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Home My WebLink About2006-10-03 - Agendas - Final Aldermen Mayor Dan Coody Ward 1 Position I - Robert Reynolds Ward 1 Position 2 - Brenda Thiel City Attomey Kra Smitams /\ re;1i Ward 2 Position 1 - Kyle B. Cook CWard 2 Position 2 - Vacant Ward 3 Position 1 - Robert K. Rhoads City Clerk Sondra Smith Ward 3 Position 2 — Robert Ferrell Tav' ay Ward 4 Position 1 - Shirley Lucas ARKANSAS Ward 4 Position 2 - Lioneld Jordan Final Agenda City of Fayetteville Arkansas City Council Meeting October 3, 2006 A meeting of the Fayetteville City Council will be held on October 3, 2006 at 6:00 PM in Room 219 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. Call to Order Roll Call Pledge of Allegiance Presentation by Ray Boudreaux A. CONSENT: 1. Approval of the following: City Council Meeting Minutes: July 17, 2006 Special City Council and Planning Commission. August 29, 2006 Special City Council. APPROVED, 2. Water Service Territorial Boundary: A resolution to adjust the Water Service Territorial Boundary between Fayetteville and Springdale. PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 162-06. B. UNFINISHED BUSINESS: 1, ADM 06-1955, 06-1956; Amend Title XV: Downtown Master Plan Zoning Districts and Map: An ordinance amending Title XV : Unified Development Ordinance of the Code of Fayetteville to amend various sections of the code in order to implement the Downtown Master Plan Zoning Code and Zoning Map. This ordinance was left on the First Reading at the August 15, 2006 City Council Meeting. This ordinance was left on the Second Reading at the September 5, 2006 City Council Meeting. This ordinance was left on the Third Reading at the September 19, 2006 City Council Meeting and then Tabled to the October 3, 2006 City Council Meeting. 113 West Mountain 72701 (479) 521-7700 (479) 575-8257 (Fax) accessfayetteville.org There was also an amendment to this ordinance that was tabled. The amendment was to amend the ordinance to rezone the Regan Street area to the Downtown General zoning. The motion was made by Alderman Lucas and seconded by Alderman Thiel and then tabled to the October 3, 2006 City Council meeting. PASSED AND SHALL BE RECORDED AS ORDINANCE NO, 4930, 2. RZN 06-2201 Mariscal: An ordinance rezoning that property described in rezoning petition RZN 06-2201 , for approximately 1 .50 acres, located at 4041 Wedington Drive from R-A, Residential Agricultural to C- 1 , Neighborhood Commercial. This ordinance was left on the Second Reading at the September 19, 2006 City Council meeting. THIS ITEM FAILED UPON VOTE OF THE CITY COUNCIL. C. NEW BUSINESS: 1. R-PZD 06-2190 Woodbury: An ordinance establishing a Residential Planned Zoning District titled R-PZD 06-2190, Woodbury, located south of Zion Road and east of Taliesin Lane, containing approximately 11 .66 acres, amending the official zoning map of the City of Fayetteville; and adopting the associated Master Development Plan. PASSED AND SHALL BE RECORDED AS ORDINANCE NO, 4931, 2. VAC 06-2136 Petunia Court: An ordinance approving VAC 06-2136 submitted by John Carpenter for property located between Lots 31 & 32 of Glenbrook Phase II, vacating un- constructed right-of-way within the subject property. THIS ITEM WAS LEFT ON THE SECOND READING OF THE ORDINANCE. 3. VAC 06-2219 North Point: An ordinance approving VAC 06-2219 submitted by Tim Patterson for property located at Lot 5 Block I of the North Point Subdivision, vacating the southern 15 ' of the utility easement located within the subject property. PASSED AND SHALL BE RECORDED AS ORDINANCE NO, 4932. 4. VAC 06-2220 Emerald Avenue and Hillcrest: An ordinance approving VAC 06-2220 submitted by CEI Engineering Associates, Inc. located at the north end of Emerald Avenue, vacating 0.05 acres of a 20 foot utility easement located within the subject property. PASSED AND SHALL BE RECORDED AS ORDINANCE NO, 4933, 5. VAC 06-2270 Kirk Elsass: An ordinance approving VAC 06-2270 submitted by Kirk Elsass for property located at 620 Rockcliff Road, Lot 9, Phase I of Hyland Park Subdivision, vacating a portion of a 20 -foot utility easement located along the west property line of the property. PASSED AND SHALL BE RECORDED AS ORDINANCE NO, 4934, 113 West Mountain 72701 (479) 521-7700 (479) 575-8257 (Fax) accessfayetteville.org 0 6. 2006 Millage Levy: An ordinance levying a tax on the real and personal property within the City of Fayetteville, Arkansas, for the year 2006 fixing the rate thereof at 1 .3 mils for General Fund-Operations, 0.4 mils for the Firemen' s Pension and Relief Fund, 0.4 mils for the Policemen's Pension and Relief Fund and 1 .0 mils for the Fayetteville Public Library; and certifying the same to the County Clerk of Washington County, Arkansas. PASSED AND SHALL BE RECORDED AS ORDINANCE NO. 4935, 7. Bond Ordinance: An ordinance authorizing the issuance and sale of the City's Sales and Use Tax Capital Improvement Bonds, Series 2006A, for the purpose of financing a portion of the costs of (1 ) certain improvements to the City's wastewater treatment plants, sewerage, and related facilities, (2) certain street improvements, and (3) certain trail system improvements; authorizing the execution and delivery of a trust indenture pursuant to which the bonds will be issued and secured; authorizing the execution and delivery of an official statement pursuant to which the bonds will be offered; authorizing the execution and delivery of a bond purchase agreement providing for the sale of the bonds; authorizing the execution and delivery of a continuing disclosure agreement; and prescribing other matters relating thereto. PASSED AND SHALL BE RECORDED AS ORDINANCE NO. 4936, 8. Washington County Quorum Court's Density Regulations: A resolution to support the Washington County Quorum Court's Density Regulations for land located within two miles of Fayetteville's City Limits. ' PASSED AND SHALL BE RECORDED AS RESOLUTION NO, 163-06. D. INFORMATIONAL: City Council Tour: NONE Meeting adjourned at 8:30 p.m. 113 West Mountain 72701 (479) 521-7700 (479) 575-8257 (Fax) accessfayetteville.org City Council Meeting October 3, 2000 Ot D 3 Subject: Roll It YY/l ., 6 4 &e Motion To: Motion By: Seconded: d�rr Lucas Jordan ✓ Reynolds Thiel Cook Rhoads Ferrell Mayor Coody Subject: Motion To: �- Motion By: 20A dil, Seconded: Lucas Jordan PReynolds V, Thiel Cook Rhoads Ferrell I O� Mayor Coody �D City Council Meeting October 3, 200P • Subject: » QOM ob /955, 0 � - / 9s6 Aw.ew,P T /e �nttiw �a c«� /�urH �aun� Motion To: Motion By: Seconded: r5Lucas Jordan Q D Reynolds Thiel Cook Wl Rhoads Ferrell Mayor Coody Subject: 4 D V Motion To: dwh M,.2n a DcLrx4own Motion By: ,j kn Seconded: Lucas ✓ , pp Jordan ✓ r4r5� � Reynolds ✓ uuu _ J Thiel Cook Rhoads Ferrell Mayor Coody City Council Meeting October 3, 2000 • Subject: so Motion To: #I Motion By: Seconded: Lucas Jordan Reynolds � Thiel ✓ Cook � PRhoads Ferrell Mayor Coody Subject: r/ Q/� 1 Motion To: 441 w �tJur/L Motion By: Seconded: COOL �}Q ' Lucas � wiii: J Jordan ve PReynolds 1,00e�r Thiel t0000� Cook Rhoads Ferrell Mayor Coody City Council Meeting October 3, 2000 • Subject: Aarn D6 '/qsS 06 -/9Slo �� (v Motion To: Motion By: lkl"AA Seconded: Q ' Lucas Jordan Al Reynolds Thiel Cook A/ Rhoads I/ Ferrell Mayor Coody a - � Subject: Aom O (v ' qf5 ,r - / S& w" " ' °� / /fly JI Motion To: n p, Motion By: Seconded: Lucas Jordan rIoA-' Reynolds Thiel � Cook Rhoads Ferrell Mayor Coody 13n City Council Meeting October 3, 2000 • Subject: � � ZA/ WcZAISCAt Motion To: Motion By: Seconded: �j Lucas ordan Reynolds n Thiel t/ /v lCook Rhoads Ferrell Mayor Coody (p�0 / , ' Subject: R — P Z p01, —,9190 Wood Motion To: �/AGI�p.G� Motion By: Seconded: vU Lucas ✓ E/ ✓ t Jordan ✓ Gel� �/I � Reynolds ✓ ✓ V/ VA Thiel I� / Cook . W Rhoads Ferrell qMayor Coody 1 � City Council Meeting October 3, 2000 Subject: 4w Q A (L Motion To: � 4 Motion By: '4 , v Seconded: C Lucas NJordan Reynolds ✓ n • Thiel { ` Cook ,�•/, n C ivi Rhoads �I ��' i► '/� Ferrell v Mayor Coody (p 'D Subject: /� e - oZ � . d, Motion To: an Motion By: Seconded: ucas I ` Jordan ✓ Reynolds Thiel Cook Rhoads Ferrell 30 Mayor Coody qq Vo l� 0 -p City Council Meeting October 3, 20010 • Subject: to �l . 0 (o z� � 0 (J,Q, tAYA/a � Motion To: Motion By: f � Seconded: CLucas f �/ Jordan p Reynolds 1/ Thiel Cook ✓/ t/ Rhoads ' Ferrell Mayor Coody 331 1 Subject: nV A- li D b � I a Motion To: a N d i Motion By: Seconded: 4U 0AJ Lucas C5 Jordan I ' Reynolds vo*� ✓ Thiel ✓ ✓ Cook ✓/ �// P-/ Rhoads Ferrell Mayor Coody 3� City Council Meeting October 3, 2000 • Subject: Motion To: It G /2P Motion By: Seconded: Lucas / Jordan A Reynolds t/ Thiel Cook Rhoads Ferrell �— Mayor Coody Subject: (i Motion To: A Motion By: Seconded: Cn Lucas Alil Jordan ✓ ✓ ►V� Reynolds ✓ 1 Thiel ✓ ✓ Cook Rhoads O 5VS - CtWTAtamet ✓ Ferrell Mayor Coody City Council Meeting October 3, 2001 Subject: d0o S A i 4vvx- No Motion To: n Motion By: PCZ Seconded: n ' p Lucas (J d Jordan Reynolds hiel Cook Rhoads Ferrell Mayor Coody Subject: Motion To: Motion By: Seconded: Lucas Jordan Reynolds Thiel Cook Rhoads Ferrell Mayor Coody Aldermen Ward I Position I - Robert Reynolds Mayor Dan Coody Ward I Position 2 - Brenda Thiel Cit Attorney Kit Williams Ward 2 Position I - Kyle B. Cook Y Y Ward 2 Position 2 - Vacant Cit Clerk Sondra Smith7aye Ward 3 Position I - Robert K. Rhoads Y Ward 3 Position 2 — Robert Ferrell ARKANSAS Ward 4 Position 1 - Shirley Lucas Ward 4 Position 2 - Lioneld Jordan Tentative Agenda City of Fayetteville Arkansas City Council Meeting October 3, 2006 A meeting of the Fayetteville City Council will be held on October 3, 2006 at 6:00 PM in Room 219 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. Call to Order Roll Call Pledge of Allegiance Pxeseutatio -H lamgi y ouise Schaper, Executive DiIP�tOr_= 1 g�tda-SCSS1AItOnly--�'-- A. CONSENT: 1 . Approval of the following City Council Meeting Minutes: July 17, 2006 Special City Council and Planning Commission. August 29, 2006 Special City Council. r Se 2. Water Service Territory: A resolution to adjust the Water Service Territorial boundary between Fayetteville and Springdale. B. UNFINISHED BUSINESS: 1 . ADM 06- 19559 06-1956; Amend Title XV: Downtown Master Plan Zoning Districts and Map: An ordinance amending Title XV : Unified Development Ordinance of the Code of Fayetteville to amend various sections of the code in order to implement the Downtown Master Plan Zoning Code and Zoning Map. This ordinance was left on the First Reading at the August 15, 2006 City Council Meeting. This ordinance was left an the Second Reading at the September 5, 2006 City Council Meeting. This ordinance was left on the Third Reading at the September 19, 2006 City Council Meeting and then Tabled to the October 3, 2006 City Council Meeting. 113 West Mountain 72701 (479) 521 -7700 (479) 575-8257 (Fax) accessfaycttevi l le.org There was als• amendment to this ordinance that was tabled. The amendment was to amend the ordinance to rezone the Regan Street area to the Downtown General zoning. The motion was made by Alderman Lucas and seconded by Alderman Thiel and then tabled to the October 3, 2006 City Council meeting. 2. RZN 06-2201 Mariscal: An ordinance rezoning that property described in rezoning petition RZN 06-2201 , for approximately 1 .50 acres, located at 4041 Wedington Drive from R-A, Residential Agricultural to C- 1 , Neighborhood Commercial . This ordinance was left on the Second Reading at the September 19, 2006 City Council meeting. C. NEW BUSINESS: 1 . R-PZD 06-2190 Woodbury: An ordinance establishing a Residential Planned Zoning District titled R-PZD 06-2190, Woodbury, located south of Zion Road and east of Taliesin Lane, containing approximately 11 .66 acres, more or less; amending the official zoning map of the City of Fayetteville; and adopting the associated Master Development Plan. 2. VAC 06-2136 Petunia Court: An ordinance approving VAC 06-2136 submitted by John Carpenter for property located between Lots 31 & 32 of Glenbrook Phase 11, vacating un-constructed right-of-way within the subject property. 3. VAC 06-2219 North Point: An ordinance approving VAC 06-2219 submitted by Tim Patterson for property located at Lot 5 Block 1 of the North Point Subdivision, vacating the southern 15' of the utility easement located within the subject property. 4. VAC 06-2220 Emerald Avenue and Hillcrest: An ordinance approving VAC 06-2220 submitted by CEI Engineering Associates, Inc. located at the north end of Emerald Avenue, vacating 0.05 acres of a 20 foot utility easement located within the subject property. J(0 5. 