HomeMy WebLinkAboutOrdinance 3580 FILED Fns RECORD
ORDINANCE NO . i5A0 X91 NOU 27 RM 10 55
AN ORDINANCE AUTHORIZING THE ISSUANCE! 'F -I ON CD AR
INDUSTRIAL DEVELOPMENT REVENUE REFUNDING BONDS EYER
FOR THE PURPOSE OF PROVIDING REFINANCING FOR
INDUSTRIAL FACILITIES ; AUTHORIZING AN
INDENTURE OF TRUST SECURING THE BONDS ;
WHORIZING A LOAN AGREEMENT BETWEEN THE CITY
VObF FAYETTEVILLE , ARKANSAS AND AMCAST
INDUSTRIAL CORPORATION ; AUTHORIZING THE SALE
OF THE BONDS AND THE EXECUTION OF A LIMITED
OFFERING AND REMARKETING AGREEMENT IN
CONNECTION THEREWITH ; AUTHORIZING AND
PRESCRIBING OTHER MATTERS PERTAINING THERETO *
AND DECLARING AN EMERGENCY , MltROFILMED
WHEREAS , the City of Fayetteville , Arkansas ( the " City" ) ,
is authorized and empowered under the provisions of Title 14 ,
Chapter 164 , Subchapter 2 of the Arkansas Code of 1987 Annotated
( the "Act " ) , to issue revenue bonds and to expend the proceeds
thereof to finance and refinance the acquisition , construction and
equipment of land , building or facilities which can be used in
securing or developing industry ; and
WHEREAS , the City has heretofore authorized and issued
its Industrial Development Revenue Bonds , Series 1987 ( Amcast
Industrial Corporation Project ) , in the original principal amount
of $ 5 , 500 , 000 ( the " Prior Bonds " ) , of which $ 5 , 050 , 000 is currently
outstanding , for the purpose of financing the costs of acquiring ,
constructing and equipping an industrial project located in the
City of Fayetteville ( the " Project " ) , for use by Amcast Industrial
Corporation , an Ohio corporation ( the " Company " ) ; and
WHEREAS , it is proposed that the City issue its refunding
bonds under the Act for the purpose of refinancing the Project ; and
WHEREAS , pursuant to and in accordance with applicable
provisions of Arkansas law and Section 147 ( f ) of the Internal
Revenue Code of 1986 , as amended ( the " Code " ) , a public hearing was
held prior to the passage and approval of this Ordinance before the
Board of Directors on the question of the issuance of such
refunding bonds under the Act ; and
WHEREAS , after due consideration , the City is now
prepared to proceed with such refinancing and , at the request of
the Company , to issue and sell $ 5 , 050 , 000 in principal amount of
its Variable/ Fixed Rate Demand Industrial Development Revenue
Refunding Bonds , Series 1991 (Amcast Industrial Corporation
Project ) ( the " Bonds " ) ; and
WHEREAS , copies of the hereinafter described Limited
Offering and Remarketing Agreement , Indenture of Trust , Loan
Agreement , Arbitrage Compliance Agreement , and Tax Compliance
Agreement have been presented to and are before this meeting ;
LIBER1443P��E6�7
NOW , THEREFORE , BE IT ORDAINED by the Board of Directors
of the City of Fayetteville , Arkansas :
Section 1 . The City hereby finds that the refinancing of
the Project , and the issuance of the Bonds to accomplish the same ,
will aid in providing continued employment and payrolls and will
thereby secure and develop industry at the City .
Section 2 . That the issuance of the Bonds is hereby
authorized in the aggregate principal amount of $ 5 , 050 , 000 . The
Bonds shall be issued in the forms and denominations , shall be
dated , shall be numbered , shall mature (within the period permitted
by Section 147 ( b ) of the Code as recommended by the Company , but
not to exceed thirty years ) , shall bear interest ( at fluctuating
rates subject to conversion to a fixed rate at the option of the
Company , in either case not to exceed the maximum permitted by
law) , and shall be subject to redemption prior to maturity all upon
the terms and conditions recommended by the Company and set forth
in the Trust Indenture ( hereinafter authorized ) securing the Bonds .
