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HomeMy WebLinkAboutOrdinance 3638 N41 CROFILMED ORDINANCE NO . 3638 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $ 10 , 0001000 OF WATER AND SEWER SYSTEM REFUNDING AND IMPROVEMENT REVENUE BONDS , SERIES 1992 OF THE CITY OF FAYETTEVILLE , ARKANSAS ; AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT AND AN ESCROW DEPOSIT AGREEMENT IN CONNECTION THEREWITH ; DIRECTING THE TRANSFER OF MONEYS HELD IN CONNECTION WITH THE OUTSTANDING WATER AND SEWER REVENUE BONDS OF SAID CITY ; PROVIDING FOR CERTAIN OTHER MATTERS RELATING THERETO AND DECLARING AN EMERGENCY . WHEREAS , the City of Fayetteville , Arkansas ( the " City " ) , a city of the first class , owns and operates water and sewer utilities as a combined , integrated public water and sewer system ( which system , together with all capital improvements thereto , is herein collectively called the " System" ) ; and WHEREAS , the City issued its $4 , 335 , 000 Water and Sewer Revenue Refunding Bonds , Series 1985 , dated November 15 , 1985 ( the " Prior Bonds " ) , of which $ 3 , 280 , 000 in principal amount are now outstanding , pursuant to Ordinance No . 3134 , adopted by the Board of Directors of the City ( the " Board" ) on October 9 , 1985 , and the constitution and laws of the State of Arkansas ( the " State " ) ; and WHEREAS , the City is authorized under: the constitution and laws of the State , including particularly Title 14 , Chapter 234 , Subchapter 2 , Title 14 , Chapter 235 , Subchapter 2 , Title 14 , Chapter 164 , Subchapter 4 and Title 19 , Chapter 91 Subchapter 6 of the Arkansas Code of 1987 Annotated ( collectively the "Authorizing Legislation" ) , to acquire , construct , equip , improve , maintain , operate and repair the System and to issue its revenue bonds to finance capital improvements to the System or to refund any outstanding bonds issued for the purpose of financing such capital improvements ; and WHEREAS , the Board believes that it is desirable to refund the Prior Bonds and necessary to make certain capital improvements to the System as hereinafter described and , accordingly , that it is in the best interest of the City that the City authorize and issue its Water and Sewer System Refunding and Improvement Revenue Bonds , Series 1992 , dated August 15 , 1992 , in the aggregate principal amount of $ 10 , 000 , 000 and as further described in Section 3 of this Ordinance ( the "Bonds " ) , to provide funds , with any other available funds , to refund the Prior Bonds , to finance the cost of making such capital improvements , to establish a related debt service reserve and to pay certain expenses incidental thereto ; 1 1 l r 4 1 WHEREAS , the City has made arrangements for the sale of the ' Bonds to Llama Company of Fayetteville , Arkansas ( the "Purchaser" ) and in connection therewith has prepared and distributed a Preliminary Official Statement , dated August 7 , 1992 ( the " Preliminary Official Statement" ) ; and WHEREAS , there has been submitted to the City a Bond Purchase Agreement , dated August 18 , 1992 ( the "Bond Purchase Agreement" ) , providing for the purchase of the Bonds by the Purchaser ; and WHEREAS , a final Official Statement , dated August 18 , 1992 , ( the "Official Statement" ) , has been prepared and will be distributed in connection with the offer and sale of the Bonds ; and WHEREAS , there has been submitted to the City an Escrow Deposit Agreement , dated as of August 15 , 1992 , between The State First National Bank in the City of Texarkana , Arkansas , as escrow agent ( the " Escrow Agent" ) , and the City , which provides for the refunding of the Prior Bonds ( the " Escrow Deposit Agreement " ) ; and WHEREAS , copies of the Preliminary Official Statement , Official Statement , Bond Purchase Agreement and Escrow Deposit Agreement have been presented to and are before the Board at this meeting ; NOW , THEREFORE , BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF FAYETTEVILLE , ARKANSAS , AS FOLLOWS : Section 1 . Definitions . In addition to the terms defined in the preamble to this Ordinance the following terms shall have the following meanings ; "Accountant" means a firm of independent certified public accountants of recognized national standing selected from time to time by the City which may be the firm of accountants which regularly audits the books of the City . "Amortization Requirements " means the amounts required to be deposited in the Redemption Account for the purpose of redeeming prior to their maturity and paying at their maturity the Term Bonds , the specific amounts and times of such deposits being set forth in Schedule A attached hereto . " Budget" means the annual budget of the System adopted in accordance with this Ordinance . "Code" means the Internal Revenue Code of 1986 , as now or hereafter amended , and applicable regulations issued or proposed thereunder . 