HomeMy WebLinkAboutOrdinance 3299 ORDINANCE NO . 32g9
AN ORDINANCE AUTHORIZING THE ISSUANCE OF � cR��r� Tfa
INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE
PURPOSE OF PROVIDING PERMANENT FINANCING FOR
INDUSTRIAL FACILITIES ; AUTHORIZING A TRUST 0
INDENTURE SECURING THE BONDS ; AUTHORIZING A iJo
LOAN AGREEMENT BETWEEN THE CITY OF 9U ^
FAYETTEVILLE , ARKANSAS AND AMCAST INDUSTRIALyr ?•. � 11
CORPORATION ; AUTHORIZING THE SALE OF THEA% y
BONDS ; AUTHORIZING AND PRESCRIBING OTHER 0 n O
MATTERS PERTAINING THERETO ; AND DECLARING AN 3
EMERGENCY .
t WHEREAS , the City of Fayetteville , Arkansa9 t�Y�e
" City " ) , is authorized and empowered under the provisions �of�Ar;�t O
No . 9 of the First Extraordinary Session of the Sixty- Secof18
General Assembly of the State of Arkansas , approved January 21 ,
1960 , as amended ( the " Act " ) , to issue revenue bonds and to
expend the proceeds thereof to finance the acquisition ,
constructing and equipment of land , buildings or facilities
which can be used in securing or developing industry ; and
WHEREAS , it is proposed that the City provide
permanent financing , through the issuance of revenue bonds under
the Act , of the costs of acquiring , constructing and equipping
certain industrial facilities consisting of lands , buildings ,
improvements , machinery , equipment and facilities ( the
" Project " ) , and that the City loan the proceeds of the bonds to
Amcast Industrial Corporation , an Ohio corporation ( the
" Company " ) ( and/or its subsidiary , Elkhart Products
Corporation ) , 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 up to $ 5 , 500 , 000 in
principal amount of its Industrial Development Revenue Bonds ,
Series 1987 ( Amcast Industrial Corporation Project ) ( the
" Bonds " ) . to provide such financing ; and
WHEREAS , copies of the hereinafter described Trust
Indenture and Loan Agreement have been presented to and are
before this meeting ;
NOW THEREFORE , BE IT ORDAINED by the Board of
Directors of the City of Fayetteville , Arkansas :
Section 1 . ( a ) That the City hereby makes the
following findings with respect to the issuance of the Bonds and
to the Project :
LIBER 1258PAG1867
( 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 an
existing manufacturing plant by the construction of an
expansion of approximately 21 , 000 square feet and the
acquisition and installation of equipment to be used as a
copper casting facility for casting copper tubing and wire .
( B ) The maximum aggregate face amount of bonds to be
issued with respect to the project is up to $ 5 , 500 , 000 .
( C ) The initial owner and/or operator of the Project
will be Amcast Industrial Corporation , an Ohio corporation
( the " Company " ) , and/or its subsidiary , Elkhart Products
Corporation . The Company will issue its promissory note
providing for payment sufficient to pay the principal ,
purchase or redemption price of , and interest on , the
bonds , as due .
( D ) The proposed location of the Project is 3265
Highway 71 South , Fayetteville , Arkansas 72701 , at the site
of the existing facility to Elkhart Products Corporation .
( 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 of the Bonds is hereby
authorized . The Bonds shall be issued in the forms and
denominations , shall be dated , shall be numbered , shall mature
( over a period not to exceed thirty ( 30 ) years ) , shall bear
interest ( at a rate or rates ) 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 Trust Indenture
( hereinafter authorized ) securing the Bonds .
Section 3 . That the Bonds be sold at par and upon the
terms and conditions recommended by the Company .
Section 4 . That to prescribe the terms and conditions
upon which the Bonds are to be executed , authenticated , issued ,
accepted , held and secured , the Mayor is hereby authorized and
directed to execute and acknowledge a Trust Indenture by and
between the City and a bank or trust company which will act as
Trustee thereunder ( 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
LIBER 125SPAGE868
Mayor and City Clerk are hereby authorized and directed to cause
the Indenture to be accepted , executed and acknowledged by the
Trustee . The Indenture is hereby approved in substantially the
form submitted to this meeting , and the Mayor is hereby
authorized to confer with the Trustee and the Company 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 .
