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HomeMy WebLinkAbout1972-10-18 - Minutes - Archiver 0 9 I MINUTES OF REGULAR MEETING OF THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, ARKANSAS The Housing Authority of the City of Fayetteville, Arkansas met in regular session at 10:00 a.m. on Wednesday, October 18, 1972, in the administration office of the Housing Authority, #1 North School Avenue, Fayetteville, Arkansas. On roll call the following members were present: Present: Shelton, Douglas and Baxter Absent: Gould and Whillock Others Present: Ora Belle Rollow, David Faught, Bromo Wilson, Sophronia George, Hugh Kincaid, Mrs, Robert Curtis. In the absence of the Chairman, Mr. Ellis Shelton, Vice Chairman presided. There being a quorum present, the following business was transacted. The minutes of September 20, 1972, Regular Meeting were approved by motion of Mr. Baxter, seconded by Mr. Douglas and the motion carried unanimously, The financial report for September was approved by motion of Mr. Baxter seconded by Mr. Douglas and the motion was carried unanimously. The Vice Chairman presented Resolution No. 102, hereby attached for consideration. RESOLUTION NO, 102 RESOLUTION AUTHORIZING THE EXECUTION OF A FINANCING AGREEMENT After discussion, Resolution #102 was adopted by motion of Mr, Baxter, seconded by Mr. Douglas and the vote recorded: AYES: Douglas, Baxter, and Shelton NAYS: NONE The Vice Chairman declared the motion carried, The Vice Chairman presented Resolution No. 103, hereby attached for consideration, 0 I . �2 - RESOLUTION NO. 103 RESOLUTION APPROVING THE ACCEPTANCE OF A PROPOSAL FOR CONDUCTING A THIRD ACQUISITION APPRAISAL OF PARCELS PRO- POSED TO BE ACQUIRED IN THE CENTER SQUARE URBAN RENEWAL PROJECT. After discussion, Resolution #103 was adopted by motion of Mr. Douglas, seconded by Mr. Baxter and the vote recorded: AYES: Douglas, Baxter, and Shelton NAYS: NONE The Vice Chairman declared the motion carried. Mr, Baxter moved and Mr. Douglas seconded that travel for Mrs. Rollow, Mr. Wilson, and Mr. Faught to the Arkansas NAHRO Meeting held October 11, 12, and 13, 1972, be approved, Mr. Faught reported on partial acquisition of Parcel 28-G from Mrs. Robert Curtis. The Board determined that it was not feasible to only acquirei 12 feet of this property. Mr. Faught also reported that a survey was nearly complete to determine property owner opinion on an elevated walkway over the canopy in the Center Square Urban Renewal Project. There being no further business, the meeting was adjourned. ATTEST: SECRETARY APPROVED: LU'R M N We Alin 71 r rk 1* 40 'j. /77 MINUTES OF VE MEETING OF THE HOUSING AUTHORITY OF THE CITY OF PAYETTEVILLSo ARKANSAS HELD ON THE 18th DAY OFOctober a 1972 On the ISth day of October, 1972 at WOO o'clock 8 0 M. the Hofising Authority of the city of Fayetteville. Arkansas' met in =11WRegular Session. The meeting was called to order and on roll call the following members of the body were present: MESSRS:.ShOltOA, Douglas and Dazter ABSENT: Gould and Whillock Also present were Or& Belle go low, David Faught, Orono wiloon, Sophronla George, Hugh Kincaid, and Mrs. Robert Curtis. Ike ordered that the following Waiver and Consent be soresi upon the Vnutes: OF We. the unders14 \ned, do hereby accept.notice of this Special nezing, al waiving any and al irregularities in the service of notice /and do hereby consent and agr�� that the nar n shall meet at t I place at o1clock \M, on the y of 19 for the following purposes: To transact any other buXness that may come before r regular meeting meeting, I -/There being a quorum present, the following business was transacted: The following Resolution was introduced by Mr, allis Sholtong Vice Chairman read in full and considered: RESOLUTION 0102 EIBSOLUTION AUTHORIZING THB EXECUTION OF A FINANCING AGREEMENT 0 HUM -9307 RESOLUTION NO, 102 (n-68) RESOLUTION AUTHORIZING THE EXECUTION OF A FINANCING AGREEMERT WHEREAS, the 2=6103 Authority of the City of F474ttavilleo Atksosa& (herein called the "Local Authority") is a public body corporate and politic, duly organized and existing pursuant to the BOWS$ AUtbMettl0l ACt of the State as Aft"408 (herein called "Housing Authorities Law"); and WHEREAS, the Local Authority has entered into an Annual Contributions Contract (which contract or any contract in substitution thereof, together with any supplements thereto or amendments or waivers of any provisions thereof, is herein called the "Contract") with the United States of America (herein called the "Government"), covering the development and operation