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HomeMy WebLinkAboutOrdinance 3506 n c -n D N C7 f' ORDINANCE NO . 3506 0 a P rrNq r AN ORDINANCE OF THE BOARD OF DIRECTb bF T F�1 CITY OF FAYETTEVILLE , ARKANSAS , PROVIDING FOR THE ISSUANCE AND CERTAIN DETAILS OF n N o $ 33 , 0191000 SALES AND USE TAX CAPITAL w o IMPROVEMENT BONDS , SERIES 1990 OF THE CITY OF FAYETTEVILLE , ARKANSAS , AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE SECURING SUCH BONDS , PROVIDING FOR THE SALE OF SUCH BONDS AND CERTAIN OTHER MATTERS RELATING THERETO AND DECLARING AN EMERGENCY . WHEREAS , the Board of Directors ( the " Board" ) of the City of Fayetteville , Arkansas ( the " City" ) , pursuant to Subchapter 2 of s Chapter 75 of Title 26 of the Arkansas Statutes , on October 4 , a ' 1988 duly passed Ordinance No . 3381 ; and WHEREAS , pursuant to such Ordinance No . 3381 , the Board levied a local sales and use tax of one per centum ( 1% ) to a maximum of Twenty - five Dollars ( $ 25 . 00 ) on each single transaction and called a special election to be held in the City on November v 8 , 1988 in order to submit to the qualified electors of the City the question of levying such tax for a period of twenty ( 20 ) years to finance a capital improvement program and economic development program ( capital facilities ) for the City ; and WHEREAS , at such election held on November 8 , 1988 , a majority of the qualified electors of the City voting thereon approved the levy by the City of such local sales and use tax ( the " Sales and Use Tax" ) , and the Sales and Use Tax has been levied and collected since December 1 , 1988 ; and WHEREAS , the Board , pursuant to Amendment 62 to the Constitution of the State of Arkansas and the Local Government Bond Act of 1985 , on April 19 , 1990 duly passed Ordinance 3480 ; and WHEREAS , pursuant to such Ordinance No . 3480 , the Board authorized the issuance of not exceeding $ 33 , 019 , 000 capital improvement bonds of the City to finance , with any other available funds , the acquisition , construction , reconstruction , improvement , renovation , expansion and equipment of the various capital improvements described therein ( the " Improvements " ) and related costs of issuance , with the retirement of such bonds to be secured by a pledge of all of the proceeds of the Sales and Use Tax or such portion of such proceeds as shall be determined by the City to be adequate to obtain satisfactory ratings or insurance on such IIBER 1389PAGE092 bonds , and called a special election to be held in the City on May 29 , 1990 in order to submit to the qualified electors of the City the questions of issuing such bonds to be so secured for each of the Improvements and in the respective amounts described therein ; and WHEREAS , at such election held on May 29 , 1990 , a majority of the qualified voters of the City voting thereon approved the issuance of such bonds and the security therefor pursuant to such Ordinance No . 3480 ; and WHEREAS , the Board has determined to proceed at this time with the sale and issuance of all of such bonds in one series , to be designated " Sales and Use Tax Capital Improvement Bonds , Series 1990 " the " Series 1990 Bonds " ) , for the purpose of paying a part of the cost ( as such term is defined in the Indenture hereinafter described ) of the Improvements and to provide for the issuance of one or more additional series for the purpose of refunding the bonds of any series issued under the Indenture ( the Series 1990 Bonds and all such additional bonds being collectively called the "Bonds " ) ; and WHEREAS , the Board desires in this ordinance to provide for the issuance of the Series 1990 Bonds and to set forth certain terms , covenants and conditions with respect thereto ; and WHEREAS , the City is authorized to enter into the Indenture for the purpose of setting forth certain terms , covenants and conditions with respect to the Bonds ; and WHEREAS , the City has made arrangements for the sale of the Series 1990 Bonds to the Llama Company , of Fayetteville , Arkansas ( the "Purchaser" ) , and in connection therewith has prepared and distributed a Preliminary Official Statement , dated September 7 , 1990 ( the "Preliminary Official Statement " ) ; and WHEREAS , the City has received from Capital Guaranty Insurance Company , a Maryland Corporation ( " Capital Guaranty" ) , an offer to issue a Financial Guaranty Bond ( the " Financial Guaranty Bond" ) which provides for the payment of the principal of and the interest on the