Section S . That there be , and there is hereby
authorized the execution and delivery of a Loan Agreement by and
between the City and the Company ( the " Loan Agreement " ) , 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 and the Trustee
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 preparation and distribution to various
prospective and actual purchasers of the Bonds of an Official
Statement ( and preliminary official statement ) , in the name of
the City , describing the Company , the Bonds , the Indenture and
the Loan Agreement , and setting forth such other information as
may be determined to be necessary or desirable . The Mayor is
authorized to execute such official statement on behalf of the
City .
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
any obligations of the City under the Loan Agreement , the
execution and delivery of the Indenture , the performance of any
obligations of the City under and pursuant to the Indenture , the
issuance , execution , sale and delivery of the Bonds , the
execution , delivery and distribution of an official statement ,
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 .
LIBER 1258PAGES69
Section 8 . That pursuant to applicable law , including
the express provisions of the Act , and because of exceptional
circumstances , including the construction of special industrial
facilities and the financing thereof by credit - enhanced revenue
bonds , competitive bidding is hereby waived .
Section 9 . That the City hereby makes the election
provided by Section 144 ( a ) ( 4 ) ( A ) of the Internal Revenue Code of
1986 .
Section 10 . That the City Clerk is hereby authorized
and directed to file in the office of the City Clerk , as a part
of the minutes of the meeting at which this Ordinance is
adopted , for inspection by any interested person a copy of the
Indenture and Loan Agreement and such documents shall be on file
for inspection by any interested person .
Section 11 . That the law firms of Smith & Schnacke ,
Dayton , Ohio , and Friday , Eldredge & Clark , Little Rock ,
Arkansas , are appointed to act as Co - Bond Counsel on behalf of
the City in connection with the issuance and sale of the Bonds .
Section 12 . That the provisions of this Ordinance are
hereby declared to be separable , and if any section , phrase or
provision shall for any reason be declared to be invalid , such
declaration shall not affect the validity of the remainder of
the sections , phrases and provisions .
Section 13 . That all ordinances , resolutions and
parts thereof in conflict herewith are hereby repealed to the
extent of such conflict .
Section 14 . That there is hereby found and declared
to be an immediate need for the securing and developing of
industry in order to provide employment and payrolls , alleviate
unemployment and otherwise benefit the public health , safety and
welfare of the City and the inhabitants thereof , and the
issuance of the Bonds authorized hereby and the taking of the
other action authorized hereby are immediately necessary for the
accomplishing of these public benefits and purposes . It is ,
therefore , declared that an emergency exists and this Ordinance
being necessary for the immediate preservation of the public
peace , health and safety shall be in force and effect
immediately upon and after its passage .
LIBIR1258PAA70
PASSED : October 20 , 1987 .
APPROVED :
ATTEST :
y 8,A? W-4.,O >
1 _ Ma or
4.k y Clerk
U
Illv y
OUR 1250PAGE871
CERTIFICATE
The undersigned , City Clerk of the , City of
Fayetteville , Arkansas , hereby certifies that the foregoing
pages are a true and perfect copy of Ordinance No . 3299
adopted at a regular session of the Board of Directors of the
City of Fayetteville , Arkansas , held at the regular meeting
place in the City at 7 : 30 o ' clock p . m . , on the 20th day of
October , 1987 , and that the Ordinance is of record in Ordinance
Record Book No . XX) V at page r23 0 now in my possession .
GIVEN under my hand and seal on this 20th day of
October , 1987 .
t y City C1 rk
'«M111N
Lim 125SPACES72
r
i
1, Alma Kollmeyer, Circuit Clark and
CERTIFICATE OF RECORD
Ex-officio Recorder for Washington County,
State of Arkansas SS Arkansas, do hereby certify Ihel this in-
City of Fayetteville strument was tiled for record in my office' ,
1, Suzanne C. McWethy, City Clerk and as indicated hereon and the same is now
Ex-Officio recorder for the City of Fayetteville, duly recorded with the acknowledgement
do hereby certify that the annexed or fore- and certificate thereon in Record Book and
going is of record in my office and the same ap- Page as indicated thereon.
