HomeMy WebLinkAboutOrdinance 3134LA
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ORDINANCE NO. 3134 W8S �oU y P� 3 32
MICROFILMED N;,i�r
AN ORDINANCE PROVIDING FOR THE ISSUANCEQ $4)1460i5(,•000 OF
WATER AND SEWER REVENUE REFUNDING BOND�/�/,KKKK�� �AQF
FAYETTEVILLE, ARKANSAS FOR THE PURPOSES
i ([Vqc (� ALL
OUTSTANDING WATER AND SEWER REVENUE BONDS OF $K CITY;
AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND
PURCHASE AGREEMENT PROVIDING FOR THE SALE OF THE BONDS;
AUTHORIZING THE EXECUTION AND DELIVERY OF FOUR ESCROW
AGREEMENTS; DIRECTING THE TRANSFER OF MONEYS HELD IN
CONNECTION WITH PRESENT WATER AND SEWER BONDS OF THE
CITY; PRESCRIBING MATTERS RELATING THERETO; AND
DECLARING AN EMERGENCY.
WHEREAS, the City of Fayetteville, Arkansas (the "City"), a
Q city of the first class, owns and operates a water and sewer
system, which is operated as a single, integrated municipal
undertaking (the "System"); and
WHEREAS, the City is authorized under Act No. 131 of the
Acts of the General Assembly of the State of Arkansas for the
year 1933, as amended ("Act 131"), to issue and sell revenue
bonds for the purpose of financing the cost of constructing
improvements and betterments to the water system, and is
authorized under Act No. 132 of the Acts of the General Assembly
of the State of Arkansas for the year 1933, as amended ("Act
132"), to issue and sell revenue bonds for the purpose of
financing the cost of constructing improvements and betterments
to the sewer system, together with printing, legal,
underwriting, and other expenses incidental to the issuance of
such bonds; and
WHEREAS, the City has outstanding an issue of waterworks and
sewer revenue refunding bonds, dated June 1, 1963 (the "1963
Bonds"), in the original principal amount of $5,313,000 of which
$1,330,000 in principal amount are now outstanding, issued under
and secured by the provisions of Resolution 7-63 of the City,
adopted and approved on April 8, 1963; an issue of waterworks
and sewer revenue bonds, Series 1966, dated September 1, 1966
(the "1966 Bonds"), in the original principal amount of
$4,300,000 of which $4,125,000 in principal amount are now
outstanding, issued under and secured by the provisions of
Ordinance 1508, adopted and approved on August 8, 1966; an issue
of waterworks and sewer revenue bonds, Series 1969, dated
February 1, 1969 (the "1969 Bonds"), in the original principal
amount of $940,000 of which $726,000 in principal amount are now
outstanding, issued under and secured by the provisions of
LIBER1158 PArE 710
Ordinance 1653, adopted and approved February 3, 1969; and an
issue of waterworks and sewer revenue bonds, Series 1975, dated
April 1, 1975 (the "1975 Bonds"), in the original principal
amount of $2,500,000 of which $2,060,000 in principal amount are
now outstanding, issued under and secured by the provisions of
Ordinance 2074, adopted and approved December 23, 1974
(collectively the "Prior Bonds"), all issued under the authority
of Act 131 and Act 132; and
WHEREAS, the City is authorized under Act No. 297 of the
Acts of the General Assembly of the State of Arkansas for the
year 1937, as amended ("Act 297"), to issue and sell revenue
bonds for the purpose of refunding bonds issued under the
provisions of Act 131 and Act 132; and
WHEREAS, to secure funds necessary to refund the Prior Bonds
and to pay legal and other costs incidental to the issuance of
revenue bonds for that purpose, the City has determined to issue
its water and sewer revenue refunding bonds in an aggregate
principal amount of not to exceed Four Million Three Hundred
Thirty -Five Thousand Dollars ($4,335,000) (the "Bonds"); and
WHEREAS, the City has made arrangements for the sale of the
Bonds to A. G. Edwards & Sons, Inc. of St. Louis, Missouri (the
"Purchaser") and in connection therewith has prepared and
distributed a Preliminary Official Statement, dated October 4,
1985 (the "Preliminary Official Statement"); and
WHEREAS, there has been submitted to the City by the
Purchaser a Bond Purchase Agreement, dated October 9, 1985 (the
"Bond Purchase Agreement") providing for the purchase of the
Bonds; and
WHEREAS, a final Official Statement, dated October 10, 1985,
(the, "Official Statement") has been prepared and will be
distributed in connection with the offer and sale of the Bonds;
and
WHEREAS, the forms of the following proposed agreements have
been submitted to the City, a 1963 Escrow Deposit Agreement,
dated as of November 15, 1985 (the "1963 Escrow Agreement"),
which provides for the refunding of the 1963 Bonds; a 1966
Escrow Deposit Agreement, dated as of November 15, 1985 (the
"1966 Escrow Agreement"), which provides for the refunding of
the 1966 Bonds; a 1969 Escrow Deposit Agreement, dated as of
November 15, 1985 (the "1969 Escrow Agreement''), which provides
for the refunding of the 1969 Bonds; and a 1975 Escrow Deposit
Agreement, dated as of November 15, 1985 (the "1975 Escrow
Agreement"), which provides for the refunding of the 1975 Bonds,
all between McIlroy Bank & Trust, of Fayetteville, Arkansas, as
escrow agent (the "Escrow Agent"), and the City (collectively
the "Escrow Agreements");
-2- L19E�.1158nsr 711
1 t '
WHEREAS, copies of the* Prdliminary Official Statement,
Official Statement, Bond Purchase Agreement and Escrow
Agreements have been presented to and are before the Board at
this meeting.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF FAYETTEVILLE, ARKANSAS, AS FOLLOWS:
Section 1. Definitions. In addition to the terms defined
in the preamble to this Ordinance the following terms shall have
the following meanings:
"Accountant" means a firm of independent certified public
accountants of recognized national standing selected from time
to time by the City who may be the accountant or firm of
accountants which regularly audits the books of the City.
"Budget" means the annual budget of the System adopted in
accordance with Subsection 17(h) of this Ordinance.
"Code" means the Internal Revenue Code of 1954, as now or
hereafter amended, and applicable regulations issued or proposed
thereunder.
"Consulting Engineer" means a firm of independent engineers
having recognized experience in municipal water and sewer
systems selected from time to time by the City.
"Fiscal Agent" means Citibank, N,A., of New York, New York,
or its successor, as agent to the Insurer under the Policy.
"Gross Revenues" means all fees, tolls, rates, rentals and
charges levied and collected in connection with and all other
income and receipts of whatever kind or character derived by the
City from the operation of the System. Gross Revenues shall
specifically include, but not be limited to, revenues from water
sales, fire protection charges, sewer service charges and
interest income on System fund balances. Notwithstanding the
foregoing, Gross Revenues shall not include contributions or
grants received by the City.
"Insurer" means Financial Guaranty Insurance Company, a New
York stock insurance corporation, or any successor thereto and
with respect to any Parity Indebtedness, the issuer of the
credit support, if any, securing such Parity Indebtedness.
"Investment
Obligations"
means,
if and to the extent the
same are legal
investments for
System
funds:
(a) any of the following securities:
(i) Direct obligations
of,
or obligations which
are
unconditionally guaranteed as to
the
payment of principal
and
-3 LIBER1158 PAGE 712
interest by, the United States of America or receipts or other
similar documents evidencing ownership of future interest or
principal payments due on such obligations which are held in a
custody or trust account by a commercial bank which is a member
of the Federal Deposit Insurance Corporation ("FDIC") and which
has combined capital, surplus and undivided profits of not less
than $50,000,000;
(ii) Obligations, debentures, notes or other evidences
of indebtedness issued or guaranteed by any of the following:
Federal Home Loan Bank System, Export -Import Bank of the United
States, Federal Financing Bank, Federal National Mortgage
Association, Federal Home Loan Mortgage Corporation, the
Government National Mortgage Association, or the Federal Housing
Administration;
(iii) Repurchase agreements for securities described in
(i) and (ii) above with:
(1) a registered broker/dealer subject to the Securities
Investors' Protection Corporation jurisdiction; or
(2) any commercial bank insured by the FDIC which has
combined capital, surplus and undivided profits of not less
than $50,000,000, or is approved in writing by the Insurer,
provided:
(a) the securities are held by the City or a third
party which is Federal Reserve Bank or a commercial
bank which is a member of the FDICand which has
combined capital, surplus and undivided profits of
not less than $10,000,000, and the City shall have
received written confirmation from such third party
that it holds such securities;
(b) a perfected first security interest under the
Uniform Commercial Code, or book entry procedures
prescribed at 31 C.F.R. 306.1 et. seq. or 31 C.F.R.