of a low -rent housing project or projects, as follows: Annual Contributions Contract No. and Date Y*WUM dated aw 40 1970 WHEREAS, the Contract provides that at any time and from time to time the Local Authority may, as approved by the Government, obtain loans from others than the Government, which loans may be evidenced by Project Notes (referred to in theContract as "Temporary Notes") or Bonds of the Local Authority; and WHEREAS, the Housing Authorities Law authorizes any two or more Housing Authorities to cooperate with one another in the exercise of their powers and for such purpose a Housing Authority may by resolution authorize any other Housing Authority so cooperating with it to act in its behalf with respect to any or all powers; and WHEREAS, the Local Authority desires to cooperate with other Housing Authorities duly organized and existing pursuant to the Housing Authorities Law for the purpose of financing their respective low -rent housing projects undertaken with the financial assistance of the Government; and WHEREAS, such cooperative financing will result in savings and promote economy in the performance of the necessary financing functions of the Local Authority; NOW, THEREFORE, BE IT RESOLVED by the Local Authority as follows: Section 1, The Local Authority hereby authorizes the execution of an agreement providing for cooperative financing between and among those Housing Authorities which may from time to time become parties thereto. For this purpose and pursuant to -the agreement, the Local Authority shall cooperate with each other Housing Authority that may become a party to such agreement in the exercise of the appropriate powers for the purpose of collectively financin its res tive projpcts and for such purpose hereby prescribes and authorizes the Masi" AAM=C114ty tft Cley a, Borth Uttle Rocks AMM" (herein called "Issuing Agent") to act in its behalf with respect to all powers as may be necessary or convenient as fully as it may act in its own name with respect to such powers, except as expressly limited by such agreement, In the exercise of the powers prescribed and authorized in the agreement, the Issuing Agent may delegate any of such powers to its officers and employees as fully as if such powers were exercised solely in its own behalf. The agreement shall be in the form of the "Financing Agreement" which is attached hereto and made a part of this Resolution. Section 2. The Financing Agreement is hereby approved and accepted both as to form and substance and the proper officers of the Local Authority are hereby authorized and directed to execute said Financing Agreement in one or more original counterparts on behalf of the Local Authority and to impress and attest the official seal of the Local Authority on each such counterpart. HUD -9307 (11-68) /'Section 2. The Financing Agreement is hereby approved and accepted both as to form and substancee The Local Authority hereby accepts the terms thereof and authorizes and directs its proper officers to execute the Notice to Issuing Agent to Become Party to Financing Agreement, which is attached hereto and made a part of this Resolution, in one or more original counterparts on behalf of the Local Authority and to impress and attest the official seal of the Local Authority on each such counterpart.1 1/ Section 3. The Financing Agreement shall be in substantially the following form: W This is an alternate Section 2 to be used if appropriate. If the alternate is used, attach HUD -9303 duly executeds Attach HUD -9302 under either alternate. * U. S. GOVERNMENT PRINTING OFFICE: 1972 —779-072/2515 HUD -Wash., D. C. HUD -9302 EXHIBIT COPY (11-68) FINANCING AGREEMENT with as ISSUING AGENT This Agreement entered into this day of 19 5 by and between and and such other Housing Authorities which, pursuant to Section 14 hereof, join in and become parties hereto; WITNESSETH: WHEREAS, each of the parties hereto is a "Housing Authority" of t ' he designated City or County of the State of and a public body corporate and politic duly organized and existing pursuant to the 9 as amended and supplemented to the date of this Agreement (herein called "Housing Authorities Law"); and WHEREAS, each Housing Authority is developing and/or operating one or more low -rent housing projects with the financial assistance of the United States of America (herein called the "Government") pursuant to an Annual Contributions Contract (herein called the "Contract") between such Housing Authority and the Government under authority of the Housing Authorities Law and the United