pears in Ordinance & Resolution book IN WITNESS WHEREOF, I have hereunto
set my hand and affixed the seal of said
LY_ at page 3 O Witness my Court on the dale indicated hereon,
hand thisa�� da of
� Y Alma Kollmeyer [
dA 19 F8 Circuit Clerk and
y Utofficio Record
Cit erk anal 1-x-0r`
Y lriCi .:'Oi , f
by
BOWL
Meeting,amethe Mi is
ORDINANCE„O.NTe ranges aulM.l[M m cmfef
A N O I I R C E bene InnnGoeo to Complete )
ny and the
AUTSUAHORIZING OF INDUSTRIAL
THE IS
DEVELOPMENT
OFENT REVS IM Latin Agreement In
DEVELOPMENT REVS substantially thi the meeting
wsub ithI
NUE BONGS FOR THIS mitsed elle
PERPOSE OFMANEN TINA C wan Changes Such al says 5[A'1'E Of rcNEA.�'SAS les
ING FOR
ENT FINANC «raven YY •Mn merws as
JING Oa NAOU TORR akutyatifing nl nacummh half
ING ATIES: UiNORR- Illusive
or to constitute roe COYn1y O( l4'ds111nRllln
ING A TRUST DEM brown wlOMwawcna
TURD SECURING RIZ THE Group ,! II
ROADS: AUTHOAGREEMENT
B Sedan a. That here y cul 11 1 f ILC
TVRILOAN AG HE CITY OF And them IS eaaBY. if it ✓>LA pefPB
F A Y E E CITY OF And Win 1e a preparation
1. Yl) newspaper
Pews SAS AND L e • a" c ver am the publisheraf E .\'OgTHtcEST dRR,1 ' AST`\fES. ntla11>' nev'spaper
ARKANSAS AND CORPORA
prospectiver , ofIn*l angel Pan paving a Second class mailing privilege. and being roll less than four pages Of
INDUSTRIAL AUTHORIZING
E eraser a IM Banns W en
TION: 4UTNORISING TNE ONldal Statement une pre- five aroYmmeacll. puClispMLafixed place of business and at a (IneU (tlallyl
SALE OF THE BONDS; mmnary allaal statement). Interco is LOnllnuru51) In the Clt\'Of FayelleV U IC COun1y' OI Washington. Arkansas
AUTHORIZING AND in the name ill the PRESCRIBING OTHER describing the Company,City,
for more Man d peread Of twelve months, e1rculagtl and distributed from in
TTERS PERTAINING Bonds.the tribngh and tee established place of business to subscribers and readers generally of all Classes
IN
THERETO, AND DEC` R- Loan Agreement, and ret- In Me CII d County for a definite for each Ropy, or a fIFM ICP r
WHEAN EAS, the Cit tied
rth as menWhat Infor.
to 0.hrmin which price was fixed of what SConsidered the Value Of MP publicatlol.
WHEREAS, City a Annum,
Feyenwllle. Arkansas Iter ed t0 be necessary or hissed Upon the news value and Service Value II Contains. that at least filly percent
1
"City-,). Is wtMrlc•d and desirable. The `Mayor Is
Y empwwwd undr me provl- sutMiz" to to such of the Subscribers [hereto have paid Cash for Meir subscriptions la the newspaper
ora a Act NO.9 a the Firer Nuclei statement ASM or Its agents or through recognized news dealers over a period of at least sin
f Ex?r r larysealonatht OdeaClet-
SIxtY-SecOnd General Sectim L That Me Mayor mWlRn; add that the said newspaper publishes an average of more than forty
Assembly of the State a and
dty City
Clark,
far and
M. am percent MWS =flat.
Arkansas, approved DOMIN MW are Member. wMMlaed
nd
add(the "AO"), to mue r:v_ and directed is p any a 1 further certify that the legal notice hereto attached In the matter of
l: times and h cabana all things necessary to effect
Cc
the roas IherM b R. meeatdl ato 4alherya
I}� a tecavisit , can. Mi
e oar Agreement, he
rvaer bn
Nry also equipment al Prlo-mance W any amus!. 6L LR 4_yl (j/K.t✓
e. Buildings or e• nm^ a the City v We
1ry. which can M veto I, short. La Agreement, the exanY published Ru paper for e Ing a d"olwip Industry: rim and delivery 0 the In theca was blished In Me regular dally Issue Of said newspaper
Net
WHEREAS. It b Propose! oust Obligations o1 me CITY CORKYIIvP 1O5eTBOnI d5 (OIIOu'S:
t' Me City pmvlee . unto and punaanl to the p�
tnothrough Indenture. the nuance, l . o CSP /n urL L�
mrnM financing.