350.0 et. seq. in such securities is created for
the benefit of the City;
(c) the percentage of the fair market value of the
collateral in relation to the amount of the
repurchase obligation, including principal and
interest, is equal to at least: (i) 100%, if the
financial institution has an uninsured, unsecured
and unguaranteed obligation rated A3 or better by
Moody's Investors Services, Inc. and A- or better
by Standard & Poor's Corporation, or (ii) 116%, if
the financing institution does not carry the
ratings specified in (i) above; and
-4-
LIBER1150PAG 713
(d) the City shall determine the market value of the
collateral securities at least quarterly and shall
liquidate the securities if any deficiency in the
required collateral percentage is not restored
within two business days of a valuation.
(iv) Shares or interests in money market funds, pooled
funds or mutual investment funds whose assets consist entirely
of cash or securities described in (i) and (ii) above; or
(b) any of the following instruments:
(i) Deposits, federal funds or bankers acceptances
(with terms to maturity of 270 days or less) of any commercial
bank which:
(1) has an unsecured, uninsured and unguaranteed obligation
rated Prime-1 or A3 or better by Moody's Investors Service,
Inc. and A-1 or A- or better by Standard & Poor's
Corporation; or
(2) is the lead bank of a parent bank holding company with
an uninsured, unsecured and unguaranteed obligation meeting
the rating requirements in (1) above;
(ii) Deposits of any commercial bank which is a member
of the FDIC which has combined capital, surplus and undivided
profits of not less than $3,000,000, or is approved in writing
by the Insurer, provided:
(1) such deposits are fully insured by the FDIC; or
(2) to the
extent not
so
insured, are
secured by securities
described in
(i) and (ii)
above, and:
(a) the securities are held by the City, a federal
reserve bank or a commercial bank which is a
member of the FDIC and which has combined capital,
surplus and undivided profits of not less than
$10400,000, or is approved in writing by the
Insurer;
(b) the
securities have
a fair
market
value
equal to
at
least 116% of the
amount
of the
deposit;
and
-5-
usfR1158PAGE 714
(c) the City shall determine the market value of the
collateral securities at least quarterly and shall
liquidate the securities if any deficiency in the
required collateral percentage is not restored
within two business days of a valuation.
"Net Revenues" means, for any period, Gross Revenues less
Operating Expenses.
"Operating Expenses" means, for any period, all ordinary and
necessary expenses of operation, repair, maintenance and
insuring of the System under generally accepted accounting
principals other than payments on lease obligations with terms
in excess of two (2) years. Operating Expenses shall
specifically include obligations of the City to the Beaver Water
District of Benton and Washington Counties, Arkansas. Fixed /
annual changes, such as insurance premiums and major repair or
maintenance expenses, shall be pro -rated on an annual basis for
the purpose of calculating Operating Expense for any period.
"Parity Indebtedness" means indebtedness of the City issued
on a parity of security with the Bonds in accordance with
Section 13 of this Ordinance.
"Paying Agent" means any bank or trust company designated as
paying agent for the Bonds appointed in the manner provided in
this Ordinance.
"Policy" means the Municipal Bond New Issue Insurance Policy
issued by the Insurer which guarantees the payment of principal
and interest on the Bonds.
"Registrar" means McIlroy Bank & Trust, of Fayetteville,
Arkansas, together with its successors and any other corporation
which may be at any time substituted in its place pursuant to
this Ordinance. The Registrar serves as a Paying Agent for the
Bonds.
"Reserve Requirement" means, as of any date of calculation,
an amount equal to average annual debt service requirements
during each fiscal year on any Bonds and Parity Indebtedness
outstanding.
Section 2. Sale of Bonds. 1. All actions heretofore taken
by the City in connection with the offer and sale of the Bonds,
including the preparation and distribution of the Preliminary
Official Statement and the preparation of the Official Statement
are hereby in all respects ratified and approved.
2. There is hereby authorized and directed the acceptance
of the offer by the Purchaser, pursuant to the Bond Purchase
Agreement, to purchase the Bonds at a price of $4,213,620 (97.2%
of the principal amount thereof), plus accrued interest thereon
-6- LIBER1158 PAGi 715
from November 15, 1985 to the dale of delivery thereof. The
Bond Purchase Agreement is hereby approved in substantially the
form exhibited at this meeting, and the Mayor or the Assistant
Mayor of the City is hereby authorized to execute, acknowledge,
and deliver the Bond Purchase Agreement and the City Clerk is
hereby authorized to attest the same and to affix the seal of
the City thereto. Any changes to the Bond Purchase Agreement
may be approved by any officers of the City executing such
document, their execution and delivery to constitute conclusive
evidence of such approval.
Section 3. Authorization and Terms of Bonds. 1. Under the
authority of the Constitution and laws of the State of Arkansas,
including particularly Act 131, Act 132, and Act 297, and
applicable decisions of the Supreme Court of Arkansas, including
particularly City of Harrison v. Braswell, 209 Ark. 1094, 194
S.W.2d 12 (1946), there is hereby authorized the issuance of
bonds of the City to be designated as "Water and Sewer Revenue
Refunding Bonds, Series 1985'' in the principal amount of Four
Million Three Hundred Thirty -Five Thousand Dollars ($4,335,000)
(the "Bonds"). There is hereby created, in the manner and to
the extent provided herein, a continuing pledge and lien to
secure the full and final payment of the principal of, premium,
if any, and interest on the Bonds. The Bonds shall be special
obligations of the City secured solely by an equal charge and
lien on the Net Revenues as described in this Ordinance.
2. The Bonds shall be initially dated November 15, 1985,
and interest thereon shall be payable semiannually on May 15 and
November 15 of each year, commencing May 15, 1986. The Bonds
shall be issued as fully registered bonds, numbered
consecutively from R-1 upwards, and shall be in the denomination
of $5,000 or any integral multiple thereof. Each Bond shall be
dated and bear interest from the interest payment date next
preceding the date of authentication and registration thereof
unless it is authenticated and registered as of an interest
payment date, in which event it shall be dated and bear interest
from such date, or unless it is authenticated and registered
prior to the first interest payment date, in which event it
shall be dated and bear interest from November 15, 1985, or
unless, as shown by the records of the Registrar, interest on
the Bonds shall be in default, in which event it shall be dated
and bear interest from the date to which interest has been paid
in full. The Registrar shall insert the date of each Bond in
the place provided for such purpose thereon.
3, The Bonds shall be issued in the principal amounts,
shall mature, unless sooner redeemed in the manner in this
Ordinance set forth, and shall bear interest as set forth in
Schedule A attached hereto (which Schedule is incorporated
herein by this reference).
-7 LIBER1158 PAGE 716
4. The Bonds shall be subject to redemption prior to
maturity in accordance with the provisions pertaining thereto
appearing in the form of Bond hereinafter set forth in this
Ordinance. Bonds shall be redeemed only from and to the extent
funds on deposit in the Bond Fund are available and sufficient
for such purpose.
5. The Bonds shall be payable, with respect to principal,
premium, if any, and interest in any coin or currency of the
United States of America which at the time of payment is legal
tender for the payment of public and private debts.
6. The Bonds shall be executed in the name of the City by
the facsimile signatures of the Mayor and City Clerk and the
seal of the City (or a facsimile thereof) shall be impressed,
imprinted, engraved, or otherwise reproduced thereon. In case
any one or more of the officers who shall have signed or sealed
any of the Bonds shall cease to be such officer before the Bonds
so signed and sealed shall have been delivered by the Registrar,
such Bonds may, nevertheless, be delivered as herein provided,
and may be issued as if the persons who signed or sealed such
Bonds had not ceased to hold such offices. Any Bonds may be
signed and sealed on behalf of the City by such person as at the
time of the execution of such Bonds shall be duly authorized or
hold the proper office in the City although at the date borne by
the Bonds such persons may not have been so authorized or have
held such office.
7. The Bonds shall constitute a valid claim of the
registered owners thereof only against moneys and revenues
pledged hereunder, which moneys and revenues are hereby pledged
and mortgaged for the equal and ratable payment of the principal
of, premium, if any, and interest on, the Bonds, and shall be
used for no other purpose except as in this Ordinance
specifically provided. The principal of and interest on the
Bonds shall not constitute an indebtedness of the City within
any constitutional or statutory debt limitation or restriction.
