Loading...
HomeMy WebLinkAboutOrdinance 4121A , ORDINANCE NO. 41 21 A — AMENDMENT TO THE ORDINANCE PROVIDING FOR THE ISSUANCE OF HOTEL AND RESTAURANT GROSS RECEIPTS TAX BONDS, SERIES 1998, BY THE CITY OF FAYETTEVILLE, ARKANSAS. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS : Section 1 . Upon motion made and seconded at the September 15, 1998 regular meeting of the Fayetteville City Council the ordinance providing for the issuance of Hotel and Restaurant Gross Receipts Tax Bonds, Series 1998, by the City of Fayetteville, Arkansas is hereby amended to reflect the changes contained in the black-lined bond ordinance attached hereto marked Exhibit A. PASSED AND APPROVED this 15th day of September , 1998. / ^,,r"' , APPROVED• 11 4 BV -` '- — By Fred Hanna, Mayor ATAS Ti ':' * By: Heather Woodruff, City Jerk II.A. 10 ORDINANCE NO, AN ORDINANCE PROVIDING FOR THE ISSUANCE OF HOTEL AND RESTAURANT GROSS RECEIPTS TAX BONDS, SERIES 19989 BY THE CITY OF FAYETTEVILLE, ARKANSAS FOR THE PURPOSE OF PROVIDING FINANCING FOR THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF ADDITIONAL CONVENTION FACILITIES AND RELATED PARKING FACILITIES; AUTHORIZING THE SALE OF THE SERIES 1998 BONDS; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND I, PREMIUM, IF ANY, AND INTEREST ON THE SERIES 1998 BONDS FROM THE CITY' S 1977 HOTEL AND RESTAURANT GROSS RECEIPTS TAX AND OTHER SOURCES; ESTABLISHING THE PRINCIPAL MATURITIES, INTEREST RATES AND PRICE OF THE SERIES 1998 BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY, WHEREAS, under the authority of Ordinance No . 2310, duly adopted and passed March 1, 1977, as amended by Ordinance No. 2315, approved on March 15, 1977, the City established a City Advertising and Promotion Commission (the "Commission") and levied a one cent tax upon the gross receipts of hotels, motels, restaurants, cafes, cafeterias and other establishments providing lodging or selling food for on-premises consumption in the City (the " 1977 Hotel and Restaurant Gross Receipts Tax") pursuant to Act No. 185 of 1965, as amended ("Act No . 185 "); and WHEREAS, the City issued its Continuing Education Center Revenue Bonds, Series 1979 (the " 1979 Bonds"), under the authority of Act No. 185 and Act No. 380 of 1971 ( "Act No. 380") and particularly under Ordinance No. 2567 of the City, duly adopted and passed October 22, 1979; WHEREAS, the City of Fayetteville, Arkansas (the "City") constructed the convention facilities known as the Continuing Education Center (the "Convention Facilities") with the proceeds of the 1979 Bonds, which Convention Facilities are leased to the Board of Trustees of the University of Arkansas; and WHEREAS, the 1979 Bonds were refunded and redeemed when the City issued its $2,675,000 Hotel and Restaurant Gross Receipts Tax Refunding Bonds, Series 1995 (the "1995 Bonds") WHEREAS, the Trust Indenture securing the 1995 Bonds provides for the issuance of bonds on a parity with the 1995 Bonds to construct additional convention facilities; and WHEREAS, at a Special Election held on August 5, 1997, the electors within the City approved the issuance of not to exceed $6,950,000 principal amount of Hotel and Restaurant Gross Receipts Tax Bonds to finance the construction of the Fayetteville Town Center as a new, multi- purpose, civic center for meetings, conventions, exhibitions, entertainment events, related uses and parking ("Additional Convention Facilities"); and WHEREAS, the Commission has recommended to the City Council of the City, and the City Council has determined, that it is in the best interest of the City to proceed with the issuance of the 1998 Bonds and construct the Additional Convention Facilities; and WHEREAS, the City is authorized under the Advertising and Promotion Commission Act, as amended, Arkansas Code Annotated (Rept. 1997) §§26-75-601 through 618, (Repl. 1997) (the "Act") and the City-County Tourist Meeting and Entertainment Facilities Assistance Law, as amended, Arkansas Code Annotated §§ 14- 171-201 through 217, ( 1987 & Supp. 1997) (the "Turnback Law") to issue and sell revenue bonds for the purpose of constructing the Additional Convention Facilities; and WHEREAS, to secure funds necessary (together with the moneys to be contributed by the Commission and money and property to be contributed by the City) to construct the Additional Convention Facilities, to establish a reserve fund and to finance the printing, legal, underwriting, and other costs incidental to the issuance of revenue bonds for this purpose, the City has detennined to issue revenue bonds in an aggregate principal amount of $6,950,000 Hotel and Restaurant Gross Receipts Tax Bonds, Series 1998 (the "Series 1998 Bonds"); and WHEREAS, the City has determined to issue the Series 1998 Bonds under and pursuant to a First Supplemental Trust Indenture to be datedasof t . t990(the "Supplemental Indenture") by and between the City and Bank of Oklahoma N.A., Tulsa, Oklahoma, as Trustee (the "Trustee"), a form of which has been presented to and is before this meeting; and WHEREAS, a Preliminary Official Statement (the "Preliminary Official Statement"), a form of the final Official Statement ("Official Statement") offering the Series 1998 Bonds for sale and a Bond Purchase Agreement have been presented to and are before this