Section 3 . That the Bonds be sold to the purchaser or
purchasers designated by First Chicago Capital Markets , Inc . , as
limited offering agent selected by the Company ( the " Limited
Offering Agent " ) , for the purchase price of par plus accrued
interest , if any , from the date of the Bonds to the date of
delivery , which price is recommended by the Company , and upon the
terms and conditions set forth in a Limited Offering and
Remarketing Agreement to be entered into among the City , the
Company and the Limited Offering Agent ( the " Limited Offering
Agreement " ) , The Limited Offering Agreement is hereby approved in
substantially the form submitted to this meeting , and the Mayor is
hereby authorized to confer with the Company , the Limited Offering
Agent and others in order to complete the Limited Offering
Agreement and to execute and deliver the same on behalf of the City
in substantially the form presented to this meeting with such
changes as shall be approved by him , his execution to constitute
conclusive evidence of such approval .
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 an Indenture of Trust by and
between the City and a bank or trust company recommended by the
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 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 others in order to
complete the Indenture in substantially the form submitted to this
meeting with such changes as shall be approved by such persons
EIBER 144� PkGE6?8
executing the document , their execution to constitute conclusive
evidence of such approval .
Section 5 . 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 ,
seal , 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 others 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 execution and delivery of an Arbitrage Compliance
Agreement and a Tax Compliance Agreement , each by and among the
City , the Company , and the Trustee ( the " Compliance Agreements " ) ,
and the Mayor and City Clerk be and they are hereby , authorized to
execute , seal , acknowledge and deliver the Compliance Agreements
for and on behalf of the City . The Compliance Agreements are
hereby approved in substantially the forms submitted to this
meeting , and the Mayor is hereby authorized to confer with the
Company , the Trustee and others in order to complete the Compliance
Agreements in substantially the forms submitted to this meeting
with such changes as shall be approved by such persons executing
the documents , their execution to constitute conclusive evidence of
such approval .
Section 7 . That the redemption of the Prior Bonds and
the use of the proceeds of the Bonds for such purpose are hereby
authorized .
Section 8 . That the City hereby elects to have the
provisions of Section 103 ( b) ( 6 ) ( D ) of the Internal Revenue Code of
1954 , as amended , and Section 144 ( a ) ( 4 ) ( A) of the Internal Revenue
Code of 1986 , as amended , as applicable , apply to the Bonds .
Section 9 . 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 Limited Offering Agreement , the Loan Agreement ,
the Indenture , and the Compliance Agreements and the performance of
all obligations of the City thereunder , the issuance , execution ,
sale and delivery of the Bonds , 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 .
UBER14431PAGE629
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 copies of the Limited Offering
Agreement , the Indenture , the Loan Agreement , and the Compliance
Agreements , and such documents shall be on file for inspection by
any interested person .
Section 11 . That the law firm of Friday , Eldredge &
Clark be appointed to act as Bond Counsel in connection with the
issuance and sale of the Bonds .
Section 12 . That the issuance , sale and remarketing from
time to time of the Bonds are an exceptional situation in which the
City has no responsibility for payment of the costs and expenses
thereof , all of which are payable by the Company , and the Company ' s
recommendations with respect thereto are acceptable to the City .
Therefore , pursuant to applicable laws of the State of Arkansas ,
including the Act , competitive bidding is hereby waived .
Section 13 . 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 14 . That all ordinances , resolutions and parts
thereof in conflict herewith are hereby repealed to the extent of
such conflict .
Section 15 . That there is hereby found and declared to
be an immediate need for the securing and developing of industry in
order to provide the continuance of substantial employment and
payrolls , thereby alleviating unemployment and otherwise benefiting
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
thepreservation of the public peace , health and safety shall be in
force and effect immediately upon and after its passage .
PASSED : November 19 , 1991 .
APPROVED :
AT p ���
Mayor
Cti;*� .#'C ty Clerk
z0'GSEAL) ^
Ts ..
WER 144v� PRA50
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 . 3580 , adopted at a regular
session of the Board of Directors of the City of Fayetteville ,
Arkansas , held at the regular meeting place of the City at 7 : 30
o ' clock p . m . , on the 19th day of November , 1991 , and that the
Ordinance is of record in Ordinance Record Book No . XXV1 at page
now in my possession .
GIVEN under my hand and seal on this day of
November , 1991 .
'silty Clerk
( SEAL)
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IIBER1443P��E631
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CERTIFICATE OF RECORD
State of Arbows ( SS ° 4&
I,�t Ze Vof F=ua Qty Clerk and Ea- a
Oft'iclo : :e::rder for the City of
Fayettevilie, en h+xeby certify that the
annexed or for, is of record 1n my
office and :. xar oe appears ,. In
Ordinance & Rest.latioo b:� �i� X XV I at
pa e G Witness my > and
Be /f of c ✓
_L
�c�i
of Fay- Aent'1: for the purchase fore.. pursuant to a la y
• INs +pnxteiof/p1ptrrelcccruad n. lewi the State of. Arlan-
aM terost. S rty�rem-the',date see...Inotudng:the .AeL com-
ot the Brands to ttlie data of PetitNa ;fbdding;, la' nerstry STATE of ARKANSAS
a Chapter tlelrvery. whlcnsPrioe Is re- vroh'ad. - l
pt the comrrlondedEby, the Com- Section U.- That' the provF J ss•
if 1Be- An- party Qand. upon the terms 810^3+.o} this Ordinance ars` County of Washington
Actly.and tp 'an ilmd-Oonsiset�forth rn a hereby d if , a to aspen- ,n
ads and t8 ' Umketing gme and -bo phis: -antl rf , .any section,,
p rocsode. - marketing into
am n g T be phpaeem provision eheil for hereby certify that I
s�e`nd�ro}F-
entered info among the-+any reason be declared to I.
sitiorGurxtn• City, the Company and.
nd the .he invalid: Such decleatim am the publisher of THE NORTHWEST ARKANSAS TIMES, a dally newspaper
)npnnent of Limbed Offering Agent t(tha..ahall not effect me validity having a second class mailing.r iecdr Is$ "Limited Offering Area-; of:-the remainder of the 8 g privilege, and being not less than four pages of
;ad 16 dee mentm): The Limited Of or- -•actions , phrases and five columns each, published at a fixed place of business and at a fixed (dally)
ring indu8- Ing Agreement is heraoy' provisions. I Intervals continuously In the Ci of Fayetteville, County of Washington, Arkansas
approved in substantially Section 14. That all ord: ye
City has the form submitted to this nances. resolutions and for more than a period of twelve months, circulated and distributed from an
nzedDev d meeting, and the Mayor Is hParts erewith thereof
r eofh in conflict
established place of business to subscribers and readers generally of all classes
hereby authorized to confer by In the Cit and Count
,e Bonds, with the Company, the im- algid to the extent of such Y y for a definite price for each copy, or a fixed price per
;ast Indust-
ited Offering Agent and secna its. That mere ;e annum, which price was fixed at what Is considered the value of the publication,
ProI others in order to complete based upon the news value and service value It contains, that at least fifty
pal amount the Limited Offering Agree- hereby found and declared yperCent
the 'Prior meet and to execute and to be an immediate need of the subscribers thereto have paid cash for their subscriptions to the newspaper
' which deliver the same on behalf for the securing and days- or Its agents or through recognized news dealers over a period of at least six
rrently out- of the City in substantially loping of industry in order months; and that the said newspaper Purpose of the form presented to this to provide the continuance Pape Publishes an average of more than forty
fists of ac- meeting with such changes of substantial employment percent news matter.