2007 Com ien-&f-Cla li 'on-Plan-Imp ementation : A resolution adopting the Compensation Co s recommendation to int mpensation & I ° 1 �j 1 Classifi an. Additional information will be available at Agenda Session. 6. 2006 Millage Levy: An ordinance levying a tax on the real and personal property within the City of Fayetteville, Arkansas, for the year 2006 fixing the rate thereof at 1 .3 mil for General Fund-Operations, 0.4 mils for the Firemen's Pension and Relief Fund, 0.4 mils for the Policemen's Pension and Relief Fund and 1 .0 mil for the Fayetteville City Library; and certifying the same to the County Clerk of Washington County, Arkansas. 7. Bond Ordinance: The information regarding this issue will not be available until Agenda Session. 8. Washington County Quorum Court's Density Regulations : A resolution to support the Washington County Quorum Court' s Density Regulations for land located within.e mile of Fayetteville's City Limits. fwo Y1kA usr 11 D. INFORMATIONAL : City Council Tour: October 2, 2006 - 4:30 PM 1 13 West Mountain 72701 (479) 521 -7700 (479) 575-8257 (Fax) accessfayettevi I le.org �J Aldermen Mayor Dan Coody 44 Ward I Position I - Robert Reynolds aWard 1 Position 2 - Brenda Thiel Ward 2 Position le B. Cook City Attorney Kit Williams e on I - KY Ward 2 Position 2 - Vacant City Clerk Sondra Smith e lie Ward 3 Position I Robert K. Rhoads Ward 3 Position 2 — Robert Ferrell ARKANSAS Ward 4 Position 1 - Shirley Lucas Ward 4 Position 2 - Lioneld Jordan Tentative Agenda City of Fayetteville Arkansas City Council Meeting October 3, 2006 A meeting of the Fayetteville City Council will be held on October 3 , 2006 at 6:00 PM in Room 219 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. Call to Order Roll Call Pledge of Allegiance Presentation on the proposed Library Strategic Plan given by Louise Schaper, Executive Director — Agenda Session Only. A. CONSENT: 1 . Approval of the following City Council Meeting Minutes: July 17, 2006 Special City Council and Planning Commission. August 29, 2006 Special City Council, September 5, 2006 City Council. September 12, 2006 Special City Council . 2. Water Service Territory: A resolution to adjust the Water Service Territorial boundary \ _ between Fayetteville and Springdale. 2007 Compensation & Classification Plan Implementation : A resolution adopting the )� Compensation Committee's recommendation to implement the 2007 Compensation & Classification Plan. ( W p [,jtlj 0Z CLUW.&,Jat<. 66) B. UNFINISHED BUSINESS : 0` 1 . ADM 06-19555 06-1956; Amend Title XV: Downtown Master Plan Zoning Districts and Map: An ordinance amending Title XV: Unified Development Ordinance of the 113 West Mountain 72701 (479) 521 -7700 (479) 575-8257 (Fax) accessfayetteville.org Code of Fayetteville to amend various sections of the code in order to implement the Downtown Master Plan Zoning Code and Zoning Map. This ordinance was left on the First Reading at the August 15, 2006 City Council Meeting. This ordinance was left on the Second Reading at the September 5, 2006 City Council Meeting. This ordinance was left on the Third Reading at the September 19, 2006 City Council Meeting and then Tabled to the October 3, 2006 City Council Meeting. There was also an amendment to this ordinance that was tabled. The amendment was to amend the ordinance to rezone the Regan Street area to the Downtown General zoning. The motion was made by Alderman Lucas and seconded by Alderman Thiel and then tabled to the October 3, 2006 City Council meeting. 2. RZN 06-2201 Mariscal : An ordinance rezoning that property described in rezoning petition RZN 06-2201 , for approximately 1 .50 acres, located at 4041 Wedington Drive from R-A, Residential Agricultural to C- 1 , Neighborhood Commercial. This ordinance was left on the Second Reading at the September 19, 2006 City Council meeting. C. NEW BUSINESS : h R-PZD 06-2190 Woodbury: An ordinance establishing a Residential Planned Zoning District titled R-PZD 06-2190, Woodbury, located south of Zion Road and east of Taliesin Lane, containing approximately 11 .66 acres, more or less; amending the official zoning map of the City of Fayetteville; and adopting the associated Master Development Plan. 2f VAC 06-2136' Petunia Court: An ordinance approving VAC 06-2136 submitted by John Carpenter for property located between Lots 31 & 32 of Glenbrook Phase 1I, vacating un-constructed right-of-way within the subject property. VAC 06-2219 North Point: An ordinance approving VAC 06-2219 submitted by Tim Patterson for property located at Lot 5 Block 1 of the North Point Subdivision, vacating the southern 15 ' of the utility easement located within the subject property. VAC 06-2220 Emerald Avenue and Hillcrest: An ordinance approving VAC 06-2220 I submitted by CEI Engineering Associates, Inc. located at the north end of Emerald Avenue; vacating 0.05 acres of a 20 foot utility easement located within the subject property. ( C4 Lo 2006 Millage Levy: An ordinance levying a tax on the real and personal property within the City of Fayetteville, Arkansas, for the year 2006 fixing the rate thereof at 1 .3 mil for General Fund-Operations, 0.4 mils for the Firemen's Pension and Relief Fund, 0.4 mils for the Policemen's Pension and Relief Fund and 1 .0 mil for the Fayetteville City Library; and certifying the same to the County Clerk of Washington County, Arkansas. Bond Ordinance: The information regarding this issue will not be available until I Agenlda Session. tQ �� RT tC U � � h), D. NFORMAT10NAL: City Council Tour: October 2, 2006 - 4:30 PM 113 West Mountain 72701 (479) 521 -7700 (479) 575-8257 (Fax) accessfayettevi I I e.org Amber Wood - email re: librarypresentation Page 1 W 'Nor From: Amber Wood To: Schaper, Louise Date: 8/21 /06 4:29PM Subject: email re: library presentation Louise, Your presentation has been placed on the October 3, 2006 City Council Tentative Agenda. Your presentation is scheduled for Agenda Session only on September 26, 2006. In your previous email you stated that you would need support. The projector and screen are available for use. You will need to reserve the remote through our office prior to using the projector. Please let us know if you need anything else. Have a nice day! Amber Wood Deputy City Clerk City of Fayetteville City Clerk Division Phone: (479) 575-8323 Fax: (479) 718-7695 awood@ci.fayetteville.ar. us >>> "Louise Schaper ' <Ischaper@faylib.org> 08/21 /06 2:24 PM >>> Amber, Just wondering if you got my email last week re: needing to be on the calendar for a presentation re: library's strategic plan for an agenda session in September. Would the 26th work? I had thought that Sept. 19th was the agenda session, but I guess not. Will the 26th work? Louise Schaper, Executive Director Fayetteville Public Library Fayetteville, Arkansas 72701 479.571 .2222 ext. 4300 479.236.5943 cell 479. 