2 " Consulting Engineer" means a firm of independent engineers having recognized experience in municipal water and sewer systems selected from time to time by the City . "Government Obligations" means ( i ) direct obligations of , or obligations the payment of the principal of and interest on which is fully guaranteed by , the United States of America ; ( ii ) obligations issued or guaranteed by any instrumentality or agency of the United States of America , whether now existing or hereafter organized , including but not limited to those of the Federal Financing Bank , the members of the Farm Credit System whether individually or consolidated , Federal Home Loan Banks , the Export-Import Bank , Government National Mortgage Association and the Tennessee Valley Authority ; ( iii ) evidences of ownership of proportionate interests in future interest or principal payments on obligations specified in clause ( i ) of this definition held by a bank or trust company as custodian , under which the owner of the investment is the real party in interest and has the right to proceed directly and individually against the obligor on the underlying obligations described in clause ( i ) of this definition , and which underlying obligations are not available to satisfy any claim of the custodian or any person claiming through the custodian or to whom the custodian may be obligated ; ( iv) municipal obligations , the payment of the principal of , interest on and redemption premium , if any , on which are irrevocably secured by obligations described in clause ( i ) of this definition and which obligations have been deposited in an escrow account which is irrevocably pledged to the payment of the principal of , interest on and redemption premium , if any , on such municipal obligations ; ( v) obligations issued by any state of the United States ; and ( vi ) municipal obligations the payment of the principal of and interest on which are insured ; provided , however , the obligations described in clauses ( v) and ( vi ) of this definition shall also be rated in one of the top two highest rating categories (without regard to any gradation within such category ) by both Moody ' s and S&P or , upon the discontinuance of either or both of such services , any other nationally recognized rating service or services . "Gross Revenues " means all fees , tolls , rates , rentals and charges levied and collected in connection with and all other income and receipts of whatever kind or character derived by the City from the operation of the System . Gross Revenues shall specifically include , but not be limited to , revenues from water sales , fire protection charges , sewer service charges and interest income on Revenue Fund balances . Notwithstanding the foregoing , Gross Revenues shall not include acreage , connection , front- footage , tap-on , assessment and similar fees , charges , contributions or grants derived by the City in connection with the provision of or payment for capital improvements constituting a part of the System . 3 "Guaranteed Investment Contract" means investment agreements with any bank or trust company which has long-term obligations rated in one of the two highest rating categories by Moody ' s and S &P or , upon the discontinuance of either or both of such services , any other nationally recognized rating service or services . " Improvements " means the capital improvements to be made to the System described in Section 2 of this Ordinance , the cost of which is to be financed in part by the issuance of the Bonds . " Investment Obligations " means any of the following , to the extent that the same are legal investments for the investment of public funds under State law : ( a ) Government Obligations ; ( b) bankers acceptances , certificates of deposit or time deposits of any bank , trust company or savings and loan association ( including any investment in pools of such bankers acceptances , certificates of deposit or time deposits ) , which , to the extent that such obligations are not insured by the Federal Deposit Insurance Corporation , are collateralized at all times in amounts and by obligations as shall be permitted by State law ; ( c ) any repurchase , reverse repurchase or investment agreement with any bank or trust company organized under the laws of any state of the United States or any national banking association , insurance company , or government bond dealer reporting to , trading with , and recognized as a primary dealer by the Federal Reserve Bank of New York and a member of the Security Investors Protection Corporation , which agreement is secured by any one or more of the securities described in clauses ( i ) , ( ii ) or ( iii ) of the definition of Government Obligations provided that the City has a perfected first security interest in the collateral and that the City or its agent has possession of the collateral , and that such col- lateral is held free and clear of claims by third parties ; and ( d ) Guaranteed Investment Contracts . "Maximum Principal and Interest Requirements " means the maximum amount of Principal and Interest Requirements for any fiscal year