HomeMy WebLinkAboutOrdinance 3024 ORDINANCE NO . 3024
MICROFILMED
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 , AS LESSOR AND SCHEDULED "A TNC '. , :
AS LESSEE , IN SUBSTANTIALLY THE FORM AND WITKcSUBS ! ALLY: ' .
THE CONTENTS SET FORTH IN AND MADE A PART 0! ",I S O INANCE : '
AUTHORIZING THE EXECUTION AND DELIVERY ; Y9ht� THE ASE
AGREEMENT : PRESCRIBING OTHER MATTERS RELATE c_ THERX:f90 :, �,,,
DECLARING AN EMERGENCY . M M
WHEREAS , the City of Fayetteville , Arkansas" 90 ' City " ) is
authorized by Act No . 9 of- the First Extraordinar Session of
the Sixty-Second General Assembly of the State f Arxansas ,
approved January 21 , 1960 , as amended ( " Act No . 9 " ) , . o acquire
lands , construct and equip industrial buildings , improvements ,
and facilities , and incur costs and expenses and make
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 City pursuant to Resolution No . 68 - 84 , adopted
June 19 , 1984 , has entered into an agreement thereto with
Scheduled Skyways , Inc . , an Arkansas corporation ( the " Company " )
to issue such bonds under Act No . 9 to the extent of $ 400 , 000
for the purposes hereinafter described for the benefit of the
Company , such bonds to be issued in one or more series as the
Company may request ; and
WHEREAS , the necessary arrangements have been made with the
Company for a substantial industrial project consisting of the
acquisition , construction , and equipping of facilities ( the
" Project " ) to be utilized in the Company ' s operations ,
maintenance and support activities related to its airline and
flight support business located at Drake Field ; and
WHEREAS , the necessary arrangements have been made to lease
the Project to the Company pursuant to the terms of a Lease
Agreement ( the " Lease Agreement " ) ; and
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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 under the
provisions of Act No . 9 of the • principal amount of not to
exceed Three Hundred Thirty Thousand Dollars ( $ 330 , 000 ) ( the
" Bonds " ) ; and
WHEREAS , the completionof 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 $ 330 , 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
Subscription Contract with First National Bank , of
Fayetteville , Arkansas ( the " Purchaser " ) for the sale to it of.
said Bonds ;
NOW , THEREFORE , BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF FAYETTEVILLE , ARKANSAS :
Section 1 . The Board of Directors makes the following
findings and determinations :
( a ) That based on information compiled. and released by the
Arkansas Employment Security Division , unemployment in
Washington . County during June of 1984 averaged 5 . 7 % .
It has been determined that current employment at the
Company ' s existing facility located in the City is 260
persons , and that one year following completion of the
Project employment at the Company ' s operations in the
City is estimated to be 300 persons . Accordingly , the
completion of . the . Project will maintain existing
employment , provide additional employment and other
benefits .
( b ) The ' Company is an industry which owns and operates a
scheduled airline and related flight service
operations at Drake Field , the City ' s airport .
( c ) The Company ' s presence in the City of Fayetteville is
and . will continue to be an important factor in the
economic well being and employment base for the City
and its inhabitants .
( d ) The improvement of efficient and regularly scheduled
passenger air service into and out of the City of
Fayetteville is an integral part of the City ' s efforts
to further secure and develop industry . -
BON, 18�, -;
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( e ) The City ' s assistance to the Company in financing
further improvements to and an expansion of the
facilities at Drake Field under Act 9 , with such
facilities to be leased to the Company ,
will serve the
best interests of the City and its inhabitants and
satisfies a , proper public purpose , with.in the meaning
of Act 9 , toward the further securing and developing of
industry .
Section 2 . That there be , and there is hereby . authorized
and directed the following :
( a ) The sale of the Bonds for the price of $ 330 , 000 plus
accrued interest to date of delivery , according to the
terms of said Bond Subscription Contract which Contract
is hereby approved and authorized . to be executed by the
Mayor_ and City Clerk on behalf of the City at the
request of the Company ;
( 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
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 3 . The Bonds shall bear interest at the floating .
