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Home My WebLink About1975-08-13 - Minutes - Archive• • • MINUTES OF SPECIAL MEETING OF THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, ARKANSAS The Housing Authority of the City of Fayetteville, Arkansas met in Special Session at 8:30 o'clock a.m., Wednesday, August 13, 1975, in the office of the Authority, #1 N. School, Fayetteville, Arkansas. Mr. Gould, Chairman, called the meeting to order. On roll call the following members were present: Commissioners: Gould, Taylor, Underwood Commissioners Absent: Morgan, Clinton Others Present: Bromo Wilson, Delbert Allen, Pat Donat, Tammi Reed The Chairman ordered that the following Waiver and Consent be spread upon the Minutes: WAIVER OF REGULAR NOTICE OF AND CONSENT TO SPECIAL MEETING We, the undersigned Commissioners of the Housing Authority of the City of Fayetteville, Arkansas 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 shall meet at the time and place named in such Notice and for the purposes stated therein. /s/ J. W. Gould /s/ Phillip Taylor /s/ William Underwood There being a quorum present, the following business was transacted: Resolution No. 194 RESOLUTION APPROVING THE APPOINTMENT OF AN ACTING EXECUTIVE DIRECTOR After discussion, Resolution No. 194 was approved by motion of Mr. Underwood, seconded by Mr. Taylor, and carried unanimously. Resolution No. 195 RESOLUTION AUTHORIZING EXECUTION OF AMENDMENT NO. 1 TO CONSOLIDATED ANNUAL CONTRIBUTIONS CONTRACT NO. FW -7031 AND ISSUANCE OF PROJECT LOAN AND PERMANENT NOTES After discussion, Resolution No. 195 was approved by motion of Mr. Underwood, seconded by Mr. Taylor, and carried unanimously. There being no further business, the meeting Was adjourned. ATTEST: 12a ECRETARY THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, ARKANSAS CHAIRMAIt)..:(L..0 • 1. (1-6 ) NOTICE OF SPECIAL MEETING NOTICE OF SPECIAL MEETING TO THE Commissioners of the Housing Authority of the City of Fayetteville, Arkansas Notice is hereby given that a special meeting of the Commissioners of the Housing Authority of the City of Fayetteville, Arkantal be held at #1 North School Street in the City of Fayetteville, Arkansas at lathe 13th day of August , 1975 for the following purpose: 1 To adopt a Resolution Autbpxi=ieg =aaaution of Amendment No. 1 to Consolidated Annual Contributions Contract MO. fl -7031 amd Issuance of Project Loan and. Permanent Notes. To Appoint an Acting Execive Director Dated this 8th day of.'Auguet , 19 75 7 CERTIFICATE OF SERVICE OF NOTICE • I, Bromo Wilson , the duly appointed, qualified and acting III Secretary of the Housing Authority of the City of Fayekrivil: DO HERESY CERTIFY that on the 8th day of August , 1975 , I served a true copy of the foregoing Notice of Special Meeting on each and every Commissioner of the Housing Authority of the City of Fayetteville, Ark. in the manner provided in the By -Laws. • • Witness my hand this 13th day of August ��JJ$ 1975 , WAIVER OF REGULAR NOTICE OF AND CONSENT TO SPECIAL MEETING We, the undersigned Commissioners of the Housing Authority of the City of Fayetteville, Arkansas 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 shall meet at the time and place named in such Notice and for the purposes stated therein l339y..p s • • • RESOLUTION NO. 194 RESOLUTION APPROVING THE APPOINTMENT OF AN ACTING EXECUTIVE DIRECTOR WHEREAS, the Executive Director of the Housing Authority of Fayetteville, Arkansas has taken a leave of absence effective close of business on August 2, 1975 and NOW THEREFORE, BE IT RESOLVED THAT: 1. Mr. Bromo Wilson be appointed Acting Executive Director as of August ]3J 1975. PASSED AND APPROVED THIS 13th DAY OF August , 1975 A,rtirtiw, Secretary • • • • Es, /95 • RESOLUTION AUTHORIZING EXECUTION OF AMENDMENT NO. 1. TO CONSOLIDATED ANNUAL CONTRIBUTIONS CONTRACT NO. FW -7031 AND ISSUANCE OF PROJECT LOAN AND PERMANENT NOTES WHEREAS, the Housing Authority of the City of Fayetteville, Arkansas (herein called the "Local Authority") proposes (1) to enter into an Amendment to Consolidated Annual Contributions Contract No. FW -7031 (herein called the "Amendment") with the United States of America, Department of Housing and Urban Development (herein called the "Government"); (2) to authorize the issuance of its notes as evidence of advances to be made to the Local Authority pursuant to the Consolidated Annual Contributions Contract; all with respect to any "Project" as defined in the Contract and which at any time now or hereafter is incorporated under the terms of such Contract. NOW, THEREFORE, BE IT RESOLVED by the Local Authority as follows: Section 1. Amendment No. 1 to Consolidated Annual Contributions Contract No. FW -7031 is hereby approved and accepted both as to form and substance and the Secretary is hereby authorized and directed to (Title of Officer) execute the official seal of the Local Authority on each such counterpart and to forward said executed counterparts, or any of them, to the Government together with such other documents evidencing the approval and authorizing the execution thereof