HomeMy WebLinkAboutOrdinance 3427 F ! LED FOR RECORD
89 SEP 6 PPI 4 04
WASHINGTON CO AR
A . KOLLMEYER
' - ORDINANCE NO . 3427
AN ORDINANCE APPROVING THE ISSUANCE OF MICROMmED
REVENUE BONDS BY THE FAYETTEVILLE PUBLIC
FACILITIES BOARD ; PRESCRIBING OTHER MATTERS
RELATING THERETO ; AND DECLARING AN EMERGEN-
CY .
WHEREAS , by Ordinance No . 2485 , adopted and approved
November 21 , 1978 , as amended by Ordinance No . 2708 , adopted and
approved March 3 , 1981 , and Ordinance No . 2991 , adopted and
approved March 20 , 1984 , the Board of Directors of the City of
V Fayetteville , Arkansas ( the " City " ) , created The Fayetteville
Public Facilities Board ( the " Board " ) ; and
V
WHEREAS , the Board currently proposes to issue not to
exceed $ 35 , 000 , 000 of its Refunding and Improvement Revenue
F Bonds ( the " Bonds " ) for the purpose of refunding the Board ' s
Revenue Bonds , Series 1984 ( Butterfield Trail Village Project ) ,
< dated September 1 , 1984 , and financing certain costs associated
with Butterfield Trail Village ; and
WHEREAS , Butterfield Trail Village is a retirement
community consisting of 248 residential units , a nursing care
center with forty beds and related dining and commons areas ,
located on Joyce Street in the northeastern part of the City ,
and is owned , by Butterfield Trail Village , Incorporated , an
Arkansas nonprofit corporation ; and
WHEREAS , a public hearing on the question of the
issuance of the Bonds has been held before the Board of Direc -
tors of the City on this day following the publication of a
notice of such hearing in a newspaper of general circulation
within the City , on April 29 , 1989 and May 1 , 1989 ; and
WHEREAS , the Board of Directors of the City has
determined that the public purposes for which the Bonds are to
be issued serve a proper need ;
NOW , THEREFORE , be it ordained by the Board of Direc -
tors of the City of Fayetteville , Arkansas :
Section 1 . That the issuance of the Bonds by the
Board described in the notice of public hearing is hereby
authorized and is in all respects approved .
Section 2 . That by the adoption of this Ordinance the
City assumes no liability or responsibility for the repayment of
the Bonds . LimIM01AGE001
Section 3 . That 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 .
Section 4 . That it is hereby ascertained and declared
that the refunding and the financing approved by this Ordinance
will result in economic benefits to Butterfield Trail Village ,
commencing with the date that the Bonds are issued . Therefore ,
this Ordinance , being necessary for the immediate preservation
of the public peace , health and safety , shall be in force from
and after its passage .
PASSED AND APPROVED this 16th day of May
1989 .
ATTEST : ll� /L
Mayor /
City Clerk
Iry
i;
LIBER1333PAGE002
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 . '1497 ,
adopted at a regular session of the Board of Directors of the
City held at the regular meeting place in theCity at 7 : 30
o ' clock P . m . , on the 16th day of May 1989 , and that
the Ordinance is of record in Ordinance Record Book No . " V ,
Page 7Y now in my possession .
GIVEN under my hand and seal on this 22nd day of
May 1989 .
arity Clefk
V Vir
( SEAL )
oft 1
I `'r 11111 . 11
I - P
1. Alma Kollmeyer, Circuit Clerk and \
CERTIFICATE OF RECORD Ex-officio Recorder i
°`
State of Arkansas Arkansas, �vashiigt°^ Coun
SS y,
do herebY cerci/y that this in-
City of Fayetteville umcnt was filed for re
as incicated cord in my office
1, Suzanne C. McWeth d"41 rLCOr e ithereon he ackr same is now
Ex-Officio recorder for the Cityof Fayetteville,land ccrf•fi ate h e the ackrowted
gement
do hereby certify that the annexed or fore- Raa. a. Indicated thereon Recd Book and
going is of record in my office and the same ap.re- It, i in lc to wnEe oE, I Kaye hereunto
pears in Ordinance & Resolution book
y „ , set my hand and affixed the seal of said
�— at page- 7� witness my Court '(j the date indicated hereon.
hand and seal this /!Z day of Alma Ko!lmeyer
19t Cirn,it C!erk and
Ex-o/ficin Re<or1
City rk and Ex-!Officio R rder
by
p .