rcting and as shall be approved by and payrolls, thereby elle-
lustrlal pro- him, his execution to .con- viating unemployment and
:he City of slitute conclusive evidence otherwise benefiting the I further certify that the legal notice hereto attached in the matter of
"Project"), of such approval. public health, safety and
st Industrial Section 4. That to pre- welfare of the City and the _
Thio corpo- scribe. the %arms and condi- inhabitants thereof, and the
pony'): and tions upon which the Bonds issuance of the Bonds ay-
3 proposed are to be executed. authen- thodzed hereby and the tisk- I
sue its re- ticated, issued, accepted. Ing of the other action aw
under the held and secured, the thodzed hereby are immedl- was published In the regulardaily issue of said newspaper for
dse of rail- Mayor is hereby authorized ately necessary for the consecutive Insertions as follows:
act; and and directed to execute and accomplishing of these
aunt to and acknowledge an Indenture public benefits and our-
nitb applitr of Trust by and between poses. It ;s, therefore. deo The first Insertion on the J00— day of 19 I
if Arkansas the Cary and a bank or trust lered that an emergency ei- --
t 147(f) of company recommended by ism and this Ordinance be•
anus Code the company which will act ing necessary for the the second Insertion on the day of 19
fended (the as Trustee thereunder (the preservation of the. public
)lic hearing, "Indenture-). and the City peace. health and, safety
to the pas- Clerk 'ishereby authorized shall be in force end• offect the third insertion on the day of 19
oval of this/ and directed to execute any immediately upon and after,
I rhe Board' acknowledge the Indenture its passage*
and the fourth insertion On the day 0I 1
he question and to affix the coal of the PASSED: November ld,
of such re- Coy thereto. and the Mayor - 1991 .
under the and City Clerk are hereby APPROVED: -
authorized and directed to Fred S. Vorsanger
r due coo- cause the Indenture to be Mayor
-ity is now accepted, executed and ATTEST: Sworn to and subscribed before me on this .Sz_ day of
owed with acknowledged by the Trus- Sherry L. Thomas �
and. at the tea. The Indenture is City Clerk
:OMP". to hereby approved in substan- (SEAQ 9
5,050.0x0 in lielly the form submitted to CERTIFICATE
unt of its this meeting, and . the The undersigned, City Clerk
its Demand Mayor is hereby authorized of the City of Fayeneville, _
1pment Re- to confer with the Trustee Arkansas, hereby certifies
)g Bonds, and otters in ortler to corn} that the foregoing pages Oiary P blic
:ast Indust- plate the Indenture in sub• ere a true and perfect copy
'rojact) (the manually the form submit- of Ordinance No. 3580,
red to this meeting. and the adopted at a regular sea- MV Commissioiiln Expires:
as of the Mayor is hereby authorized sion of the Board of Dime-
gibed Lim- to center with the Trustee tore of the City of Fayette-
Remarket- and others in order to coml villa. Arkansas, held at the
Indenture plate the Indenture In . aub- _ regular meeting place pf
49memem, starnially the form "submit- the City of 7:30 o'clock "
mplienes ' tad"to'Olio--msetlery^vvlih—pm:-.an-•the._l gin day. of .
Tax Com- such changes as shall be November, 1991, and thpil tl
ment have approved by such: pereonp4 the. Ordinance: is of recotil,
to and aro executing the document, in Ordinance Record Book . Fees for Printing — S
ting; their execution to constitute v' No. . at page now in
)RE. _BE^ R minclucive- evidence of such my possession.
he Beard. of. approval. GIVEN under myhand. and (lost of Proof —. 5
City of Fay- Soctlsn S. That there ,be,-� seal. on this 19th day of / /1, r--[)
as: and there is hereby, author- November, 1991 . Y!//Io � b .