meeting. NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Fayetteville, Arkansas: Section 1. Construction of Additional Convention Facilities. That the construction of the Additional Convention Facilities be accomplished. The Mayor and City Clerk are hereby authorized to take or cause to be taken all action necessary to accomplish the project and to execute all required documents. Section 2. Issuance and Sale of Series 1998 Bonds. That under the authority of the Constitution and laws of the State of Arkansas, including particularly the Act and the Tumback Law, City of Fayetteville, Arkansas Hotel and Restaurant Gross Receipts Tax Bonds, Series 1998, are hereby authorized in the total principal amount of$6,950,000, the proceeds of the sale of which are necessary to provide sufficient funds, together with other funds available, to pay the cost of constructing the Additional Convention Facilities in the form of a multipurpose, civic center for meetings, conventions, exhibitions, entertakment events, related uses and parking, establishing a debt service reserve for the Series 1998 Bonds, and paying the costs of issuing the Series 1998 Bonds. The Series 1998 Bonds shall be sold to Llama Company and Stephens Inc. (the 'Purchasers") pursuant to the terms and conditions of a Bond Purchase Agreement in substantially the form 2 I USN II ILII LII V JU u.+u.. II .A. 12 exhibited at this meeting, upon the terms and conditions set forth therein. The Mayor is hereby authorized to confer with the Purchasers of the Series 1998 Bonds in order to complete the Bond Purchase Aa==nt and he is furtber authorized to execute the Bond Purchase Agreement on behalf of the City, an executed copy of which shall be filed with the permanent records of the City. Section 3. Details of Series 1998 Bonds. That the Series 1998 Bonds shall mature on October 1 of the years , and in the principal amounts stated in the Bond Purchase Agreement . That the Series 1998 Bonds shall bear interest payable semiannually on April 1 and October I of each yea , at prevailing market rates as stated in the Bond Purchase Agreement but not to exceed an average coupon of five and seventy five hundredths percent (5 .75 %). That the Series 1998 Bonds shall be sold at the prices set forth in the Bond Purchase Agreement all as set forth beluvr. Date f6ctobm t x-998 +999 2909 399-1 3963 ?%3- 2004 9%}3964 3965 3996 3999 leas 2999 39+9 20++ 3002 39H Pal �urmurrt- 5r C-oupon- Yield *Tenn Bonds. 3 ILA. 13 Section' Preliminary Official Statement and Official Statement. That the Mayor is hereby authorized to approve the Preliminary Official Statement, as distributed, is deernedlil substantially the form submitted at this meeting with such chances as shall by approved by the Mavor_ and to deem it final as of its date within the meaning of Rule 15c2- 12 of the Securities and Exchange Commission and its distribution is hereby ratified WgjLgdj&d. That there be, and there is hereby, authorized the distribution to various prospective and actual purchasers of the Bonds of a final Official Statement in the name of the Issuer, describing the City, the Series 1998 Bonds, the Supplemental Indenture, and setting forth such other information as may be determined to be necessary or desirable by the Purchasers. The Mayor is authorized to execute such Official Statement on behalf of the City and to confer with the Purchasers of the Series 1998 Bonds in order to complete the Official Statement in sabstalltially the fbin, subirritted to this meeting with such c1muses as shal be appiond by the May0l . Section 5. First Supplemental Trust Indenture. That to prescribe the terms and conditions upon which the Series 1998 Bonds are to be executed, authenticated, issued, accepted, held, and secured, the Mayor is hereby authorized and directed to execute and acknowledge a First Supplemental Trust Indenture by and between the City and Bank of Oklahoma N.A., as Trustee, and the City Clerk is hereby authorized and directed to execute and acknowledge the Supplemental Indenture and to affix the seal of the City thereto, and the Mayor and City Clerk are hereby authorized and directed to cause the Supplemental Indenture to be accepted, executed, and acknowledged by the Trustee. The Supplemental Indenture is hereby approved in substantially the form submitted to this meeting, including, without limitation, the provisions of the Supplemental Indenture pertaining to the maintenance of the City's 1977 Hotel and Restaurant Gross Receipts Tax at the rate of not less than 1%, the deposit and handling of revenues, and the terms of the Series 1998 Bonds, The Mayor is hereby authorized to confer with the Trustee and others in order to complete the Supplemental Indenture 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 hire, his execution to constitute conclusive evidence of such approval. Section 6. Execution and Delivery of Documents. That the Mayor and the City Clerk are hereby authorized and directed to do any and all things necessary to effect the execution and delivery of the Bond Purchase Agreement, the Supplemental Indenture, a Continuing Disclosure Agreement, and a Tax Regulatory Agreement providing for the exclusion of interest on the Series 1998 Bonds from federal income taxation, and the performance of all obligations of the City under each such agreement, the issuance, execution, sale, and