-� ', �� •R8V8NUEt:BONOS+BY�1
NGii:. ArBTTBVfLI:Hpp STATE Of ARKANSAS l
;p U a ❑'I;C , .P AICI L I T i E'si tree,
{{1ppp�T� M:e litim AST T1 B6IR aj County of Washington
j WL DEG aSNgRETO: ;
'tA''NN D,:>DEOkAA1lrg-:AH ,
iEMEROENC by" . ...:• rr•-'-
-4NqA �w{.b=0y' Or nd op. I, hereby certify that I
1Ny:4SiatOWnt or at IVM am the ublishero 'HE NORTHWEST newspaper
,proyed;Neypmeer alt 1971;. P Y
, n,ameMsp�6riOrt7mante l having a second class mailing privilege, an being not less than four pages of
tNo.:<7�7p1,,�4tloptw andeay ' five columns each, Published at a fixed place of business and at a fixed (daily)
gprotis3"-�1 alrch,-3, :19e1. .and
npralneha'No,K991, adopted , Intervals continuously In the City of Fayetteville, County of Washington, Arkansas
fendrt,eogFo,,�ad,tl Aarch.rsa, for more than a period of twelve months, circulated and distributed from an
i.196c, t CItV-,,0f Fayetteville"ecton established lace of business to subscribers and readers generally of all classes
,.e� TM"Gity,•,of of-Dctors P B Y
r'Arkensac:rUhi "City") , In the City and County for a definite price for each copy, or a fixed price per
+Publlcd amities Board
(the.
annum, which rice was fixed at what Is considered the value of the publication,
c7ubac Facilities ' _ - (Me. P
!'Boaro'•)r and;;:- �- ' ;-=:•. � based upon the news value a nd service value It contains. that al least [Iffy percent
• •WHEREAS, thelbasia :eur•,i of thesubscribers thereto have paldcash for their subscriptions to the newspaper
(-'randy propoeesrt0 Issue not•,
.'Lto: dexceeUL000A9o:o1`.ni or its agents or through recognized news dealers over a period of at least six
: ,wafundllfp. "and Improve,.
tment,RevenueBonds (the months; and that the said newspaper publishes an average of more than forty
"'Bonds'y"forthe purpose of percent news matter.
r.reWndlnp the Board's Reve-
nue ..
'• Bonds, series 191e (But- I further certify that the legal notice hereto attached in the matter of
. S d: st SerTrail ies
19ae Pro• Y B
'lecN;�(deted :Septetpber; l,s
end'flnanclny . aln�terfIe
costs Id Tra1letetl; WI7Af•But � � �U • "r� 7
7.SYNEREAS' 8ut1aid! /
44TrNUVlllepa Ii+aWj.relnUS was published in the regular daily issue of said newspaper
Ycdmtrltlnity�cagidtlnp of 7�a P Rfor
'ips(weRlaliuNb;iir.numing : consecutive Insertions as follows:
Scare eemar wim rorty eetls
-and { releted;_tlinin0 ' 'and . /—Jc&in 44M loeated on' The first Insertion on the -C.� day of U ( 19
Y Joys •Street t" In 'th nor-
theastern -parFdfjih 1 ctty
Wand tsewAedey�Huttarflsld the second Insertion on the day of 19
�Treil-Village,,,Irporated,,
• ran .Arkanus ml�t proilt. cor^ the third insertion on the —_ day of 19
`W EREAs;fe= pu611c'hear-`/
mq an m° question a the Ir ' and the fourth insertion on the __ day .- of 19
.Ing an of uestio of t e W
. .been held Detore the Board ) _
';oftbiracMoll -ot%tlwi Cltyl!tat�
Thlaa do Ve fol(: InO y the('
publication:poi-='a jpNce dl
L°°�tlearinpl^enap';Papac� orn to and subscribed before me this IC; day- of
.Of genera1:ctrcuiallon within
�{it1o1CNgqYYY-r� ��on 'Aprll 29;I�aJ�9�e9c.1� o+
bf1NHER . fYR�ra'tdii 19 ,�f _..
9Dmectan-ofg1M„Glty�nes �
jae»rminedlMttry16°puDlmj .:
parpousaTor .wnicntne, --
:;Bonm"amto:tie.lewadserve Nota Apblic .
( NOW, TN*Rths Rord : ot. MY Commission Expires:
;brtlel omWb o=iM=Boero.:of P
:Dlraetorf'•?ef �;1M. :-Clty^-,Ot
t
thoaTherthe. 0suaar
`of1Me?tl .
b gitle;by4tns:eoero:
`EescrlDed 11i:,iM notipe of
poDlid MsrBWsls horded'
•autnorlteQ and'is In alt '
�espectsapproved .4:
section i That by Me adopt Fees lot Print inB S
Lich al.Mu orainance.the Cl='
.tylfsaumeeno liability or re- l
spohsIbII"yr for ,the- re Y-,! Cost of Prlwf S
.m "ofthe Bortds." ':_: . . i
sectioned:;Thep the provl-. / ^ (`
.'slons of ,this Ordinance are i Total $ zoo r G
thereby declared to be cepa-
pftble arid.=lf any provision i
ahallfor env reason be held '
I+ilecalA or. : Invalid# .,such l
oldinO4hall •not affect the 1
Vellitty5p7?the remainderof i
+5lcart nscli, t>It 1s neared
,fescertalnedz ehtl -anddeclared
1hatthe
;lllil41nantfttd ea uddinp ' by the
lflnendlt0 epolow0 DY'tm
Oidlnancewl ) result 1n eco- :
rp110 IC berNitie,
11119rll
eIn
Troll>"�JppI l`c�el
Bonds� h�,•.dete_,a p
at"sy:T ;y��11t� form a
t' dl','tllrtii"dM'fdia `
:hon'.'e1�tne';W blit=peace:;:
MaIMhM setety,'MeII M In
;t antt.a th'
AN NA pprA6tw
b;;
T6tKdeyof .1919;N
Su2annt +McWethlty -
•
Public Facilities Board-
Butterfield Trials Village
$ 2920552000 . 00
Series 1989 A , B , C , D
Ordinance 3427
Part 1 of 2
City of Fayetteville , Arkansas
* PLED FOR RECORD
89 SEP 6 PPI 4 04
•
WASHING IJN 00 AR
A . KOLLMEYER
ORDINANCE NO . 3427
AN ORDINANCE APPROVING THE ISSUANCE OF MICROFILMED
REVENUE BONDS BY THE FAYETTEVILLE PUBLIC
FACILITIES BOARD ; PRESCRIBING OTHER MATTERS
RELATING THERETO ; AND DECLARING AN EMERGEN-
CY .
WHEREAS , by Ordinance No . 2485 , adopted and approved
November 21 , 1978 , as amended by Ordinance No . 2708 , adopted and
approved March 3 , 1981 , and Ordinance No . 2991 , adopted and
approved March 20 , 1984 , the Board of Directors of the City of
U Fayetteville , Arkansas ( the " City " ) , created The Fayetteville
>_ Public Facilities Board ( the " Board " ) ; and
V
WHEREAS , the Board currently proposes to issue not to
exceed $ 35 , 000 , 000 of its Refunding and Improvement Revenue
r Bonds ( the " Bonds " ) for the purpose of refunding the Board ' s
Revenue Bonds , Series 1984 ( Butterfield Trail Village Project ) ,
< dated September 1 , 1984 , and financing certain costs associated
with Butterfield Trail Village ; and
• WHEREAS , Butterfield Trail Village is a retirement
community consisting of 248 residential units , a nursing care
center with forty beds and related dining and commons areas ,
located on Joyce Street in the northeastern part of the City ,
and is owned , by Butterfield Trail Village , Incorporated , an
Arkansas nonprofit corporation ; and
WHEREAS , a public hearing on the question of the
issuance of the Bonds has been held before the Board of Direc -
tors of the City on this day following the publication of a
notice of such hearing in a newspaper of general circulation
within the City , on April 29 , 1989 and May 1 , 1989 ; and
WHEREAS , the Board of Directors of the City has
determined that the public purposes for which the Bonds are to
be issued serve a proper need ;
NOW , THEREFORE , be it ordained by the Board of Direc -
tors of the City of Fayetteville , Arkansas :
Section ' l . That the issuance of the Bonds by the '
Board described in the notice of public hearing is hereby
authorized and is in all respects approved .
Section 2 . That by the adoption of this Ordinance the
� • City assumes no liability or responsibility for the repayment of
the Bonds .
IIBEB I��OPAGE001
�• r
! J .
•
Section 3 . That 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 .
Section 4 . That it is hereby ascertained and declared
that the refunding and the financing approved by this Ordinance
will result in economic benefits to Butterfield Trail Village ,
commencing with the date that the Bonds are issued . Therefore ,
this Ordinance , being necessary for the immediate preservation
of the public peace , health and safety , shall be in force from
and after its passage .
PASSED AND APPROVED this 16th day of May
1989 .
Mayor
ATTEST .
t,,l City Clerk
j '$l L )
i
I
EIBER1333PAGE002
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 .
adopted at a regular session . of the Board of Directors o he
City held at the regular meeting place in the City at 7 : 30
o ' clock P . m . , on the 16th day of May t 1989 , and that
the Ordinance is of record in Ordinance Record Book No .
Page now in my possession .
GIVEN under my hand and seal on this 22nd day of
— May 1989 .
k ty Cle
k&jt
( 5EAL ) �
I. M
I•
I =1� - Pr
Or) FILMEID r e�- P
WORTHEN BANK
WORTHEN BANK &TRUST COMPANY, N.A.
December 27 , 1990
The Fayetteville Public Facilities Board
City Administration Building
113 West Mountain Street
Fayetteville , AR 72701
Attention : Chairman
RE : $ 29 , 055 , 000 Fayetteville Public Facilities Board
Refunding and Improvement Revenue Bonds , Series 1989A , B ,
C and D ( Butterfield Trails Village Project ) , Dated
July 1 , 1989
Dear Sir :
Pursuant to Section 9 . 08 of the Trust Indenture by and between The
Fayetteville Public Facilities Board and Worthen Bank & Trust
Company , N . A . , as Trustee , dated as of July 1 , 1989 ( the
" Indenture " ) , Worthen Bank & Trust Company , N . A . does hereby notify
you of its resignation as trustee , which resignation shall be
• effective as of January 1 , 1991 , or as soon thereafter as
documentation necessary to effect the transfer of the trustee ' s
responsibilities to a successor trustee shall have been completed .
It is our understanding that Arvest Trust Company , Incorporated ,
has agreed to accept the appointment as successor trustee pursuant
to the Indenture . The address and the name of the officer
responsible for the handling of the trust at Arvest is as follows :
Mr . Robert P . Plummer
Senior Vice President and Trust Officer
ARVEST TRUST COMPANY , INC .
1 McIlroy Plaza
P . 0 , Box 1327
Fayetteville , Arkansas 72702
On behalf of Worthen Bank & Trust Company , N . A . , we have
appreciated the opportunity to be of service to you , and invite you
to contact us should you have any questions concerning the
contemplated transfer of responsibilities to Arvest ,
I
Sincer ly
e
neJe ings
Corp=e Trust Officer
• GJ : sb
C : \WP51\JENNINGS\FAYETTE •
� t
� -
OT - gi t6p
WORTHEN BANK BUILDING • P.O. BOX 1681 • ( 501 ) 378- 1000 9 LITTLE ROCK ARKANSAS 72203
For Original Bond Document
See Part 2 of 2
"; :s NEW ISSUE PRELIMINARY OFFICIAL STATEMENT DATED AUGUST 10, 1984 ,/ J D 0
In the opinion of Bond Counsel, under existing laws, regulation's and court decisions, the
interest on the Series 1984 Bonds is exempt from federal income taxes and the Series 1984 Bonds and
e c the interest thereon are exempt from all state, county and municipal taxes provided by the laws of
the State of Arkansas.