rates of interest , not to exceed fourteen percent ' ( 14 % ) per
annum , shall mature on September 1 in the years 1985 to 1999 ,
inclusive , and shall be in the original principal amount of
$ 330 , 000 . as specified in the Indenture ( hereinafter
authorized ) . To provide the terms and conditions upon which the
_ 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 First National Bank , of . Fayetteville , Arkansas , as
trustee ( the " Trustee " ) , dated as of September 1 , 1984 ( 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
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NOKJ� 2C
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 4 . That there be , and there is hereby authorized
the execution and delivery of a Lease Agreement , dated as of
September 1 , 1984 , 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 in
substantially 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 5 . That there be , and there is hereby authorized
the execution and delivery of a Mortgage to secure repayment of
the Bonds , in form recommended and approved by the Company ,
whereby the City will mortgage all real property leased to the
Company under the Lease Agreement , and the Mayor and Clerk be ,
and they are hereby , authorized to execute , acknowledge and
deliver said mortgage for and on behalf of the City .
Section 6 . 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 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
Subscription Contract , the executionand delivery of the Bonds ,
the execution and delivery of an official statement in form and
substance satisfactory to said officers and the Purchaser , 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 7 . 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 8 . 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 9 . 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 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 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 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 .
August 21
? PASSED_ : 1984 . -
Paul R . Noland , Mayor
i pff S rn ,'d M !
" .• ? ::• �Pc y Cle BGOY. .4
oum8PNGE522
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CERTIFICATE
I , the undersigned , City Clerk of Fayetteville , Arkansas ,
hereby. certify that the foregoing instrument is a true , correct
and perfect copy of Ordinance No . 3024 adopted at a regular
meeting of the Board of . Directors of the City of Fayetteville ,
Arkansas , held at the City Administration Building in said City ,
at 7 : 30 P . M . , on the 21st day of August , 1984 .
GIVEN under my hand and seal on this 21st day
of August 1984 .
F A r(
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CERTIFICATE OF RECORD I CF r:!e;,.tNISAS .1 +
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State Of Arkansas SS .';-.rl L r';ra . t t.r, Circu;f Clerk and Ex-Officio Recorder>'a0
City of Fayetteville ra. ' -y, cc hzrc';1 cartify that the annexed O fora•
I, Suzanne C. Kennedy, City Clerk and of i .jIar r c . to my . Tice on th:4 Z..
Ex-Officio recorder for the City of Fayetteville, g�
do hereby certify that the annexed or fore- �T� Int— record a the sam
1 Y . ' :I} � - rdedis - retard a pa
going is of record in my office and the same ap- it ress my hand and sea] th' _ _ days zI4
pears
in Ordinanco & Resolution book
Y11_at page fitness my Circuit Clerk and
hand an(Ie seal t is d Y of Of R ad
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Iv_
De A Clerk
C' .r]: . ', i Retort] r
BUY. y�1 ?46E,5
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STATEMENT FOR ADVERTISING
Nnrt4wrat Arkansas UtmPs
Leased Wire of DRAWER D Circulation
Associated Press FAYETTEVILLE, ARKANSAS Where 1t Para
72701 �l
7 19
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Month of ;ZU V
Dale— 1 2 3 4 5 6 7 8 9 10 11 12 1 1.3/ 14 11.5 T75 17
Numbs Inchaf 1 -1 F — d/
Amount
To BalaMa Account Rondmad f
18 19 20 21 22 23 24 25 26 27 28 29 30 31
TOTAL , f
IMCXtl
TOTAL f
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TOTAL
ALL ACCOUNTS DUE NOT LATER THAN 10TH OF MONTH. YOUR CREDIT IS VALU-
ABLE. PROTECT IT AND ACCOMMODATE US BY REMITTING PROMPTLY.
OWN—.c
lymo. nBRAND
i STATE of ARKANSAS
�,t t '.
.ry - County of Washington
• \ 1 I . "�` = hereby certify that I
r, am the publisher of THE NORTHWES ARKANSAS TIMES, a daily newspaper
00 _ having a second class mailing privilege, and being not less than four pages of
- -•.t five columns each, published at a fixed place of business and at a fixed ( daily)
' i"1 intervals continuously in the Citv of Fayetteville, County of Washington, Arkansas
r a
for more than a period of twelve months, circulated and distributed from an
(•r established place of business to subscribers and readers generally of all classes
r - in the City and County for a definite price for each copy, or a fixed price per
annum. which price was fixed at what is considered the value of the publication,
r
based upon the news valueand service value itcontains. thatat least fifty percent
of the subscribers thereto have paid cash for their subscriptions to the newspaper
or its agents or through recognized news dealers over a period of at least six
gs months; and that the said newspaper publishes an average of more than forty
.:td percent news matter.