delivery of the Series 1998 Bonds, the distribution of the Preliminary Official Statement and an Official Statement, and the performance of all acts of whatever nature necessary to effect and carry out the authority conferred hereby. Section 7. Tax-Exempt Obligations. The Series 1998 Bonds are hereby designated as a "Qualified Tax-Exempt Obligation" within the meaning of Section 265(b)(3 ) of the Internal Revenue Code of 1986, as amended (the "Code"). The City represents that the aggregate principal amount of its Qualified Tax-Exempt Obligations (excluding "Private Activity Bonds" within the meaning of Section 141 of the Code which are not "Qualified 50 1 (c)(3 ) Bonds" within the meaning of Section 145 of the Code), including those of its subordinate entities, issued in calendar year 1998 is not expected to exceed $ 10,000,000. 4 Town Center Boer issue II.A. 14 Section 8. Clerk to File Documents, 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 meetings at which this Ordinance- is adopted, for inspection by any interested person, a copy of the Bond Purchase Agreement, the Supplemental Indenture, and the Preliminary Official Statement in the forms presented to the City Council at this meeting. Section 9. Powers of Commission. That the powers and authority of the Commission under the Act and the Turnback Law and prior ordinances of the City and all actions of the Commission taken or to be taken thereunder with respect to the Series 1998 Bonds, are hereby ratified, confirmed, and continued. Section 10. No Rights Until Series 1998 Bonds Delivered. That this Ordinance shall not create arty right of any kind and no right of any kind shall arise hereunder or pursuant hereto until the Series 1998 Bonds authorized by this Ordinance shall be issued and delivered . Section 11. Severability. That the provisions of this Ordinance are hereby declared to be separable and if any provision shall for any reason be held illegal or invalid, such holding shall not affect the validity of the remainder of this Ordinance. Section 12. Conflicts Repealed. That all ordinances and parts of ordinances in conflict herewith are hereby repealed to the extent of such conflict. Adopted: , 1998 . APPROVED: ATTEST: Fred B. Hanna, Jr., Mayor Heather Woodruff, City Clerk ( SEAL ) x:wu.��� m�Chcma.r=tcwlekiau-syssonns 0,V 5 ORDINANCE NO. 4121A WHEREAS, the City issued its AMENDMENT TO THE ORDI- Continuing Education Center ' Revenue Bonds, Series 1979 NANCE PROVIDING FOR TH(_ (the "1979 Bonds-), under the STATE OF ARKANSAS ISSUANCE OF HOTEL AND authority of Act No. 185 and Act 1 ) �i �1 ) ^On RESTAURANT GROSS RE- No. 380 of 1971 (-Am No. 38( ") ! _ CEIPTS TAX BONDS, SERIES and particularly ander Ordi County of Washington Ss. MICROFILMED 1998, BY THE CITY OF ,lance No. 2567 of the City , du- FAYETTEVILLE, ARKANSAS 2. 19 Sed and passed October I, JEFF JEFFUS, hereby certify that I am the publisher of THE CITBE IT RESOLVED BY 7HE , OF FA OUNCI ILOF THE CITYAN. WHEREAS, the City of Fayette- � NORTHWEST ARKANSAS TIMES, a daily newspaper having a second class SAS: stile, Arkansas c (the convention Doli mailing privilege, and being not less than four pages of five columns each, strutted the convention faclli- Section 1 . Upon motion made ties known as the Continuing published at a fixed place of business and at fixed (daily) intervals Education Center (the "Conven- antl seconded at the Septem- tionFacilities") with the pro- Continuously in the City Of Fayetteville, County of Washington, Arkansas for bar 15, 1998 regular meeting of ceeds of the 1979 Bonds, more than aeriod of twelve months, circulated and distributed from an the Fayetteville City Council the which Convention Facilities are P ordinance providing for the is- leased to the Board of Trustees established place of business to subscribers and readers generally of all suance of Hotel and Restaurant of the University of Arkansas; Gross Receipts Tax Bonds, and classes in the City and County for a definite price for each copy, or a fixed Series 1998, by the City of rice which rice was fixed at what is considered the value of the Fayetteville, Arkansas Is hereby WHEREAS, the 1979 Bonds ' p per annum, wp amended to reflect the changes were refunded and redeemed , publication, based upon the news value and service value it contains, that at contained in the black-Ilned when the City issued its bond ordinance attached hereto $2,675,000 Hotel and Restau- least fifty percent of the subscribers thereto have paid for their subscriptions marked Exhibit A. rant Gross Receipts Tax Re- t0 the newspaper or Its agents Or through recognized news dealers Over a PASSED AND APPROVED funding Bonds, Series 1996 period of at least six months and that the said newspaper publishes an this 15th day of September, (the "1995 Bonds") p er P P 1996. average of more than forty percent news matter. WHEREAS, the Trust Indenture APPROVED: securing the 1995 Bonds pro- vides for the issuance of bonds I fLoher certify that the legal notice attached in the matter of By Fred Hanna, Mayor on a party with the 1995 Bonds V1 /1 /� /� /1 to construct additional conven- Ab I( A � 1( °Y 1 VI.J • �I OI-I I r ATTEST. Ibn facilities; and By: Heather Woodruff, City WHEREAS, at a Special Elec- Clerk lion held on August 5. 