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HomeMy WebLinkAbout1973-04-25 - Minutes - ArchiveWAIVER OF NOTICE OF AND CONSENT TO SPECIAL MEETING We, the undersigned, do hereby accept notice of this SPECIAL meeting, waiving any and all irregularities in the service of notice and do hereby consent and agree that the Commissioners of the Housing Authority of Fayetteville, Arkansas shall meet at their regular meeting place at 2:00 o'clockp.m. on the 25th day ofApril 1. Roll Call. 1973 for the following purposes: 2. Resolution #125 to approve contract for Site Improvements Project R-105. Resolution #128 resolution authorizing the sale issuance and delivery of project notes and execution of requisition agreement. • • • HUD -9013 (11-68) NOTICE OF SPECIAL MEETING NOTICE OF SPECIAL MEETING TO THE BOARD OF COMMISSIONERS of the HOHSING AUTHORITY OF THF CTTY OF FAYETTEVILLE. ARKANSAS Notice is hereby given that of the HOUSING AUTHORITY OF Room, for the 1st National Bank at 2:00 o'clock following purpose: a special meeting of the Board of Commissioners THE CITY OF FAYETTEVILI,411 be held at Conference in the ys Fayetteville, Arkansaas p.M., on the 25th day of April , 19 73, TO AAOPT RESOLUTION #128 ; AUTHORIZING THE SALE, ISSUANCE AND DELIVERY OF PROJECT NOTES AND THE Dated this 25th day of April I, EXECUTION OF REGUISITION AGREEMENTS 1973 CERTIFICATE OF SERVICE OF NOTICE DO HEREBY CERTIFY that on the copy of the foregoing Notice of Special of the manner provided in the By -Laws. Witness my hand this , the duly appointed, qualified and acting of the day of , 19 Meeting on each and every of the day of 19• I served a true in the WAIVER OF REGULAR NOTICE OF AND CONSENT TO SPECIAL MEETING We, the undersigned Commissioneref the Housing Authority of the City of Fayetteville, Ark. do hereby accept service of the NOTICE OF SPECIAL MEETING waiving any and all irregularities in such service and in such Notice and consent and agree that the said Commissioners of said Housing Authority of the City of FayettevilleAKsha11 meet at the time and place named in such Notice and for the • purposes stated therein. �7 233930-p HUD -9012 Sr (11-68) • EXTRACT FROM MINUTES OF MEETING EXTRACT FROM THE MINUTES OF A Special MEETING OF THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, AKRANSAS HELD ON THE 25th DAY OF April , 19 73 The Board of Commissioners of the HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, ARKANSAS met in SPECIAL Conference Room of First National Bank Fayetteville , Arkansas and date duly established for the holding of such meeting. The Chairman called the meeting to order and on roll call the following answered present: Commissioners : Whillock, Shelton, Gould, Morgan meeting et in the City of , at the place, hour, and the following were absent: Commissioner Baxter The Chairman declared a quorum present. * * * * * * * * * * * * * * * * * * i -U. i. GOVERNMENT PRINTING OFFICE: 1972- 777-361/469 The following resolution was introduced by The Chairman ; read in full and considered: RESOLUTION 0128 AUTHORIZING THE SALE, ISSUANCE AND DELIVERY OF PROJECT NOTES AND THE EXECUTION OF REQUISITION AGREEMENTS HUD -9014 (11-68) Commissioner Gould moved that the foregoing resolution be adopted as introduced and read, which motion was seconded by Commissioner Morgan , and upon roll call the "Ayes" and "Nays" were as follows:. .. • AYES NAYS • Commissioner:. Whillock None Gould Shelton Morgan The Chairman thereupon declared said motion carried and said resolution adopted. * * * * * * * * * * * * There being no further business to come before the meeting upon motion duly made and seconded, the meeting was adjourned. 233987-P • • • • RESOLUTION #128 AUTHORIZING THE SALE, ISSUANCE AND DELIVERY OF PROJECT NOTES AND THE EXECUTION OF REQUISITION AGREEMENTS HUD -9000 (11-68) WHEREAS, Housing Authority of the City of Fayetteville, Arkansas (herein called the "Local Issuing Agency'') is undertaking the development and/or operation of one or more urban renewal, low -rent housing or redevelopment projects and may engage in such undertakings in respect to additional projects all pursuant to the terms of one or more contracts (which contracts and any contract in substitution thereof, together with any supplements thereto or amendments or waivers of any provisions thereof, are herein called the "Contract") with the United States of America (herein called the "Government") providing for a loan by the Government to the Local Issuing Agency for financing the urban renewal, low -rent housing or redevelopment project(s) described in the Contract and herein called the "Project"; and 1 WHEREAS, the Local Issuing Agency proposes to obtain loans from others than the Government in anticipation of the delivery of notes to the Government, which loans shall be evidenced by negotiable short-term notes of the Local Issuing Agency (herein called "Project Notes"); and WHEREAS, The Local Issuing Agency proposes to issue Project Notes as hereinafter provided: NOW, THEREFORE, BE IT RESOLVED by the Local Issuing Agency as follows: Section 1. For the purpose of providing funds to pay expenses incurred or to be incurred pursuant to the Contract or to refund, renew or extend its outstanding Notes issued in connection therewith, the Local Issuing Agency hereby determines to issue its Project Notes for purchase by the public from time to time in amounts which shall not exceed the aggregate loan amount or the Actual Development Cost specified in the Contract, as the case may be. Such Project Notes shall be in such principal amounts, bear such interest rates, be dated and mature, all as prescribed in this Resolution. Section 2. a. The Secretary is hereby authorized and directed to advertise from time to time the public sale of Project Notes of the Local Issuing Agency by causing the publication of a Notice of Sale thereof in a newspaper pursuant to State Law, if required, and in The Daily Bond Buyer, a financial newspaper published in the City of New York, New York. The Notice of Sale for publication locally shall be sub- stantially in the form of HUD -9001, which is incorporated herein by reference. The Notice of Sale to be published in the Daily Bond Buyer may be included in a consolidated Notice of Sale. Each Notice of Sale shall be published at intervals in accordance with a schedule of advertising arranged in cooperation with the Government. Each separate issue of Project Notes advertised for sale shall be numbered in consecutive series. b. Each proposal submitted for all or a part of any series of Project Notes shall be in substantially the form of HUD -9002, which is incorporated herein by reference, and is hereby approved by the Local Issuing Agency. Section 3. a. The Secretary is hereby authorized and directed on each date specified in a duly published advertisement of the Notice of Sale for a series of Project Notes and at the time and place mentioned therein to receive, open and review all proposals received for the purchase of Project Notes. Upon completion of the review, the contents of all proposals shall be communicated by telephone to the Government with a recommendation for award. b. The Secretary after receiving Government approval of a recommended award is hereby authorized and directed on behalf of the Local Issuing Agency to award the Project Notes at the lowest interest rate or rates not in excess of the percentage rate per annum specified in the Contract or under State Law offered in the proposals without reference to premiums; Provided however, that as among proposals specifying the same lowest interest rate, awards shall be made on the basis of the • highest premium per dollar principal amount of the Notes specified in such proposals. The Secretary shall promptly notify each successful bidder by telegram of the principal amount of Project Notes so awarded to such bidder. HUD -9000 (n-68) 110 Section 4. Each of the Project Notes of the Local Issuing Agency shall be in sub- stantially the form of HUD -9010, which is incorporated herein by reference. Each series of Project Notes shall bear a date not later than the date on which they are to be delivered to the purchaser and shall mature within a term of 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 pur- chaser designates in his proposal, and shall be secured by a "Requisition Agreement" in substantially the form of HUD -9003, which is incorporated herein by reference, to be entered into between the Local Issuing Agency and the Government. Section 5. Each of the Project Notes issued in a series which has been awarded shall be executed in the name of the Local Issuing Agency by the manual or facsimile signature of the Chairman or Vice -Chairman and the As3t etarCor reta is authorized and directed to date and to cause the seal of the Local Issuing Agency co be impressed, im- printed or reproduced thereon and to attest such sealing, and the aforesaid officers shall take all other actions necessary to complete delivery of any Project Notes which have been awarded. Section 