• PUKM«rs M drdw b Mellon&. -0Ora«S_RMI.JEL' p
aM Iela"lNro M• enbc•ede Fdmpyy m• Inewn lnM otos^• The lint hlsertbn on Ne cert-tt day of 390_
NNrea b finance der •CTIUW. I INIM IM Mm Fu«nW« SM10n lo. TM all 'grid,
man am imamNmam of W b MM1 MMba .Nilo h ••dC•k' rmlNbN NIe 'brh \
PMbFlrlal Fora .nlm ced b .cNndes he bWMWW; ln«sr be tim nvwlT r. the second Inertlon an the day of 19
e M MNrinc a bvNgnq b wcf Renws e.ecvlNb me MehM r•p«Itl bib ed W r
IO SHEMivmwd. ibb e[«vlbn b oW�C -.
WHENEAs. n. b- aCOAM Cwflryle CyKlwr• Nbr,de Singularndorm .11INInM DW sl' the Nlyd insertion on the da)' of 19
ab1,IPa ah.pr"ba redo' aadeAelaw"e. INrnO "aM deHarw b b an -
Anl
financing. INapl: "III ycllen C. TNIIMa b.Yq Imre«IRNnwYIY1b �W'-
p ro"nde OaliOs M tie N Wnwy aullwtiw-llu nap AM deya"lN ng WIaIFT and Ne fourth Insertion o — day of 19
Irl and
lb. a "•crH My b11wrM a .a In arrow RWb arnlalpY . f A) �a ala � , p__ A� a
Wlrllb Mb .lmg su . a Lee« AaNmonls 1pn dNM •he:RMWLL IlevlaN �/[.�YLaSrY4 �J(V�ETrVane/
IRI pKa .CNa1NNp N wprwmwl by and bxwwn flit ulNmp "r f ane aNnlYnw {� a
Imadwnnnh. Ma h city. and me Fpmdshn (fee OkrNllflbwbnc balm.FaMM. � .J. {
diluted lit^ fami*c •'1• 'w 'vehh Aaa•mmt" lir "Lean and ^Han a tb dins Rlld lite worn to add subscribed before me on this ! day of
incl fb Cln.m«e a ISM b am City Clark end RN rNYw IMNNtMfi Nwea. W.JM
Far•n•ruh D•vlRdm.nl tib Cin Ana M. ala tbv an 1FFvanu •dl in• Bones 1�4JI('� /�• 1
FeelbanM. I«.. M ""a «rebr. N1Ma1:K ro exactly. aullWliw Mena and' my
bon.Bran cvrporall" 41" Ka19Weda• and deliver He hfind- N '.alH dlbr actio
•Fee10atM"I.IIN a>'aadea
Leslie Aa«mMf •MJa Lean "credited Wendt an-ire ,
Tlie loan IdpelMl'V1m NhFr .era«rMxb aM M behalf N WWNV bteawy w Ib c
1VMibbuNafo acaNn am mal GIPI._.m• L««AwWymt ComalMlm el taw r k No rPubllr
mrp.we . Ana cpnlRnuO M IwJa Leon" Aar«mMl I. bbllla ;aPe'purPe«s"N"Y.'
!IrMYFnIN den ro b t¢rafM Mwr applov« Substantially mNee, d WW mal - on
der r FMWVI n'(W m wt. M Ran form awlnitl« W mal d y ealaN rn MH Or... M)' Commission Expires:
C•YNs N assIOIN In Ib city. Maintain she Me exam,
TH,°Mance baro sec««rr Jay::
eeletprM"y pImtsFayttvile O•valemernl wire me poweenen, He ,va . M public Make, might" am
I L
F" Vap " Man a m « m NN vncha m dinnerdinneruNh MRx r m Mc• and
Moen Foundation
mopt b cprNw fd tdmp•Ie the LA•b Agee agency Imre 'MlY aped' and
OY the WMatiob111W M NK. renal MNN Loan AorNmnt SfW ltap "M
C• sa AW $ In be CM: in eWXRMfSuy PIN Mm tut PKSED:'JNNiF.1sK -^-
"d
WHEREAS. prrm i reed ro Thus mR l" WIM ATTEST:"' ^ • - , /0
' the
an tOucW iallhanake aMall b-a1R•nIN C:Ewordy—^
�'I^ kccareanc• Mm NN 'Prb ipaovw by wch -b l" elan Clark FeesforPrinting —
I,vIsons a His Aug. Oa Cin n beecucrM the decal , goonfAPPNOVED: Paul R. Noland
I'nm ift SRI b pocead •YIM /reC ire b Constitute CM.i'w•p
iNn.Klnp nal FnNcl aM ro twaly "Ind as ,cd n .y.a SEAu - - . Coll 0( Proof — 5
IN aM«n uproir.neAW In drovol. curolCATE
I Punt", RlllNnt a He IMWN I SKllm°s. Thal IN Mayan The unM1ni , Clh ClemG, G
Flat ORvelo t a""" Phe nal Cny Clark. M alit an a ib city of Fayetteville, Total
IB LRytnsvllla CQn WWW agreeing gre City.,W. aha they Arkansas. germat,CMit"Mal
hoot rourbnhn Protect 1Manit herby. "m it and YIN Methilm bas aro aYw•
_Banda"1. 'h pavlde NNb 11 vileC to hI any am all nM M• l'OWY in Gran•rca 1
' Mina'•nn Mins, mc•fl N affect IM Nd. "Is. ad " N a r• ful•r
' 'WHEREAS, Cbl« a NN o.«utbn and delivaY N IM nsaloo- OI the Board at BI/
,Hereinafter dbcrlb•d TrustL"W Aanmant arW/N Leon dr•cturs a the City N Fetat
lM wr• eon LankaApY- Mor«MeliL the pMWman[e halls. Arkansas, Paid N The
llbnl aM/e Leon Agreement On
all Obligations a iPa cur c•dular m"Mq Place Or M•
�Nyben w" twto Mng tanker City N r:JO p.M.. do Irmlem Ar
Where MYm"ling: An ON
ours ProAiraNnp My day a June. IW, Md HIS the ' f
wHEREAa. tb BNbsanle execution aM delivery a mr ordinance IS N r"sa m Ordl.