1997, the electors within the City ap- was published in the regular daily issue of said newspaper for Black-lined Bond proved the issuance of not to consecutive insertions as lows: da Ordinance exceed $6,950,000 principal amount of Hotel and Restau- rant The first insertion on the 9 Gross Receipts Tax Bonds —2- ORDINANCE NO. 4121A to finance the construction ds y of 19 the Fayetteville Town Center as AN ORDINANCE PROVIDING a new, multi purpose, civic cen- FOR THE ISSUANCE OF HO- ter for meetings, conventions, the Second Insertion c the day of 19 TEL AND RESTAURANT exhibitions, entertainment GROSS RECEIPT TAX events, related uses and park- 1 : BONDS, SERIES 1998. BY ing (-Agditional Convention Fa- the third Insertion on the day of 19 THE CIN OF FAYETTEVILLE, cilities'); and ARKANSAS FOR THE PUR- POSE OF PROVIDING FI. WHEREAS, the Commission the fourth insertion on the By of 1 NANCING FOR THE ACOUISI- has recommended to the City TION, CONSTRUCTION AND Council of the City, and the City CJ• EQUIPPING OF ADDITIONAL Council has determined, that it . CONVENTION FACILITIES is in the best interest of the City AND RELATED PARKING FA. to proceed with the issuance of er/General Manager CILITIES; AUTHORIZING THE the 1998 Bonds and construct =f• SALE OF THE SERIES 1998 the Additional Convention Fa- BONDS; PROVIDING FOR ditties; and THE PAYMENT OF THE PRIN- Sworn to and subscribed before me on this day of t:;. CIPAL OF AND PREMIUM, IF WHEREAS, the City is author- ANY, AND INTEREST ON THE ized under the Advertising and 19� SERIES 1998 BONDS FROM Promotion Commission Act, as THE CRY'S 1977 HOTEL AND amended, Arkansas Code An- ' RESTAURANT GROSS RE. notated (Rept. 1997) §§26-75- CEIPTS TAX AND OTHER 601 through 618, (Repl. 1997) SOURCES; ESTABLISHING (the -Act-) and the City-County Catherine Sall THE PRINCIPAL MATURI- Tourist Meeting and Entertain. 2� 1 Notary Public I. TIES; INTEREST RATES AND ment Facilities Assistance Law, S� NtOtyry i Oblic, S:"-iz OF Arkansris 1 G?' PRICE OF THE SERIES 1998 as amended, Arkansas Code y t BONDS; PRESCRIBING OTW Annotated §§14-171 -201 My Commission Expires: r ^ ronCount ER MATTERS RELATING through 217, ( 1967 s Supp. ; My Commission Fzpires 02jjhUD THERETO; AND DECLARING 1997) (the 'Turnback Lav *) to AN EMERGENCY. issue and sell revenue bonds �ccctcccctcccccctcccccccccc«<ccc i . for the purpose of constructing P WHEREAS, under the authomy the Additional Convention Fa- Fees for Printing.......................................................$ 4 of Ordinance No. 2310, duly cilities; and I . . adopt 1977, tl and passed March 1 , WHEREAS, to secure funds Cost Of Proof.............................................................$ 1977, as amended approved ro Ortln necessary (together with the Mance 15, 2315, approved on Y ( 9 March 15, 1977, the City estab- moneys to be contributed mo by Ilshed a Cit Advertising and the Commission and money Y g ro Total..........................................................................$ and Promotion Commission (the property to be contributed "Commission ) and levied a one by the Ciry) to construct the Ad. cent lax upon the gross re- dilional Convention Facilities, to rants,pts a es, cafeterias motels, , oth- establish a reserve fund and to `•: rants, cafes, cafeterias antl am- finance the printing, legal, un- er establishments providing derwriling, and other costs ind- I• : lodging or selling food for on- dental to the issuance of reve- premises consumption in the nue bonds for this purpose, the City (the *1977 Hotel and Res- City has determined to issue taurant Gross Receipts Tax") revenue bonds in an aggregate pursuant to Act No. 185 of principal amount of $6,950,000 1965, as amended ('Act No. Hotel and Restaurant Gross ,. 185-); and Receipts Tax Bonds, Series 1998 (the "Series 1998 Bonds"); and 41[ WHEREAS, the City has deter- Section 6. Execution and De- the forms presented to the City livery of Documents. That-the Council at this meeting. mined to issue the Serial 1 Section 4. Preliminary Officiallivery and the City Clerk are g' Bonds antler and pursuant too a a Statement and Official State• hereby authorized and directed Section 9. Powers of 'Com- First Supplemental Trust Inden- ment. That the Mayor Is hereby to do any and all things neces- mission. That the lure (the "Supplemental Inden- authorized to approve the Pre- wry to effect the execution and powers and tura-) by and between the City liminary Official Statement, in authority of the Commission un- and Bond Bank of Oklahoma N.A., substantially the form submitted der the Act and the cTurnback es of the Agreement, the Supplemental Tulsa, Oklahoma, m Trustee at this meeting with such Law and prior tions ordinances C the Indenture, a Continuing Disclo- (the "Trusteee a form of which changes as shall o deem uetl City and all actions of the Com- ( J bas been presented d and is by the Mayor, and to deem it a sure Agreement, and a Tax mission taken ors ct taken before this meeting; and nal as of its le 15 within the Regulatory Agreement intens" thereunder with respect to the meaning of Rule 15c242 of the Ing for the exclusion of interest Series 1998 Bontls, are hereby �- WHEREAS, a Preliminary Offi. Securities and Exchange Com- on the Series 1998 Bonds from ratified. confirmed, and contin- cial Statement (the "Preliminary mission and Its distribution is federal Income taxation, and uetl. Official Statement'), a form of hereby authorized. That there the performance of all obliga- the final Official Statement COI- be. and there is hereby, author- tions of the City under each Section 10. No Rights-Until such agreement, the issuance, ficial Statement') offering the uetl the distribution to various That t is O Bonds Shall Delivered. Series 1998 Bonds for sale and prospective and actual our- execution, sale, and s' the of That this Ordinance shall not Ne Series 1998 Bontls, the tlis- a Bond Purchase Agreement chasers of the Bonds of a Ilnal tnbution of the Preliminary Off i- create any right of any kihtl antl have been presented-to and Official Statement in the name tial Statement and an Official ' thereunder right any kind an911 arise are before this meeting, of the Issuer, describing the Statement, and the perform- noofto pursuant hereto City, the Series 1998 Bonds, ante of all acts dl whatever ria- until the Series 1998 Bonds au- NOW, THEREFORE, BE IT the Supplemental Indenture,re, thorizetl by this Ordinance shall ORDAINED the Ci Council g lure necessary to effect and by y and sellin forth such other in- carry out the authority confer- be Issued and delivered. of the City of Fayetteville, Ar- formation as may be deter- red hereby.. kansas: mined to be necessary or desir- Section 11 . Severability. That able by the Purchasers. The the provisions of this Ordinance Section 1 . Construction of Mayor is authorized to execute Section . Te Series 19 are hereby declared to be sep- Additional Convention Facilf- such Of iclal Statement on be- 9etlone. The Series 1998 arable and if any provision shall Bonds are hereby designated ties. That the construction of half of the City and to confer for any reason be held illegal or as "Qualified Tax-Exempt a ani g li- of the Additional ac Convention Fa- with the Purchasers of the Ser- gallon' within the meaning of invalid, such by of shall not ciayor n accomplished. The les plat Bonds in order to Section 265(b)(3) of the Internal affect the Orth validity of the remain- Mayor and d t Clerk are here- complete the Official State- Revenue Code of 1986, as der of this Ordinance. by authorized to take or rause mens. to be taken all action necessary amended (the "Code'. The City Section 12. Conflicts Ro- to accomplish the project and to Section S. Supplemental pealed. That all ordinances and execute all required dote- Trust Indenturntur principal amount of its Qualified represents that the aggregate e. That to pre- Tax-Exempt Obligations (eX- Parts of are hereby in conflict menta. scribe the terms and conditions cluding "Private Activity Bontls herewith are herebyflirt.repealed to upon which the Series 1998 within the meaning of Section the anent of such conflict. Section 2. Issuance and Sale Bonds are to be executed, au- 141 of the Code which are not Ado ted: , 1998. of Series 1998 Bonds. That thenticatod, issued, accepted, "Qualified 501 (c)(3) Bonds• p under the authonty of the Con- held, and Secured, the Mayor is within the meaning of Section APPROVED: stitution and laws of the State hereby authorized and directed 145 of the Code), including of Arkansas, including particu- to execute and acknowledge a those of its subordinate en"es, lady the Act and Tumback Law, First Supplemental Trust Inden- issued in calendar year 1998 is Fred B. Hanna, Jr., Mayor City of Fayetteville, Arkansas lure by and between the City not expected to exceed Hotel and Restaurant Gross and Bank of Oklahoma N.A., as T: $10.000,000. ATTEST Receipts Tax Bonds, Series Trustee, and the City Clerk is 1998, are hereby authorized in hereby authorized and directed Heather Woodruff, City Clerk the total principal amount of to execute and acknowledge Section 8. Clerk to File Docu- p P 9 ments. That the City Clerk is Sale off which the proceeds of the the Supplemental .Indenture hereby authorized and directed sale of which are necessary to and to affix the seal of the City to file in the office of the City er Win sufficient fundsfunds. avai togeth. to thereto, antl the Mayor antl City Clerk, as a part of the minutes er with otherfCoavailable, to Clerk are hereby authorized of the meetings at which this pay the cast of codon Facilities the and directed to cause the Sup- Ordinance is adopted, for in- Atltlitional Convention Facilities plemental Indenture to be ac- spection by any interested Per- in the form of a multipurpose. cepted. executed, and acknowl- son, a copy of the Bond Pur- civic center for meetings, con- edged by the Trustee. The Sup- chase Agreement, the Supple- ventions, exhibitions, entenain- plemental Indenture is hereby mental Indenture, and the Pre- ment events, related uses and approved in substantially the liminary Official Statement in parking, establishing a dent form submitted to this meeting, service reserve for the Series including, without limitation, the - 1998 Bonds, and paying the provisions of he Supplemental costs of issuing the Series 1998 Indenture pertaining to the Bonds. The Series 1998 Bonds maintenance of the City's 1977 shall be sold to Llama Compa- Hotel and Restaurant Gross ny and Stephens Inc. (the "Pur- Receipts Tax at the rate of not chaseml pursuant to the terms less than 1%, the deposit and and conditions of a Bond Pur- handling of revenues, and the chase Agreement in substan. terms of the Series 1998 tially the form exhibited at