FORM AND WITH SUB - tions of mer...�.-
STANTIALLY THE CON . contracts referred to above. t further certif%, that the legal notice hereto attached in the matter of
TENTS SET FORTH IN AND Section 3. The Bonds shall I g
MADE A PART OF THIS OR bear interest at the tloatinq
DINANCE : AUTHORIZING rates of interest, not to exceed
THE EXECUTION AND DE- fourteen percent (14 percent) I ` {
LIVERY OF THE LEASE per annum, shall mature un
AGREEMENT : PRESCRIB- September l in the years 1985to
ING OTHER MATTERS RE- 1999, inclusive, and shall be in was P newspaper published in the regular daily Issue of said news a er for /
LATING THERETO: AND the original principal amount
D E C L A R I N G A N of S330,000 as spe<cfietl in the consecutive insertions as follows:
EMERGENCY. indenture ( hereinafter / 1'
WHEREAS, the City of authorized) . To provide the r (t 1_
Fayetteville, Arkansas (the terms and conditions upon The first insertion on the/r' 1L-Z' day of �- ���`-� r �-x- 19 L,;
"City") is authorized by Act which the Bonds are to be
N o . 9 o f the First secured, executed, aufhen- the SOCOnd insertion On the day of 19
Extraordinary Session of the ticated, issued, accepted, and
Sixty - Second General held, the Mayor is hereby
Assembly of the State of authorized and directed to the third insertion on the day of
Arkansas, approved January execute' and acknowledge a 19
21, 1960, as amended ("Act No. Trust Indenture, by and be.
g-), to acquire lands, construct tween the City and First Na- and the fourth insertiono e dav of 19
and equip Industrial buildings, tional Bank, of Fayetteville, _
improvements, and facilities, Arkansas, as trustee ( the
and incur costs and expenses "Trustee"), dated as o1 Sep- �
and make expenditures in- tembar 1, 198 (the '•Intlem
cidental to and for the im- ture"), and the City Clerk Is I / v
plementing and accomplishing hereby authorized and directed /Sworn to and subscribed before me on this � f ��- day of
of the conduct of Industrial to execute and acknowledge
operations: and the indenture and to affix the i
WHEREAS, the City is seal of the City thereto, and the ' zi` "�EL 19F
authorized by Act No. 9 to issue Mayor and City Clerk are
Industrial development rave- hereby authorized and directed I
nue bonds payable from reve- to cause the Indenture to be I
nue, derilved from the industri- accepted, executed, and ac' Noo y Public
al prolect so acquired and knowledged by the Trustee.
constructed and secured by a The Indenture Is .hereby
lien thereon and security inter- approved in substantially the 1h' Commission Expires:
est therein; and form submitted to this meet-
WHEREAS ,
eet-WHEREAS , the City ing, and the Mayor Is hereby l�
pursuant to resolution No, authorized to confer with the
68-84, adopted June 19, 1984, Trustee, the Company, and the
has entered Into an agreement Purchaser in order to Complete
thereto with Scheduled the Indenture in substantially
Skyways, Inc., an Arkansas the form submitted to this
corporation (the "Company") meeting with such changes asto issue Such bonds under Act shall be approved by Such Fees for Printinu __ J ` C'
No. 9 to the extent of Sa00,000 persons executing the docu- - --
for the purposes hereinafter men?, their execution to con-
described for the benefit of the stitute conclusive evidence of Cost of Proof 3 _
Company, such bonds to be such approval.
issued In one or more Series as ( Advice is given that ,
the Company may request; and pursuant to Act No. 9, a copy of Total
WHEREAS, the necessary the Indenture in substantially I
arrangements have been made the form authorized to. be
with the Company for a sub- executed is on file with the City
3tantial industrial project con- Clark of the City of Fayet-
sisting at the acquisition, con- teville, and Is available for
struction, and equipping of fa- Inspection by any Interested
cilities (the " Project") to be person.) r � -
utilized In the Company's Section A. That there be, and /
operations, maintenance and there is hereby authorized the
support activities related to its execution and delivery of f
airline and d at support buss- Lease Agreement, dated a3 e- I
ness located al Drake Field: September 1, 1986, Lessor antl nd I
ddd tureen the ny a5 ess" and j
WHEREAS, the necessary the Company as Less" (the !