571 .0222 fax www.faylib.org Our mission is to strengthen our community and empower our citizens FAYETTEVI CLE THE CITY OF FAYETTEVILLE, ARKANSAS KIT WILLIAMS, CITY ATTORNEY DAVID WHITAKER, ASST. CITY ATTORNEY DEPARTMENTAL CORRESPONDENCE LEGAL DEPARTMENT TO: Dan Coody, Mayor THRU: Sondra Smith, City Clerk FROM: Kit Williams, City Attorney DATE : October 4, 2006 RE : Passed Ordinances and Resolutions from City Council meeting of October 3, 2006 1 . Water Service Territorial Boundary : Resolution adjusting Water Service Territorial Boundary between Fayetteville and Springdale; I ADM 06-1955; 06- 1956: Ordinance amending Title XV : Unified Development Ordinance of the Code of Fayetteville to amend various sections of the code in order to implement the Downtown Master Plan Zoning Code and Zoning Map; (Ordinance and map to be delivered by Planning Department later) I R-PZD 06-2190 : Ordinance establishing Residential Planned Zoning District titled R-PZD 06-2190, Woodbury, located south of Zion Road and east of Taliesin Lane, containing approximately 11 .66 acres, amending official zoning map of City and adopting the associated Master Development Plan; 4. VAC 06-2219: Ordinance approving VAC 06-2219 submitted by Tim Patterson for property located at Lot 5 Block 1 of the North Point Subdivision, vacating the . southern 15 ' of the utility easement located within the subject property; 5. VAC 06-2220: Ordinance approving VAC 06-2220 submitted by CEI Engineering Associates, Inc. located at the north end of Emerald Avenue, vacating 0-05 acres of a 20 foot utility easement located along west property line of the property; 6. VAC 06-2270: Ordinance approving VAC 06-2270 submitted by Kirk Elsass for property located at 620 Rockcliff Road, Lot 9, Phase 1 of Hyland Park Subdivision, vacating a portion of a 20 foot utility easement located along west property line of the property; 7. 2006 Millage Levy: Ordinance levying tax on real and personal property within the City of Fayetteville for the year 2006 fixing the rate thereof at 1 .3 mills for General Fund Operations, 0.4 mills for Firemen' s Pension and Relief Fund, 0.4 mills for Policemen' s Pension and Relief Fund and 1 .0 mill for Fayetteville Public Library and certifying same to County Clerk of Washington County; 8. Bond Ordinance: Ordinance authorizing issuance and sale of City's Sales and Use Tax Capital Improvement Bonds, Series 2006A, for purpose of financing portion of costs of ( 1 ) certain improvements to City's wastewater treatment plants, sewerage, and related facilities, (2) certain street improvements, and (3) certain trail system improvements; authorizing execution and delivery of a trust indenture pursuant to which the bonds will be issued and secured; authorizing execution and delivery of official statement pursuant to which the bonds will be offered; authorizing execution and delivery of bond purchase agreement providing for sale of the bonds; authorizing execution and delivery of a continuing disclosure agreement; and prescribing other matters relating thereto; 9. Washington Co. Quorum Court's Density Regulations: Resolution supporting Washington Co. Quorum Court' s Density Regulations for land located within two miles of Fayetteville City Limits. 2 r • Arkansas Democrat (5axette Northwest Arkansas Times Benton County Daily Record P. O. BOX 1607 FAYETTEVILLE, AR 72702 PHONE : 479-571 -6415 AFFIDAVIT OF PUBLICATION I , Karen Caler, do solemnly swear that I am Legal Clerk of the Arkansas Democrat Gazette newspaper. Printed and published in Benton County Arkansas, (Lowell) and that from my own personal knowledge and reference to the files of said publication , the advertisement of: FINAL AGENDA Was inserted in the Regular Editions: October 2, 2006 Publication Charge : $214 . 62 Subscribed and sworn to before me This day of D � 2006. Notary Public " Sharlene D. Williams My Commission Expires : Notary Public State of Arkansas My Commission Expires October 18, 2014 RECEIVED OCT 0 6 2006 CITY OF FAYE rrEVILLE CITY CLERK'S OFFICE Fwd • RMAL A IMCRY OP VAYMTT�V'%cITY cOOMGL MZmAMKON"sOCTOMG Ci yICfnIelctob r . 2 Feyat att 6 00ille Put InAcor 21Mill be theA%mMlatr� gu8 ir9Plocetetlet ?13 oWes1ntaln Street Fa AqKANSASle ymeville, Arkaneayc Only C�aAWywrPeoksom Cpatren 11. pacMfC Iardof the foatihoo �Pbnta Cpryrypntr �lel Gry CwnGl.dary between FeYett flee ebntl SP Mwmdwp A respblion to adjust the Watr Service Tentorial M IMIAMED NUMMEMNM 061005. Oa.Igft Amend TMN Ztb Dowt. MMw Plan ZebraDlelAeleYap An ordinance emantlinp title )M Unified Development Ordinance of the Code of ev Ile lo amand various sections of the code In Order to Implement Me Downtown Mostar Ran send Cotte end Zoning Map. Mia ordlnape was left on Me Fiat Reading at Me August 15, 2VD6 City Council Meeting. This Ordinance was led on floe Sacnnd Reeding at floe September 5. 2706 Cityry Guavj Meeting. This crdinance.wm led on Me Tbird Reading at the September 19. 2006 Ct(y M� and Men Tebied w Me October 3. 2306 City Corarott Meeting. era-rrerece b MQ!000a'nerdewro Mb ardtnence Met was raDted. The ermwdmya wearoemNnd Me Lucas andRwsecondeSlower arae M ftCbrrmrowm General zoninpr g. The oton was made d DY Atderrmn 71W and than tripled the October 3. 2W6 0'ty _-� �•�1 Marlaea4 An Ordinance rezoning Mei property described In rezoning pWfti n IIZr106.2 I to1. for . N Igh ptefy 1.50 acrea, located at 4041 Wedington Drive from R-A, Residential ABtlwsa+ral b Gt, Neiphtbnc�cd Commercial. TN' Ordlmpe was left m MO Second Reeding et the September 19, 2006 Gry Council meeting. Q MEW summmm ! 