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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.