Series 1990 Bonds when Due for Payment which is unpaid by reason of Nonpayment ( as each such term is defined in the Financial Guaranty Bond ) ; and WHEREAS , the Purchaser has submitted to the City a Bond Purchase Agreement , dated September 13 , 1990 , providing for the purchase of the Series 1990 bonds by the Purchaser ( the " Bond Purchase Agreement " ) ; and WHEREAS , a final Official Statement , dated September 13 , 1990 ( the " Official Statement " ) , has been prepared and is to be distributed in connection with the sale of the Series 1990 Bonds ; 2 Lim 1389 PAGE 093 NOW , THEREFORE , BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF FAYETTEVILLE , ARKANSAS : Section 1 . The Series 1990 Bonds shall be issued in the aggregate principal amount of $ 33 , 019 , 000 for the purpose of providing funds , with any other available funds , for ( a ) paying the Cost of Improvements , ( b ) making a deposit to the credit of the Reserve Account ( as defined in the Indenture ) and ( c ) paying the cost of issuing the Series 1990 Bonds . The proceeds of the Series 1990 Bonds are to be allocated to paying the cost of the Improvements as described in Appendix A to this ordinance . Section 2 . The Series 1990 Bonds shall be dated October 15 , 1990 and shall consist of Serial Bonds ( as defined in the Indenture ) in the principal amount of $ 17 , 184 , 000 maturing on November 15 in each of the years , in the amounts and at the interest rates shown below : Year of Maturity Principal Amount Interest Rate 1991 $ 824 , 000 6 . 00% 1992 11065 , 000 6 . 10 % 1993 11130 , 000 6 . 20 % 1994 11205 , 000 6 . 30 % 1995 17280 , 000 6 . 40 % 1996 11360 , 000 6 . 50 % 1997 17450 , 000 6 . 60 % 1998 11545 , 000 6 . 70 % 1999 176509000 6 . 80% 2000 11765 , 000 6 . 90 % 2001 17890 , 000 7 . 00% 2002 210209000 7 . 05% and of Term Bonds ( as defined in the Indenture ) in the principal amount of $ 15 , 835 , 000 maturing on November 15 in each of the years in the amounts and at the interest rate set forth below : Year of Maturity Principal Amount Interest Rate 2005 $ 6 , 985 , 000 7 . 15 % 2008 81850 , 000 7 . 25 % The Amortization Requirements ( as defined in the Indenture ) for the Term Bonds maturing November 15 , 2005 shall begin in the Bond Year ending November 14 , 2003 and shall be as follows : Bond Year Amortization Ending November 14 Requirement 2003 $ 2 , 1659000 2004 2 , 3257000 2005 294959000 3 MIR1389PAGE �`t The Amortization Requirements for the Term Bonds maturing November 15 , 2008 shall begin in the Bond Year ending November 14 , 2006 and shall be as follows : Bond Year Amortization Ending November 14 Requirement 2006 $ 2 , 675 , 000 2007 218709000 2008 3 , 305 , 000 The Series 1990 Bonds shall be issued as fully registered Bonds without coupons in the denomination of $ 5 , 000 or any whole multiple thereof , except that one Series 1990 Bond shall be in the denomination of $ 4 , 000 . Interest on the Series 1990 Bonds shall be payable on May 15 , 1991 and semiannually thereafter on each May 15 and November 15 ( each an " Interest Payment Date" ) . Principal of the Series 1990 Bonds shall be payable only upon presentation and surrender of such Bonds at the principal corporate trust office of McIlroy Bank & Trust , in the City of Fayetteville , Arkansas , as bond registrar , transfer agent and paying agent ( the "Bond Registrar" ) . Interest on the Series 1990 Bonds shall be paid by check or draft mailed by the Bond Registrar to the registered owners of the Series 1990 Bonds as shown on the registration books kept by the Bond Registrar on the Regular Record date or the Special Record date ( as each such term is defined in the Indenture ) ; provided , however , that upon the request of the registered owner of $ 1 , 000 , 000 or more in principal amount of the Series 1990 Bonds , such interest shall be paid by wire transfer of funds to a bank account designated by such registered owner . Section 3 . The Series 1990 Bonds maturing on or before November 15 , 2000 are not subject to redemption prior to their respective maturities . The Series 1990 Bonds at the time outstanding which mature after November 15 , 2000 may be redeemed prior to their respective maturities , at the option of the City , from any monies that may be available for such purpose , upon notice as provided in Article III of the Indenture , either in whole or in part , in inverse order of maturity ( and by lot within any maturity ) on any date not earlier than November 15 , 2000 , at the redemption prices ( expressed as percentages of the principal amount of the Series 1990 Bonds or portions thereof to be redeemed as of the date of such redemption ) , together with accrued interest to the redemption date , as follows : Redemption Dates ( Both Inclusive ) Redemption Prices November 15 , 2000 to November 14 , 2001 102 % November 15 , 2001 to November 14 , 2002 101 November 15 , 2002 and thereafter 100 4 LIBIR1389PAGE095 The Term Bonds maturing on November 15 , 2005 are also subject to redemption in part by lot on November 15 , 2003 and each November 15 thereafter to and including November 15 , 2005 in an amount equal to the Amortization Requirement therefor in the immediately preceding Bond Year set out in Section 2 of this ordinance and the Term Bonds maturing on November 15 , 2008 are also subject to redemption in part by lot on November 15 , 2006 and each November 15 thereafter to and including November 15 , 2008 in an amount equal to the Amortization Requirement therefor in the immediately preceding Bond Year set out in Section 2 of this ordinance , in each case upon notice as provided in Article III of the Indenture , at the principal amount of each Bond to be redeemed , together with accrued interest to the date fixed for redemption , without premium . Section 4 . From the proceeds of the Series 1990 Bonds , there shall be deposited to the credit of the Reserve Account established under the Indenture an amount equal to the Reserve Account Deposit Requirement ( as Defined in the Indenture ) on account of the issuance of the Series 1990 Bonds and to the credit of the Construction Fund ( as defined in and established under the Indenture ) the balance of such proceeds for paying a part of the cost of the Improvements and the costs of issuing the Series 1990 Bonds . Section 5 . The principal of and interest and any redemption premium on the Bonds and all sinking fund payments with respect thereto required by or pursuant to the Indenture shall be payable solely from the Sales and Use Tax Revenues ( as defined in the Indenture ) pledged therefor but may also be paid under certain circumstances from the proceeds of the Bonds or the Financial Guaranty Bond and the income received from the investment of monies deposited in the funds and accounts established by or pursuant to the Indenture as provided in the Indenture . The faith and credit of the City are not pledged to the payment of such principal , interest and premium . Section 6 . The Series 1990 Bonds are to be executed and delivered as provided in the Indenture . Section 7 . The Trust Indenture , dated as of October 15 , 1990 , by and between the Trustee named therein and the City ( the " Indenture" ) , securing the Bonds and containing certain terms , covenants and conditions with respect to the bonds , is hereby approved in substantially the form presented to the Board for its consideration and the Mayor and the City Clerk of the City are hereby authorized and directed to execute and deliver and to affix the seal of the City to the Indenture in the name of and on behalf of the City . Any changes to the Indenture which are not material may be approved by such officers of the City executing the Indenture , their execution and delivery of the Indenture to constitute conclusive evidence of such approval . 5 EtBER 1389PAGE 096 Section 8 . The Financial Guaranty Bond and the offer of Capital Guaranty to issue the Financial Guaranty Bond are hereby approved in substantially the forms presented to the Board for its consideration and an appropriate officer of the City is hereby authorized to accept such offer on behalf of the City . Section 9 . The Bond Purchase Agreement , constituting the offer of the Purchaser to purchase the Series 1990 Bonds at a price of $ 32 , 576 , 545 plus accrued interest from October 15 , 1990 to the date of delivery thereof and with such rates of interest and other terms as are set forth in this ordinance , is hereby approved and the Mayor and the City Clerk of the City are hereby authorized and directed to execute and deliver and to affix the seal of the City to the Bond Purchase Agreement in the name of and on behalf of the City . Section 10 . The Official Statement is hereby approved in substantially the form presented to the Board for its consideration and the Mayor of the City is hereby authorized and directed to execute , deliver and permit the distribution of the Official Statement with such changes as he deems advisable in the name of and on behalf of the City , his execution and