this Bonds. The Mayor is hereby meeting upon the terms and authorized to confer with the conditions set forth therein. The Trustee and others in order to Mayor is hereby authorized to complete the Supplemental In- confer with the Purchasers of denture and to execute and de- the Series 1998 Bonds in order liver the same on behalf of the to complete the Bond Purchase City in substantially the form Agreement antl he Is further au- presented to this meeting, with thorizetl to execute the Bond such changes as shall be ap- Pumhase Agreement on behalf proved by him, his execution to of the City, an executed copy of constitute conclusive evidence which shall be filed with the of such approval. permanent records of the City. — - - Section 3. Details of Series 1998 Bonds. That the Series 1998 Bonds shall mature on October 1 of the years and in the principal amounts stated in the Bond Purchase Agreement. That the Series 1998 Bonds shall bear interest payable semiannually on April 1 and October 1 of each year at pre- vailing market rates as stated in the Bond Purchase Agreement but not to exceed an average coupon of five and seventy five hundredths percent (5.75%). That the Series 1998 Bonds shall be sold at the prices set for the in the Bond Purchase Agreement. DRDINANCE NO. 4121A WHEREAS, the City issued its 99�3a O =NDM NT ^i0 THE ORDI Continuing Education Center Revenue Bonds, Series 1979 n ICE PROVIDING FOR THE STATE OF ARKANSAS j �-(nq p LANCE OF HOTE1. AND (the '1979 Bonds'), under the 0 3TAURANT GROSS RE- authority of Act No. 185 and Act OTS TAX BONDS, SERIES No. pa of particularly ('Act under 380") SS. T 8, BY THE CITY OF and a No. o under Oroi- Courtly of Washington MICROFILMED A ICROFI ME IJ' ETTEVILLE, ARKANSAS. ty ado to 2567 and of Inti City .Octdu-ober lrl Y lI' A L ty adopted and passetl Ottober IT RESOLVED BY THE, 22. 1979; I, JEFF JEFFUS, hereby certify that I am the publisher of THE f COUNCIL OF THE CITY WHEREAS, the City of Fayette- NORTHWEST ARKANSAS TIMES, a daily newspaper having a second class FAYETTEVILLE, ARKAN• villa, Arkansas (the -City") con. mailing privilege, and being not less than four pages of five columns each, con- structed the convention lec�li- lion 1. Upon motion made ties known as the Continuing published at a fixed place of business and at fixed (daily) intervals seconded at the Septem- tionEduFacilities") Center with the pro.ven- continuous) in the Ci of Fayetteville, Court of Washington, Arkansas for 15, 1998 regular meet of I tion Facilities') with the pro- Y City Y County 9 89 , it whlch of the n Fac Bonds, are more than a period of twelve months, circulated and distributed from an Fayetteville Cly Council Ne , wnlch Convention Facilities are nance providing for the is- leased to the Board of Trustees established place of business to subscribers and readers generally of all .1Le of Hotel and Restaurant of the University of Arkansas; .ss Receipts Tax Bonds, las. classes in the City and County for a definite price for each copy, or a fixed fes 1998, by the City of rice per annum, which rice was fixed at what is considered the value of the eneville, Arkansas is hereby WHEREAS, the 1979 Bonds p p ended to reflect the changes were refunded and redeemed publication, based upon the news value and service value it contains, that at rained in the black-lined I when the City Issued its ' J ordinance attached hereto $2,s7s,000 Hotel and Rectae- least fifty percent of the subscribers thereto have paid for their subscriptions ked Exhibit A. rant Gross Receipts Tax Re- to the newspaper or its agents or through recognized news dealers over a :SED AND APPROVED _funding Bonds, Series 1995 15th day of September, (the '1995 Bonds*) period of at least six months and that the said newspaper publishes an 3. average of more than forty percent news matter. WHEREAS, the Trust Indenture 'ROVED: securing the 1995 Bonds pro- vides for the Issuance of bonds I i her certify that the legal notice attached in the matter of Fred Hanna, Mayor - on a parity with the 1995 Bonds to construct additional conven- 'pUU(((rrr�\\(((�rr�,,yl,,yl I/� /� n /� EST. tion facilities; and l L LL A I I( R n "L 1 1�(_/ • `l l OL-1 I f Heather Woodruff, City WHEREAS, at a Special Elec- k tion held on August 5, 1997, the electors within the City ap- was published in the regular daily issue of said newspaper for Black4ined Bond proved the issuance of not to consecutive insertions a10Th ows: Ordinance exceed $6,950,000 principal amount of Hotel and Restau- rent Gross Receipts Tax Bonds e first insertion on the da of 19 3DINANCE NO. 4121A to finance the construction of Y the Fayetteville Town Center as ORDINANCE PROVIDING a new, muni purpose, civic cen- t THE ISSUANCE OF HO- ter for meetings, conventions, the second insertion on the day of 19 - AND RESTAURANT exhibitions, entertainment OSS RECEIPT TAX events, related uses and park- _ JDS, SERIES 1998, BYI ing (•Agditional Convention Fa- the third insertion on thekd.a.y Of 19 — i CITY OF FAYETTEVILLE, cilitlesl; and (ANSAS FOR THE PUR. 3E OF PROVIDING FI- WHEREAS, the Commission the fourth insertion on the By of 1 ICING FOR THE ACOUISI- has recommended to the City N. CONSTRUCTION AND Council of the Ciry, and the City )1PPING OF ADDITIONAL Council has determined that it 1 . JIM ' JVENTION FACILITIES I is in the best interest of the City > RELATED PARKING FA. to proceed with the Issuance of P er/General Manager TIES; AUTHORIZING THE the 1998 Bonds and construct .E OF THE SERIES 1998 the Additional Convention Fa- 1 IDS; PROVIDING FOR Ones: and Sworn to and subscribed before me on this day of PAYMENT OF THE PRIN. ' . AL OF AND PREMIUM, IF WHEREAS, the City is author. (] AND INTEREST ON THE Ized under the Advertising and 19—` LIES 1998 BONDS FROM Promotion Commission Act, asl.Cr CITY•S 1977 HOTEL AND amended, Arkansas Code An. 3TAURANT GROSS RE. notated (Rept. 1997) §§26-75- r PTS TAX AND OTHER 601 through 618, (Rept. 1997) JRCES; ESTABLISHING (the "Act') and the City-County . nf' i PRINCIPAL MATURI. Tourist Meeting and Entertain- . ,-r.