States Housing Act of 1937, as amended; and WHEREAS, the Contract provides that the Housing Authority may, as approved by the Government, obtain loans from others than the Government, which loans may be evidenced by Project Notes (referred to in the Contract as "Temporary Notes") and Bonds; and WHEREAS, the Housing Authorities Law authorizes any two or more Housing Authorities to cooperate with one another in the exercise of their powers and for such purpose a Housing Authority may by resolution authorize any other Housing Authority so cooperating with it to act in its behalf with respect to any or all powers; and WHEREAS, each Housing Authority that is a party to this Agreement has pursuant to the Housing Authorities Law indicated by valid resolution its determination to cooperate with one another in financing of its respective projects on the terms and conditions provided herein; NOW, THEREFORE, in consideration of the mutual covenants and agreements herein set forth, the parties hereto agree as follows: Section 1. Each Housing Authority is developing and operating one or more low -rent housing projects with financial assistance of the Government pursuant to a Contract with the Government, as follows: Annual Contributions Housing Authority Contract No. and Date HUD -9302 (11-68) and such other Contracts as may be added hereto pursuant to Section 14 hereof. 40 Section 2. Each Housing Authority shall cooperate with each other Housing Authority and the Issuing Agent in the exercise of its powers for the purpose of collectively financing its respective projects covered by the Contracts referred to herein, as such Contracts may be modified or amended from time to time, and for such purpose hereby prescribes and authorizes (herein called the "Issuing Agent") to act in its behalf with respect to all powers as may be necessary or convenient and as fully as it may act in its own name with respect to such powers, except as expressly limited by this Agreement, In the exercise of the powers herein pre- scribed and authorized, the Issuing Agent may delegate any of such powers to its agents, officers and employees as fully as if such powers were exercised solely in its own behalf. Section 3. Each Housing Authority hereby determines to incur an indebtedness not in excess of the aggregate Estimated Total Development Cost of its respective projects as may be specified in the Contract, Such indebtedness shall be evidenced by obligations which shall be issued from time to time, be in such principal amounts, bear such interest rates, and be for such terms, all as prescribed in this Agreement. For such purpose and solely in order to provide funds to pay expenses incurred or to be incurred pursuant to the Contracts or to refund, renew or extend outstanding obligations issued in connection therewith, the Issuing Agent shall obtain funds from others than the Government and for such purpose may issue and have outstanding at any one time negotiable notes (herein called "Project Notes" and in the Contract called "Temporary Notes") and bonds (herein called "Bonds") for purchase by the public from time to time in amounts which shall not exceed the aggregate Estimated Total Development Cost of all the projects as specified in all such Contracts, Section 4. The Issuing Agent shall advertise from time to time the public sale of one or more series of Project Notes or issues of Bonds in accordance with a schedule of advertising arranged in cooperation with other public housing agencies, receive proposals for the purchase of such Notes or Bonds, and award such Notes or Bonds, as approved by the Government, at the lowest interest rate or rates not in excess of the rate per annum specified in the Housing Authorities Law offered in the proposals without reference to premiums; Provided, That as among proposals specifying the same lowest interest ratefawards shall be made on the basis of the highest premium offered. .Section 5. Each series of Project Notes shall be issued in the name of the Issuing Agent, shall bear a date not later than the date of delivery thereof and shall mature within a term not to exceed 18 months from their date, Each series of Project Notes shall bear interest at the rate or rates per annum fixed in the proposal or proposals accepted for the purchase of such Notes, shall be issued in such denominations, and both principal and interest thereof shall be payable at such incorporated bank having trust powers or incorporated trust company as the purchaser designates in his proposal as paying agent of such Notes, and shall be