of the System . "Moody ' s " means Moody ' s Investors Service , a corporation organized and existing under the laws of the State of Delaware , its successors and their assigns , and , if such corporation shall be dissolved or liquidated or shall no longer perform the functions of 4 1 1 I • I I� • I \ 1 1 •• 1 a securities rating agency , "Moody ' s " shall be deemed to refer to any other nationally recognized securities rating agency designated by the City . "Net Revenues " means , for any period , Gross Revenues less Operating Expenses for such period . "Operating Expenses " means , for any period , all ordinary and necessary expenses of operation , repair , maintenance and insuring of the System under generally accepted accounting principles except that they shall not include any allowance for depreciation , any deposits or transfers to the credit of the Bond Fund or any other fund or account created for the payment of debt service on Parity Indebtedness or subordinated indebtedness secured by a pledge of Net Revenues as permitted hereunder , the Debt Service Reserve Fund or any other debt service reserve fund or account created in connection with the issuance of Parity Indebtedness or such subordinated indebtedness or the Renewal and Replacement Fund , any payments of franchise taxes to the City or any payments with respect to obligations not payable in whole or in part under any circumstances from Gross Revenues , Operating Expenses shall specifically include obligations of the City to. the Beaver Water District of Benton and Washington Counties , Arkansas . " Parity Indebtedness " means indebtedness of the City issued on a parity as to security with the Bonds in accordance with Section 14 of this Ordinance . " Principal and Interest Requirements " for any fiscal year of the System , as applied to the Bonds , means the sum of : ( a ) the amount required to pay the interest on the Bonds then outstanding which is payable on February 15 and on August 15 of such fiscal year , ( b) the amount required to pay the principal of the Serial Bonds then outstanding which is payable on August 15 of such fiscal year and ( c ) the Amortization Requirement for the Term Bonds then outstanding for the twelve ( 12 ) -month period ending on August 14 of such fiscal year . In calculating Principal and Interest Requirements there may be excluded any principal amount of the Bonds or any Amortization Requirement which the City covenants to pay or satisfy with moneys in the Debt Service Reserve Fund which may be used for such purpose . 5 " Principal and Interest Requirements " for any fiscal year of the System , as applied to any Parity Indebtedness , means the sum of the amounts required by the ordinance providing for the issuance of such Parity Indebtedness to pay or to provide for the payment of the interest on and principal of such Parity Indebtedness then outstanding with respect to such fiscal year . "Registrar" means the Registrar serving as such under this Ordinance , whether original or successor . "Reserve Fund Requirement" , as applied to the Bonds , means the amount of $800 , 000 unless the Bonds are redeemed prior to maturity , in which case such amount shall be the lesser of ( a ) such amount reduced pro rata by multiplying such amount by a ratio the numerator of which is the principal amount of Bonds so redeemed and the denominator of which is $10 , 000 , 000 and ( b) the Maximum Principal and Interest Requirements on account of the Bonds in the then current or any subsequent fiscal year . " Serial Bonds " means the Bonds which shall be stated to mature in annual installments and are so designated in Schedule A attached hereto . " S&P" means Standard & Poorfs Corporation , a corporation organized and existing under the laws of the State of New York , its successors and their assigns , and , if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency , " S&P" shall be deemed to refer to any other nationally recognized securities rating agency designated by the City . "Term Bonds " means the Bonds so designated in Schedule A attached hereto . "Trustee " means the Trustee serving as such under this Ordinance , whether original or successor . Section 2 . Refunding Prior Bonds and Making improvements . 1 . The Board hereby determines that it is desirable to refund the Prior Bonds . The Board also hereby determines that it is necessary to construct or otherwise make the Improvements consisting of the following capital improvements to the System , the cost of which is to be financed in part by the issuance of the Bonds as hereinafter provided : ( a ) The construction of approximately 59 , 650 feet of a 36-inch water transmission main from the Beaver Water Treatment Plant at Lowell , Arkansas to the northern part of the City in accordance with the recommendations in a Water Master Planning Study and an Overall Design Report prepared 6 for the City by MCGoodwin , Williams and Yates in 1989 and 1991 , respectively , and as specified in plans and specifications for such work