evew stir. ale aM denverya The flrst insertion On Ire day f 19
t 'Mndeeunderthe Act, a the he Brbe� ew exicutl
F a acquire", commun. dellwry emrlwnm OF the Second Insertion on she — day of 19
4P _ : Industrial
II e and pudding certain an JI •btemenl, and
n uMaal facilities con the M"wm nce W FI^ a
E elaOng of I ds. wlldirps, tie rue ecs the third Insertion on the day of 19 —
ImPrwemenh. MaM'nery, wary, Iss wN alsocarryset
MuiPmew and fan as ren conformal ny
(the OroiM-). and that this Ordinance, That I and the fourth Insertion On the dav'of 19
' the CIp
loan Me aceea r esMaNaM City Oe,
M„
the ea NO Amca•t Indul and theyare Names,further
trial Corporation, an Ohio auVgrlCM and shuttle, Far ”
pcorporation UM '-Cam an an Mnalf O/ the City, to / 22 �
P ' Jany") (and/Or Its sub cruel a P,Pen. dKa $pyre 10 ]M subscribed bPfOR me On.lhls eL1J�i d]V Of s
an LYl&", EIMart Pmeua mthts, certificates n }
turbine ce), NO finance ter Other Instruments mar may
Protect;aM M ruired W ler carwlnp
f Wb WHEREAS, Pursuant Oueq
t such authrn, cu
i
pmeIn
accordance ither dance wsOVlaence the exercise
is in he Act me cl. iMrM.
Nis rest, prepared to p0' sMbn a mro That pursuas�^rs...�
enfeebled Pu
eAd Now appnbtricycles le sew.trycles ter Nota Delle'
T
MT am M Issue er4 ar up esPrees r Nsms a he 1\c'
b mS .= In princew Ad. and Mcaua a excry )� ,••
& t n In Industrial Oa oral circumstances. In My Commis slOn Expires: 1 1 i
wiapm He Revmw BOM". tl leJ the camifoatbn M /-�/ ::Pl:'I:Ilil.r''
"stir IM (w oup naw. saecial Industrial contortionist
trial Corporation PProject) nd Me flnaMop Rachel or
O
mW • Bwds••t pfwla reap-enhanced revenue
e hfinamiq,end Ma.Bmm"tlt
iw bidding
I WHEREAS, Coln M the
nsessnlntyrhf d 1IMd Truss rseyM 9. Thateth tel tCity
ion
M n nnr IF p vl m y/ '•
mand w even ismro l a ro ben eh stern lR las Feet for PTIn1I4Rlif
andan THEREFORE M; MAP
ChdI1MInhrMIRwR
NOW THEREFORE BE n lO 10. T
IT Di O ce ter Boats ark Is 10. Ter the City COSI of Pew( _. b
F OlrMan W in Glh a CIrX h MrMY a nhow
o W.
S GawRwI1. (a) Tans": aM directed bfClar Meal p �� q
Scut, Makes the iMac Nw a me CityClark,ill Total _.. v�/�. 7 `�_
hereBY who IM NO ingme pert of IM an a IM
nMhM elm Bonds ro he neMIM at enter it OCl
m*PMI al.r . ewp• andro ?am bet y anyy Interest" W.
m TM City nn PuenMM Mn a cY a the indenture
rwllwM a Ali Mrute M and Loan Agreement and e
p
the issuance a the Aedes. Ouch drummH Mall M M
The Mtic*a ill" file for Inspection by any In Y
' (A) Ter pO1M to M II. w tie Mran.
raMM ss IM rpnslon al Section It. Teat the yaw
an exlMllq manufacturing firms On SHIM B schnacke,
plans by Me Cnsl cti" W DOMM, Ohio, and Friday,
an rWO•IM 0 aWmi. Eldredge B Clark, Lima
r merelystick,
ly 21p pmm trot Rk. Arkansas, are ads-
and
aryudsttion and in Pu nfi To act as CO feed
'adaas capper C"nrpM fl, InoomesllFMr O4slhaN ifss i'InFCs'.
cillo, for casting roper mR r Ma sale o/ I
' Cngandwiw. Bonds. the
(B) The maximum ep s iC IS. That ler prwb
prthi fate amount W signs a this WdinaMe an
Mods We M Fw with mcgbY declared to Be
reaper Is ler Project is For i0 • Oble, and N any ac
u.%O.aao. or provision
(c) i Initial w Mail, any reason ON
anMM t DO A a the To d cl retlrm ki Me effect L�
Jeff will M lim, a IMVY
bins <cupon (N " OhioOrn- HIOmodifyshlhal,P nme and
ccorporation ler or s. sm. Otto decree, Phrases and
dw•a, and/or tit: me- pSAKNOO 1
ri"a s E , The Company scNM re that all and
will
. The prom
y nn of In co and
wiu roue m Pfemleary eat SI nwrrna
ph provide"SOsy a Mm Iprefes Me e..rhea .h con
NlaMf b F o IM pint M b IM anleMW "une cam
ai
tiMwl. Ice cu rebury fu� lm u. Ter tern I•
de p¢ea.aM Imheeet M.