secured by an agreement (called "Requisition Agreement") entered into between the Issuing Agent and the Government for the benefit of the holder or holders of such series of Project Notes. Each Requisition Agreement shall require the Government to make advances on account of the loans provided.in the Contract in an amount sufficient to pay the principal of and interest on each series of Project Notes to maturity and to pay such amount on behalf of the Housing Authorities for account of the Issuing Agent to the paying agent named in such series of Project Notes for the purpose of paying such principal and interest. The Issuing Agent shall take any and all actions as may be required to complete delivery of each series of Project Notes. Section 6. For the punctual payment of thelprincipal of and interest on each series of Project Notes, each Housing Authority hereby expressly and irrevocably promises to pay any sums which may be received from the Government pursuant to the Requisition Agreement relating to such series of Project Notes and each such Requisition Agreement when executed by the Government is hereby declared to be and is hereby assigned by each Housing Authority for the benefit of the holder or holders from time to time*of such series of Project Notes. All annual contributions and Residual Receipts (as defined in the Contract) authorized by the Contract to be applied to the payment of Project Loan Notes (referred to in the Contract as "Advance - 2 - HLTD-9302 (i 1 -68) Notes"), Permanenti Series B. and Project Notes (referred to in the Contract as "Temporary Notes") issued in connection with the projects are hereby pledged to is secure the payment of the principal and interest to maturity on each series of Project Notes, and each Housing Authority hereby authorizes and directs the Government to promptly make such annual contributions available for such payment. Section 7. Prior to the advertisement of public sale of each series of Project Notes or issue of Bonds, each Housing Authority shall notify the Issuing Agent of the principal amount of Project Notes or Bonds to be issued in its behalf. Promptly upon the delivery of each series of Project Notes and issue of Bonds and periodically, but not less often than annually, thereafter as the Issuing Agent may require, the Issuing Agent shall be reimbursed for the actual costs incurred in the sale, delivery and servicing of such Notes and Bonds during such period. Each Housing Authority shall reimburse the Issuing Agent for such costs in the proportion which the principal amount of such Notes or Bonds issued on behalf of such Housing Authority bears to the total principal amount of such series of Notes or issue of Bonds. Section 8. The amount of the proceeds from the sale of each series of Project Notes equal to the portion thereof issued on behalf of each Housing Authority shall be applied by the Issuing Agent, First, to the payment of principal of and interest on any Project Notes or Temporary Notes of such Housing Authority which are refunded by such series of Project Notes; Second, to the payment of principal of and interest on Notes of such Housing Authority then held by the Government which are refunded by such series of Project Notes; and Third, to the payment of any balance to such Housing Authority. Accrued interest received on account of any series of Project Notes shall be paid to the paying agent of such series to be applied to the payment of interest on such series at the maturity thereof. Premiums received from"the sale of each series of Project Notes shall be applied to the reduction of costs incurred by the Issuing Agent before requiring reimbursement from the Housing Authorities. To the extent that such premiums exceed such costs, the amount of such excess shall be dis- tributed to the Housing Authorities in the same proportion as is required in respect to reimbursement of such costs, unless other distribution is approved by the Government, Section 9. The total interest on each series of Project Notes shall be charged to each Housing Authority in the proportion which the portion of the principal amount of such series issued on behalf of such Housing Authority bears to the total principal amount of such series. Each Housing Authority, on or prior to the maturity date of any series of Project Notes, shall pay to the paying agent or agents of such series of Notes an amount equal to the sum of its portion of the interest accruing on such series, plus the amount by which the portion of the principal amount (together with interest thereon to