1' �� waemr/p An Ordinance establlsMn a Residential Planned Zoning District ' dtled R?ZD 0&2190, Woodbury bcsaid 11oBlIn of LM Roati anti,east G, Talleeri Lane, Contelninp ' in g tis matery 11.66 acres, It in the official zoning map or the City of FayattMlle; and etlopt- B asaocleted Master DevalopmanI pian. YAC 069aZ0 Peaoda Gareth An Ordinance approving VAC 06.2136 subrNtted by ,tem Cfupenter fa Property located between Lob 31 8 32 of Glenbrmk Phase II. vaea0rg un-construct- 19 rghtcf-waY within the subject Property. . 7*0 062410 I/arN Pplrrh An ordinance approving VAC 06-2219 wbrNtled by Tim 5' of th iw propery IOoated at L W 5 Block 1 of he North Point SubdMition. vacating Me southern 5' of Ma utilfty eaaenerK kxatetl within the subject Property. miff CEI Zrrreaald Avenue aria Millereae An ordinance approving VAC 0&2220 sub, by Figineerin9 Associates, Inc. located at the north and Of Fmeraid Avenue. vocatinp YAC 06ffi70 utilay eamm art located w4Wn the subfW property Mirk [lases An ordinance approving VAC 0&2270 wbmimd by drk Elms Ar ProPartY located at 620 Rdokcfi6 Road. Lw 9. phase 1 of 06-2270 Park Subdivision,y YJrk Elvalcuffg s d e p fee utaky emerrent located along the west property IMe of Me property, iry;Of fivillage NYn An ordinance levying a tax on the real and Poisons, property within the ot FeyetteNlle, Arkansas, for Its year 2006 fixing the rate thereof at 1.3 Will for General Fund. Oper1190M. 0.4 mils for Me Fir miffils Pension and Relief Fund, 0.4 mals for Me Pollceren'e Pension 80 'Relief Fund and 1.0 mile for the Fayetteville City Ubrary; end ceNfying the same lo the County Clerk df Washington County, Arkansas, T• CepitelDi WnarwaI An Ordinance autf orizing the issuance and see of the Ciry9 Salm and Use Certain improvement Bonds, Series 20p6A, for Me Purpose of financing a ponlm of the costs of I^Pmvements to the Ciry'e wa ite voter treatment planta, sewerage, and related facilities ,Omen 1111061 Improvements, and (3)certain tree system Improvements; authorizing Me ssecutbn a'ndidelNa ery e trust indenture Pursuant to which the bonds will be hatred and secured; euthoriz- Ir 9 file axewalCn and de,ivety of an Officlel statement pursuant M which the bonds will be offered: lon's; ausherbang the execution Ailodzirg the execution and delivery of a bond purchase agreement providing for the sets of Me Other man= assfing mahout. and delrverY of a cantinWnp tliscbuae eBreerrent: and prescnD �^r M Oa�4 Owvn 0"'i OenWY MaPdatlarm A resolution d FaYemvtileIs LFFIIILport ft County n Cant§ Densly ROpuletlwre b lend bcatetl MnwMortylm'ol 0. .,omIU0"u" aft Common Ta" MONO RECEIVED OCT 0 6 2006 CRY OF FAYETIEVLLIF CRY CLERK'S OFRCE F4 N w pTN ID CD qi 0 O c ro PO Ott p RD o �`� FLYNN RD CD , p i 0 DRAIN RD S } v n m p m L 9 � y A m MCLEOD OR, c RANGO PL ) - J O f i Fn .t fi � i _ P 3 ` K '. RD W f11 ro � '4DINE PASS RD mZ . 6ROCK DR -'o f;n CL 59TH AVE CL n O r HERITAGEAVE TRADI"ION AV[ 1 ! dTHAVF .4,+yp_ O1�LES. pyo: ,: i �w��owu itfaot, • Resolution: Whereas properties included in the proposed Downtown Master Plan are located in Ward 2. • Whereas the Wilson Park Neighborhood adjoins the planned area on the northern border of the Downtown Master Plan at Maple Street. • Whereas due to a vacancy, Ward 2 and the Wilson Park Neighborhood is not equally represented on the sitting Fayetteville City Council. • Whereas a rush to vote on the Downtown Master Plan is not critical. • Whereas the Downtown Master Plan directly will impact Ward 2, inclusive neighborhoods and bordering neighborhoods for years to come. • Whereas the WPNA respects the actions of the sitting City Council, commends their service to the community as a whole and appeals to their integrity and sense of fairness. Be it resolved that the Wilson Park Neighborhood Association by action the Steering Committee request the final vote approving the Downtown Master Plan be tabled until the vacant Ward 2 Alderman position is filled guaranteeing full representation of Ward 2 and the residents of the Wilson Park Neighborhood. Approved pproved by acclamation October 2, 2006 , Bill I. "ti+owa n'l a r�lQ,w Proposed Amendments 1 . (Map Amendment) Change Denelle Campbell 's Property Zoned PZD to Main Street Center 2. (Text Amendment Page 9 of 144 CC Agenda) All Building Height Variances to go to Planning Commission (Sec. 156 .02) 3. (Text Amendment) Apply the Building Height Definition to .Apply to All Zoning and Development Ordinances When Measuring Building Height 4. (Map Amendment) Remove the West Lafayette Street Neighborhood from the Downtown Zoning Map and Leave as RMF-40 5. (Map Amendment) Change South Side of Rock Street (Block Ave. to College) From Downtown General to Main Street Center g m C E u B PRELIMINARY OFFICIAL STATEMENT DATED OCTOBER _, 2006 - s , NEW ISSUE *RATINGS: S&P "_" (Underlying "_o)BOOK-ENTRY ONLY L_ Insured) uT /n the opinion ofKulak Rock LLP, Bond Counse( under existing laws, regulations, rulings and judicial decisions and assuming the accuracy of certain a representations and continuing compliance with certain covenants, interest on the Series 1006A Bonds is excluded from gross income for federal income tax u purposes and is not a specific preference item for purposes of the federal alternative minimum tax. Under existing laws, regulations, rulings and judicial a B decisions, Bond Counsel is of the opinion that the Series 1006A Bonds and the interest thereon are exempt from all state, county and municipal taxes in the Slate ofArhansas. For a more complete description, see the caption "TAX MATTERS" herein. 