City hereby ;zed the execution and de- Sherry L. Thomas Total
afinencing of livery of aj,Loon Agreement CIty.Clork -
and. the 1s- by antl;.,batvreant,the Cary (SEAL(. �p] ((�
9oMes'�to 80- - and thelt* CorTpany (the R V ` ' to G
an ^will aid ' Loring Agrsainent'). Intl
3alaned athe;�tvleyor:. end- City Clerk
e -
aolim , and be antl tM`y-arohereby, au- i-' cC ' 1991
arse and 4241•thorized�to ,eseana, seal. 1 1 •>
Tion CIO/. acknowledifC and deliver'
the W. the Loan :A reement, fora
"~»a,� and: .- n;"�a.m n;' FINANCE DEPT.
'oS�Imaan ,a. tyrepy. roved.in atAsan-. .
d
tame, depy'tM-tonri.aubrtlnW to. .
nomeriall be
tone- 'this.—Meeting. and the
m� �aisoY :•wwized
tlte�q� amaer%rrldt:nth Company
ev �%314npan OOhmF _ ith'the o a
9aarr► •nenie•n ,
aaiM.jlt�o wCr4 - tMpy: y
raa► -ft"& 'rNa
_ mNtYg:`Mtl'des ,
»� t s : r aafira
sa laaaiq•t e�tfiiJriGn dOpun'a^4"
�a� .wars• as'^wruarea
aassa vy flas�aai�� agfasaaraa
IpprF*j'E'A�S the City of Fay Agent-), for the Purchase fare. pursuant toe b
ottoville. Arkansas ithe price of pW Orue ecoued jn- laws of the State of Arlin
'City'.):: is authorized and forest, if Say, from the date sae. including the Act Com-
0
arpe 'ed Wider the PrP • of the Bonds to the date Of petitNa bidding Is hereby '
: :W rinds 14.. Cnachor delivery, which pr1Cs m re- walved. II
r. 2 of the commended by the Com- Section 12. That the prove.
it 1p0] OrA^• Perry. and upon +l°°+ of terms +l°° of this Ordinance M
Bfew raven bt'1: -td and conditions set faith in a hereby declared to aepsr
ax Pe ntl t ptprhe end m Limited Offering and Rw Ouse, and if any section,
Ihefea/ tit firrerryraceand MH marketing Agreement m W Phrase arMe1Wh ahetl for
entered into among the airy reason be declared ad
Mf1Ce' the eCquWUon. Ppr� City. the Company and me be invalid. such declarstlon
struction and equipment of Limited Offering Agent {the Shea not affect the validity
lend, buit' I a or facilit iso "Limited Offering Agree- of the remainder of the
which can be used in se<- ment"). The Limited Otter- Sections, phrases and
uring or developing indus- ing Agreement is hereby Provisions. i
try: and approved in substantially Section 14. That all we4
WHEREAS. the City has the form sub.nitted to this nances. resolutions and
heretofore authorized and meeting, and the Mayor is parts thereof in conflict
issued its Industrial Deve- hereby authorized to canter herewith are hereby mpa-
lopment Revenue Bonds. with the Company, the Lim- also to the extent of such
Series 1987 (Amcast Indust- ned Offering Agent and conflict.