maturity) of such series issued in its behalf exceeds the portion of the principal amount of succeeding series of Project Notes (issued to refund such series) issued on its behalf. Such payments may be made through the Issuing Agent or the Government as may be appropriate at the time such payments are made. Section 10. Each issue of Bonds shall be authorized by resolution of the Issuing Agent, shall be executed in the name of the Issuing Agent and shall be issued in the form and manner as may be authorized from time to time by the Housing Authorities Law and the Contract: Provided, That the Bonds shall be payable solely and only from the Accruing Annual Contributions and Residual Receipts.(as such terms are de- fined in the Contract) of Permanently Financed Projects (as defined in the Contract). The Government is hereby authorized and directed to pay all Accruing Annual Contribu- tions which may be pledged to the payment of the Bonds to the Fiscal Agent designated in the resolutions authorizing the Bonds, Section 11. Whenever funds shall have been deposited by or on behalf of any Housing Authority with the Fiscal Agent for the purpose and in an amount sufficient to pay the principal amount of Bonds (together with interest thereon and any redemption premium) outstanding in respect to such Housing Authority, n6further deposits shall be made with the Fiscal Agent for or on behalf of such Housing Authority. Each Hous- ing Authority shall be fully credited with advance amortization of Bonds resulting from deposits directly attributable to such Housing Authority. Advance amortization attributable to Bond premiums shall be credited to each Housing Authority in the proportion which the principal amount of the Bonds issued on behalf of such Housing Authority bears to the total principal amount of such issue of Bonds and interest, when required by any Contract to be included in Development Cost, shall be charged on the same basis. . 3 - HUD -9302 (n -68) Section 12. The Issuing Agent acting by any of its officers, employees or agents may make such assignment and may consent, covenant, and certify on behalf of each Housing Authority as to any matters expressed in this Agreement or as may be necessary or convenient for the purpose of financing any or all of the projects and such assignments, consents, covenants, and certifications shall be binding upon each Housing Authority to the same extent as if made by the officers, employees or agents of such Housing Authority. Section 13. Each Housing Authority covenants and agrees with and for the benefit of each other Housing Authority, the Agent Authority, the Government and the holders from time to time of the Project Notes and Bonds: (a) That it will not take any action which might affect or impair the obligation,of the Government to make payment of any moneys pledged as security for the payment of the principal of and interest on Project Notes or Bonds; (b) That it will not obtain any loan with respect to any project from the Government, or from others than the Government.which are secured by the obligation of the Government to make an advance on account of the loan pursuant to the Contract covering such project, without full disclosure of any such proposed loan to the Issuing Agent; (c) That it will not obtain any loan with respect to any project from the Governmentpor from others than the Government,which are secured by the specific portion of the annual contributions pledged to the payment of the Bonds; (d) That it will do and perform every covenant and agreement made on its behalf by the Issuing Agent in pursuance of the Housing Authorities Law, the Contract and this Agreement, and for such purpose each Housing Authority hereby joins the Issuing Agent and becomes a party to the performance of each act and deed necessary or con- venient to complete the delivery of each series of Project Notes and issue of Bonds; and (e) That it will not amend this Agreement in any way which would limit or alter the rights of such holders or otherwise impair the rights and remedies of such holders until such Project Notes and Bonds, together with interest thereon, and all costs, expenses, and damages in connection with any action or proceedings by or on behalf of such holders are fully met and discharged. 