"Orft.T asaw. dray fluxes and declared
Its
or(D1he Props le�ct IS 3243 IM sesuring anal de leaping
Highway 21 South. F&MI a industry In oder As e.o
Arkansas mi, at viae employment Ona
mein
f"a her existing hall. Payran •. .] $*vista
ty ro Bsuea hoauch Cr. UMMWWMMI aM ~-
Forelion. Wife benefit the
ic
) TM Marin was Held Mts al "Park astir we Ynl
12 a
It Ins time and plane iM City Me the Inhabitants
s if NO In the Mtn. thereof, ser IM issuance a
unts ,M,Issuance a Me the Bends aurMrOM fte
B
ureses aM the teksep Of the OIM
" lf," in the MICe Is OR "Ilm*umrla"e vaw
for
prsrtlon ]. Intel the Il MW ACImmedvmhP$I"Ing arylMa
suam& Of IM Bonds IS public MMIIh and Me
hereby allthOrl»d, The sides, It Is, Investors.
Dennis Mail BE [s In Mx aclar that an OmWWCY
Irma OM W inetiMS. *ash also MISOOLMnc*Y
Mals as dare, Mall M Me Mew" br the Imme
numbered, then mature 41019 MMOwatIM a me
ow. . prod M ro Mnpa
Public w . health and
hlere (NJ at aarD.Mel Mar "cry MmO M m .acs and
I 'd shall
11 teabaratn) alto Immediately upon and
.na r I ha •gblecr.,to •mnhaaa".
OI: DINA NCE NO. 3299 '
AN ORDI NANCE
AUTHORIZING. THE Is- ( C ) The initial owner
SUANCE OF INDUSTRIAL and/or operator of the Pro
DEVZLOPMENT REVE ject will be Amcast Irdus-
NUE BONDS FOR THE trial Corporation, an Ohio ,
PURPOSEOF PROVIDING corporation (the "Com- STATE of ARKANSAS
PERMANENT FINANC- pany") , and/or its , sub-
ING FOR INDUSTRIAL sitliary, Elkhart Products es.
FACILITIES; AUTHORIZ- Corporation. The Company County of Washington
ING A TRUST INDEN- will Issue its promissory
TURE SECURING THE note providing for payment
BONDS; AUTHORIZING A sufficient to pay the prin- L/lI / ✓ I
LOAN AGREEMENT BE- cipal, purchase or redern /\y ( �, IL ( ip :�JSF-t (. -y L(.."7C
TWEEN THE CITY, OF tion price of, and interest on, I' Q` hereby certify that
FAYETTEVIL E . the bonds, as due. I am the publisher of VHE \ORTHWFSTARKA( AST IMES, a daily,newspa per
ARKANSAS AND AMCAST (D) The proposed location having a second class mailing privilege, and being not less than four pages of
INDUSTRIAL CORPORA- of the Project Is 3265
TION; AUTHORIZING THE Highway 71 South, Fayet- five columns each, published ata fixed place of business and at a fixed (dally )
SALE OF THE BONDS; teville, Arkansas 72701, at Intervals continuously in the Cin• of Fayetteville. County of Washington. Arkansas
AUTHORIZING OTHER the site of the existing facili- for more than a period of twelve months, circulated and distributed from an
ty to Elkhart Products Cor-
MATTERS PERTAINING
THERETO; AND DELLA R- porati0n. established pIdCP OI business to subscribers and readers generally' Of all classes
INGAN EMERGENCY. (2) The hearing was held In the City and County for a definite price for each copy, or a fixed price per
at the time and place
WHEREAS, the City of specified in the notice. annum, which price was fixed at what is considered the value of the publication,
Fayetteville, Arkansas (the (b) The issuance of the based upon the news value and service value it contains, that at least fifty percent
"City"), Is authorized and Bontls for the purposes
empowered under the provi. specified in the notice Is ap-
of the subscribers thereto have paid cash for their subscriptions to the newspaper
sions of Act N0..9 of the First proved. or Its agents or through recognized news dealers over a period of at least six
Extraordinary Session of the Section 2. That the Is- months,, and that the said newspaper publishes an average of more than forty
Sixty - Second General . suance of the Bonds is
Assembly of the State of hereby authorized. The percent news matter. -
Arkansas , approved Bonds shall be Issued in the
January 21, 1960, as amend- forms and denominations,
ed (the "Act"), to issue rev- shall be dated, shall be I further certify that the legal notice hereto attached in the matter of
enue bonds •and' to expend numbered, shall mature
the proceeds thereof to fi- , (over a period not to exceed 1 t
nance the acquisition, con-' thirty (30) years), shall bear ?