^Yi00 S4 1 1( Notary Public INTEREST RATES AND ment Facilities Assistance Law, ,'•� 1otyT pohic, S:ti'.' of AYkBnSLiti if 3E OF THE SERIES 1998 as amended. Arkansas Code i '71a-hino1U0 `Dullty, f( IDS; PRESCRIBING OTH. Annotated §§14- 171 -201 My Commission Expires: , 705 MATTERS RELATING through 217, (1987 8 Supp. : p"v COB771155100 IaJ11T2s •1 :RETO; AND DECLARING 1987) (the 'Tumback Law') to -MERGENCY. - issue and sell revenue bonds "t`cr tcilc..ccccc«thc<c./ C`Ccr cl( for the purpose of constructing =REAS, udder the authodry the Additional Convention Fa- Fees for Printing.................... ..................................$ irdinance No. 2310, duly tellies, and jted and passed March 1, :• 7, as amended by Ordi- WHEREAS, to secure funds Cost of Proof..................................................4..........$ ;a no. 2315, approved on necessary (together with the 4 ;h 15, 1977, the City estab. moneys to be contributed by I U ad a Cit Advertising and the Commission and money IIIYYY Y 9 and property to be contributed Total..........................................................................$ .notion Commission (the nmissionj and levietl a one by the City) to construct the Atl- t tax upon the gross re- dibonal Convention Facilities, to Is of hotels, motels, reslau- establish a reserve fund and to ;, cafes, cafeterias and oth- finance the printing, legal, un. :stablishments providing denwi ing, and other costs intl- ng or selling food for on. dental to the issuance of rove. nises consumption in the nue bonds for this purpose, the (the "1977 Hotel and Res- City has determined to Issue ant Gross Receipts Tax-) revenue bonds in an aggregate ;uant to Act No. 185 of Principal amount of $6,950,000 5, as amended (•Act No. Hotel and Restaurant Gross �.. ): and Receipts Tax Bonds, Series I . 1998 (the "Series 1998 Bonds"): and i WHEREAS, the City has deter. Section 6. Execution and De- the fors presented to the City mined to issue the Sedes 1998 Section 4. Preliminary Official livery of Documents. That the Council at this meeting. Bonds unddr and,pursuant to a ' Statement and Official State- Mayor and the City Clerk are First Suppleniental Trust Inden• mens. That the Mayor is hereby hereby authorized and directed Section 9. Powers of Com- tuft (the -Suppljmental Inden- authorized to approve the Pre- to do any and all things neces- mission. That the powers and lure') by and between the City liminary Official Statement, in nary to effect the execution and authority of the Commission un- and Bank p1 Oklahoma N.A., substantially the for submitted delivery of the Bond Purchase der the Act and the Turnback Tulsa, Oklahoma, as Trustee at this meeting with such Agreement, the Supplemental Law and prior ordinances of the (the Trustee-), a form of which changes as shall be approved Indenture. a Continuing Disclo- City and all actions of the Com- has been presented to and is by the Mayor, and to deem it fi- sure Agreement, and a Tax mission taken or to be taken afore this meeting; and nal as of its date within the Regulatory Agreement provid- thereunder with respect to the ing for the exclusion of interest Series 1998 Bonds, are hereb meaning of Rule 15c2-12 of the Y on the Series 1998 Bonds from WHEREAS, a Preliminary Offi- Securities and Exchange Com- ratified, confirmed, and coniin- :ial Statement (the 'Preliminary mission and its distribution is federal Income taxation, and uetl. Official Statement'), a fort of hereby authorized. That there' the performance of all obliga- tions of the City under each he final tame Statement the ibe,ze and there b hereby, author-, Section 98 o Rig Delivetit red.such agreement, the issuance, 'ictal Statement') offering the uetl the distribution to various Series 1998 Bonds shall rnot Sades 1998 Bonds for sale all Prospective and actual part- execution, sale, and delivery of That this Ordinance shall not the Series the Bontls, the fti- ) Bond Purchase Agreement chasers of the Bonds of a final; lobation of the Preliminary Offi- create any right of any kind and ire a been s meeting. and Official Statssuer, de in the name. tial Statement and an Official thereunder right of any kind shell arise ire before this meeting. Ci the Issuer, describing the; Statement, and the perform- thereuntler ie pursuant hereto City, the Series 1l In Bontls,:' until the Series Ordinance Bonds au- ance of all ads of whatever na- 3RDA THEREFORE, BE IT the Supplemental Indenture,, thorizetl by this Ordinance shall ORDAINED h the Ci Council g tura necessary to effect and y City and ati n forth may border carry out the authority cooler- issued and delivered. if