1� Section 14. The Issuing Agent may permit any Housing Authority to join in and become a party to this Agreement and to add Contracts to those covered hereby upon written notice from the Housing Authority that it has accepted the terms hereof. Upon acceptance by the Issuing Agent of any such notice,the Housing Authority shall be deemed to have joined in and become a party hereto and its Contract incorporated herein. Subject to Section 13(e), any Housing Authority and/or Contract may be excluded here - from upon similar notice and acceptance of such exclusion. Section 15. Each Housing Authority certifies that all conditions precedent to the valid execution and delivery of this Agreement on its part have been'complied with, that all things necessary to constitute this Agreement its valid, bindi ' ng, and legal agreement on the terms and conditions and for the purposes herein set forth have been done and have occurred, and that the execution and delivery of this Agreement on its part have been and are in all respects duly authorized in accordance with law. IN WITNESS WHEREOF, the Housing Authorities have caused this Agreement to be executed in their respective names and their respective seals to be impressed or affixed hereon and attested as of the date first above written. (SEAL) ATTEST: (SEAL) ATTEST: By By 4 GPO 874-872 0 0 MM -9303 (11-68) NOTICE TO ISSUING AGENT TO BECOME PARTY TO FINANCING AGREEMENT The undersigned Housing Authority has adopted and accepted the terms of that certain Financing Agreement dated Jay 16 0 19 64, by and between ROUBU* AUMM10 of the MY of H3"ift=* ArMuo end . 8"UW Auth=tty of the City of Mwth Uttle Rock* a and desires to join in and become a party thereto in respect to the following described Annual Contributions Contract: The aforesaid Financing Agreement is incorporated herein by reference and upon acceptance of this Notice on behalf of the Issuing Agent the Housing.Authority shall be subject to all the terms thereof as fully as any party thereto, IN WITNESS WHEREOF, the Housing Authority by its proper officers thereunto duly authorized has caused this Notice to be executed in its name and its official seal impressed hereon and attested this 18thday of October 0 1972 s SEAL ATTEST: *U. 5, GOVERNMENT PRINTING OFFICE: 1972— 779-072/2516 HUD -Wash., D. C. 4 F� MEN - After discussion, Commissioner BaNter moved that the Resolution Isbe adopted as introdt;ced and read. The motion was seconded by Commissioner Douglas , and the following vote was recorded: AYES: Douglas, Baxter, and Shelton NAYS: DIONE The Chairman tbpreupon declared the motion carried and the Resolution adopted. There being no further business to come before the meeting, Commissioner Douglas moved that the meeting adjourn, which motion was duly seconded by Commissioner Baste, and carried by unanimous vote. I The Chairman thereupon declared the meeting adjourned. Secretary C E R T I F I C A T E I, Or& sells Rollow , the duly appointed, qualified and aeLing Secretary of the Housing Authority of the City Of PayetteVillev Arkansas do hereby certify that the attached extract from the Minutes of the Special Meeting of the Commissioners of said Authority held on October 18, 1972, is a true and correct copy of the original minutes of said meeting on file and of record insofar as said original minutes relate to the matters set forth in said attached extract, and I do further.certify that each Resolution appearing in said attached extract is a true and correct copy of the same resolution adopted at said meeting and on file and of record. IN TESTIMONY WHEREOF, I have hereunto set my hand and the seal of 16 said Authority this 18thday of Octob*r 1 1972 45ZEAL) I RESOLUTION NO* 103 1 RESOLUTION APPROVING THE ACCEPTANCE OF A PROPOSAL FOR CONDUCTING A THIRD ACQUISITION APPRAISAL OF PARCELS PROPOSED TO BE ACQUIRED IN THE CENTER SQUARE URBAN RENEWAL PROJECT, WHEREAS, the Department of Housing and Urban Development has concurred in obtaining third.acquisition appraisals on certain property in the Center Square Urban Renewal Property, ARK. R-105 and WHEREAS, the Housing Authority of the City of Fay- etteville, Arkansas has selected the proposal which best meets the criteria of such a study, NOW, THEREFORE, BE IT RESOLVED BY the Commissioners of the Housing Authority of the City of Fayetteville: Section 1, That a contract for a Third Acquisition Appraisal by and between the Housing Authority of the City of Fayette- ville, Arkansas and Don Thompson, is here- by approved, Section II. The Chairman is hereby authorized to execute the Contract in the name of, and the Secretary is hereby directed to attest the Contract in the name of the Housing Authority of the City of Fayetteville, Arkansas. Section III. This resolution shall become effective immediately, Passed and approved this lt.�L day of �11972, ATTEST: I Se&-retary APPROVED: