HomeMy WebLinkAboutOrdinance 3092 .. FOR,R�DORO
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C ASA�_� `i"012bIKNANCE ND. 1092
MICROFILMED
AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS FOR THE PURPOSE OF PROVIDING
PERMANENT FINANCING FOR INDUSTRIAL FACILITIES ;
AUTHORIZING A TRUST INDENTURE SECURING THE BONDS ;
AUTHORIZING A LOAN AGREEMENT BETWEEN THE CITY
OF FAYETTEVILLE , ARKANSAS AND FAYETTEVILLE ASSOCIATES
#1 , LTD. ; AUTHORIZING THE SALE OF THE BONUS ; AUTHO-
RIZING THE SALE OF THE BONDS ; AUTHORIZING AND
PRESCRIBING OTHER MATTERS PERTAINING THERETO ;
AND DECLARING AN EMERGENCY .
WHEREAS , the City of Fayetteville , Arkansas ( the "City" ) , 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
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to finance the acquisition , construction and equipment of land , buildings ,
or facilities which can be used in securing or developing industry ;
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and
WHEREAS, it is proposed that the Cit provide Y P permanent financing ,
through the issuance of revenue bonds under the Act , for the costs
of expanding , constructing and equipping certain industrial facilities
consisting of buildings , improvements , machinery , equipment and facilities
( the " Project " ) , and that the City loan the proceeds of the bonds
to Fayetteville Associates #1 , Ltd . , a Tennessee partnership ( the
"ConPany " ) to finance the Project ; 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 $6 , 850 , 000 in principal amount of its Industrial
Development Revenue Bonds ( Fayetteville Associates #1 , Ltd . Project ) ,
( the "Bonds " ) , to provide such financing ; and
WHEREAS , copies of the hereinafter described Trust Indenture
( the " Indenture" ) and Loan Agreement have been presented to are before
this meeting ;
NOW, THEREFORE, BE TT ORDAINED BY THE BOARD OF DIRELM16 OF THE
CITY OF FAYE17MLLE, ARKANSAS:
Section 1 . (a ) The City hereby makes the following findings
with respect to the issuance of the Bonds and to the Project :
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( 1 ) The City has published notice of a public hearing on the
issuance of the Bonds . The notice specified :
(A) The Project to be financed is the expansion of industrial
facilities , including related equipment , for the bottling ,
canning and distribution of soft drinks , and the preparation
and distribution of food products .
( B ) The maximum aggregate face amount of Bonds to be issued
with respect to the Project is $6 , 850 , 000 .
(C ) The initial owner and operator of the Project will
be Fayetteville Associates #1 , Ltd . , a Tennessee partnership .
The proceeds of the Bonds will be loaned to the Company
to finance the Project , and the Canpany will be required
to repay the loan , with interest , at times and in amounts
sufficient to provide for payment of the principal of , premium,
if any , and interest on the Bonds , as due .
( D) The location of the proposed Project is 2406 No. Gregg
Avenue , Fayetteville , Arkansas/
( 2 ) The hearing was held at the time and place specified in
the notice .
( b ) The issuance of the Bonds for the purposes specified in
the notice is approved .
Section 2 . That the issuance o9f 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 extend
thirty ( 30 ) years ) , shall bear interest (at a rate or rates per annum )
and shall be subject to redemption prior to maturity all upon the
terms and conditions recommended by the Company and to be set forth
in the Indenture (hereinafter authorized ) securing the Bonds .
Section 3 . That the Bonds be sold to a purchaser recommended
by the Company (the "Purchaser" ) , for a purchase price recommended
by the Company . To prescribe the terms and conditions upon which
the bonds will be purchased by the Purchaser, the Mayor is hereby
authorized and directed to execute and acknowledge a Bond Purchase
Agreement by and between the City and the Purchaser ( the "Bond Purchase
Agreement " ) , and the City Clerk is hereby authorized to direct , execute
and acknowledge the Bond Purchaser Agreement and to affix the seal
of the City thereto, and the Mayor and City Clerk are hereby authorized
and directed to cause the Bond Purchase Agreement to be accepted ,
executed and acknowledged by the City . The Bond Purchase Agreement
is hereby approved in substantially the form submitted to this meeting ,
and the Mayor is hereby authorized to confer with the Company , the
Purchaser , and Trustee (as hereinafter described ) , in order to complete
the Bond Purchase Agreement in substantially the form submitted to
this meeting with such changes as shall be approved by such persons
executing the document , their execution , shall constitute conclusive
evidence that they are of such approval .