arrangements nave been made "Lease Agreement") , and the
to lease the Project to the Mayor and City Clerk be, and
Company pursuant ee the they are hereby edge a d e.
to
terms of a Lease ant") ; and
execute, acknowledge and for
(the "Lease Agreement") ; and diver the Lease Agreement for
WHEREAS, permanent fiand on Agrethe City. The
nancing of the Protect costs,, Lease Agreement
nt is herebw
a . a xPen-
enori'iinc:demnlinereia and juror submitted- t0-thie^m:e?V
,. the COnlPapy nmY 1 =4w•-• • --.
WHEREAS, the necessary the indenture in sub5tanliauy
arrangements have been made the form authorized to. be
- with the Company for a Sub- executed is On file with the City
Stentlal industrial project con. Clerk Of the City of Fayet-
sisting Of the acquisition, con. teville, antl Is available for
struction, and equipping of fa- Inspection by any interested
cilities (the , ProiKP') t0 be person.) ere-
utilized In the Company's there ihereby authorized Zetl ine
operations, maintenance and execution and delivery Of a
support activities related to itsOf
airline and MOW
support bust- Lease Agreement da84, ted a as e-
\ nese located at Drake Field; Septet the City9as Lessor and
\ WHEREAS, the necessary the Company as "Less" (the
arrangements M1eVe been made "Lyase Agreement"),
and
d the
e and
to, lease the Project 10 the they are nhereby ad City trk uthorzed to
�\
company pursuant the
Of
terms of a Lease Agreement
ment execute, acknowledge and de-
(the "Lease Agreement"); and liver the Lease Agreement for
WHEREAS, permanent fl- and on behalf of the City. The
nancing of the Project costs, Lease Agreement Is hereby
ditures Incidental thereto�tnd form approved
bmitted to in" meet
the cost of the issuance of . Ing, and authorized the Mayor
IS hereby
ttbie
City issuing Industrinds Is being al)Develd by l-- Company, the Trustee, and the
opment Revenue Bonds under Purchaser in order to complete
the provisions of Act No. 9 Of the Lease Agreement in sub-
tne principal amount of not to stantlallY the form submitted
exceed Three Hundred Thirty to this meeting, with such
Thousand Dollars (3740,000) cnanges as shall be approved
fine "Bonds") ; and by such persons executing the
' WHEREAS, the completion document, their execution to
of the Project will furnish ad- constitute evidence of such ap-
dittOnal employment and other proval.
best ( Adlce Is Given that'
bterests of nefits, andthee C tyt and Ita pursuant to Act No. 9; a COPY Of .
residents; and the Lease 'Agreement in sub-
WHEREAS, the Bonds are to stanilally the form authorized
be HEsold and delivered (n the to be axecutedis on f Ile with the
principal amount of $770,000. City Clerk of tno City of
and are dated, bear Interest, Fayetteville, and IS available
mature and ere subject t0 refor Inspection by any interested
demotion as hereinafter ' set person.)
forth in the form Of Indenture Section S. That there be, and
authorized by this Ordinance; executionere is hs reby and deliveallthory ized n
ry Of a
and
WHEREAS, the City pro- Mortgage to 4e Cu f rm recon
poses to enter into a Bond of the Bonds,Subsription in form recom-
th
Fir5lcNetionel Bank, Of Feylet. ComPanY andapproveeby t ey City the '
teville , Arkansas ( the will mortgage all reel property
er
"Purchaser") for the $ete to it the L ase A9reement,t and the
of said Bonds:
NOW, THEREFORE. BE IT Mayor antl Clerk' be, and they
ORDAINED BY THE BOARD are herebY, authorized' to
OF DIRECTORS OF THE execute, acknowledge and de-
CITY OF FAYETTEVILLE, _ liver s behalf ofdheCitgyaga for and on
ARKANSAS:
Section 1 . The Board of Section 6. The Mayor and
Directors makes the following City Clerk, for and on behalf of
findings and determinations: the City be, and they are
(a) That based On Inform8 hereby , authorized and
ton compiled and released by directed t0 d0 any and all
the Arkansas Employment SO-
things necessary 10 effect the
.curity Division, unemployment ,execution of , the Lease ,
In Washington County during" Agreament) ' the cperformance
June Of 1984 averaged 5.7 per- . Of the City's Obligations under
cent. It has been determined the Lease -Agreement, the
that current employment at the execution and delivery of the
ity Indenture, its execution and
localed In theexisting
f s 260 acceptance by the Trustee, the
person$, and that one year performance Of all obllgetiOna ` _1
following Completion of the of the City under and pursuant
Project employment at the to the Indenture, the execution
Company's operations in the and delivery of the Bond Sub•
City is estimated to be 708 scliptlOn Contract the lxKu-
persons. Accordingly, the floe and delivery Of the Bonds,
completion of the Project will the execution an delivery of
maintain existing employment, an official statement in form
provide additlonal employment and duostance ce satisfactory
atisfrs ct ryto
ne
and other benef its.