prepared by McGoodwin , Williams and Yates and McClelland Engineers ( "Phase I of the Water Main" ) . The estimated cost of constructing Phase I of the Water Main , including related engineering and right-of-way acquisition costs , is $ 6 , 500 , 000 . ( b) The construction of approximately 38 , 000 feet of a 36- inch water transmission main constituting the continuation of Phase I of the Water Main within the City and the construction of other water lines connecting such main to the System in accordance with such recommendations and specifications described in subsection ( a ) above ( collectively "Phase II of the Water Main" ) . The estimated cost of constructing Phase II of the Water Main , including related engineering and right-of-way acquisition costs , is $ 4 , 400 , 000 . ( c ) The rehabilitation of the existing sewer collection system constituting a part of the System in the White River Watershed in accordance with the recommendations in a Sewer System Evaluation Study performed by McGoodwin , Williams and Yates in 1989 and 1990 and in the Illinois River Watershed in accordance with the recommendations in a Sewer System Evaluation Study performed by RJN Environmental Group in conjunction with McClelland Engineers in 1991 ( collectively " Sewer Rehabilitation" ) . The estimated cost of such rehabilitation is $5 , 841 , 600 . ( d ) The construction of two six-million-gallon water storage tanks and approximately 12 , 500 feet of connecting water transmission lines which are required to meet fire flood and operational water demands and complement Phase I of the Water Main and Phase II of the Water Main in accordance with the recommendations in the study and the report and as specified in the plans and specifications described in subsection ( a ) of this Section ( collectively "Phase III " ) . The estimated cost of Phase III is $ 3 , 3001000 . 2 . After the proceeds of the Bonds are applied to the refunding of the Prior Bonds and the funding of the Debt Service Reserve Fund and the Bond Fund in accordance with the provisions of Section 23 of this Ordinance , the proceeds of the Bonds will be deposited to the credit of the Construction Fund created by this Ordinance and applied to pay a portion of the cost of making the Improvements , as follows : ( a ) The first priority for such application of Bond proceeds will be to pay a portion of the cost of Phase I of the Water Main . 7 (b) If the proceeds of the City ' s Sales and Use Tax Capital Improvement Bonds , Series 1990 ( the " Sales and Use Tax Bonds" ) intended to be used for constructing Phase I of the Water Main are made available to the City for such purpose by the Trustee under the Trust Indenture , dated as of October 15 , 1990 , relating to the Sales and Use Tax Bonds ( the " Indenture" ) , then ( i ) such proceeds of the Sales and Use Tax Bonds will be applied or , with respect to costs of Phase I of the Water Main paid from the proceeds of the Bonds , deemed to have been applied to such purpose in accordance with the Indenture , ( ii ) such proceeds of the Sales and Use Tax Bonds in an amount equal to the costs of Phase I of the Water Project paid from the proceeds of the Bonds will be deposited to the credit of the Construction Fund as a reimbursement of the proceeds of the Bonds so applied and ( iii ) the unexpended or reimbursed proceeds of the Bonds initially intended to be applied to pay the cost of Phase I of the Water Main will instead be applied to pay the cost of Sewer Rehabilitation and a portion of the cost of Phase II of the Water Main to the extent that such proceeds are available therefor . ( c ) If , due to unexpected circumstances , the City is unable to proceed with the construction of Phase I of the Water Main or to apply the proceeds of the Bonds to such purpose , then the proceeds of the Bonds initially intended to be applied to pay the cost of Phase I of the Water Main will instead be applied to pay the cost of Sewer Rehabilitation and a portion of the cost of Phase III to the extent that such proceeds are available therefor . Section 3 . Authorization and Terms of Bonds . 1 . Under the authority of the constitution and laws of the State , including particularly the Authorizing Legislation , there is hereby authorized the issuance of revenue bonds of the City to be designated "Water and Sewer System Refunding and Improvement Revenue Bonds , Series 1992 " in the principal amount of Ten Million Dollars ( $ 10 , 000 , 000 ) . The Bonds shall be special obligations of the City and the principal of and the interest and any redemption premiium on the Bonds shall be secured by a pledge of and payable solely from the Net Revenues as provided in this Ordinance . The principal of and the interest and any redemption premium on the Bonds may also be paid as herein provided from other moneys in the Debt Service Reserve Fund and certain other funds created hereby , including any income received from the investment of moneys deposited in such funds . 