delivery of the Official Statement to constitute conclusive evidence of his approval of any such changes . The City hereby consents to the use by the Purchaser of the Preliminary Official Statement . Section 11 . McIlroy Bank & Trust , in the City of Fayetteville , Arkansas , is hereby designated as the Trustee for the purposes and within the meaning of the Indenture and McIlroy Bank & Trust in the City of Fayetteville , Arkansas , is hereby designated as the Bond Registrar for the Series 1990 Bonds for the purposes and within the meaning of the Indenture . Section 12 . All actions heretofore taken by the officers , agents and employees of the City in connection with the authorization and issuance of the Series 1990 Bonds are hereby approved , ratified and confirmed . The officers , agents and employees of the City and the officers and agents of the Trustee and the Bond Registrar are hereby authorized and directed to execute such documents and to do all other acts and things required of them by the provisions of the Series 1990 Bonds , the Indenture , the Financial Guaranty Bond , the Bond Purchase Agreement and this ordinance for the full , punctual and complete performance of the terms , covenants , provisions and agreements therein . Section 13 . The Board hereby determines that the City is in dire need of additional capital funds in order to provide essential capital improvements ; that an appropriate way to provide such funds is by the issuance of the Series 1990 Bonds as authorized by such Ordinance 3480 and this ordinance ; and that 6 LIBER 1389PAGE097 this ordinance shall be given immediate effect so that the essential capital improvements described in Appendix A hereto may be effected as soon as possible . Therefore , an emergency is hereby declared to exist and this ordinance , being necessary for the immediate preservation of the public health , safety and welfare , shall be in full force and effect and after its passage and approval . PASSED AND APPROVED this 11th day of GPptPmhPr 1990 . APPROVED : By : Mayor ATTEST : By : City C rc 1 V9 , P• A 7 •. 11111 \ 11 \ • • • , Lim,, 1389PAGE 098 7 Appendix A The proceeds of the Series 1990 Bonds are to be applied to pay a part of the cost of the Improvements as follows : ( i ) constructing , reconstructing and improving City streets and bridges - - $ 10 , 717 , 000 ( ii ) acquiring , constructing and equipping water transmission and distribution facilities - - $ 9 , 988 , 288 ; ( iii ) acquiring , constructing and reconstructing drainage improvements - - $ 1 , 542 , 000 ; ( iv ) acquiring , constructing and equipping solid waste collection , disposal , compacting and recycling facilities - - $ 1 , 025 , 000 ; ( v ) acquiring , constructing and equipping public parks and playgrounds - - $ 487 , 000 ; ( vi ) acquiring , constructing and equipping police equipment , apparatus and facilities - - $ 185 , 000 ; ( vii ) acquiring , constructing and equipping firefighting vehicles , equipment , apparatus and facilities - - $ 1 , 475 , 000 ; ( viii ) acquiring , constructing , and equipping emergency medical service vehicles , equipment and facilities - - $ 60 , 000 ; ( ix ) expanding and renovating the City Youth Center swimming pool and related facilities - - $ 867 , 500 ; ( x ) acquiring , constructing and equipping parking facilities for the Dickson Street area $ 1 , 750 , 000 ; and ( xi ) acquiring , constructing and equipping City maintenance and storage facilities and building- - $500 , 000 . upiF1389N,,GEQ99 8 t. Alma Koflmeyer, Circuit Clerk and rx'offlclo (.:corder for Washington Coun b Ar esas, do hereby certify that this 10-or nt res f:!od for record in my aH � CB Indicated hereooffice n and ;t,e someis duly recorded with the is n and certlri a'Snc�^' Iedgement wtc thereon :n Record Book and page as indlceled thereon. ft got mY hood end rfL�ECF' I hehereunto affixed the seal of said Court on the dere Indicorod hereon, Alma Ko!Inyyar Qrcu" Clerk and Fnofflclo Kecare3r by CER'1<'MCATE OF RECON State of Arkansas City of Fayetteville ( SS L Sherry Thomas, City Clerk and Es- Fayetteville recorderlo do hereby cerhtlfy that tine annexed or foregoing is of record in my office and the same appears in Ordinance & Resolution book XX at page 93 imine ss y 6`an 1*1and seal day of fY Ctcrb. e, 1 °ter e 10200a1 Novas 1024,e;al Notices 1024A94 Notion 102199 NoUM ORD I NANCE NO. 3506 reason o1 Nonpaymer" (as moneys that may Abe avail- authorized and direct to AN ORDINANCE OF THE each such term Is defined in able for such