8. The City may, but shall not be required to, expend
moneys derived from sources other than the operation of the
System for debt service on the Bonds, Operating Expenses or
System insurance premiums.
Section 4. Bond Form. The Bonds shall be in substantially
the following form and the Mayor and City Clerk are hereby
authorized and directed to make all recitals contained therein:
-8- EMBER 1158 PAGE 717
REGISTERED
No. R-
UNITED STATES OF AMERICA, STATE OF ARKANSAS
COUNTY OF WASHINGTON
CITY OF FAYETTEVILLE
WATER AND SEWER REVENUE REFUNDING BOND
SERIES 1985
REGISTERED
Rate of Maturity Dated
Interest: Date: Date: CUSIP:
Registered Owner:
Principal Amount:
Dollars
THE CITY OF FAYETTEVILLE, ARKANSAS (the "City"), a City of
the first class, duly created under the laws of the State of
Arkansas, for value received, promises to pay to the Registered
Owner shown above, or registered assigns, upon presentation and
surrender of this bond, the Principal Amount shown above on the
Maturity Date shown above (unless this bond shall have been
called for prior redemption, in which case the redemption
date), in such coin or currency of the United States of America
as at the time of payment shall be legal tender for the payment
of public and private debts, and to pay in like coin or
currency interest on said Principal Amount from the Dated Date
shown above until paid at the Interest Rate shown above, such
interest to be payable semiannually on May 15 and November 15
of each year, commencing May 15, 1986.
Payment of principal of and interest on this bond shall be
by check or draft to the owner hereof as shown on the bond
registration book of the City maintained by McIlroy Bank S
Trust, in Fayetteville, Arkansas as registrar and paying agent
(the "Registrar").
This bond, designated "Water and Sewer Revenue Refunding
Bond, Series 1985" is one of a series of bonds aggregating Four
Million Three Hundred Thirty -Five Thousand Dollars ($4,335,000)
(the "bonds"). The bonds are being issued for the purpose of
financing a portion of the cost of refunding all outstanding
water and sewer revenue bonds of the City, paying the premium
for a policy of municipal bond insurance issued by Financial
Guaranty Insurance Company and paying costs of issuance. The
bonds are issued pursuant to and in full compliance with the
-9-
LIBER1158PAGE 71.8
Constitution and laws of the State of Arkansas, particularly
Act No. 131 of the Acts of the General Assembly of the State of
Arkansas for the year 1933, as amended ("Act 131"), Act No. 132
of the Acts of the General Assembly of the State of Arkansas
for the year 1933, as amended ("Act 132"), and Act No. 297 of
the Acts of the General Assembly of the State of Arkansas for
the year 1937, as amended ("Act 297"), and pursuant to
Ordinance No. 3134 of the City adopted October 9, 1985 (the
"Ordinance"). The Ordinance permits the City to incur, under
certain circumstances, Paritv Indebtedness (as defined in the
Ordinance) which may be on a parity of security with the
bonds. Reference is hereby made to the Ordinance and to all
ordinances supplemental thereto for the provisions, among
others, with respect to the nature and extent of the security,
the rights, duties and obligations of the City, the Registrar
and the owners of the bonds, and the terms upon which the bonds
are issued and secured.
The bonds are special obligations of the City secured
solely by a pledge of and lien on the net revenues of the
City's water and sewer system (the "Net Revenues"), as more
particularly defined and described in the Ordinance. In no
event shall the bonds constitute an indebtedness of the City
within the meaning of any constitutional or statutory debt
limitation or restriction.
THE TERMS AND PROVISIONS OF THIS BOND ARE CONTINUED ON THE
REVERSE HEREOF AND SUCH CONTINUED TERMS AND PROVISIONS SHALL
FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS
PLACE.
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 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 bonds, together with all obligations of the
City, does not exceed any constitutional or statutory
limitation; and that the Net Revenues will be sufficient in
amount to pay the principal of, premium, if any, and interest
on the bonds, as the same become due and payable.
This bond shall not be valid until the Certificate of
Authentication hereon shall have been signed by the Registrar.
IN WITNESS WHEREOF, the City of Fayetteville, Arkansas, has
caused this bond to be executed in its name by the facsimile
signatures of its Mayor and City Clerk, thereunto duly
-10-
LIBER1158PAGE 719
authorized, and its seal to b6 imprinted hereon, all as of the
Dated Date.
(S E A L)
CITY OF FAYETTEVILLE, ARKANSAS
By: (facsimile signature)
Mayor
ATTEST:
By: (facsimile signature)
City Clerk
REGISTRAR'S CERTIFICATE OF AUTHENTICATION
This bond is one of the City of Fayetteville, Arkansas
Water and Sewer Revenue Refunding Bonds described herein.
McILROY BANK & TRUST, Registrar
BY
Authorized Signature
(REVERSE OF BOND)
The bonds are special obligations of the City payable
solely from revenues of the City's water and sewer system (the
"System") which flow first into a special fund to provide for
the operation and maintainance expenses of the System, then
into the Bond Fund established by the Ordinance (the "Bond
Fund") in an amount sufficient to pay the principal of,
premium, if any, and interest on the bonds. In the Ordinance
the City covenants to maintain rates for System services
sufficient to produce revenues annually of at least one hundred
ten percent (110%) of the amount required to provide for the
payment of expenses of operation and maintenance of the System,
to provide for the payment of principal of, premium, if any,
and interest on the bonds as the same become due, to provide
for the payment of registrar and paying agent fees, to make
required deposits into the Debt Service Reserve Fund
established by the Ordinance (the "Debt Service Reserve Fund")
and to make required deposits into the Renewal and Replacement
Fund established by the Ordinance.
The bonds are further
secured by
amounts maintained in
the
Debt Service Reserve Fund.
Pursuant
to the Ordinance the
City
has agreed to make equal
quarterly
deposits into the
Debt
-11- LIS R115.8PAGE720
Service Reserve Fund sufficient to cause moneys therein to
equal, by November 15, 1990, average annual debt service on the
bonds and any Parity Indebtedness outstanding. Moneys in the
Debt Service Reserve Fund may be used only for the payment of
principal of and interest on the bonds in the event moneys in
the Bond Fund are insufficient for such purposes, or to pay the
final principal maturity of the bonds.
Bonds maturing on or after November 15, 1994, are subject
to redemption prior to maturity, at the option of the City, in
whole at any time or in part, on any interest payment date, on
or after November 15, 1993, from funds from any source, at the
redemption prices set forth below (expressed as a percentage of
principal amount) together with accrued interest to the date
fixed for redemption:
Redemption Dates (Inclusive) Redemption Prices
November 15, 1993 to November 14, 1994 102%
November 15, 1994 to November 14, 1995 101
November 15, 1995 and thereafter 100
Notice of the call for redemption shall be mailed by
registered or certified mail to the owner of any bond addressed
to his registered address and placed in the mails not more than
sixty (60) nor less than thirty (30) days prior to the date
fixed for redemption, but the failure to mail or receive the
notice by mail shall not affect the validity of the
redemption. Each notice shall specify the numbers and the
maturities of the bonds being called and the date on which they
shall be presented for payment. After the date specified in
such call, the bond or bonds so called will cease to bear
interest provided funds for their payment have been deposited
with the Registrar, and, except for the purpose of payment.
This bond is transferable by the registered owner hereof in
person or by his attorney duly authorized in writing at the
principal office of the Registrar, or its successor, but only
in the manner, subject to the limitations and upon payment of
the charges provided in the Ordinance, and upon surrender and
cancellation hereof. Upon such transfer a new registered bond
or bonds of the same maturity and interest rate and of
authorized denomination or denominations for the same aggregate
principal amount will be issued to the transferee in exchange
therefor.
The Registrar shall not be required to issue, register,
transfer, or exchange any bonds during a period beginning at
the opening of business on the fifteenth business day next
preceding any interest payment date and ending at the close of
—12— LIBER11e58PAGE 1?1
business
on the interest
payment date, or
in the case of any
proposed
redemption of
bonds, after the
mailing of notice
calling
such bonds or
portion thereof
for redemption as
provided
in the Ordinance.
The owner of this bond is required to give the Registrar
written notice of ownership hereof and of the address to which
interest payments are to be mailed. The City and the Registrar
may deem and treat the person in whose name this bond is
registered as the absolute owner hereof (whether or not this
Bond shall be overdue) for the purpose of receiving pavment of,
or on account of, principal hereof and interest due hereon and
for all other pursoses, and neither the City nor the Registrar
shall be affected by any notice to the contrary.