0 _ o y g :* F g CITY OF FAYETTEVILLE, ARKANSAS SALES AND USE TAX CAPITAL IMPROVEMENT BONDS SERIES 2006A 2 b Dated: November 1, 2006 a o Due: November 1, as shown on inside front cover F °e w The Sales and Use Tax Capital Improvement Bonds, Series 2006A (the "Series 2006A Bonds'), are being issued by the City of Fayetlevillcy Arkansas (the oV "City") for the purpose of(i) financing a portion of the costs of certain improvements to de City's wastewater treatment plants, sewerage and related facilities, to certain City stmels, and to the City trail system, [(ii) purchasing a policy of municipal bond insurance), [(iii) purchasing a surety bond for deposit in the debt service _5 'R reserve], and (iv) paying certain expenses in connection with the issuance of the Series 2006A Bonds. See the captions "ESTIMATED SOURCES AND USES OF ' s FUNDS" and "THE PROJECTS" herein. The Series 2006A Bonds are issuable only as fully registered bonds and, when issued, will be registered in the name of Cede & Co., as nomirae of The Depository Trust Company ("DTC), New York, New York, to which principal, premium, if any, and interest payments on the Series 2006A Bonds will be FF y R - made so long as Cede & Co. is dee registered owner of the Series 2006A Bonds. Individual purchases of the Series 2006A Bonds will be made only in book- . o 0 entry form, in denominations of $5,000 or integral multiples thereof. Individual purchasers ("Beneficial Owners') of Series 2006A Bonds will not receive physical delivery of bond certificates. Seethe caption "BOOK-ENTRY ONLY SYSTEM" herein. o 0 _ c o v = 1 The Series 2006A Bonds Shall bear interest from their dated date, payable on May 1 and November I of each year, commencing November 1 , 2007. All S 'a such interest payments shall be payable to the persons in whose name such Series 2006A Bonds are registered on the bond registration books maintained by '3 8 Simmons First Trost Company, N.A., Pine Bluff, Arkansas as trustee (the 'Tms(ee'), as of the fifteenth day of the calendar month preceding the calendar ..,o month in which the applicable interest payment date falls. Principal of and premium, if any, on the Series 2006A Bonds shall be payable at the principal .. corporate trust once of the Trustee. So long as DTC or its nominee is the registered owner of the Series 2006A Bonds, disbursement of such payments to y OTC Participants is the responsibility of DTC, and the disbursement of such payments to Beneficial Owners is the responsibility of DTC Participants or E o § Indirect Participants, as more fully described herein. `o w m Pursuant ro a 7ms[ Indenture dated as of November 1, 2006 (the "Indenture'), between the City and the Trustee, the payment of the principal of, o n c; premium, if any, and interest on the Series 2006A Bonds is secured by a pledge of the receipts from (i) a one of one percent (0.25%) city-wide sales o E 4 and use tax (the "0.25% Sales and Use Tax") and (ii) a thrccquarters of one percent (0.75%) city-wide sales and use tax (the "0.75% Sales and Use Tax," and E O c together with the 0.25% Sales and Use Tax, the "Sales and Use Taxes"). See the caption "SECURITY FOR THE SERIES 2006A BONDS" herein. The 8 @ o Series 2006A Bonds are subject to [optional arid) mandatory redemption prior to maturity as more fully described herein under the caption "THE SERIES g 0 2006A BONDS - Redemption." 3 v n 7 [BOND INSURANCE STATEMENT?] y � m $ 2 The Series 2006A Bonds are special obligations of the City secured by and payable solely from receipts of the Sales and Use Taxes. The Series _ 2006A Bonds do not constitute an indebtedness of the City within the meaning of any constitutional or statutory debt limitation or restriction. The M .2 issuance of the Series 2006A Bonds shall not directly, indirectly or contingently obligate the City to levy or pledge any taxes whatsoever or to make z B any appropriation for the payment of the Series 2006A Bonds, except as described herein with respect to the Sales and Use Taxes. $ F n The Series 2006A Bonds arc offered when, as and if issued by the City and are subject to the final approving opinion of Kutak Rock LLP, Little Rock, c » _ 'B F Arkansas, Bond Counsel. Certain matters will be passed upon for the City by its counsel, Kit Williams, Esq., City Attorney. It is expected that the Series o e x 2006A Bonds will be available for delivery in New York, New York, on or about November , 2006. .- tz It Stephens Inc. F 7 The date of this Official Statement is November , 2006. o — S � o See the caption "RATING[S)" herein. 'eu " Preliminary; subject to change. co F C '• � S G N 'i' O > 0 p V w r – C � o V y '� d N9 Fo ? MATURITY SCHEDULE" Maturity Principal ]ntaal Maturity Principal Interest (November I Announ $p.(q Yidd (November Il Amount Rate Yield 2014 S % % 2016 E 2015 2019 2016 2020 2017 2021 $ %Term Bonds due 1 . 20 — Yield: % (Plus accrued interest) CITY OF FAYETTEVILLE, ARKANSAS Issuer City Council Dan Coody, Mayor Kyle Cook Bobby Ferrell Lioneld Jordan Shirley Lucas Robert Reynolds Robert Rhoads Brenda Thiel Paul Becker, Finance Director ) Sondra Smith, City Clerk Kit Williams, City Attorney SIMMONS FIRST TRUST COMPANY, N.A. Pine Bluff, Arkansas Trustee and Paying Agent KUTAK ROCK LLP Little Rock, Arkansas Bond Counsel STEPHENS INC. Fayetteville, Arkansas Underwriter No dealer, broker, salesman or other person has been authorized by the City or by Stephens Inc. (the "Underwriter") to give any information or to make any representations, other than those contained herein; and, if given or made, such other information or representations must not be relied upon as having been authorized by either of the foregoing. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any Series 2006A Bonds in anyjurisdiction in which such offer is not authorized, or in which the person making such offer, solicitation or sale is not qualified to do so, or to any person to whom it is unlawful to make such offer, solicitation or sale. The information and expressions of opinion contained herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the City since the date hereof. THE SERIES 2006A BONDS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 19332 AS AMENDED, NOR HAS THE TRUST INDENTURE BEEN QUALIFIED UNDER THE TRUST INDENTURE ACT OF 19399 AS AMENDED, 1N RELIANCE UPON CERTAIN EXEMPTIONS FROM SUCH REGISTRATION AND QUALIFICATION CONTAINED IN SUCH LAWS. CERTAIN INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM THE CITY, THE DEPOSITORY TRUST COMPANY AND OTHER SOURCES WHICH ARE BELIEVED TO BE RELIABLE. THE UNDERWRITER HAS REVIEWED THE INFORMATION IN THIS OFFICIAL STATEMENT IN ACCORDANCE WITH, AND AS PART OF, ITS RESPONSIBILITIES TO INVESTORS UNDER THE y FEDERAL SECURITIES LAWS AS APPLIED TO THE FACTS AND CIRCUMSTANCES OF THIS TRANSACTION, BUT THE UNDERWRITER DOES NOT GUARANTY THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE SERIES 2006A BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. TABLE OF CONTENTS IntroductoryStatement ....................................................................................:........................................... ......... 