rial Corporation Project), in Others in antler to complete Section 16. That there is
the original principal amount the Limited Offering Agree- hereby found and declared
Of $5.500.000 (the " Prior ment and to execute and to be an immediate need
Bonds " I . of which deliver the Some on behalf for the securing and devs-
$5,050.000 Is currently out- of the City in substantially loping of industry in order
starling• far the WfPose Of the farm presented to this to provide the continuance
financing the costs Of ec meeting with Such changes of substantial employment
Culling. constructing and as shall be approved by and payrolls. thereby alle-
quipping an industrial pro- him, his execution to con- viating unemployment and
act located in the City Of stitute conclusive evidence otherwise benefiting the
eyetteville Ithe "Project-), of such approval. public health. safety and
ar use by Amoast Industrial Section 4. That to pre- welfare of the City and the
rporation• an Ohio carpo- Scribe the terms and condi- inhabitants thereof, and the
don (the "Company-): and tions upon which the Bonds issuance of the Bonds at.-
HEREAS. It is proposed are to be executed, authen- thorized hereby and the tae
hat the City issue its re- dcated, issued, accepted. ing of the other action ew
unding bonds under the held and secured, the thorized hereby are immedl-
far the Purpose of refs Mayor is hereby authorized ately necessary for the
racing the Project: and and directed to execute and accomplishing of these
EREAS. pursuant to and acknowledge an Indenture public benefits and pur-
e accordance with appiitr of Twat by and between pass$. It is, therefore, deo-
bis provisions of Arkansas the City and a bank or tau - tared that an emergency az-
aw and Section 147() of company recommended by jab and this Ordinance be-
he Internal Ravens Code the company which will act' ing necessary for the
1989. as amended (the as Trustee thereunder (the preservation of the- publib
"Code"), a .Public hearing "Indenture-1, and the City peace, health and safety
s held prior to the pas- Clerk is hereby authorized shall be in force and' aMegt
go and approval of this/ and'directed to execute any immedistsly upon and eftey
rdinance before the Boaracknowledge the Indenture' its passage.
Din{ctors on the question and'. to affix the seat of the PASSED:, Novemberi lo,
of the issuance Of such m- City thereto. and the Mayor 1991 .
unding bonds under the and City Clerk era hereby APPROVED:
and authorized and directed to Fred S. Vorlonger
EREAS. after due con- cause the Indenture to be Mayor n
ideation. the City is now accepted; executed and ATTEST:
pared to. proceed with acknowledged bythe True-- Sherry L. Thomas '
such refinancing and, at the tee. The ' Indenture is City Clark
request of this Comperry. to hereby approved in stdstan- (SEAU r
issue and Hg $5.050.000 in daily the form submitted to CERTIFICATE
prindpel amount of its this meeting, and the The undersigned. City Clark
Varbble/Fixed Rate DemandMayor is hereby authorized of the City of Fayetteville.
Industrial Development Re- to confer with the Trustee' Arkansas. hereby certifies
venue Refunding Bonds. and others in order to come that the foregoing pages
Serbs 1981 IAmcast Indust- plata the Indenture in sub- are a true and perfect copy
list Corporedon Project) (the oandally the form Submit- of Ordinance No. 3580.
"Bonds"): and ted to this meeting, and the adopted at a regular ses-
WHEREAS: - cables of the Mayor is hereby authorized sign of the Board at Dlreo
[h:eProject.
af er. described Lim- to confer with the Trustee tore of the City Of Feyetts
ffering and Remorket- and other in Order to corm villa. Anksns ts. held at the
gme"nt Indenture plot* the Indenture to sub- regular meeting Place q}
st Loan Agreement, starriieM the form submit- the City of 7:30 o'clock
rage Compliants - teC'to'dds'�naedng'vdth'—Pm°:'°^-'the 19th day of
rrant. and Tax Cart - such Changes as shall be November- 1991 , end oat
e Agreement have ' approved by such persona the Ordinance is Of mCotd.
presented to end ars executing the document, in Ordinance Recon Book
this meeting; their execution to Constitute ' No. at page now In
son
THEREFORE, BE 'IT apnGusive evidence of such my possession.INEO by the Boar of approval. GIVEN under my hand. ar1C
ors of the City of Fey- Section 6. That them be, seal On this 19th day Of
il+. Arkansos: and there is hereby, author- Nw°mber. 1991 .
1. TheGlyhereby jzedtheexecution end do- Sherry L Thomasoat the nnMncing of [,vary of s-Caen Agreement Cay Clerkroject. antl the Ist by .and bet s"n the City (SEAQ
e at the Bans to so- and the Company (the
ish the Same, rill aid 'LoamAgream0nY), and
No. 5600 viding Continued errs the .Mayor and City Clark
AN ORDINANCE AUTHOR- °At and poorness +nd be 'and the am hereby, au
RING THE ISSUANCE OF will droreby secure end tle- thorized to soscuts. 3001,
INDUSTRIAL. DEVELOP- velCp industry at the City. acknowledge. and deliver
MEW REVENUE REFUND- Seoul°^ '2. That the is- the. Latin . Agreement for
ING BONDS FOR THE suence of the. Bonds is and 6n- behet of the 'City.
