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Home My WebLink About1966-11-21 - Minutes - Archive• Page 34 MINUTES OF SPECIAL MEETING OF THE HOUSING AUTHORITY OF FAYETTEVILLE, ARKANSAS A special meeting of the Housing Authority of Fayetteville, Arkansas, was held at 10:00 a.m., Monday, November 21, 1966, in the Directors' Room in the City Administration Building, Fayetteville, Arkansas. Members present: Members absent Others present: L. L. Baxter, J. W and Ellis Shelton. Hal Douglas, Gould, J. E. Pomfret City Manager Gerald Fox, Hugh Kincaid and J. A. Vizzier. The meeting was called to order by Chairman L. L. Baxter. Copies of the Preliminary Loan Contract were submitted to the members, and the members read and discussed the Contract. J. E. Pomfret moved that a resolution authorizing the execution of the Preliminary Loan Contract, the General Depository • Agreement with McIlroy Bank and First National Bank and the issuance of Preliminary Notes be adopted. The motion was seconded by J. W. Gould and the Housing Authority voted unanimously to adopt,Resolution 12-66. RESOLUTION 12-66 A RESOLUTION AUTHORIZING EXECUTION OF PRELIMINARY LOAN CONTRACT AND GENERAL DEPOSITORY AGREEMENT AND ISSUANCE OF PRELIMINARY NOTES. WHEREAS the Housing Authority of the City of Fayetteville, Arkansas (herein called the "Local Authority") proposes (1) to enter into a contract (herein called the "Preliminary Loan Contract") with the Public Housing Administration (herein called the "PHA"); (2) to enter into an agreement (herein called the "General Depository Agreement") with McIlroy Bank and First National Bank, both of Fayetteville, Arkansas, which are members of the Federal Deposit Insurance Corporation and are herein called the "Banks"); and (3) to authorize the issuance of its notes as evidence of advances to be made by the PHA to the Local Authority pursuant to the Preliminary Loan • Contract. Ll Page 35 BE IT RESOLVED BY THE LOCAL AUTHORITY, AS FOLLOWS: Section 1. The Preliminary Loan Contract in substantially the form of hereto attached and marked "Exhibit A" is hereby approved and accepted both as to form and substance and the Chairman or Vice Chairman is hereby authorized and directed to execute said Contract in quadruplicate on behalf of the Local Authority, and the Secretary J. A. Vizzier is hereby authorized and directed to impress and attest the official seal of the Local Authority on each such counterpart and to forward said executed counterparts, or any of them, to the PHA together with such other documents evidencing the approval and authorizing the execution thereof as may be required by the PHA. Section 2. The General Depositary Agreement in substan- tially tEe-Torm of agreement hereto attached and marked. "Exhibit B" is hereby approved and accepted both as to form and substance and the Chairman or Vice Chairman is hereby authorized and directed to execute said Agreement in quintu- plicate on behalf of the Local Authority, and the Secretary is hereby authorized and directed to impress and attest the official seal of the Local Authority to each such counterpart, • and to forward three executed counterparts thereof to the PHA, together with such other documents evidencing the approval and authorizing the execution thereof as may be required by the PHA. Section 3. The Chairman or Vice Chairman or the Secretary J. A.Vizzier is hereby authorized to file with the PHA from time to time as monies are required, requisitions together with the necessary supporting documents requesting advances to be made on account of the loan provided in the Preliminary Loan Contract, and the proper officers of the Local Authority shall prepare, execute, and deliver to the PHA Preliminary Notes hereinafter authorized and shall accept payment there- for from the PHA in cash and/or exchange for other notes of the Local Authority, and such persons are authorized to do and perform all other things and acts required to be done or performed in order to obtain such advances. Cash proceeds from the sale of all Preliminary Notes shall be deposited and disbursed only in accordance with the provisions of the Preliminary Loan Contract, Section 4. (A) In order to evidence advances made by the PHA pursuant to Preliminary Loan Contract and to refund, renew, extend, or substitute for any Preliminary Notes by this Resolution authorized to be issued (or any Preliminary Notes by any other resolution authorized to be issued which are . outstanding, or on deposit for delivery pending payment there- for, as of the date this Resolution becomes effective), Page 36 or for any Temporary Notes issued by the Local Authority, there are hereby authorized to be issued, from time to time, Pre- liminary Notes of the Local Authority in an aggregate principal amount outstanding at any one time (whether authorized by this Resolution or any other resolution authorizing the issuance of Preliminary Notes) equal to the aggregate Estimated Cost of Preliminary Surveys and Planning specified in said Preliminary Loan Contract. (B) Each Preliminary Note shall bear interest, and shall be payable, in form and manner as prescribed by the Preliminary Loan Contract and this Resolution; shall be signed in the name of the Local Authority by the Chairman or Vice Chairman; and shall have the official seal of the Local Authority impressed thereon attested by the Secretary J. A. Vizzier; and shall otherwise be in substantially the form of note hereto attached and marked "Exhibit C.` (C) Each Preliminary Note shall be a direct and general obligation of the Local Authority, the full faith and credit of which is hereby pledged for the punctual payment of the principal of and interest on such Notes. (D) As additional security for the equal and ratable • payment of the principal of and interest on all Preliminary Notes issued pursuant to this Resolution the Local Authority, to the fullest extent permitted by the laws of the State, hereby pledges, mortgages, conveys, and grants, unto the Public Housing Administration (or any successor to its powers, functions, and duties), all the real and tangible personal property wheresoever situated, which it has acquired or may hereafter acquire in connection with or relating to the low - rent housing undertaken pursuant to the Preliminary Loan Contract. If the preceding sentence shall be adjudged by a court of competent jurisdiction to be invalid or ineffective it is the intention of the Local Authority to be fully obligated under the other provisions of this Resolution and that such judgment shall not impair or invalidate the obligation of the Local Authority to pay the principal of and=interest on each Note from other funds of the Local Authority as herein provided. Section S. Whenever the following terms, or any of them, are usecr in this Resolution, the same, unless the context shall indicate another or different meaning or intent, shall be construed, and are intended to have meanings as follows: (1) The term "Resolution" shall mean this Resolution. (2) All other terms used in this Resolution and which are defined in the Preliminary Loan Contract 10 shall have the respective meanings ascribed. thereto in the Preliminary Loan Contract. • Page 37 Section 6. All resolutions or parts of resolutions hereto ore a opted by the Local Authority which authorize the issuance and/or delivery of Preliminary Notes (sometimes called "Preliminary Loan Notes") pursuant to the Preliminary Loan Contract are hereby repealed: Provided, however, that such repeal shall in no way affect the validity o reliminary Notes or Preliminary Loan Notes issued pursuant to said resolu- tions which are outstanding or on deposit for delivery pending payment thereforeon the date this Resolution becomes effective. Section 7. This Resolution shall take effect immediately. PASSED AND APPROVED this / day of e✓ 196A. APPROVED: 'ATTEST: 41 I�Az V. A Viz.zi r Secretary .. .. . . . .. .. ..... ... . J. W. Gould moved to adjourn. The motion was seconded by J. E. Pomfret and passed unanimously. The Chairman declared the meeting adjourned. ATTEST: APPROVED: fizzier, S cretary 0 �. L. L. Baxter, airman