This bond is expressly made negotiable under Act 131, Act
132 and Act 297 and is issued with the intent that the laws of
the State of Arkansas will govern its construction.
No covenant or agreement contained in this bond
or
the
Ordinance shall
be deemed
to be a covenant or
agreement
of
any
past, present
or future
director, officer or
employee
of
the
City in his
individual
capacity, and no
officer
thereof
executing this
bond shall
be liable personally
on this
bond
or
be subject to
any personal liability or accountability
by
reason of the issuance
of
this bond.
[Form of Assignment]
FOR VALUE RECEIVED,
the undersigned, hereby sells, assigns, and transfers unto
(Please insert Social Security or other identifying number of
assignee) the within bond and all rights thereunder, and hereby
irrevocably constitutes and appoints
attorney to transfer the within bond on the books kept for
registration thereof, with full power of substitution in the
premises.
NOTICE: The signature(s) to this
assignment must correspond with
the names appearing upon the face
of the within bond in every
particular, without alteration or
enlargement or any change whatever.
-13- IIBFR1158PAGE 7?2
Signature Guaranteed:
NOTICE: Signature(s) must be
guaranteed by a member firm of
the New York Stock Exchange or
a commercial bank or a trust
company.
Section 5. Rate Covenants. The City covenants and agrees
that:
(a) Except as provided in Subsection 5(c) below, it will
continue in effect the present schedule of rates for water
services established by Ordinance No. 2594, adopted February 5,
1980 (which ordinance is incorporated herein by this reference),
and it will continue in effect the present schedule of rates for
sewer services established by Ordinance No. 2972, adopted
January 17, 1984 (which ordinance is incorporated herein by this
reference) (collectively the "System Rates").
(b) The System Rates will produce Gross Revenues annually
of at least one hundred ten percent (110%) of the amount
required to (i) pay Operating Expenses of the System, (ii) pay
principal of and interest on the Bonds and any Parity
Indebtedness, (iii) pay any Registrar and paying agent fees,
(iv) make required deposits into the Debt Service Reserve Fund
hereafter established, and (v) make required deposits into the
Renewal and Replacement Fund hereafter established. System
Rates shall from time to time, as and when necessary, be
increased to generate the revenue levels specified above.
(c) The System Rates shall never be reduced while any Bonds
are outstanding, unless there is obtained an Accountant's or
Consulting Engineer's opinion stating that, based upon the
number of customers and customer usage as reflected by the
records, proposed rates will produce Net Revenues for the
suceeding fiscal year equal to at least one hundred twenty
percent (120%) of maximum annual debt service requirements on
all Bonds and Parity Indebtedness then outstanding.
Section 6, Funds. 1. The City hereby creates and
establishes the following funds, which shall be maintained by
the City as segregated book -entry accounts:
(a) Revenue Fund
(b) operation and Maintenance Fund
(c) Bond Fund
(d) Renewal and Replacement Fund
(e) Debt Service Reserve Fund
-14-
IIBA158PAGE IZJ
Moneys deposited in each of the funds created above shall be
expended only as set forth in this Ordinance.
2. The City may, in connection with the issuance of Parity
Indebtedness, create other funds under this Ordinance as may be
necessary or convenient.
Section 7. Revenue Fund. 1. The City shall cause all
Gross Revenues to be promptly deposited to the credit of the
Revenue Fund.
2. Not later than three business days preceeding the
fifteenth day of each month the City shall transfer from the
Revenue Fund to the following funds, in the order indicated, the
amounts set forth below:
FIRST:
For deposit
into the Operation and
Maintenance
Fund,
the amount necessary to cause moneys
therein to
equal
the System's
anticipated Operating
Expense, as
shown
by the Budget,
for the two succeeding
months;
SECOND: For deposit into the Bond Fund, an amount
equal to one -sixth (1/6th) the interest due on the
outstanding Bonds on the next interest payment date
plus one -twelfth (1/12th) the principal due on the
outstanding Bonds on the next principal payment date;
THIRD: For transfers made during the months of
February, May, August and November, before November 15,
1990, for deposit into the Debt Service Reserve Fund,
the lesser of $25,500 or the amount necessary, when
added to the current balance, to cause the Debt Service
Reserve Fund to equal the Debt Service Reserve
Requirement;
FOURTH: For payments made on or after November 15,
1990, for deposit into the Debt Service Reserve Fund,
the amount, if any, necessary to increase the amount in
the Debt Service Reserve Fund to equal the Debt Service
Reserve Requirement.
FIFTH: For deposit into the Renewal and Replacement
Fund, to the extent moneys are available in the Revenue
Fund, the amount necessary to cause moneys therein to
equal three hundred thousand dollars ($300,000).
3. Any moneys remaining in the Revenue Fund immediately
following the transfers required by this Section, and before
additional deposits of Gross Revenues, may be used, at the
option of the City, for any lawful purpose.
-15-
U9FR1158P46E 7?4
Section 8. Operation and Maintenance Fund. 1. The City
shall deposit to the credit of the Operation and Maintenance
Fund moneys received therefor pursuant to Section 7 of this
Ordinance.
2. Subject to the provisions of Section 9 of this
Ordinance, moneys in the Operation and Maintenance Fund shall be
expended solely for the purpose of paying Operating Expenses.
3. If in any month there shall be a failure to transfer the
required amount into the Operation and Maintenance Fund, the
amount of any deficiency shall be added to the amount otherwise
required to be transferred into said fund in the next succeeding
month.
4. Moneys in the Operation and Maintenance Fund in excess
of the amount, certified by the City, necessary to pay Operating
Expenses of the System for the remainder of the then current
fiscal year may be transferred to the Revenue Fund.
Section 9. Bond Fund. 1. The City shall deposit to the
credit of the Bond Fund moneys received therefor pursuant to
Section 7 of this Ordinance and any moneys received for the
redemption of Bonds.
2. On or before three business days preceeding each
interest payment date for any of the Bonds outstanding, the City
shall pay to the Paying Agent(s) for the Bonds, from moneys
credited to the Bond Fund, in immediately available funds,
amounts required to pay interest on the Bonds due on such date,
and on each redemption date the amounts required to pay accrued
interest on the Bonds to be redeemed unless the payment of such
accrued interest shall be otherwise provided for, and such
amounts shall be so applied.
3. On or before three business days preceeding each
principal payment or redemption date for any of the Bonds
outstanding, the City shall pay to the Paying Agent(s) for the
Bonds, from moneys credited to the Bond Fund, amounts required
to pay principal and premium, if any, due on the Bonds on such
date, and such amounts shall be so applied.
4. If there shall be insufficient moneys in the Bond Fund,
after all required transfers thereto have been made, to pay in
full interest on Bonds due on any interest payment date or
redemption date the City shall, two business days prior to such
date, transfer an amount equal to the deficiency from the
following funds, in the following order:
FIRST: Debt Service Reserve Fund
SECOND: Renewal and Replacement Fund
-16- U01158 nGE 76
5.. If there shall be
insufficient moneys in the Bond Fund,
after all required transfers thereto have been
made, to
pay in
full the principal payment
or premium payment,
if any,
due on
any principal payment date
or redemption date
the City
shall,
two business days prior to
such payment date, deposit
an
amount
equal to the deficiency
from the following
funds,
in the
following order:
FIRST: Debt Service Reserve Fund
SECOND: Renewal and Replacement Fund
6. Excess moneys in the Bond Fund shall be transferred to
the Revenue Fund.
Section 10.
Renewal and Replacement
Fund. 1. The
City
shall
deposit to
the credit of the Renewal
and Replacement
Fund
moneys received
therefor pursuant to Section
7 of this Ordinance.
2. Subject to the provisions of Section 9 of this
Ordinance, moneys in the Renewal and Replacement Fund shall be
used solely for the purpose of paying the costs of repairs or
replacements necessary due to the depreciation of the System and
costs of damage caused by unforseen catastrophies to either the
System or physical plant owned and operated by the Beaver Water
District of Benton and Washington Counties, Arkansas,
3. Moneys in the Renewal and Replacement Fund in excess of
the amount, certified by the City, necessary to pay expenditures
to be made from the Renewal and Replacement Fund during the then
current and the next insuing fiscal year may be transferred to
the Revenue Fund.
Section 11. Debt Service Reserve Fund. 1. The City shall
deposit to the credit of the Debt Service Reserve Fund moneys
received therefor pursuant to Section 7 of this Ordinance.
Notwithstanding anything herein to the contrary from and after
November 15, 1990, the balance in the Debt Service Reserve Fund
shall equal the Debt Service Reserve Requirement.