Section 4 . 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 an Indenture by and between the City and McIlroy Bank
& Trust , Fayetteville , Arkansas , as Trustee , 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 Company , the
Trustee and the Purchaser in order to complete the Indenture in substan-
tially 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 there be , and there is hereby authorized
the execution and delivery of a Loan Agreement by and between the
City and the Company , and the Mayor and City Clerk be , and they are
hereby authorized to execute , acknowledge and deliver the Loan Agreement
for and on behalf of the City . The Loan 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 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 6 . That there be , and there is hereby authorized
the acceptance of delivery of the $6 , 850 , 000 Promissory Note ( the
"Note " ) by the Company to the City pursuant to the Loan Agreement
and it is hereby further authorized the execution and delivery and
endorsement of the same in the name and on behalf of the City . The
Note 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 Note in substan-
tially the form 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 7 . 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 Loan Agreement , the performance of the obligations of the City
under the Bond Purchase Agreement , the acceptance and endorsement
of the Note , and the performance of all obligations of the City pursuant
to its acceptance and endorsement of the Note , the performance of
all obligations of the City under the 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 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 8 . That the City is hereby involved with the acquiring ,
constructing and equipping of industrial facilities , and pursuant
to applicable laws of the State of Arkansas , including particularly
the Act , competitive bidding is waived .
Section 9 . That the City Clerk is hereby authorized and directed
to file in the office of the City Clerk , as 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 Loan Agreement and
such documents shall be on file for inspection by any interested person .
Section 10 . 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 delcaration shall
not affect the validity of the remainder of the sections , phrases
and provisions .
Section 11 . That all ordinances , resolutions and parts thereof
in conflict herewith are hereby repealed to the extent such conflict .
Section 12 . The Board of Directors hereby determines that
there is an immediate need for expanding industry and securing additional
employment in the City of Fayetteville to promote the public welfare ;
' and hereby determines that the project to be financed by the Bonds
authorized by this Ordinance will expand local industry and secure
additional employment . Therefore , an emergency is hereby declared
to exist , and this Ordinance being necessary for the public welfare ,
shall be in full force and effect from and after its passage and approval .
PASSED AND APPROVED this 4_ day of June , 1985 .
APr
ByZ I
1 ' 116Y fV, 1 A Mayor
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C✓ t
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I OUR
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to
CERTIFICATE
The undersigned , City Clerk of the City of Fayetteville ,
Arkansas , hereby certifies that the foregoing pages are true and
perfect copy of Ordinance No . gna ? , adopted at a resular
session of the Board of Directors of the City of Fayetteville ,
Arkansas , held at the regular meeting place in the City at
o ' clock ?i. . m . , on the 4 day of ,Tune , 1985 , and that
the Ordinance is of record in Ordinance Record Book No . ,
page now in my possession .
GIVEN under my hand and seal on this � day of ,
1985 : ::'=
?vt47FyOil
+� ` N� Oty Clerk
�1 loll
,a is . KSed.)16 -
ddd
4 Co .4 1 \
CERTIFICATE OF RECORD
State of Arkansas ( SS
City of Fayetteville
1, Sttzanne C. Kennedy, City Clerk and
Ex-OCERTIFICATE OF RECORD do hereby cericio tifyeth�ttt e-C:t nofeayettels or .-..D,
STATE OF ARKANSAS ) 8oiah is of record in my office ,t,td the sari • ap-
Washington County ) SS' Pearss iin� /Ordinance l:esolntian boni:
I, Alma L. Kcllmeyer, Circuit Clerk and EX-Officio Recorder for —XX I —at Page
Washington County, do herebycertify P S S , • 3 rily
that tho annared r fore hand ands , @:is yew
going in rument was ffilleedd for record in myyR' :cc on thcs_day gay of
..1S,'clock�Pd, and the same is 19
C recorded in
record at pape207 Ci Clerk and Ex-O.ficio Recor
Witness my hand and seal tis day of 19�
Circuit Clerk and -
Offic' Record d
By
•� I.-
`.F '.?v - Deputy Clert
STATEMENT FOR ADVERTISING
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