the City of Fayetteville, Ar- formation as may be date(- red hereby. :ansas: mined y be necessary or tle;flrrhh -; Section 11. of thisD rdi That able by the Purchasers. lie Section 7. Tax-Exempt Obli- the provisions el this Ordinance >ection 1 . Construction o1 Mayor is authorized to execute' are hereby declared i be sep- gonds a . The Series 19ed .tlditional convention Faclli- such Official Statement on be- amble all it any provision shall Bonds are hereby designated ies. That the construction of wall of the city and f t confer, for any reason of held illegal or as -Oualilied Tax-Exempt Obli- he Addie ac Convention he with the Purchasers of me Ser- invalid, such holding shall not ,lilies be accomplished The lea 1998 Bonds in order la' Sefton' within the meaning of affect the validity of the remain- layer and Ci Clerk am here• complete the Official State Section 265( ode of the Internal der of this Ordinance. City Revenue Code of 1986, as ry authortzed to take ec wase mem amended s that tde a The City ) he taken all he Pr necessary - ` represents that the aggregate Section 12. Conflicts and accomplish the pro)ed and to Section S. Flrst Supplemental ' principal amount of its Qualified parts o That all ordinances and xecute all required docu- Trust Indenture. That to pre Dans of ordinances in conflict tents. - g scribe the terms and conditions' Tax-Exempt Obligations (es- herewith are hereby repealed to upon which the Series 1998 , eluding -Private Activity Bonds' the extent of such conflict. within the meaning of Section action 2. Issuance and Sale Bonds are to be executed, au 141 of the Code which are not 1 Series 1998 Bonds. That thenticated, Issued, accepted, 'pualified 501 (c)(3) Bontls- Adopted: , 1998. near the authorityof the Con. held, and secured, the Mayor is gppROVED: hereby authorized and directed within the meaning of Section :itution and laws of the State Y 145 of the Code), inclutling I Arkansas, including particu- to execute and acknowledge a those of its subordinate entitles, • .dy the Act and Tumback Law, First Supplemental Trust Indian- issued In calendar year 1998 is Fred B. Hanna, Jr., Mayor ity of Fayetteville. Arkansas lure by and between the City not expected to exceed ATTEST. and Restaurant Gross and Bank of Oklahoma N.A., as 510000000 eceipts Tax Bonds, Ser as Trustee, and the City Clerk is Heather W000mff, Ci Cle 398, are hereby authorized in hereby authorized and directed Section 8. Clerk to File Docu- tyrk_ is total principal amount of to execute and acknowledge is Clerk 3.950.000, the proceeds of the the Supplemental .indenture menta. That the City As of which are necessary to and to affix the seal of the City hereby authorized and directed is CCllI h lila is the office of the City ovitle sufficient fulls, togeth- thereto, and the Mayor and City Clerk, as a part of the minutes wird other funds available, to Clerk are hereby authorized of the meetings at which this )y the mat of comtruding the and directed to cause the Sup- ` Ordinance is adopted, for in- Jditional Convention Facilities plemental Indenture to be ac- spection by any interested per- the form of a multipurpose, cepted, executed, and acknowl- •ric center for meetlrgs, con- etlgeO.bY the Trustee. The Sup- son, a copy of the Bond Pur - '.ntlons, exhibitions, entertain- plemental Intlenture is hereby chase Agreement, the e- mental Indenture, and the he PrPre- em events, related uses and approved in substantially the liminary Official Statement in eking, establishing a debt form submitted ithto this meeting, miles reserve for the. Series including, g, without limitation, the ' )98 Bonds, and paying the provisions of he Supplemental :sts of issuing the Series 1998 Indenture pertaining to the )nds. The Series 1998 Bonds maintenance of the City's 1977 ,all be sold io Llama Compe- Hotel and Restaurant Gross ,.and Stephens Inc. (the "Pur- Receipts Tax at the rate of not asersj pursuant to the terms less than 1%, the deposit and d conditions of a Bond Pur- handling of revenues, and the ase Agreement in substan. terms of the Series 1998 Ily the form exhibited at this Bonds. The Mayor is hereby meting upon the terms and authorized to confer with the ntlitions set IoM therein. The Trustee and others in order to iyor is hereby authorized to complete the Supplemental In. nler with the Purchasers 01 denture and to execute and de. : Series 1998 Boras In order liver the same on behalf of the complete the Bond Purchase City in substantially the form regiment aro he is further au. _ presented to this meeting, with norizetl to execute the Bond I such changes as shall be ap. 'urchase Agreement on behalf proved try him, his execution t0 if the City, an executed copy of constitute conclusive evidence rhich shall be tiled with the of such approval. permanent records of the City. ection 3. Details of Series 998 Bonds. That the Series 998 Bonds shall mature on )clober 1 of the years and in is principal amounts stated in to Bond Purchase Agreement. 'hat the Series 1998 Bonds hall bear interest payable emiannually on April 1 and )clober 1 01 each year at pre- ailirg market rates as stated In Is Bond Purchase Agreement ut not to exceed an average )upon of We and seventy five undretlths percent (5.75%). .tat the Series 1998 Bonds tall be sold at the prices set I the in the Bond Purchase 7reement.