as may be required by. the Government. • Section 2. The Executive Director is hereby authorized to (Title of Officer) file with the Government 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 Contract, and the proper officers of the Local Authority shall prepare, execute and deliver to the Government Notes hereinafter authorized and shall accept payment therefor from the Government 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 Notes shall be deposited and disbursed only in accordance with the provisions of the Contract. Section 3. (A) In order to provide monies to finance the Development Cost of each Project and to refund, renew, extend or substitute for any Project Loan Notes (in the Contract called "Advance Notes") or Permanent Notes by this Resolution authorized to be issued (or any such Notes by any other resolution authorized to be issued and which are outstanding, or on deposit for delivery pending payment therefor, as of the date this Resolution becomes effective), or for any Project Notes (in the Contract called "Temporary Notes") issued by the Local Authority in anticipation of the delivery of Project Loan or Permanent Notes, there are hereby authorized to be issued, from time to time, Project Loan and Permanent 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 Project Loan or Permanent Notes) equal to the Maximum Development Cost 'P(or the Actual Development Cost if such amount has then been determined) of each roject, less the sum of (1) the principal amount of Bonds issued to finance such Development Cost and (2) the principal amount of Project Loan, Permanent, or Project Notes issued to finance such Development Cost and which has then been retired from funds other than the proceeds of any loan obtained by the Local Authority. IP • • • • • • • • Sc,. tl..r_I 1Yi0 ' (3ILil:9201) Page 2 • • (B) Each such Note shall bear interest and be payable in the form and manner prescribed by the Contract and this Resolution; shall be signed in the name of the • Local Authority by the Chairman ; shall have the (Title of Officer) official seal of the Local Authority impressed thereon and attested by the Secretary . Each Project Loan Note shall be in (Title of Officer) substantially the form of Form No. HUD -9204 and each Permanent Note shall be in substantially the form of Form No. HUD -52250, each of which forms is incorporated herein by reference and made a part hereof. Project Loan Notes and Permanent Notes shall be issued to finance the Development Cost of Non -Permanently Financed Projects and Permanently Financed Projects, respectively. (C) Each Note issued with respect to any Project 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, and, together with all other Notes issued pursuant to this Resolution, shall be additionally secured by (1) a first'pledge of the annual contributions payable to the Local Authority and authorized to be pledged to such payment pursuant to the Contract and (2) by a pledge of and lien on the Residual Receipts of such Project after providing for the payment of Bonds issued in respect to such Project. (D) As additional security for the equal and ratable payment of the principal of and interest on each Note issued with respect to any Project, together with each other Note issued with respect to such Project, the Local Authority, to the fullest extent permitted by the Laws of the State, hereby pledges; mortgages, conveys and \Mrants unto the Government all property described in the Contract constituting uch Project, including that certain real property relating to each such Project and more particularly described in the trust instrument or any amendment thereto as executed and recorded by the Local Authority pursuant to the Contract: Provided, That in respect to Permanently Financed Projects the lien of such pledge and mortgage and rights granted and conveyed pursuant to this paragraph shall (1) be junior to the Bonds and junior to the pledge of Residual Receipts securing the Bonds, and (2) not be foreclosable until all Bonds have been paid and discharged in the manner provided in the Bond Resolutions. 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 4. Whenever the following terms, or any of them, are used 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 Contract shall have the respective meanings ascribed thereto in the Contract. . 4, Section 5. All resolutionsor parts of resolutions heretofore adopted by the Local Authority which authorize the issuance and/or delivery of Advance, Project Loan or Permanent Notes pursuant to the Contract are hereby repealed: Provided, however, That such repeal shall in no way affect the'validity of Advance, Project Loan or Permanent Notes issued pursuant to said resolutions which are outstanding' or on deposit for delivery pending payment therefor on the date this Resolution ; becomes effective. • • Section 6. This Resolution shall take effect immediately. PASSED AND APPROVED THIS 13th DAY OF AUGUST , 1975. THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, ARKANSAS • • ATTEST:' • J J /-1/1 RLIARY l • CHAIRMAN • • • tan i