HomeMy WebLinkAboutOrdinance 4227 O
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ORDINANCE NO. 4227 Cn r'
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AN ORDINANCE AMENDING ORDINANCE NO. 2485 OF cS cn oT
THE CITY OF FAYETTEVILLE, ARKANSAS, AS AMENDEA;. o -0
TO AUTHORIZE THE FAYETTEVILLE PUBLIC FACILITIES; ff Z3 ria
BOARD TO ISSUE REVENUE BONDS TO FINANCE' o w o
CONSTRUCTION OF RECREATIONAL AND TOURIST n o
FACILITIES AND RESIDENTIAL APARTMENTS FOR
PERSONS OF LOW AND MODERATE INCOME.
WHEREAS, the City of Fayetteville, Arkansas has created a Public Facilities Board, and,
pursuant to the Arkansas Public Facilities Board Act, Ark. Code Ann. §§ 14- 137- 101 , et seq., has
authorized the Public Facilities Board to issue revenue bonds to finance construction of residential
housing, health care and related facilities provided said facilities are owned by non-profit
corporations or associations; and,
WHEREAS, the Arkansas Public Facilities Board Act authorizes a public facilities board
created by a municipality to issue revenue bonds for the purpose of financing construction of
recreational and tourist facilities and privately-owned residential housing facilities; and,
WHEREAS, the Fayetteville City Council has determined that it is in the best interest of
the economic welfare for the City of Fayetteville to authorize the Fayetteville Public Facilities
Board to issue revenue bonds to provide an alternative method of financing for the construction
of recreational and tourist facilities and residential apartments for persons of low or moderate
income.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF FAYETTEVILLE, ARKANSAS:
Section 1 . That Section 4 of OrdinanceNo. 2485, ofthe City of Fayetteville, Arkansas,
as amended, is hereby amended by adding the following:
The Board is expressly authorized to issue revenues bonds for the purpose of
financing construction ofrecreational and tourist facilities and qualified residential
units for persons of low or moderate income as defined by Section 142(d) of the
Internal Revenue Code of 1986, as amended.
PASSED AND APPROVED this 7' day of March 2000.
,e�FAlci �fy/,,
�< APPROVED: QQQ
By:
Fred Hanna, Mayor
By:
Bather Woodruff, City Cl
2000069665
I, Kathleen Harness, Circuit Clerk and Ex-officio
Recorder for Washington County, Arkansas, do hereby
certify that this Instrument was filed for record In my
office as Indicated hereon and the same Is now duly
recorded with the acknowledgement and certificate
thereon In Record Book and Pags as Indicated thereon.
IN WITNESS WHEPEOR I have hereunto set my
hand and affixed the seat of said Court on the date indi-
cated hereon.
Kallesa Harness
�i utt OIrk and Ex•officlo Recordsr
7 t
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i .Pw`0.1,
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NAME OF FILE:
CROSS REFERENCE:
Date Contents of File Initials
-a a D z
-D
ff
1
AUG-02-2000 14 : 32 N W A TIMES P . 02i02
STATE OF ARKANSAS .f/Ecds
ORDINANCE NO. 4227
� County of Washington
AN ORDINANCE AMENDING
ORD INANOE FAY TEVI OF 1, JEFF JEFFL'S, hereby certify that I am the publisher of THE
iHE'-CITY�OF fAYET7EViLLE,
. . :.. .. ARKANSAS, AS AMENDED. NORTHWEST ARKANSAS TIMES, a daily newspaper having a second class
TO AUTHORIZE THE FAYET-
TEVILLE PUBLIC FACILITIES mailing privilege, and being not less than four pages of five columns eacta,
BOARD TO ISSUE REVENUE
BONDS TO FINANCE CON- Published at a fixed place of business and at fixed (daily) intervals
STRUCTION OF RECREA- continuously in the City of Fayetteville. County of Washington, Arkansas lar
TIONAL AND TOURIST FA-
CILITIES AND RESIDENTIAL more than a period of twelve months, circulated and distributed from an
APARTMENTS FOR PER- established place of business to subscribers and readers generally of al:l
SONS OF LOW AND MODER-
ATE INCOME classes in the City and County for a definite price for each copy, or a fixed
WHEREAS, the Gly of Fayette- price per annum, which price was fixed at what Is considered the value of the
ville, Arkansas has created a publication, based upon the news value and service value it contains that at
Public Facilities Board. and:
pursuaM to the ArkarsaS Public least fifty percent of the subscribers thereto have paid for their subscriptions
• Facilities Board Act, Ark. code to the newspaper or its agents or through recognized news dealers over a
ann. §§14-134-1104, at seq..
has authorized the Public Fa- period of at least six months and that the said newspaper publishes an
ciaties Board to issue revarwe
bands to mans conetrlmien of average of more than folly percent news matter.
residential housing, nearcare
• and related facilities provided
said facilities are owned by I furthe/r/��p�����y that the legal notice attached iink/f/J�j�matter of.
nsrpOal-or ; l
ratloru or S^EO- /6/,)
v Y(
d rboeo corporationsand, Q !
WHEREAS, the Arkansat PUD-
k Facdhles Board Aa aahonz.
as a outec facilnies board cru- was published in the regular daily issue of said newspaper for
ated by a Mundlpality to issue
re�c bonds forme purpose Consecutive insertions as follows:
of fmsncing carsouceon of rec.
roational and tourist facilities
121
and pnvat* owned rasdenna( The first insertion on the day Di 20
rousing fea6oea; aM,
WHEREAS, the Fayenevllle the second insertion on the day of 20 __
City Council ha3 determined
that it is in the Deet interest of
the economic welfare tot The the third insertion on the day of 20 �
GN of Fayettewtk: to authorize
Me Fayetteville Public Facilities
Board to issue revenue bands the fourth insertion On the ay Of 20
to provide an ahamamre meth-
od of furanong tot the calstruc.
tion of recreational and tourist
racithles and residential apart.
ments for persons of low or shedGeneral Manager-
moderate
anagermoderate income.
NOW,TMEREFORE, Be RSwoon to and subscribed before me on this -- day Of
ORDAINED eYTHE CrrY
COUNCIL FTHECRY __ /T/VX
FAYETFEVILLE ARKANSAS: h
yTi (F!i/[1C _20LbL,
1. That Section 4 of Or• (!((( ,
(lir ce No. 105, of the City of reel!! {
Fayetteville, Arkansas. as
amended, is hereby amended a 'Vbt1C, 5talCLy � ' Diary Pub5c:
W adding Ue bib+rinq i Nagy L P �,D •j IUB
The Board is expressly author- My Commission Expires: ) IN
lud to issue rewwas bonds
for the purpose of financing «C
calmaton of recreational and CCccC C
tourist Facilities and qualified 5 ,
residentisl units for persons of Fees for firming.......................................................$
low or moderate income as de- .
kned by Secuon 142(b) of. the
Internal Revenue Code of
tags. as; amended. Cost of Proof.............................................................$
. PASSED AND APPROVED
this Th day of March 2000. Total............................................... ..... ....................$
APPROVED:
By: Fred Herw. Mayor .
ATTEST:
By: Heather woodrutl, City
Clark'
TOTAL P . 02