purpose, upm execute and deliver and to BOARD . OF DIRECTORS the Financial Guaranty notice as provided In Article ;aHixIlthe met Of the City to I dc OF THE CITY OF FAYET- Bond) ; and lfl of the )nnture, aither in YPe Bontl Purchase Agree- , STATE of ARKANSAS 1 TEVILLE , ARKANSAS, WHEREAS, the Pur. Whole or in part, In inverse ment in the name of and on as. PROVIDING PROVIDING FOR THE IS- chaser has submitted to the order of maturity (and by lot behalf of the City. SUANCE AND CERTAIN City a Bond Purchase within anymatllrlty) on any Section 10. The Official County of Washington DETAILS OF $33,019;000 Agreement , dated date not earlier than Statement is hereby approv- SALES AND USE TAX September 13, 1990, pro- November 15,. 2000. at the ed in Substantially the form CAPITAL IMPROVEMENT viding for the purchase of redemption prices (express- presented to the Board for BONDS. SERIES 1990 OF the Series 19M Bonds by the ad as percentages of the Its consideration and the I, hereby certify that I THE CITY OF FAYET- Purchaser (the "Bond Pur- principal amount - of the Mavoraf-theCity Whereby am the publisher of fENORTHWEST ARKA AS TIMES, a daily newspaper TEVILLE . ARKANSAS, chase Agreement") - and Series 1990 Bonds or portions authorized and directed to AUTHORIZING THE EX- WHEREAS, a final Of. thereof to be redeemed as of execute, tleliver and permit having a second class mailing privilege, and b#Ing not less than four pages of EC U T -1 O N A N D ficial Statement, dated the date of such redemp. the distrit utlon of the Of. five columns each, published at a fixed place of business and at a fixed (daily) DELIVERY OF A TRUST September 13, 1990 (the "Of- tionj, together with accrued ficial Statement with such Intervals continuously y y y g y INDENTURE SECURING ficial Statement'), has been Interest to the redemption changes as he deems adviS- y in the Cit Of Fayetteville. County of Washington. Arkansas SUCH BONDS , PRO . prepared and Is to be date, as follows: able In the name of and on for more than a period of twelve months, circulated and distributed from an V IDING FOR THE SALE distributed In connection Redemption Redemption behalf of the City, his execu- established place of business to subscribers and readers generally of all classes OF SUCH BONDS AND with the sale of the Series Dates ( Both Prices tion and delivery of the Of- CERTAIN OTHER MAT- 1990 Bonds; I a c I u s - i v e ) ficial Statement to can- In the City and County for a definite price for each copy, or a fixed price per T ER. S RELATING NOW, THEREFORE, BE November 15, 2000 to Stitute conclusive evidence annum, which price was fixed at what is considered the value of the publication, THERETO AND DECLAR- IT ORDAINED BY THE November 142001 102% of his approval of any such ING AN EMERGENCY. BOARD OF DIRECTORS November 15, 2001 to Changes. The City hereby based upon the news value and service value it contains, that at least fifty percent WHEREAS, the Board o1 OF THE CITY OF FAYET- November 142002 101 consents to the use by the of the subscribers thereto have paid cash for their subscriptions newspaper tions to thenews a r Directors (the "Board") of TEVILLE, ARKANSAS: November '1S, 2002 and Purchaser of the Prelimi. the City of Fayetteville, Section 1. The Series 1990 thereafter 100 nary official Statement. or Its agents or through recognized news dealers over a period of at least six Arkansas (the "City"), pur- Bonds shall be Issued in the onT The Term Bonds maatsuring 6 Section 11. Mcffroy FBankayet- months; and that the said newspaper publishes an average of more than forty suant to Subchapter 2 of aggregate principal amount also ovemberubject to redemption15, 2are le Trusille, Arkansas, IS hereby percent news matter. Chapter 75 of Title 26 of One of S33,01providing 9,000 for the purpose part by lot on November 15, designated as the Trustee Arkansas Statutes. se Or- of pr avail funds, with any 2003 and each November 15 for the purposes and Within tuber 4, No. duly381; passed Or- other available ands, for I further certify that the legal notice hereto attached In the matter of tli WHEREAS, No. 3387; and (a) paying the Cast Of the thereafter to and Including the meaning M OI the andep- WHEREAS, pursuant to Improvements, re itlof the November 15, o the in Amor- are and Mc l Croy Bank t- such Ordinance No. al S the a e epbsn to the credit of me amount equal q iha r- Trust in the City Is hereby ayet- Board tax a local sates Reservendentut ) and (c) t thtionerefor i Requ irement ant design ted as the IS hereby /f lZ my n ! JI a//l o C O / and use fax a one per can- p the the costs antl (U therefor In the Im Year Set elyout Istrar Sin the the Bond Rap- �) tum (1%) to a maximum of paying the costs of issuing preceding Bond Veer set out Istrar for the Series 1990 Twenty-five Dollars ($25.00) the Series 1990 Bonds. The in Section 2 of this ordinance Bonds for the purposes and was published In the regular dally issue of said news a Z on each single transaction Proceeds of the Series 1990 and the Term Bonds matur. Within the meaning of the p per for and called a special election Bonds are to be allocated to Ing on November 15. 2008 are Indenture. Consecutive Insertions as follows: to be held In the City on paying the Cost Of the IM- also sublect to redemption in Section 12. All actions November 0, 1988 in order to provemenis as described In part by lot on November 15, heretofore taken by the of / submit to the qualified elec. Appendix A to this ordi- 2006 and each November 15 f i c e r s , agents and The first Insertion On the .L day Of ]g tors of the City the question nance. _ thereafter to and Including employees of the City In (/ of levying such tax for a Section 2. The Series 1990 November 15, 2008 In an connection with the ars Bones shall be dated Oc. amount equal to the Amor- authorization and Issuance the second Insertion On the day of 19 period of twenty (20) ye to finance a capital Im-ars }ober 15, 19l and shall can. tization Requirement of the Series 1990 Bonds are provement program and cast of Serial Bonds (as therefor In the Immediately hereby approved, fatliletl the third Insertion On the ( economic development pro- defined in the Indenture) in preceding Bond Year "tout and confirmed. The officers, day Of lg gram (capital facilities) for the principal amount of in Section 2 of this ordi- agents and employees of the the City; and , $17,184,000 maturing on nance, In each case upon City and the officers and and the fourth insertion on the WHEREAS, at such eleC- November 15, In each of the notice as provided In Article agents of the Trustee and the ____,__,.day.,of ] tion held on November 8, years, In the amounts and at I I I of the Indenture, at The Bond Registrar are hereby 1988, a majority of the quali. the Interest rates shown principal amount of each authorized and directed to fled electors of the City below: Bond to be redeemed, execute Such documents and voting thereon approved the Year of Principal Interest together with accrued inter. to do all other acts and levy by the City of such local Maturity Amount Rate est to the date fixed for things required of them by Sworn IO and Subscribed before m On this day of Sales and use tax (the "Sales 1991 S 826,000 6.6O0 redemption , without the provisions of the Series and Use Tax"), and the 1992 11065,000 6y10 premium. 1990 Bonds, the Indenture, Sales and Use Tax hes been 1993 1,130,000 6.20 Section 4. From the pro. the Financial Guaranty 1 19 Q_ levied and collected since 1996 1,205,000 - 6.30 A Coeds of the Series 1990 Bontl, the Bond Purchase December 1, 1988; and 1995 1,280,000 6.40 Bonds, there shall be depos- Agreement and' this ordi- WHEREAS, the Board 1996 1,360,000 6.50 ffea tto' the credit of the nance forthelfull; punctual pursuant to Amendment 62 1997 1,450,000 6.60 Reserve Account estab. and complete performance N0I r Public to the Constitution of the 1998 1,5451000 6.70 lishetl under the Indenture Of the terms, covenants, I State of Arkansas and the 1999 116501000 6.80 an amount equal to the provisions and agreements Local Government Bond Act 2000 1,765,000 6.90 Reserve Account estab- therein. My Commission Expires: of 1985, on April 19, 1990 duly 2001 118901000 7.00 lishetl under the Indenture Section 13. The Board Passed Ordinance No. 3680; 2002 2,020,000 7.05 an amount equal to the hereby determines .that the and � and of Term Bonds (as Reserve Account Deposit City is In dire need of addi- ( y WHEREAS, pursuant to defined in the Indenture) In Requirement (as defined In tional capital funds In order such Ordinance No. 3480, the the principal amount of the Indenture) on account of to provide essential capital Board authorized the IS- $15,635,000 maturing on The Issuance of the Series Improvements; that an ap- suance of not exceeding November 15 in each of the 1990 Bonds and to the credit propriate way to provide $33,019,000 capital iM- years, in the amounts and at of the Construction Fund (as such funds is by the issuance cn�1A -� provemenf bonds of the City the Interest rate set forth defined In . and established of the Series 1990 Bonds as to finance, with any other below: under the Indenture) the authorized by Such Ord)- Fees for Printing _ 5 / W available funds, the aCquisi- Yearof Principal Interest balance of such Proceeds for nance No. 3480 and this or- t I o n , construction , Maturity Amount Rafe paying a part of the Cost of dianance; and that this or- reconstruction, improve- 2005 $6,985,000 7.15% the Improvements and the dinance shell be given im- COSt Of Proof _. 