2. Moneys credited to the Debt Service Reserve Fund shall
be transfered as necessary, pursuant to Section 8 of this
Ordinance, to provide for the payment of the principal of,
premium, if any, and interest on the Bonds when due.
3. Moneys credited to the Debt Service Reserve Fund in
excess of the Reserve Requirement shall be transferred to the
Revenue Fund.
Section 12. Investment of Moneys. The City may invest
moneys in funds in Investment Obligations with maturity or
redemption dates consistent with the times at which said moneys
-17- UBER1158m[ 7Z6
will be required for the purposes provided in this Ordinance.
Moneys in separate funds may be comingled for the purpose of
investment.
2. Obligations purchased as an investment of moneys in any
fund created by this Ordinance shall be deemed at all times to
be a part of such fund, and any income or loss due to an
investment thereof and shall be charged to the respective fund
for which the investment was made.
3. The Debt Service Reserve Fund will be funded with
revenues of the System. Therefore, amounts on deposit in the
Debt Service Reserve Fund must be invested initially at a yield
not materially higher than the yield on the Prior Bonds,
calculated in accordance with applicable sections of the Code.
Such amounts may, however, be invested at an unrestricted yield
on a pro rata basis as portions of the principal of the Prior
Bonds are discharged. The attached Schedule B shows the
percentage of the amounts in the Debt Service Reserve Fund that
may be invested an unrestricted yield as of each date that a
portion of the Prior Bonds is discharged.
The amount that is invested at an unrestricted yield is
determined by adding together the purchase price of all
unrestricted obligations acquired with moneys on deposit in the
Debt Service Reserve Fund. If an unrestricted obligation is
purchased at a discount, the amounts of the discount must be
ratably included for each year the unrestricted obligation is
held and added to the purchase price of the unrestricted
obligation. For example, if a $1,000,000 unrestricted
obligation with a term of ten years is acquired for $900,000.00,
the amount that is treated as invested at an unrestricted yield
at the end of the third year is $930,000.00.
4, Investments in any fund shall be evaluated at least
quarterly by the City at market value.
Section 13. Parity Indebtedness. 1. The City shall be
entitled to issue and incur indebtedness secured on a parity
with the Bonds to refund any outstanding Bonds or Parity
Indebtedness or to finance or pay the cost of constructing any
future extensions, betterments, or improvements to the System.
The amount of any Parity Indebtedness may include costs of
issuance, funded interest for such period as the City may
determine and shall, unless otherwise provided for, include
amounts required to be deposited to the Debt Service Reserve
Fund as a consequence of the issuance of such Parity
Indebtedness.
2. Prior to incurring Parity Indebtedness the City shall
obtain an Accountant's or Consulting Engineer's opinion stating
that:
-18-
LIS ER1158 PAGE 7Z7
(a) Net Revenues of the System
for the
fiscal year
preceding the
year in which such indebtedness is proposed to
be incurred
was not less than 120%
of the maximum annual
debt service
requirements on all
Bonds and
any Parity
Indebtedness
then outstanding and the
proposed
indebtedness;
or
(b) Net Revenues of the System
for the fiscal
year
succeeding the
year in which such
indebtedness is
to be
incurred will
not be less than 120%
of the maximum
annual
debt service
requirements on all
Bonds and any
Parity
Indebtedness
then outstanding
and the proposed
indebtedness.
Net Revenues of the System may be adjusted for purposes of
calculating the test described in Subsection 13(2)(b) above by
including a Consulting Engineer's estimate of additional Net
Revenues to be derived from existing customers of the System (or
existing customers of any facilities to be acquired) resulting
from (i) System rate increases adopted before the Parity
Indebtedness is incurred and (ii) contemplated extensions,
betterments, and improvements to the System (as if completed and
placed in service).
3. Nothing in this Ordinance shall prohibit the City from
incurring indebtedness secured by a lien on Pledged Revenues
subordinate to that securing the Bonds.
Section 14. Insurance. While any Bonds are outstanding,
the City covenants and agrees to insure and at all times keep
insured, in the amount of the actual value thereof, by a
responsible insurance company or companies authorized and
qualified under the laws of the State of Arkansas to assume the
risk thereof, all properties of the System against loss or
damage from fire, lightning, tornado, winds, riot, strike, civil
commotion, malicious damage, explosion, and against loss or
damage from any other causes customarily insured against by
private companies engaged in a similar type of business. In the
event of loss, the proceeds of such insurance shall be applied
solely toward the reconstruction, replacement, or repair of the
System, and in such event the City shall, with reasonable
promptness, cause to be commenced and completed the
reconstruction, replacement, and repair work. If such proceeds
are more than sufficient for such purposes, the balance
remaining shall be deposited to the credit of the Revenue Fund
and if such proceeds shall be insufficient for such purposes,
the deficiency shall be supplied first, from moneys in the
Renewal and Replacement Fund, and second, from moneys in the
Operation and Maintenance Fund, and third, from available moneys
in the Revenue Fund after payment of debt service on the Bonds.
-19- IIBIR1158 PAGEM
Section 15. Records. The City shall keep or cause to be
kept proper books of accounts and records (separate from all
other records and accounts of the City) in which complete and
correct entries shall be made of all transactions relating to
the operation of the System and its revenues. Such books shall
be available for inspection by any Bond owner at reasonable
times and under reasonable circumstances. The City agrees to
have these records audited by an Accountant at least annually,
and a copy of the audit shall be delivered to the Insurer and to
any Bond owner who shall request the same in writing.
Section 16. Sewer Connections Required. The City covenants
and agrees to enforce Ordinance 1742 adopted June 1, 1970 (which
Ordinance, as amended, is incorporated herein by this reference)
requiring connection of all toilet and sewer facilities within
the City to the System. Said ordinance shall not be repealed,
but may be amended in any manner not materially adverse to the
interest of owners of any Bonds or Parity Indebtedness
outstanding.
Section 17. Other Covenants. The City hereby covenants and
agrees that:
(a) All payments on the Bonds shall be made only through a
designated Paying Agent. All Bonds paid or purchased either
at or before maturity shall be cancelled when such payment
or purchase is made, and held by the City and shall not be
reissued.
(b) The
System
shall
be operated on
a
fiscal
year basis
beginning
January
1 and
ending December
31
of each
year.
(c) It will faithfully and punctually perform all duties
with reference to the System required by the Constitution
and laws of the State of Arkansas, including the charging
and collecting of reasonable and sufficient rates lawfully
established for services rendered by the System, the
segregating of the revenues of the System as herein
required, and the applying of Net Revenues to the respective
funds herein created and referred to.
(d) It will maintain the System in good condition and
operate the same in an efficient manner and at reasonable
cost.
(e) None of the facilities or services afforded by the
System shall be furnished without a charge being made
therefor. In the event that the City or any department,
agency, or instrumentality thereof shall avail itself of the
_20_ uBA158PAGrM
facilities and services afforded by the System, the
reasonable value of the service or facilities so afforded
shall be charged against the City or such department,
agency, or instrumentality and shall be paid for as the
charges accrue. The revenues so received shall be deemed to
be revenues derived from the operation of the System and
shall be used and accounted for in the same manner as the
other revenues derived from the operation of the System.
(f) So long as any Bonds are outstanding, the City will not
mortgage, pledge, or otherwise encumber the System or any
Pledged Revenues and will not sell, lease, or otherwise
dispose of all or any substantial portion of the same except
as provided in Section 13 of this Ordinance.
(g) In the event the offices of Mayor, City Clerk, City
Manager, or Board of Directors shall be abolished, or any
two or more of such offices shall be merged or consolidated,
or in the event the duties of a particular office shall be
transferred to another office or officer, or in the event of
a vacancy in any such office by reason of death,
resignation, removal from office, or otherwise, or in the
event any such officer shall become incapable of performing
the duties of his office by reason of sickness, absence from
the City, or otherwise, all powers conferred and all
obligations and duties imposed upon such office or officer
shall be performed by the office or officer succeeding to
the principal function thereof, or by the office or officer
upon whom such powers, obligations, and duties shall be
imposed by law.
(h) It shall cause a Budget of proposed System capital
costs and Operating Expenses to be prepared for each fiscal
year of operation. The Budget for any fiscal year shall be
completed no later than the commencement of said fiscal year
and shall be available for inspection by the owner of any of
the Bonds outstanding.