(b) The Company Is an in, Purchaser, and the perfon
dustry which owns and mance of. all other acts Of
to
and arelatedC�9httl whatever
Service effect and carrure y the
operations at Drake Field, the autthority conferre Myyby this or. �!-L
City's airport.
(c) The Company's presence the City Clerk be, and they are
in the City of Fayetteville is hereby, further authorized and
and will continue to be an directed. for an on behalf Of
important factor in the ecO- the City, to execute all papers,
nornlc well being and documents, certificates and
employment base for the City required forer t the carents lryin9 Out Of
at may be
and its he bitants. I improv
(tl) The improvement of at, such authority Or to evident
f iclent and regularly scheduled the exercise thereof.
out of the CiSectionif �arvice into and City of Fayetteville Is is hereinvolved with the con'
an Integral part Of the City's strutting and equipping Of a `mei
efforts to further secure and complex
Industrial project*
develop specialized ed
(at The Cily,s assistance to work rsae 11
zed types Of
the Company in 11nancing machineyndequPment
has been and Is hereby da'
further improvements to and 01
an expansion of the facilities at for e,tby the Board
Drake Field under Act 9, with Di ngor b that competitive
tling b
such facilities to be leased to bid !, end the same Is
the Company, will serve the heey, ,awed s to tt"�
_ .._ ,M best Interests Of the City its Particular
inhebtents antl Satisfies a Thi!e ni�to]irectorskpursuantM
WHEREAS, the City Of authorized) . To proviae the
Fayetteville, Arkpnsas (the terms and conditions upon The first insertion on then day of - '-•! " / 19
"City") Is ,aulhorized by Act which the Bonds are to be I ��
N o 9 , of the First secured, executed, aothen-
ExtraortlmaryoSession of the Heated, issued, accepted, and the second insertion on the dap of 19
Sixty - Second General held, the Mayor Is hereby
Assembly Of She State Of authorized and directed to the third insertion On the dap of 19
Arkansas, approved January execute and acknowledge a
21. 1960, as amended ("Act No. Trust Indenture, by and be-
g"), t0 acquire lands, construct tween the City and First Na- and the fourth insertion og.� e day of 19
and equip Industrial buildings, tional Bank, of Fayetteville,
improvements, and facilities. Arkansas. as 'trustee (the
and incur costs and expenses "Trustee"), dated as of Sep-
and make expenditures In- tember 1, 1984 (the "Inden- W
cidental to and for the im- ture"), and the City Clerk IS v
plementing and accomplishing hereby authorized and directed Sworn to and subscribed before me on this / / 'L• day of
of the conduct of Industrial to execute and acknowledge //'
operations; and the Indenture and to affix the �, 1 �Lt( 1 7
WHEREAS, the City is seal of the City thereto, and the ��' Xfi 19p Y
authorized by Act No. 9 to issue hereby
and City Clerk arei��
Industrial bdevelopmenty Act No. 9 t revs- hereby autd City
and tlirectetl l� r'\'^C\/✓ _
nue bonds payable from reve- to cause the Indenture to be ``{{
nue. derived from the industri. accepted, executed, and ac �Nq( jy Public
at project so acquired and knowledged by the Trustee.
constructed and secured by a The Indenture is .hereby
lien thereon and security inter- approved in substantially the My Commission Expires
eSt therein; and form submitted to this meet-
WHEREAS ,
eet-WHEREAS , the City Ing, and the Mayor IS hereby — )—�
pursuant t0 resolution NO. authorized to confer with the f
68.84, adopted June 19, 1984, Trustee, the Company, and the
has entered into an agreement Purchaser In order to complete
thereto with Scheduled the Indenture in substantially
Skyways, Inc., an Arkansas the form submitted to this
corporation (the "Company") meeting with such changes as
to Issue such bonds under Act shall be approved by such Fees fol' Printing
No. 9 to the extent of $400.000 persons executing the docu L' -- ---
fur the purposes hereinafter ment, their execution to con.