strutting and equipment oft interest (at a rate or rates) !' "��'{ , ✓C
land, buildings or facilities and - shall be subject to
which can be used insecur- redemption prior to maturi-
Ing or developing Industry; ty au upon the terms and was published in the regular dailc issue of said newspaper for
and conditions recommended by consecutive insertions as follows:
WHEREAS, it is proposed the Company and to be set
that 'the City provide per- forth In the Trust Indenture /��/ �/ �y / j ,r
manent financing,, through (hereinafter authorized) The first Insertion on the P.2 d day of 6-� RILaeL 19 rLL—
the Issuance of revenue securing the Bonds.
bonds under the Act, of the Section 3. That the Bonds
costs of acquiring, construc- be sold at par and upon the the second insertion on the day of 19
ting and equipping certain terms and conditions
Industrial facilities con- recommended by the Com- _
. industrial
of lands, buildings, pany, the third insertion on the day of 19
: Improvements, machinery, -
equipment and facilities Section A . That to
.(the "Project"), and that prescribe the terms and and the fourth insertion on the day of 19
The City loan the proceeds of conditions upon which the
The bonds to Amcast Indus- Bonds are to be executed,
trial Corporation, an Ohio authenticated,, Issued, ac-
. corporation (the "Com- cepted, held and secured. ) /
pany") (and/or its sub- the Mayor Is hereby Sworn to and subscribed before me on this day of
i
sitliary, PI will
Products authorized and directed To
Corporation), to inanee the execute and acknowledge a 11
Project; and Trust Indenture by and be- 1�L(,
WHEREAS, pursuant to tween the City and a bank or t
and in accordance with the trust company which will
provisions of the Act, the Ci- act as Trustee thereunder �,�
ty Is now prepared to pro- (the "Indenture"), and the
Beed with financing the Pro- City Clerk Is hereby Notar ubliC
sect and To issue and sell up authorized and directed to
to $5,500,000 in principal execute and acknowledge
amount of Its Industrial De- the Indenture and to affix My Commission Expires:
velopment Revenue Bonds, the seal of the City Thereto, 1
Series 1987 (/Fms�t�y���s��t Indus- and the Mayor and City
trial Corporation Project) Clerk are hereby authorized
(the "Bonds"), to provide and directed 10 cause the In-
such financing, and denture to be accepted, ex-
WHEREAS, copies of the ecuted and acknowledged by
hereinafterdescribed Trust the Trustee. The Indenture
Indenture and Loan Ag{ae- Is hereby approved in ��, �r
ment have been presenteetto substantially the form sub- Fees for Printing __ _ S•,._ L
and are before this meeting; mitted to this meeting, and
NOW THEREFORE BE the Mayor is hereby
IT ORDAINED by the Board ' authorized to confer with the Cost Of Proof — 5 --_--
of Directors of the Cltyof Trustee and the Company in
Fayetteville, Arkansas: " order to complete the Inden- 1 '7
Sectionl. (a) ThattheCity ture in Substantially the Total .___.
hereby ,makes the fo110wIFg form Submitted to this
findings with respect to )hemeeting with such changes
issuance of the bonds ah ,ltoI as shall be approved by Such
the Project. ,�t persons executing the
(1) The City has publish¢ document, their execution to
notice of a public hearing on constitute conclusive evi-
. the Issuance of the Bonds. dence of such approval.
The notice specified : 1
(A) ' The project to be fi-
nanced is the expansion of
an existing manufacturing
plant by the construction of
an expansion of aprToxi -
mately 21,000 :square. feet
and the acquisition antl?)n.
stallation of equipment tobe
used as a copper casting fa-
cility for casting copper tub-
ing and wire.