(i) Periodically it shall cause a Consulting Engineer to
prepare a report on the status of the the System's assets
and compliance with the terms and provisions of this
Ordinance. Said reports shall be prepared no less
frequently than every three (3) years and the initial
Consulting Engineer's report shall be obtained prior to
October 15, 1986, A copy of said reports shall be delivered
to the Insurer.
(j) It shall not take any action or suffer or permit any
action to be taken or condition to exist which causes or may
cause the interest payable on the Bonds to be subject to
federal income taxation. Without limiting the generality of
_21_ LIBER1158PAU700
the
foregoing, the City covenants that the
proceeds of the
sale
of the Bonds
will not be used directly
or indirectly in
such
manner as
to cause the Bonds to
be treated as
"arbitrage
bonds"
within the meaning of Section 103(c) of
the
Code.
Section 19. Default Provisions. 1. If there be any
default in the payment of the principal of, or premium, if any,
or interest on, any Bonds, or if the City defaults in the
performance of any of the other covenants or agreements
contained in this Ordinance, or if there shall be filed by the
City a petition in bankruptcy; the owner of any of the Bonds
then outstanding may, by proper suit compel the performance of
the duties of the officials of the City as set forth in Act 131,
Act 132, and Act 297. In the case of a default in payment of
the principal of, or premium, if any, or interest on, any of the
outstanding Bonds, or if the City fails to complete any other
obligation which it herein assumes, and such default shall
continue for thirty (30) days thereafter, the owner of any of
the Bonds then outstanding may, apply in a proper action to a
court of competent jurisdiction for the appointment of a
receiver to administer the System on behalf of the City and the
owners of the Bonds, with power to charge and collect (or by
mandatory injunction or otherwise to cause to be charged and
collected) rates sufficient to provide for the payment of
expenses of operation, repair, maintenance, and insuring of the
System, to pay principal of and interest on the Bonds
outstanding, and to apply the revenues in conformity with the
provisions of Act 131, Act 132, Act 297 and this Ordinance.
When all defaults in principal, premium, and interest payments
have been cured, the custody and operation of the System shall
revert to the City. The fact that payments have been made under
the Policy shall not be taken into account in determining
whether a payment default on the Bonds has occurred or has been
cured.
2. Notwithstanding any provisions in this section to the
contrary, so long as the Policy is in force the Insurer, acting
alone, shall have the right, to the extent permitted by law, to
direct all remedial action taken pursuant to Subsection 19(1),
and the exercise of any rights given to owners of Bonds pursuant
to said subsection shall be subject to consent of the Insurer.
3. It is
hereby declared and intended that no one or more
owners of the
Bonds shall have any right in any manner
whatever
by his, her,
or their action to affect, disturb, or
prejudice
the security
of this Ordinance, or to enforce
any right
hereunder except in the manner herein provided,
that all
proceedings at
law or in equity shall be instituted,
had, and
maintained in
the manner herein provided and for the
benefit of
all owners of
the outstanding Bonds and the Insurer,
and that
any individual
rights of action or other right given
to one or
more of such owners
by law are restricted by this Ordinance
to
the rights and
remedies herein provided.
_22_ usER1158pmr 731
4. No remedy conferred upon or reserved to the owners of
the Bonds or the Insurer is intended to be exclusive of any
other remedy or remedies, and each and every such remedy shall
be cumulative and shall be in addition to every other remedy
given hereunder or now or hereafter existing or available at law
or in equity.
5. No delay or omission of any owners of the Bonds or the
Insurer to exercise any right or power accrued upon any default
shall impair any such right or power or shall be construed to be
a waiver of any such default or an acquiescence therein; and
every power and remedy given by this Ordinance to the owners of
the Bonds or the Insurer may be exercised from time to time and
as often as may be deemed expedient.
6. The owners of not less than fifty percent (50%) in
principal amount of Bonds then outstanding may, with prior
consent of the Insurer, waive any default which shall have been
remedied before the entry of final judgment or decree in any
suit, action, or proceeding instituted under the provisions of
this Ordinance or before the completion of the enforcement of
any other remedy, but no such waiver shall extend to or affect
any other existing or any subsequent default or defaults of
impair any rights or remedies consequent thereon.
Section 20. The Registrar. 1. The Registrar shall only be
responsible for the exercise of good faith and reasonable
prudence in the execution of its duties. The recitals in this
Ordinance and on the face of the Bonds are the recitals of the
City and not of the Registrar.
2, The Registrar may resign at any time by thirty (30)
days' notice in writing to the City, and the City or the
majority in value of the owners of the outstanding Bonds at any
time, with or without cause, may remove the Registrar. In the
event of a vacancy in the office of Registrar, either by
resignation or by removal, the City shall notify the Insurer and
then appoint a new Registrar, such appointment to be evidenced
by a written instrument or instruments filed with the City Clerk
and the Insurer.
3. The original Registrar and any successor Registrar shall
file a written acceptance and agreement to execute the duties
imposed upon it or them by this Ordinance, but only upon the
terms and conditions set forth in this Ordinance and subject to
the provisions of this Ordinance, to all of which the owners of
the Bonds agree. Such written acceptance shall be filed with
the City Clerk, and a copy thereof shall be placed in the bond
transcript. Any successor Registrar shall have all the powers
herein granted to the original Registrar. Any Registrar that
resigns or is removed pursuant to the provisions hereof shall
cease to be Paying Agent and any successor Registrar shall be
and become a Paying Agent on the Bonds.
-23- LIBER 1158 PAGE 732
4. The City may appoint one or more co -Paying Agents for
the Bonds. Each additional Paying Agent shall accept in writing
its duties under this Ordinance.
Section 21. Matters Pertaining to Policy and Insurer. 1.
If, on the business day preceding any payment date for the Bonds
there has not been transferred by the City sufficient moneys
available to pay all principal of and interest on the Bonds due
on such date, the Registrar shall immediately notify the Insurer
and the Fiscal Agent of the amount of such deficiency. The
Registrar shall simultaneously make available to the Insurer and
Fiscal Agent the registration books for the Bonds maintained by
the Registrar. In addition:
(a) The Registrar shall provide the Insurer with a
list of the Bondowners entitled to receive principal or
interest payments from the Insurer under the terms of the
Policy, and shall make arrangements with the Insurer and the
Fiscal Agent (i) to mail checks or drafts to Bondowners
entitled to receive full or partial interest payments from
the Insurer and (ii) to pay principal of the Bonds
surrendered to the Fiscal Agent by the Bondowners entitled
to receive full or partial principal payments from the
Insurer; and
(b) The Registrar shall, at the time it provides
notice to the Insurer pursuant to the first sentence of this
Section 21(1), notify Bondowners entitled to receive the
payment of principal or of interest on the Bonds from the
Insurer (i) as to the fact of such entitlement, (ii) that
the Insurer will remit to them all or part of the interest
payments coming due, (iii) that, except as provided in
subsection 2 below, in the event that any Bondowner is
entitled to receive full payment of principal from the
Insurer, such Bondowner must tender his Bond with the
instrument of transfer in the form provided on the Bond
executed in the name of the Insurer, and (iv) that, except
as provided in subsection 2 below, in the event that such
Bondowner is entitled to receive partial payment of
principal from the Insurer, such Bondowner must tender his
Bond for payment first to the Registrar, which shall note on
such Bond the portion of principal paid by the Registrar,
and then, with the form of transfer executed in the name of
the Insurer, to the Fiscal Agent, which will then pay the
unpaid portion of principal to the Bondowner.
2. In the event that the Registrar has notice that any
payment of principal of or interest on a Bond has been recovered
from a Bondowner pursuant to the United States Bankruptcy Code
by a trustee in bankruptcy in accordance with the final,
nonappealable order of a court having competent jurisdiction,
the Registrar shall, at the time it provides notice to the
-24- LIBER1158PAGE 733
Insurer notify all Bondowners that in the event that any
Bondowner's payment is so recovered, such Bondowner will be
entitled to payment from the Insurer to the extent of such
recovery, and the Registrar shall furnish to the Insurer its
records evidencing the payments of principal of and interest on
the Bonds which have been made by the Registrar and subsequently
recovered from Bondowners, and the dates on which such payments
were made.
3. The Insurer shall, to the extent it makes payment of
principal of or interest on the Bonds, become subrogated to the
rights of the recipients of such payments in accordance with the
terms of the Policy and, to evidence such subrogation, (1) in
the case of subrogation as to claims for past due interest, the
Registrar shall note the Insurer's rights as subrogee on the
registration books maintained by the Registrar upon receipt from
the Insurer of proof of the payment of interest thereon to and
(2) in the case of subrogation as to claims for past due
principal, the Registrar shall note the Insurer's rights as
subrogee on the registration books for the Bonds maintained by
the Registrar upon receipt of proof of the payment of principal
thereof to the owners of such Bonds.