described for the benefit of the stitute conclusive evidence of Cost Of Proof —_ 5
Company, such bonds to be such approval. -
issuedinoneormoreseriesas ( Advice is given that,
The Company may request; and pursuant to Act No. 9, a copy Of Total _ ,�-✓_-��_ O
WHEREAS, the necessary the Indenture In substantially --
arrangements have been made the form authorized to. be
with the Company for a sub- executed is on file with the City
stantial industrial project con- Clerk of the City of Fayet-
sitting of the acquisition, can- teville, and Is available for e
struction, and equipping of fa- Inspection by any interested / 7
cilities (the "Pr(ltect") to be person.)
utilized In the Company's Section �. That mere De, antl C
operations, maintenance and there is hereby authorized the ✓ -
support activities related to its execution and delivery of a
airline and flight support busi- Lease Agreement, dated as of
ness located at Drake Field; September 1, 1984, by and be.
and tween the City as Lessor and
WHEREAS, the necessary the Company as Lessee (the
arrangements have been made "Lease Agreement"), and the
to lease the Project to the Mayor and City Clerk be. and
Company pursuant to the they are hereby authorized to
terms of a Lease Agreement execute, acknowledge and de-
(the "Lease Agreement" ) ; and liver the Lease Agreement for
WHEREAS, permanent fi- and on behalf of the City. The
nancing of the Project costs, Lease Agreement is hereby
necessary costs and expen- approved in substantially the
ditures incidental fnereto and form submitted to this meet-
the cost of the Issuance of ing, and the Mayor is hereby
bonds is being furnished by the authorized to confer with the
City Issuing Industrial Devel. Company, the Trustee, and the
opment Revenue Bonds under Purchaser In order to complete
the provisions of Act No. 9 Of the Lease Agreement in Sub-
the principal amount of not to stantially the form submitted .
exceed Three Hundred Thirty to this meeting, with such
Thousand Dollars ($370,000) changes as shall be approved
(the "Bonds" ) ; and by such persons executing the
WHEREAS, the completion document, their execution to
of the Project will furnish ad- constitute evidence of such ap-
ditlonal employment and other proval.
benefits, and be in the best ( Advice Is given that,
interests of the City and its pursuant to Act No. 9, a copy Of
residents; and the Lease Agreement in sub-
WHEREAS, the Bonds are t0 stantially the form authorized
be sold and delivered in the to be executed ison filewith the
principal amount of $330.000, City Clerk of the City Of
and are dated, bear interest, Fayetteville, and IS available
mature and are subject to re. for Inspection by any interested
demotion as hereinafter ' set person. )
forth in the form of Indenture Section 5. That there be, and
authorized by this Ordinance; there is hereby authorized the �!Z
and execution and deliveryOf 8
WHEREAS, the City pro- Mortgage to secure repayment
poses to enter into a Bond of the Bonds, in form raconl-
Subscription Contract with mended and approved
heythe
C fy
First National Bank, of Fayet- Company, whereby
teville , Arkansas ( the will mortgage all real property
" Purchaser") for the sale to if leased to the Company under
of said Bonds; the Lease Agreement, and the
NOW. THEREFORE, BE IT Mayor and Clerk be, and they
ORDAINED BY THE BOARD are hereby, authorized to
OF DIRECTORS OF THE execute, acknowledge and de-
CITY OF FAYETTEV ILLE, liver said mortgage for and on
ARKANSAS : behalfof the City.
Section 1. The Board of Section 6. The Mayor and
Directors makes the following City Clerk, for and on behalf of
flndingsand determinations: the City, be, and they are
(a) That based on informa. hereby, authorized and
tion compiled and released by directed to do any and all
the Arkansas Employment Se- things necessary to effect the
curity Division, unemployment execution of the Lease
In Washington County during Agreement, the performance
June of 1984 averaged 5.7 per of the City's obligations under
cent. It has been determined the Lease Agreement, the
that current employment at the execution and delivery of the
r.nnmanv's . +isnno far.inty tndpnture. Its execution and