1 Pa TheSeries 2006A Bonds ..................................................................:.............................................. ...... ...... ......... Security for the Series 2006A Bonds .................................................................................................................... [Bond Insurance] ................................................................................................................................................. Book-Entry Only System ...................................... . < ................................................................................................ TheProjects .......................................................................................................................................................... Historical Sales and Use Tax Collections ....................................... ...........................................4.006...................... Estimated Sources and Uses of Funds .................................................................................................................. Estimated Debt Service Requirements .................................................................................................................. EstimatedDebt Service Coverage ........................................................................................................................ Projected Mandatory Redemptions ....................................................................................................................... The City ...................................................................................................................................... The Sales and Use Taxes ., ..................................................................................... Definitions of Certain Terms ......:......................................................................................::. Summaryof the Indenture ........................................................................................................................ ............ Summary of the Continuing Disclosure Agreement ............................................................................................. Underwriting ......................................................................................................................................................... TaxMatters .......................................................................................................................................................... Rating[s] ................................................................................................................................................................ LegalMatters ............................................................................. i Miscellaneous ....................................................................................................................................................... Accuracy and Completeness of Official Statement .............................................................................................. `: APPENDIX A - Form of Bond Counsel Opinion................................................................................................. A-1 [APPENDIX B - Specimen of Bond Insurance Policy ..............:.......................................................................... B-11 t 1 [THIS PAGE LEFT BLANK INTENTIONALLY] PRELIMINARY OFFICIAL STATEMENT CITY OF FAYETTEVILLE, ARKANSAS SALES AND USE TAX CAPITAL IMPROVEMENT BONDS SERIES 2006A INTRODUCTORYSTATEMENT The following introductory statement is subject in all respects to the more complete information set forth in . this Official Statement. All descriptions and summaries of documents hereinafter set forth are qualified in their entirety by reference to each such document. Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms under the caption "DEFINITIONS OF CERTAIN TERMS" herein. This Official Statement, including the cover page and the Appendices hereto, is furnished in connection with the offering by the City of Fayetteville, Arkansas (the "City") of its Sales and Use Tax Capital Improvement Bonds, Series 2006A, in the principal amount of $ ' (the "Series 2006A Bonds"). The City is a city of the first class organized and existing under the laws of the State of Arkansas (the "State"). The City is authorized under Amendment 62 to the Constitution of the State ("Amendment 62") and Arkansas Code Annotated (1998 Repl. & 2005 Supp.) §§ 14-164-301 at seq. (as from time to time amended, the "Act"), to issue and sell bonds for the purpose of financing the cost of capital improvements of a public nature. The Series 2006A Bonds are to be issued by the City pursuant to Amendment 62, the Act and Ordinance No. , adopted and approved on October _, 2006 (the "Authorizing Ordinance"), for the purpose of(i) financing a portion of the costs of the acquisition, construction, reconstruction, extension, improving and equipping of certain improvements to the City's wastewater treatment plants, sewerage and related facilities (the "Wastewater Project"), (ii) financing a portion of the costs of the acquisition, construction, reconstruction, repair, straightening and widening of certain City streets and related improvements (the "Street Project"), (iii) financing a portion of the costs of the acquisition, construction and equipping of certain improvements to the City's trail system (the `Trail Project.'), [(iv) purchasing a policy of municipal bond insurance,] [(v) purchasing a surety bond for deposit in the debt service reserve,] and (vi) paying certain expenses in connection with the issuance of the Series 2006A Bonds. See the captions "ESTIMATED SOURCES AND USES OF FUNDS" and "THE PROJECTS" herein. The Series 2006A Bonds are not general obligations of the City, but are special obligations payable solely from and secured by a pledge of the receipts of (i) a special ciiy-wide sales and use tax levied pursuant to the Act at the rate of one-quarter of one percent (0.25%) (the "0.25% Sales and Use Tax") and (ii) a special city-wide sales and use tax levied pursuant to the Act at the rate of three-quarters of one percent (0.75%) (the "0.75% Sales and Use Tax," and together with the 0.25% Sales and Use Tax, the "Sales and Use Taxes"). [Payment of