(PURPOSE OF PROVIDING hereby authorized in the sg- The Loan . Agreement is
IREFINANCING FOR IN- gragate principal amdunt .ot hereba
y approved in subsrs
DUSTRIAL FACILITIES: ALL $5,050.000. The Bonds daily the f6rrn -submitted to
GTHORIZING AN INDEN- Shall be Issued in the forms this nneetiri6. and the
. TURF •OF TRUST SECUR- and dom minatlons• mall be Mayor is hereby authorized
1 N G THE BONDS ' dated. Shall be numbered. to confer with the company
AUTHORIZING A LOAN atoll mature (within the Per and- other in woof to con✓
A¢.REEMENT BETWEEN 1ad permitted by Section Plats the loon Agreement
E: CITY OF FAYETTE- 1471b) of the 'Cede as ns• in- substantially. -the foram ,
V LE; ;ARKANSAS AND • commended by..the. Com-- . submitted this-meatirrp. with
A CAST. INDUSTRIAL, pony but not to .exceed'. Such._changes • as_?hell he
wr� , ,ZPMENT
N: AUTHOR- thirty years). 'shall. beer •ks approved by"such p$fWln d
AtE, OP„ THfs t°roet. In the form+ let fluo- . eosOutbll , hey-dOCttmertt:T E EXEC01:1 +T tnbterl=eubNcti to con•*rtt*WJ4 nm eonstkmo-1
LIMBED SOF- _'rBreign to °' ,loadrts ' u '1ggrlduSiv° evldeM. Ot such
: :1N CON- in either case not to exceed Section S. That there be.
jty
' u e' wm >aomn .the tof ;7 .o clo. ck
ape "C MPIi cn tM�iM day
:
a^ • end .T&x'COM- such ohang" , ea 'ahelltbe 'lyomber 1 and tat,
'Agreement haveeppro+rod 'bV ,eucD�parsontta;;Ordianc- isi'ofret6(ct
,
Ye"MiRd, to end ars axecupnp the document m. Ordinance Record Book Fees for PrinlinR _ s
thls•rnsetyp: their executwn .to'coratitub s,No. , .at peps now M
V OREFOgE, BE -IT opnncluxive 'eToo ,,
enc. of such.,,;rrry possession. - I
"bY tM 9oerd•ot approve 1.'.,, L 'GIVEN under .my hand, add COSI Of Proof S
a Of. the City of Fey- BeNon B That rttare bq Seel ori this ` 19th day pf
. A.rkarhsea. -- and there a ,tiereby, author-' ' November, 1991 . = /� 5-sThe City hereby Oed the execution .and de-,. Sherry L. Thomas 2 ,n� Total ) _ f(/
at '.fhe refinancing of livery of e<Loen Agreement-';.City. Clark
OJ06t. andthe la - •�
Of. tib • by snd_;beC _ _ n..the City '(SEALI' If pt� `
Bonds tDao• end the Company Ithe -' R G �! C I V G 1.�
h. the: sams, _will,ad Loanr Aproement"), and
iding tomdnuad sin• the Nlayor .and, City Clark
tt�anC Tayrolls and be and thsyt-#iS hereby, avo
aby .earvro and C10- Norized..to•,ex.rte, sell. C � 1 1 1991
duetry'>at the _City. ,,,,o scknowlsdpe ,and deliver .
.That, the „Ila-, the:. �c?n^yAppreemeni,for
koh
the. Bonds Is and on beh olf.. Of the 'CCay. .
�ItthbrQetlrkt the lap The Loen�"Apreemenf la FINANCE DEPT,
prindpal emOmll ,Of - hereby;apl?royad, in ,substen-.