( B) The maximum ag-
gregate face amount of
bonds to be issued with
respect to the project is up to
551500,000.
Section 5. That there be, Section 9. That the City
and there is hereby hereby makes the election
authorized the execution and provided by Section lW (a)
delivery of a Loan Agree- (4) (A) of the Internal Reve.
ment by and between the Ci- nue Code of 1986.
ty and the Company (the Section 10. That the City
"Loan Agreement'), and Clerk is hereby authorized
the Mayor and City Clerk be, and directed to file In the of.
and they are hereby , fice of the City Clerk, as a
authorized to execute, ac- part of the minutes of the
knowledge and deliver the meeting at which this Ordl-
Loan Agreement for and on nce Is adopted, for inspec-
behalf of the City. The Loan f n. by any Interested Per-
Agreement Is hereby ap- n' a copy of the Indenture
proved In substantially the and Loan Agreement and
-form submiUed to this , such documents shall be on
meeting, find the Mayor is file for Inspection by any in-
hereby authorized to confer : terested person.
with the Company and the , Section 11 . 'I`Kd�the!law
Trustee In order to complete firms of Smith & Schnacke,
the Loan Agreement In Dayton, Ohio, and Friday,
substantially the form sub Eldredge & Clark, Little
mitted to this meeting with Rock, Arkansas, are ap-
such changes as shall be ap- . pointed to act as CO-Bond
proved by such persons ex- Counsel on behalf of the City
ecuting the document, .their in connection with the is-
execution to constitute con- suance and sale of the
elusive evidence of such ap- Bonds.
proval. Section 12. That the provi-
Section 6. That there be, cions of this Ordinance are
and there i5 hereby , hereby declared to be
authorized the preparation seperable, and if any sec-
and distl'ibution to various tion, phrase or, provision
prospective and actual pur- shallfor any reason be
Chasers of the Bonds of an declared to be Invalid, such
Official Statement (and pre- declaration shall not affect
liminary official statement), the validity of the remainder
In the name of the City, of the sections, phrases and
describing the Company, the provisions.
Bonds, the Indenture and the Section 13. That all ordi-
Loan Agreement, and set- 1 nances, resolutions and
ting forth such other Infor- I parts thereof In conflict
mation as may be determin- . herewith are hereby repeal-
ed to be necessary or ed to the extent of such con-
desirable. The Mayor is flict
authorized to execute such Section 14. That there is
official. statement do behalf hereby found and declared
of the City. to be an immediate need for
Section 7. Ttiat the Mayor the securing and developing
and City Clerk, for and on of industry in order to pro-
behalf of the City, be, and vide employment .and
they are hereby, authorized pa y r o l l s , a I I e v I a 1 e
and directed to do any and unemployment and other-
all things necessary to effect wise benefit the public
the execution and delivery of health, safety and welfare of
the Loan Agreement, the the City and the inhabitants
performance of any obliga- thereof, and the Issuance of
tions of the City under the the Bonds authorized hereby
Loan Agreement, the execu- and the taking of the other
tion and delivery of the In- action authorized hereby are
denture, the performance of Immediately necessary for
any obligations of the City the accomplishing of these
under and pursuant to the public benefits and pur-
Indenture, the Issuance, ex- poses. I1 is, therefore,
eeution, sale and delivery of declared that an emergency
the Bonds, the execution, exists and this Ordinance be-
delivery and distribution of Ing necessary for the imme-
an official statement, and diate preservation of the
the performance of all acts public peace, health and
of whatever nature neves- safety shall be in force and
sary to effect and carry out effect immediately upon and
the authority conferred by after its passage.
This Ordinance. That the PASSED : October 20,
Mayor and City Clerk be, ig87,
and they are hereby, further ATTEST:
authorized and directed, for Suzanne M<Wethy
an on behalf of the City, to City Clerk
execute all papers, docu- APPROVED:
ments, certificates and Marilyn Johnson
othee .instruments that may Mayor
be required for the carrying (SEAL)
out of such authority or to
evidence the -exercise_
thereof.
Section 6. That pursuant to
applicable law, Including the
express provisions of the
Act, and because of excep-
tional circumstances, In-
cluding the construction of
special industrial facilities
and the financing thereof by
credit-enhanced revenue
bonds, competitive bidding
is hereby waived.