the principal of and interest on the Series 2006A Bonds when due will be insured by a financial guaranty insurance policy (the "Policy") to be issued by [BOND INSURER] (" ") simultaneously with the delivery of the Series 2006A Bonds. [A specimen financial guaranty insurance policy is attached hereto as Appendix B. It is expected that, based on the commitment of to insure the Series 2006A Bonds, Standard & Poor's Rating Services, a division of the McGraw-Hill Companies, Inc. ("S&P"), will assign a rating of "AAA" to the Series 2006A Bonds. However, there _ is no guarantee that such rating will be received.] See the captions "SECURITY FOR THE SERIES 2006A BONDS," "HISTORICAL SALES AND USE TAX COLLECTIONS," ["BOND INSURANCE"] and "RATING[S]" herein. The faith and credit of the City are. not pledged to the payment of the Series 2006A Bonds, and the Series 2006A Bonds do not constitute an indebtedness of the City within the meaning of any constitutional or statutory debt limitation or restriction. The issuance of the Series 2006A Bonds shall not directly, indirectly or contingently obligate the City to levy or pledge any taxeSwhatsoever or to make any appropriation for the payment of the Series 2006A Bonds, except as described herein with respect to the Sales and Use Taxes. • Preliminary; subject to change. i' j The Series 2006A Bonds are subject to redemption from excess moneys in the Project Fund following completion of the Projects and from Surplus Tax Receipts. [Upon the issuance of any series of Additional Bonds as provided under the "THE SERIES 2006A BONDS — Additional Bonds, " _% of the Surplus Tax Receipts will be allocated to early redemption of the Series 2006A Bonds and the remaining _% to early redemption of the Additional Bonds.] See the captions "THE SERIES 2006A BONDS — Redemption" and "PROJECTED MANDATORY REDEMPTIONS" herein. Pursuant to the provisions of a Continuing Disclosure Agreement dated as of the date of delivery of the Series 2006A Bonds, by and between the City and the Trustee (the "Continuing Disclosure Agreement"), the City has undertaken certain obligations with respect to providing ongoing disclosure of certain financial and operating data concerning the City and the Sales and Use Taxes and of the occurrence of certain material events. See the caption "SUMMARY OF THE CONTINUING DISCLOSURE AGREEMENT' herein. This Official Statement contains brief descriptions or summaries of, among other matters, the City, the Series 2006A Bonds, the Sales and Use Taxes, the Continuing Disclosure Agreement, and the Trust Indenture dated as of November 1 , 2006 (the "Indenture"), by and between the City and Simmons First Trust Company, N.A., Pine Bluff, Arkansas, as trustee (the "Trustee"), pursuant to which the Series 2006A Bonds are issued and secured. Such descriptions and information do not purport to be comprehensive or definitive. All references herein to the Indenture and the Continuing Disclosure Agreement are qualified in their entirety by reference to each such document, and all references to the Series 2006A Bonds are qualified in their entirety by reference to the definitive forms thereof and the information with respect thereto included in the Indenture. Copies of the Continuing Disclosure Agreement, the Indenture, and the form of Series 2006A Bond included therein, are available from the City by writing to the attention of the Finance Director, City of Fayetteville, City Administration Building, 113 West Mountain, Fayetteville, Arkansas 72701 and, during the initial offering period only, from the Underwriter, Stephens Inc., 3425 North Futrall, Suite 201 , Fayetteville, Arkansas 72703. Certain financial and operating data has been provided by the City from the audited records of the City and certain demographic information has been obtained from other sources which are believed to be reliable. THE SERIES 2006A BONDS Description. The Series 2006A Bonds will be initially dated as of November 1 , 2006, and will bear interest ) payable semiannually on 1 and 1 of each year, commencing 1 , 2007, at the rates set forth on the inside cover page hereof. The Series 2006A Bonds will mature on 1 in the years and in the principal amounts set forth on the inside cover page hereof. The Series 2006A Bonds are issuable only in the form of fully registered bonds and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), New York, New York, to which principal, premium, if any, and interest payments on the Series 2006A Bonds will be made so long as Cede & Co. is the registered owner of the Series 2006A Bonds. Individual purchases of the Series 2006A Bonds will be made only in book-entry form, in denominations of $5,000 or integral multiples thereof. Individual purchasers ("Beneficial Owners") of Series 2006A Bonds will not receive physical delivery of bond certificates. See the caption "BOOK-ENTRY ONLY SYSTEM" herein. All interest payments on the Series 2006A Bonds.shall be payable to the persons in whose name such Series 2006A Bonds are registered on the bond registration books maintained by the Trustee, as of the fifteenth day of the calendar month preceding the calendar month in which the applicable interest payment date falls. Principal of and premium, if any, on the Series 2006A Bonds shall be payable at the principal corporate trust office of the Trustee. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Series 2006A Bond to the extent of the sum or sums so paid. So long as DTC or its nominee is the registered owner of the Series 2006A Bonds, disbursement of such payments to DTC Participants is the responsibility of DTC, and the disbursement of such payments to Beneficial Owners is the responsibility of DTC Participants or Indirect Participants, as more fully described herein. Redemption. The Series 2006A Bonds are subject to redemption prior to maturity as follows: (i) The Series 2006A Bonds shall be redeemed prior to maturity, in whole or in part, on any interest payment date, in inverse order of maturity and by lot in such manner as the Trustee shall determine within a maturity, at a redemption price equal to 100% of the principal amount being redeemed, plus accrued interest to the date of redemption, from moneys in the Project Fund moneys in excess of the amount needed to complete a Project. 2