;000. The Bonds tialty' therformIaubmitted-to
q'In_the forms this : meeting, - and th`e
Ions: Nail be . Mayor .m�he'reby>authorized,
�U Abe numbered. to conterZwlth,the compmry. .
re hvtinin the peg/ and other an;order-•to tort✓
sdFAy. Section'.10- plete_thertLoSh_Agmernern,
IbyC s ea '.rs••_ in substentialN-!the «forma
`It the'_Com-,- Submitted this meidng.`v h
OZ-Pto exceed', Such Manges as shell -be
:wahell:ibear!kr appy .Irlid:rby such ,WMES7
forms (at 'HI j:,executl.n. �q� T'thsy'docurnsm'�•
a aublem�tD aorr� thetr ZO A to Don ifitutip
eiWretl -rete '- 1 Y conclu01 6)GWdenoe'of fauch
- "ttlw.+Com . ap�
_ exceed Sectlon IL That them, be.
psmdttsd'byand.them .ha hereby. author
be,6YD]OC410 t ized the mocution and de-
i 'To natYrlry I live of_an�
n Arbient and :81
- end'corv-,pax- Ce Agreement anent .
-ended^ �bY '; each bypla nd,among
theI ,tlyset forthaech by end, amonp they,
mule; (hs`7 Chy,=tne.Compmry;:and,thez
sepia- Truatee "(the' Compliance"
Agreeniente ) and' the!
Bontla Mayor, antl City Clark be •
rcMgrtor and they • anshereby, eu=
Ipnated�try
the Rd to execute, 'Peel '
Daarin=` acknowledgeai%d�dellyer
ilrq thiI 'Compllsnee�vKdreil';
coni memo for and on" lfrbl_mI
OM tMhclty°TiThe Compliance.
Apreamertte -eroMieby ap-t
proved •in"subsbntleINzithe;,
To &I submitted to 'this'
meetifq;virhh orpr lanpee;
ut?'ehellt 'be approved-9'iby:
such p nts. It executlnp?the:
Itconanb. It PPS
;to eonadtitte�conaut+tve"svi-�' '
dance of such epproIARI., u
r6setlon f ThaFrIcOl:reds,
?tnptipn ;pf -ins 01rd ihi%p ds'i
antld '.ane fuse{ 136ne=�prd- '
'tsstla of abs�6ontlsbfor
such•.purpose +ars • hereoy�
euthorhetl. :" " n
Seatlon"B.a' TMt1'ma:CltyS
hare 0lects to :[ha'
prwlsion •of YSe01 :ve103Io):
(a) (OI 'Ott M'- Into rnal-A , -�
yenua_ Cdtle oYl-19 icti 'n.
Revenue
of t-OV10memer
oll
Reventa Catle;of'.1888: as
amended, -as 'appllcabie/
. apply to the Bonds., . .. _
SM"On 9. That ,the fdaYm
and City Clark, for and on
behalf of the Ctty. .,be, and
they em hereby. authorized
and directed to do any and
all things necessary to of-
is= the exertion and de-
livery of the Limited Offer-
ing Agreement, the Loan
Agreement, .the Indenture.
and the Compliance Agm0
manta and the perfor ance
of all obiigetions.of the ,City
thereunder, the Issuance,
execution, sale and delivery
of the Bonds, and the •per
formance of .all acts of
whatever natue -necessary
to effect and carry-out the"
euthorlty; COMened 'by thio
Ordinance. That. the Mayor
end, Chy Clark •'be. 'snd they. .
;ere, heraby,: 1"h&r• ,swhor.
Oma and - directed-tlfm_�,anJ.
If r
GMW the�CiN;,toYax-
Scare., ell. papere; ldocu -
me`ntsvrC nificetee an
otM`r inetrumenbmey'
bs
required fm tM certylopl
tut ofnea m
evident- `the exaratsey;
9setlon' :20.-'T1iet. .theiCnty