AS fold am delivered In eN pI urn: lb derl«Mame a "Me Record 0OM No' Al.
'F1". a•H« 11« bNW M Ib. yR abugnbm STM Cin sena•. Page .. . .sow to ••mr: 1
;MJMIdel Nrokint a NO fa MN wrWanl ro lb iMM t, dd•d•ddldn'
ss.SOg,0.U, dRad. Mrllq In- MN IuuYNe. oa«ulbn, le GIVEN VINMr my nRRd,aBd \
Maki. mahrlb W "pI"t b Yp dNlyrr ng Me aNWF. aM.dd•1 M-MN lam W a Jab.
rwemPllM " lrr•IrNNn «t deo Pa mene a NI Kfi a 'l�. IX
Min In ion ivied oLlOdenlun SmaM•C. Nalwdy •^
I aulivliw by ilr OrdlnalHe: j1fact nd l[�rrY OYl of CnreMle. ..
I WHEREAS. pursuant to One IIMMwIIv Cenverrw by Mia (SEAL
TNdVINMa of dal To, Equity 4�L- .ewN+wa....�Y,�•ak,.d�V
AM Fiscal Ra ibllity Act
r a 1M It to neca•ury M rw-
kral Income tevllM Formula
final IM Issuance N IM Banda
T• spMdved M 1Pa Ended Or
OiraclwsngtMClry:
And
WHEREAS. NN Board N
,Olreclon los determined that
Is, wren for which the
Gild wlbbI ; «rye
"-NOW. THEREFORE.
! -NOW. THEREFORE. BE IT
ORDAINED he by, NOFBoard l
Owilit.A ke the Cary a Favet
I section
1. nW:
I s the 1. Thai ion IiWaM•
Of the Berea Is nail by
authorized.Onthf a shallb
Ibuwe. mil the sync .N ll
Institute.dwyn Pall be bled. W e
(o "mewed. Neu mature
Issuer a brbo M."<"r
' Mint tall Mall de
Internet
rate). n
t laf a nh or uhf ue1
to `K��nmf mulmum
RESOLUTION NO . 75 - 84
i
WHEREAS , on June 19 , 1984 , the Board of Directors of the j
City of Fayetteville , Arkansas enacted Ordinance No . 3015
which authorized the issuance by the City of $ 2 , 500 , 000 of
industrial development revenue bonds on behalf of Fayetteville
Development Foundation , Inc . for the establishment of an
industrial park ;
WHEREAS , on July 3 , 1984 , a public hearing on the issuance
of the bonds was held before the Board of Directors ; and
WHEREAS , no one appeared to present objections , comments or
suggestions at the public hearing .
NOW , THEREFORE , be it resolved by the Board of Directors of
the City of Fayetteville , Arkansas :
SECTION 1 . That the ordinance authorizing the issuance by
the City of $ 2 , 500 , 000 of industrial development revenue bonds
on behalf of Fayetteville Development Foundation , Inc . is hereby
ratified and confirmed .
SECTION 2 . That the provisions of this Resolution 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 and provisions .
SECTION 3 . That all ordinances and resolutions and parts
thereof in conflict herewith are hereby declared invalid to the
i
extent of such conflict .
I
SECTION 4 . That this Resolution shall be in full force and
effect from and after its adoption .
PASSED : July 3 , 1984 .
APP OVED :24g�z—a,
aZ�c /
Mayor
ATTEST :
ity Clerk
0568A
2