6 Each Requisition Agreement securing one or more series shall be executed in the name of the Local Issuing Agency by the manual signature of the Chairman or Vice -Chairman and the Secretary or is directed to cause the seal of the Local Issuing Agency tot See ImSecprresssed, reproduced thereon and to attest the same. Secretary or Section 7. The Assistant Secretary is authorized and directed to deliver the Project Notes by signing and promptly sending after acceptance of each proposal a letter to each paying agent for such Project Notes in substantially the form of HUD -9004, which is incorporated herein by reference, and to transmit therewith (a) the Project Notes for which the addressee is the paying agent for delivery and payment and (b) a signature certificate and receipt, in accordance with the terms of the letter, and to take such other actions as may be required to complete the delivery transaction in accordance with the terms of the fetter to the paying agent. Section 8. The Chairman or Vice -Chairman and the Sec etary or Assistant Secretary to validate and complete delivery Project Notes or facsimile authorized and imprinted or are authorized to take all actions as may be require of the Project Notes, herein authorized to be issued from time to time. Section 9. For the punctual payment of the principal of and interest on each series of Project Notes, the Local Issuing Agency 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 declared to be and is hereby assigned by the Local Issuing Agency for the benefit of the holder or holders from time to time of such series of Project Notes. All contributions, funds and amounts authorized or required by the Contract to be applied to the payment of Project Loan Notes (referred to in the Contract as "Project Temporary Loan Obligations," "Advance Notes" or "Permanent Notes") as issued in connection with the Project are irrevocably pledged to secure the payment of the principal of and interest to maturity on each series of Project Notes. Such pledge and the lien created thereby shall cease and terminate as to any series of Project Notes when monies or investment securities convertible into cash not later than the maturity date of such Notes, sufficient and for the purpose of paying the principal and interest to maturity on such Notes, are deposited with the paying agent or agents for such Notes. Section 10. The Seereta�y or is authorized and directed to pay(a) to Assistant Secretary the Government such amount of such funds of the Local Issuing Agency as may be available for such purpose and as may be necessary to pay the principal of and interest on obliga- tions of the Local Issuing Agency then held by the Government which may be refunded in part by any one or more series of Project Notes and (b) to the paying agent or agents of any then outstanding series of Project Notes, or to the Government for transmittal to said paying agent or agents, such amount of funds of the Local Issuing Agency as may be available for such purpose and as may be necessary to pay the principal of and interest on such Project Notes which are refunded in part by succeeding issues of Project Notes. Section 11. The Local Issuing Agency hereby covenants with the holders from time to time of any Project Notes issued under this resolution that it will not amend this resolu- tion in any way which would limit or alter the rights of such holders under Section 9 hereof or otherwise,impair the rights and remedies of such holders until such Project Notes, 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. • • Section 12. This Resolution shall take effect immediately. 233934-P CERTIFICATE OF RECORDING OFFICER HUD -9011 (11-68) Ora Belle Rollow , the duly appointed, qualified and acting Secretary of Board of Commissioners Housing Authority of the City of Fayetteville , do hereby certify that the attached extract from the Ark. minutes of the special meeting of the Board of Commissioners of the Housing Authority , held on .April 25, 1973 City of Fayetteville, Arkansas is a true and correct copy of the original minutes of such meeting on file and of record in so far as they relate to the matters set forth in the attached extract, and I do further certify that each Resolution appearing in such extract is a true and correct copy of a Resolution adopted at such meeting and on file and of record. • IN TESTIMONY WHEREOF, I have hereunto set my hand and the seal of said Housing Aut On ty (SEAL) 23397► -p this 25thday of April 1973 • SECRETARY