5 ment, renovation, expansion 2008 818501000 7.25 costs of issuing the Series mediate effect Sal that the and equipment of The _ The Amortization Re- 1990 Bonds. essential capital Improve. various capital improve- quirements (as defined In Section 5. The principal of monis described in Appen- T01a1 mems described therein the Indenture) for the Term and Interest and any dix A hereto may be effected (the "Improvements") and Bonds maturing November redemption premium on the as soon as possible . related costs of Issuance, 15, 2005 shall begin In the Bonds anE,all Sinking fund Therefore, an emergency Is With the retirement of such Bond Year ending pa,y ments 'with respect hereby declared to exist and bonds to be secured by a November 14, 2003 and shall thereto required by or pur. this ordinance, being neves- pledge of all of the proceeds beasfoll"S: suant to the Indenture shall nary for the Immediate of the Sales and Use Tax or Bond Year Amortization be payable solely from the preservation of the public Such Portion of Such pro- Ending Requirement Sales and Use Tax Revenues health, Safety and welfare, ceeds as shall be determined November 14 (aSdeflned in the Indenture) shall be In full force and ef- by the City to be adequate to 2003 $2,165.000 pledged therefor but may fect from and after its obtain satisfactory ratings 2004 2,325.000also be paid under certain passage and approval. or Insurance on such bonds, 2005 2,495,000 circumstances from the PASSED AND APPROV- and called a special election The Amortization Require- Proceeds Of the Bonds or the ED this 13th day of to be held in the City on May ments for the Term Bonds Financial Guaranty Bond September, 1990. 29, 19901n order to submit to maturing November 15, 2006 and the Income received William Martin the qualified electors of the Shall begin in the Bond Year from the Investment of Mayor City the questions of issuing ending November 14, 2006 moneys deposited in the ATTEST: such bonds to be so Secured and shall be as follows: funds and accounts estab- Sherry Thomas for each of the Improve- Bond Year Amortization Iished by or pursuant to the .City Clerk ments and In the respective Ending Requirement Indenture as provided in the Appendix A amounts described therein; November 14 lVilture. The faith and The proceeds of the Series ' and 2006 $2,675.000 credit of the City are not '. 1990 Bonds are to be applied WHEREAS, at such elec- 2007 2,870.000 Pledged to the payment of to pay a part of the Cost of tion held on May 29, 1990, a 2008 3,305,000 such principal, interest and the Improvements as majority of the qualified The Series 1990 Bontls Premium. follows: vote•v ot• tM. Clty -votlno shall be issued as fully regis- Section 6. The series 1990 ( I ) constructing , thereon approved the IS- teres Bonds without coupons Bonds are to be executed reconstructing and improv- suance of such bonds and the In the denomination of 55,000 and delivered as provided In Ing City streets and bridges - security therefor pursuant or any whole multiple the Indenture. $10,717,000; to such Ordinance No. 3480; thereof, except that one Section 7. The Trust In. (11) acquiring, construc- and Series 1990 Bond shall be In denture, dated as of October ting and equipping water WHEREAS, the Board has the denomination of $1,000. 15, 1990, by and between the transmission and distribu- determined to proceed at Interest on the series 1990 Trustee named therein and tion facilities - $9,932,288; this time with the sale and Bonds shall be payable on the City (the "Indenture"), (iii) acquiring, con5truc- issuance of all of such bonds May 15, 1991 and semiannu- securing the Bonds and con- ting and reconstructing In one series, to be deslg- ally thereafter on each May taining certain terms, cove. drainage Improvements - nated "Sales and Use Tax 15 and November 15 (each nants and conditions with $1,542,000; Capital Improvement an " Interest Payment respect to The Bonds, IS (iv) acquiring, construe- Bonds, Series 1990" (the Date"). Principal of the hereby approved In Substan- ting and equipping solid "Series 1990 Bonds"), for Series 1990 Bonds shall be Bally the form presented to waste collection, disposal, the purpose of paying a part payable only upon presenia- the Board for its considera. compacting and recycling of the Cost (as such term is tion and surrender of such tion and the Mayor and the facilities - 51,025,000; defined In the Indenture Bontls at the principal cor- City Clerk of the City are (v) acquiring, construc- hereinafferdescribed) ofthe porate trust office of hereby authorized and ting and equipping public Improvements and to pro. Mcilroy Banka Trust, in the directed to execute and parks and playgrounds - vide for the issuance of one City of Fayetteville, Arkan. deliver and to affix the seal $487,000; or more additional series for sas, as bond registrar, M the City to The Indenture (Vi) acquiring, construc- the purpose of refunding the transfer agent and paying in the name of and on behalf ting and equipping police bons of any series Issued agent (the "Bond Regis- of the City. Any changes to equipment, apparatus and under the Indenture (the trar"). Interest on the Series the Indenture which are not facilities - 5185,00; Series 1990 Bonds and all 1990 Bonds shall be paid by material may be approved (vii) acquiring, construc. such additional bends being Check or draft mailed by the by such officers of the City ting and equipping collectively called the Bond Registrar to the regis- executing the Indenture, firefighting vehicles, "BopndS"); and tered owners of the Series their execution and delivery equipment, apparatus and WHEREAS, the Board 1990 Bonds as shown on the of the Indenture to constitute facilities - 31,475,000; desire& in this ordinance to registration books kept by conclusive evidence of Such (viii) acquiring, construc provide for the issuance of the Bond Registrar on the approval. ting and equipping . the Series 1990 Bonds and to Regular Record Date or the Section 8. The Financial emergency medical Service set forth certain terms, Special Record Date (as Guaranty Bond and the offer vehicles, equipment and fa. covenants and conditions each such term Is defined in u7 Capital Guaranty to Issue cilities - 360,000; with respect thereto; and the Indenture) ; provided,.the Financial Guaranty ( ix ) expanding and WHEREAS, the City Is however, that upon the re- Bond are hereby approved renovating the City Youth authorized to enter Into the quest of the registered In substantially the forms Center swimming pool and Indenture for the purpose of owner of $1,000,000 or more presented to the Board for related facilities - 5867,500; setting forth certain terms, In principal, amount of the Its consideration and an ap. (x) acquiring, construc- ' covenants and conditions Series 1990 Bonds, Such In. propriate officer of the City ting and equipping parking with respect to the Bonds; forest shall be paid by wire is hereby authorized to ac- facilities for the Dickson and transfer of funds to a bank cePt Such offer on behalf of Street area $1,750,000; and WHEREAS, the City has account designated by such the City. (xi) acquiring, construe- made arrangements for the registered owner. Section 9. The Bond Pur- ting and equipping City sale of the Series 1990 Bonds Section 3. The Series 1990 chase Agreement, con- maintenance and storage to the Llama Company, Of Bonds maturing on or before stituting the offer of the facilities and buildings Fayetteville, Arkansas (the November 75, 2000 are not Purchaser to purchase the 3500,000. "Purchaser"), and In con- subject to redemption prior Series 1990 Bonds ata price - neetlon therewith has to their respective of 332,576,549 Plus accrued prepared and distributed a maturities. The Series 1990 interest from October 75, Preliminary. Official State- Bonds of the time outsfan- 1990 to the date of tlelivery ment„ dated September 7, ding which mature after thereof and with such rates 7990 (the "Preliminary Of- November 15, 2000 may be of interest and other terms ficial Statement") ; and redeemed prior to their as are set forth in this ordi- WHEREAS, the City has respective maturities, at the nance, Is hereby approved received from Capital option of the City, from env and the Mayor. and the City Guaranty Insurance Com- _ Clerk of the City are hereby ' pany, a Maryland corpora. I �_ tion ("Capital Guaranty"), an offer to issue a Financial Guaranty Bond (the "Fi- nancial Guaranty Bond") which provides for the pay. Ment of the principal of and the Interest on the Series 1990 Bonds when Due for Payment which is unpaid by