40CMILMED The Fayetteville Public Facilities Board
— Fayetteville, Arkansas —
$28,035,000* �� �R(�Ea A
�dCC ®FIWiEt�. Revenue Bonds, Series 1984
N O
r (Butterfield Trail Village Project)
u
C N
y Dated: September 1, 1984 Due: September 1, as shown below
a The Series 1984 Bonds are issuable as fully' registered bonds in the denomination of $5,000 or
e multiples thereof. Payment of the principal of and premium, if any, on the Series 1984 Bonds will be
e e made upon their presentation and surrender at the principal corporate trust office of Worthen Bank &
e Trust Company, N.A., Little Rock, Arkansas, the Trustee. Payment of the interest on the Series 1984
o y Bonds (payable March 1, 1985 and each September 1 and March 1 thereafter) will be made by the
Trustee by check or draft mailed to the registered owners as described herein.
The Series 1984 Bonds are subject to redemption prior to maturity as described herein.
E ° $5,570,000* Serial Bonds
v Interest Interest
E •= Maturity Amount* Rate Maturity Amount* Rate
1988 $120,000 % 1990 $ 150,000 %
m u e 1989 1359000 1991 5,1659000
C 4 .0
$22,4659000* % Term Bonds due September 1, 2014*
M& d Price of Bonds: 100%
y .� (Accrued interest from September 1, 1984 to be added)
The proceeds of the Series 1984 Bonds, together with other available funds, will be applied to
`o provide a retirement community including 248 residential units, a 40-bed skilled nursing care center, a
y commons area and other related facilities in Fayetteville, Arkansas, to fund a debt service reserve fund,
y r to pay a portion of the interest on the Series 1984 Bonds, to provide certain working capital, to pay
H certain development and marketing costs related to such project and to pay certain expenses related to
H = the issuance of the Series 1984 Bonds.
W e= The Series 1984 Bonds are special obligations of The Fayetteville Public Facilities Board only. The
_ N principal of, premium, if any, and interest on the Series 1984 Bonds shall be payable solely from the
e e = revenues and other moneys pledged to the Trustee as part of the Trust Estate pursuant to the
` Indenture, including Note Payments received or receivable by the Facilities Board under the Note and
o tc a the Agreement, all other moneys received or receivable by the Facilities Board under the Agreement
u o o and the Board Mortgage, certain proceeds of the Series 1984 Bonds and the income derived from the
o F d temporary investment thereof and, under certain circumstances, the net proceeds of insurance or
° E condemnation awards. In no event shall the Series 1984 Bonds constitute an indebtedness for which the
E`o m faith and credit of the City of Fayetteville, Arkansas, or any of its revenues are pledged.
The Series 1984 Bonds involve special risks. See "Certain Bondholders' Risks" herein.
N (f'
q d "
PThe Series 1984 Bonds are offered, subject to prior sale, when, as and if issued, subject to the
_ o approval of their legality by Friday, Eldredge & Clark, Little Rock, Arkansas, Bond Counsel. Certain
is h other legal matters will be passed upon for the Facilities Board by James N. McCord, Esq., Fayetteville,
22 .2 Arkansas, for the Corporation by Truman E. Yancey, Esq., Fayetteville, Arkansas, and for the Under-
vi d V writers by Brown, Wood, Ivey, Mitchell & Petty, New York, New York. Subject to prevailing market
a o 'no conditions, the Underwriters intend, but are not obligated, to make a market in the Series 1984 Bonds.
m t It is expected that the Series 1984 Bonds in definitive form will be available for delivery in Little Rock,
02 ,2 Arkansas, on or about September 5, 1984.
E Merrill Lynch Capital Markets
E � ; ita
Y P� Stephens Inc.
•� 3 Merrill Lynch, Pierce, Fenner & Smith Incorporated
a d August 1984
m
F to I *Preliminary, subject to change.