2 . The Bonds shall be dated August 15 , 1992 , and interest thereon shall be payable semiannually on February 15 and August 15 of each year , commencing February 15 , 1993 . The Bonds shall be I ssued as fully-registered bonds , numbered consecutively from R- 1 8 upwards , and shall be in the denomination of $ 5 , 000 or any integral multiple thereof . Each Bond shall bear interest from the interest payment date next preceding the date of authentication thereof unless it is authenticated as of an interest payment date , in which event it shall bear interest from such date , or unless it is authenticated prior to the first interest payment date , in which event it shall bear interest from its date , or unless at the time of authentication interest on the Bonds shall be in default , in which event it shall bear interest from the date to which interest has been paid in full . 3 . The Bonds shall be issued in the principal amounts , shall mature , unless sooner redeemed in the manner in this Ordinance set forth , shall consist of Serial Bonds and Term Bonds , with the Term Bonds having such Amortization Requirements , and shall bear interest as set forth in Schedule A attached hereto (which Schedule is incorporated herein by this reference ) . 4 . The Bonds shall be subject to redemption prior to maturity in accordance with the provisions pertaining thereto appearing in the form of Bond hereinafter set forth in this Ordinance . Bonds shall be redeemed only from and to the extent funds on deposit in the Bond Fund are available and sufficient for such purpose . 5 . The Bonds shall be payable , with respect to principal , premium , if any , and interest , in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts . The principal of and any redemption premium on each Bond shall be payable to the registered owner thereof or his registered assigns or legal representative at the corporate trust office of the Registrar upon the presentation and surrender thereof as the same shall become due and payable . Payment of the interest on each Bond shall be made by the Registrar on each interest payment date to the person appearing on the registration books of the City hereinafter provided for as the registered owner of such Bond ( or the previous Bond or Bonds evidencing the same debt as that evidenced by such Bond ) at the close of business on the record date for such interest , which shall be the first ( lst ) day (whether or not a business day ) of the calendar month of such interest payment date , by check mailed to such person at his address as it appears on such registration books . Payment of the interest on the Bonds shall also be made by wire transfer to the registered owner of $ 1 , 000 , 000 or more in principal amount of the Bonds upon the request of such owner . 6 . The Bonds shall bear the facsimile signatures of the Mayor and City Clerk of the City and a facsimile of the official seal of the City shall be imprinted thereon . In case any officer a facsimile of whose signature shall appear on any of the Bonds 9 shall cease to be such officer before the Bonds shall have been delivered , such Bonds may , nevertheless , be delivered as herein provided and may be issued as if the person whose facsimile signature appears on such Bonds had not ceased to hold such office . Any Bonds may bear the facsimile signatures of such persons who at the time of the execution of such Bonds shall be duly authorized or hold the proper office in the City although at the date of the Bonds such persons may not have been so authorized or have held such office . 7 . The Bonds may be exchanged and registered and transfers of the Bonds may be registered in accordance with the provisions pertaining thereto appearing in the form of Bond hereinafter set forth in this Ordinance . 8 . No Bond shall be valid or become obligatory for any purpose or be entitled to any benefit or security under this Ordinance until it shall have been authenticated by the execution by the Registrar of the certificate of authentication endorsed thereon . Section 4 . Bond Form , The Bonds and the endorsements thereon shall be in substantially the following forms and the Mayor and City Clerk of the City are hereby authorized and directed to make all recitals contained therein : UNITED STATES OF AMERICA , STATE OF ARKANSAS COUNTY OF WASHINGTON No . R- $ CITY OF FAYETTEVILLE WATER AND SEWER SYSTEM REFUNDING AND IMPROVEMENT REVENUE BOND SERIES 1992 Rate of Maturity Dated Interest : Date : Date : August 15 , 1992 CUSIP: Registered Owner : Principal Amount : Dollars THE CITY OF FAYETTEVILLE , ARKANSAS ( the " City " ) , a city of the first class , duly created under the laws of the State of Arkansas , 10 for value received , promises to pay to the Registered Owner shown above , or registered assigns or legal representative , upon pre- sentation and surrender of this bond at the corporate trust office of The State First National Bank ( the "Registrar" ) , in the City of Texarkana , Arkansas , the Principal Amount shown above on the Maturity Date shown above (unless this