4. All notices given the Insurer pursuant to this Ordinance
shall be given to the following address: Financial Guaranty
Insurance Company, 175 Water Street, New York, New York 10038,
Attention: President.
Section 22. Delivery Instructions. When the Bonds have
been executed by the facsimile signatures of the Mayor and City
Clerk and the seal of the City imprinted thereon, as herein
provided, they shall be delivered to the Registrar, which shall
authenticate them and deliver them to the Purchaser upon the
payment of the purchase price, as specified by written
instructions of the Mayor.
The total sale proceeds shall be distributed as follows:
(a) There shall be deposited into the Bond Fund the amount
of the accrued interest paid by the Purchaser;
(b)
There
shall be paid all
costs associated with the
issuance
of the
Bonds, including the
premium for the Policy, as
specified
by written instructions of
the Mayor;
(c) There shall be deposited in an irrevocable trust with
the Escrow Agent, moneys sufficient, together with investment
earnings thereon and amounts to be transferred pursuant to
Section 23 of this Ordinance, to provide funds sufficient to
pay, as the same shall become due, all principal of and interest
on the 1963 Bonds, all trustee and paying agent fees in
connection therewith and the fees of the Escrow Agent.
-25- LIBER1158 PAU 734
(d) There shall be deposited in an irrevocable trust with
the Escrow Agent, moneys sufficient, together with investment
earnings thereon and amounts to be transferred pursuant to
Section 23 of this Ordinance, to provide funds sufficient to
pay, as the same shall become due, all principal of and interest
on the 1966 Bonds, all trustee and paying agent fees in
connection therewith and the fees of the Escrow Agent.
(e) There shall be deposited in an irrevocable trust with
the Escrow Agent, moneys sufficient, together with investment
earnings thereon and amounts to be transferred pursuant to
Section 23 of this Ordinance, to provide funds sufficient to
pay, as the same shall become due, all principal of and interest
on the 1969 Bonds, all trustee and paying agent fees in
connection therewith and the fees of the Escrow Agent.
(f) There shall be deposited in an irrevocable trust with
the Escrow Agent, moneys sufficient, together with investment
earnings thereon and amounts to be transferred pursuant to
Section 23 of this Ordinance, to provide funds sufficient to
pay, as the same shall become due, all principal of and interest
on the 1975 Bonds, all trustee and paying agent fees in
connection therewith and the fees of the Escrow Agent.
Section 23. Refunding Matters. 1. The Escrow Agreements
are hereby approved in substantially the form exhibited at this
meeting, and the Mayor or the Assistant Mayor of the City is
hereby authorized to execute, acknowledge, and deliver the
Escrow Agreements and the City Clerk is hereby authorized to
attest the same and to affix the seal of the City thereto. Any
changes to the Escrow Agreements may be approved by any officers
of the City executing such documents, their execution and
delivery to constitute conclusive evidence of such approval.
2. Upon delivery of the Bonds, all moneys held by Union
Planters National Bank, of Memphis, Tennessee, as Registrar for
the 1963 Bonds shall be transferred to the Escrow Agent to be
held, pursuant to the 1963 Escrow Agreement, to refund the 1963
Bonds.
3. Upon delivery of the Bonds, all moneys held by
RepublicBank Dallas, National Association, of Dallas, Texas, as
Registrar for the 1966 Bonds shall be transferred to the Escrow
Agent to be held, pursuant to the 1966 Escrow Agreement, to
refund the 1966 Bonds.
4. Upon delivery of the Bonds, all moneys held by
RepublicBank Dallas, National Association, of Dallas, Texas, as
Registrar for the 1969 Bonds shall be transferred to the Escrow
Agent to be held, pursuant to the 1969 Escrow Agreement, to
refund the 1969 Bonds.
-26- IIBER1158 PAGE 735
5. Upon delivery of the Bonds, all moneys held by
RepublicBank Dallas, National Association, of Dallas, Texas, as
Registrar for the 1975 Bonds shall be transferred to the Escrow
Agent to be held, pursuant to the 1975 Escrow Agreement, to
refund the 1975 Bonds.
6. All others moneys held by the City or other parties in
funds or accounts established or maintained in connection with
the Prior Bonds shall, to the extent necessary to refund the
Prior Bonds, be transferred to be held under the Escrow
Agreements, as directed by written instructions of the Mayor.
Section 24. Supplemental Ordinances. 1. The provisions of
this Ordinance shall constitute a binding contract among the
City and the owners of the Bonds issued hereunder. The City
will at all times strictly adhere to the terms and provisions
hereof and fully discharge all of its obligations hereunder.
2. The City may, without consent of the owners of the
Bonds, adopt ordinances supplemental hereto as may be necessary
or desirable:
(a) to cure any ambiguity or formal defect or omission in
this Ordinance;
(b) to grant to or confer on the Owners of the Bonds any
additional rights, remedies, powers or authority that may be
lawfully be granted to or conferred on them;
(c) to add to the covenants and agreements of the City in
the Ordinance other covenants and agreements to be observed
by the City;
(d)
to
more
precisely
identify the revenues subject to the
lien
of
this
Ordinance;
(e) to subject to the lien of this Ordinance additional
revenues or property; or
(f) to provide for the issuance of Parity Indebtedness.
3. The
owners of not less than fifty-one (51%) in
aggregate principal
amount of the Bonds outstanding shall have
the right, from
time to time, but only with the Insurer's prior
consent (so
long as the Policy shall be in force), to consent to
and approve
the adoption by the City of such ordinances
supplemental
hereto as shall be necessary or desirable for the
purpose of
modifying, altering, amending, adding to, or
rescinding,
in any particular, any of the terms or provisions
contained in
this Ordinance or in any supplemental ordinance;
provided, however, that nothing herein contained shall permit or
be construed
as permitting (a) an extension of the maturity of
-27- LIBER1158PAGE 736
the principal of, or premium, if 'any, or the interest on, any
Bond, (b) a reduction in the principal amount of any Bond or the
rate of interest thereon, (c) the creation of a lien upon or a
pledge of revenues other than the lien and pledge created by
this Ordinance, (d) a privilege or priority of any Bond or Bonds
over any other Bond or Bonds, or (e) a reduction in the
aggregate principal amount of the Bonds required for consent to
such supplemental ordinance.
4. In the event the City shall adopt any ordinance
supplemental to this Ordinance a copy thereof shall be mailed,
at least fifteen (15) days prior to adoption, by first class
mail postage prepaid, to the Insurer and to the owner of each
Bond outstanding at his or her address appearing in the
registration books of the City maintained by the Registrar.
Section 25. Publication. The City Manager is hereby
directed to publish this Ordinance for one insertion in The
Northwest Arkansas Times, which is hereby found and declared to
be a newspaper published and of general circulation in the City
of Fayetteville, Arkansas.
Section 26. Defeasance, 1. If the City shall pay or cause
to be paid, or there shall otherwise be paid, to the owners of
all Bonds and any Parity Indebtedness the principal, premium, if
applicable, and interest due or to become due thereon, at the
times and in the manner stipulated therein and in this
Ordinance, then the pledge of the revenues, moneys and rights
and interest pledged under this Ordinance and all covenants,
agreements and other obligations of the City hereunder, shall
thereupon cease, terminate and become void and be discharged and
satisfied.
2. Bonds or interest installments for the payment or
redemption of which moneys shall have been set aside and shall
be held in trust by the Registrar (through deposit by the City
of funds for such payment of redemption or otherwise) at the
maturity or redemption date thereof shall be deemed to have been
paid within the meaning and with the effect expressed in
subsection 1 of this Section 26. Any outstanding Bonds shall,
prior to the maturity or redemption date thereof, be deemed to
have been paid within the meaning and with the effect expressed
in subsection 1 of this Section 26 if (a) in case of any of said
Bonds are to be redeemed on any date prior to their maturity,
the City shall have given to the Registrar in form satisfactory
to it irrevocable instructions to publish as provided herein
notice of redemption of such Bonds on said date, (b) there shall
have been deposited with the Registrar either moneys in an
amount which shall be sufficient, or Investment Obligations the
principal of and the interest on which when due will provide
moneys which, together with the moneys, if any, deposited with
any paying agent at the time, shall be sufficient to pay when
due the principal, premium, if applicable, and interest due and
-28- IIBER 1158 PAGE 737
to become due on said Bonds on or prior to the redemption date
or maturity date thereof, as the case may be, and (c) in the
event said Bonds are not by their terms subject to redemption
within the next succeeding 60 days, the City shall have given
the Registrar in form satisfactory to it irrevocable
instructions to mail, as soon as practicable, a notice to the
owners of such Bonds that the deposit required by (b) above has
been made with the Registrar and that said Bonds are deemed to
have been paid in accordance with this section 26 and stating
such maturity or redemption date upon which moneys are to be
available for the payment of the principal, premium, if
applicable, and interest on said Bonds.