bond shall have been called for prior redemption , in which case on the redemption date ) , in such coin or currency of the United States of America as at the time payment shall be legal tender for the payment of public and private debts , and to pay interest on said Principal Amount from the Dated Date shown above or from the February 15 or August 15 next preceding the date of authentication to which interest shall have been paid , unless such date of authentication is a February 15 or an August 15 to which interest shall have been paid , in which case from such date , such interest to the maturity hereof being payable on February 15 and August 15 in each year , at the Interest Rate per annum specified above , until payment of said Principal Amount . The interest so payable on any such interest payment date will be paid to the person in whose name this bond ( or the previous bond or bonds evidencing the same debt as that evidenced by this bond ) is registered at the close of business on the record date for such interest , which shall be the first ( 1st ) day ( whether or not a business day ) of the calendar month next preceding such interest payment date , by check mailed to such person at his address as it appears on the bond registration books of the City maintained by the Registrar . Payment of the interest on this bond shall also be made by wire transfer to the registered owner of this bond upon the request of such owner if such owner is the registered owner of $ 1 , 000 , 000 or more in principal amount of the bonds of the series of which this bond is one . This bond is one of a series of bonds , designated "Water and Sewer System Refunding and Improvement Revenue Bonds , Series 1992 " and aggregating in principal amount Ten Million Dollars ( $ 10 , 000 , 000 ) ( the "Bonds " ) . The Bonds have been issued for the purpose of financing a portion of the cost of refunding all outstanding water and sewer revenue bonds of the City , financing a portion of the cost of making certain capital improvements to the water and sewer system of the City , funding a debt service reserve and paying certain expenses incidental thereto . The Bonds have been issued pursuant to and in full compliance with the constitution and laws of the State of Arkansas , including particularly Title 14 , Chapter 234 , Subchapter 2 , Title 14 , Chapter 235 , Subchapter 2 , Title 14 , Chapter 164 , Subchapter 4 and Title 19 , Chapter 9 , Subchapter 6 of the Arkansas Code of 1987 Annotated , and pursuant to Ordinance No . 3638 of the City adopted by the Board of Directors of the City on August 18 , 1992 ( the "Ordinance" ) . The Ordinance permits the City to issue , under certain circumstances , Parity Indebtedness ( as defined in the Ordinance ) which may be on a parity of security with the Bonds and subordinated indebtedness 11 payable from Net Revenues subordinate to the Bonds and Parity Indebtedness . Reference is hereby made to the Ordinance and to all ordinances supplemental thereto for the provisions , among others , with respect to the nature and extent of the security , the rights , duties and obligations of the City , the Registrar , the Trustee appointed under the Ordinance ( the "Trustee" ) and the registered owners of the Bonds , and the terms upon which Bonds are issued and secured . A copy of the Ordinance is on file at the corporate trust office of the Trustee and , by the acceptance of this bond , the registered owner hereof assents to all of the provisions of the Ordinance . The Bonds are special obligations of the City and the principal of and the interest and any redemption premium on the Bonds are secured by a pledge of and payable solely from the Net Revenues ( as defined in the Ordinance ) of the City ' s water and sewer system , as more particularly described in the Ordinance . In no event shall the Bonds constitute an indebtedness of the City within the meaning of any constitutional or statutory debt limitation or restriction . THE TERMS AND PROVISIONS OF THIS BOND ARE CONTINUED ON THE REVERSE HEREOF AND SUCH CONTINUED TERMS AND PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE . IT IS HEREBY CERTIFIED , RECITED AND DECLARED that all acts , conditions and things required to exist , happen and be performed precedent to and in the issuance of this bond do exist , have happened and have been performed in due time , form and manner as required by law and that the indebtedness represented by the Bonds , together with all other obligations of the City , does not exceed any constitutional or statutory limitation . This bond shall not be valid until the Certificate of Authentication endorsed hereon shall have been signed by the Registrar . IN WITNESS WHEREOF , the City of Fayetteville , Arkansas , has caused this bond to bear the facsimile signatures of its Mayor and its City Clerk , thereunto duly authorized , and its official seal to be imprinted hereon , all as of the Dated Date , CITY OF FAYETTEVILLE , ARKANSAS ( facsimile signature ) Mayor ( facsimile sianaturel 12