Neither Investment Obligations nor moneys deposited with the
Registrar pursuant to this Section 26 nor principal or interest
payments on any such Investment Obligations shall be withdrawn
or used for any purpose other than, and shall be held in trust
for, the payment of the principal, premium, if applicable, and
interest on said Bonds; provided that any cash received from
such principal or interest payments on such Investment
Obligations deposited with the Registrar, if not then needed for
such purpose, shall, to the extent practicable, be reinvested in
Investment Obligations maturing at times and in amounts
sufficient to pay when due the principal, premium, if
applicable, and interest to become due on said Bonds on and
prior to such redemption date or maturity date thereof, as the
case may be, and interest earned from such reinvestments shall
be paid over to the City, as received by the Registrar, free and
clear of any trust, lien or pledge. For the purposes of this
Section 26, Investment Obligations shall mean and include only
such securities as are described in clause (a)(i) of the
definition of "Investment Obligations" in Section 1 of this
Ordinance, and such securities as shall not be subject to
redemption prior to their maturity.
3. Anything in this Ordinance to the contrary
notwithstanding, any moneys held by the Registrar in trust for
the payment and discharge of any of the Bonds which remain
unclaimed for five years after the date when such Bonds have
become due and payable, either at their stated maturity dates or
by call for earlier redemption, if such moneys are held by the
Registrar at such date, or for five years after the date of
deposit of such moneys if deposited with the Registrar after the
said date when such Bonds become due and payable, shall, at the
written request of the City, be repaid by the Registrar to the
City, free from trust, and the Registrar shall thereupon be
released and discharged with respect thereto and the owners of
Bonds shall look only to the City for the payment of such Bonds;
provided, however, that before being required to make any such
payment to the City, the Registrar shall, at the expense of the
City, cause to be published at least twice, at an interval of
not less than seven days between publications, in a newspaper of
.29 w[R UM PAGE 7.38
general circulation in the Cityof Little Rock, Arkansas, a
notice that said moneys remain unclaimed and that, after a date
named in said notice, which date shall be not less than 30 days
or more than 60 days after the date of the first publication of
such notice, the balance of such moneys then unclaimed will be
returned to the City.
Section 27. Miscellaneous. 1. The Mayor or Assistant
Mayor and City Clerk of the City are hereby empowered to execute
and deliver the Bonds and all documents, certificates, and other
instruments which may be necessary or appropriate under the
terms of the Bond Purchase Agreement, the Escrow Agreements or
to effect the purposes of this Ordinance.
2. This Ordinance shall not create any right of any kind
and no right of any kind shall arise hereunder pursuant to it
until the Bonds authorized hereby are issued and delivered.
3. The provisions of this Ordinance are hereby declared to
be separable and if any provision shall for any reason be held
illegal or invalid, such holding shall not affect the validity
of the remainder of this Ordinance.
4. All resolutions or ordinances and parts thereof in
conflict herewith are hereby repealed to the extent of such
conflict.
Section 27. Emergency Clause. It is hereby ascertained and
declared that, in order to alleviate immediate hazards to the
health, safety, and welfare of the City, its inhabitants, and
their property by insuring the continued operation of the
System, the refunding of the Prior Bonds must be accomplished by
the issuance of the Bonds. 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 take effect and be enforced from and after its passage.
PASSED: October 9, 1985,
♦. COJy\1.
-30-
LIBFR1158mc 739
SCHEDULE A
$4,335,000
City of Fayetteville, Arkansas
Water and Sewer Revenue Refunding Bonds,
Series 1985
Maturity Date
Maturity
Rate
of
(November 15)
Amount
Interest
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
$150,000
160,000
170,000
180,000
190,000
205,000
220,000
240,000
260,000
280,000
305,000
330,000
360,000
390,000
430,000
465,000
5.75%
6.25
6.75
7.00
7.25
7.75
8.00
8.15
8.30
8.50
8.75
8.90
9.00
9.05
9.10
9.15
LIBERIIMPAGE M
SCHEDULE B
Maturities of Prior Bonds and Percentage Restrictions
on Moneys held in Debt Service Reserve Fund
Payment
Cumulative
Percent
Percent
Date
Amount
Amount
Unrestricted
Restricted
6/1/86
$ 275,000
$
275,000
3.34%
96.66%
8/l/86
9,000
284,000
3.45
96.55
10/1/86
65,000
349,000
4.23
95.77
6/1/87
280,000
629,000
7.63
92.37
8/1/87
15,000
644,000
7.81
92.19
10/l/87
70,000
714,000
8.66
91.34
6/1/88
290,000
1,004,000
12.18
87.82
8/1/88
17,000
le021,000
12.39
87.61
10/1/88
75,000
1,096,000
13.30
86.70
6/1/89
300,000
1,396,000
16.94
83.06
8/1/89
19,000
1,415,000
17.17
82.83
10/1/89
80,000
1,495,000
18.14
81.86
•6/1/90
310,000
lr805,000
21.90
78.10
8/1/,90
22,000
1,827,000
22.17
77.83
10/1/90.
80,000
lr907,000
23.14
76.86
6/1/91
325,000
21232,000
27.08
72.92
8/l/91
21,000
21253,000
27.34
72.66
10/1/91
80,000
2,333,000
28.31
71,69
6/l/92
345,000
2,678,000
32.50
67.50
8/1/92
18,000
2,696,000
32.71
67.29
10/1/92
100,000
2,796,000
33.93
66.06
6/l/93
355,000
31151,000
38.24
61.76
8/l/93
24,000
3,175,000
38.53
61.47
10/1/93
105,000
3,280,000
39.80
60,20
6/1/94
365,000
3,645,000
44.23
55.77
8/1/94
32,000
3,677,000
44.62
55.38
10/1/94
105,000
3,782,000
45.89
54.11
6/1/95
385,000
4,167,000
50.56
49.44
8/l/95
31,000
4,198,000
50.94
49.06
10/1/95
110,000
4,308,000
52.28
47.72
6/l/96
405,000
4,713,000
57.19
42.81
8/1/96
30,000
4,743,000
57.55
42.45
10/1/96
120,000
4,863,000
59.01
40.99
6/1/97
425,000
5,288,000
64.17
35.83
8/l/97
31,000
51319,000
64.54
35.46
10/1/97
130,000
51449,000
66.12
33,88
6/1/98
445,000
51894,000
71.52
28,48
8/l/98
32,000
5,926,000
71.91
28,09
10/1/98
140,000
6,066,000
73.61
26,39
6/l/99
465,000
6,531,000
79.25
20,75
8/1/99
35,000
6,566,000
79.67
20.33
10/l/99
150,000
6,716,000
81.49
18,51
6/l/00
485,000
7,201,000
87.38
12.62
8/l/00
38,000
7,239,000
87.84
12,16
10/1/00
650,000
7,889,000
95,73
4,27
8/1/01
352,000
8,241,000
100,00
.00
$8.241.000
UBER1158pnc 741
CERTIFICATE OF RECORD
State of Arkansas SS
City rJ Fayetteville
1 S-.17anne C. Kennedy, City Clerk and
iE--Officio recorder for the City of Fayetteville,
do -hereby certify that the annexed or fore-
;; •i ir* is of record in my office and the same ap-
pears in Ordinance & Resolution book
XX/(/ at pege 9«... Witness my
'land and seal this 11 —day of
—Zmgler— 19ks
—.a,Kszc�
Ci7 C!erlc and E :-O' ' i) T22c. tier
CERTIFICATE OF RECORD
STATE OF ARKANSAS SS.
Washington County
I, Alma L. Kollmeyer, Clrcuit Clerk and Ex-Officlo Recorder for
Washington County, do hereby certify that the annexed or f a y
;nctrumentwasfiledfo�re ordi^r^yRffice e hesamthe Li
.1J.. a onthe same is
duly recorded Inv44011
Witness my hand and seal
QIfCa{t GIerK ai
{clorded
p uty Cler
t
n•,1
m
{r
Northwest
Arkansas Times, Sun., Oct.
13, 19e5 1
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