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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 8:30 a.m., Wednesday, March 21, 1979 in the office
of the Authority, #1 North School, Fayetteville, Arkansas.
Upon Roll Call, the following were present:
Commissioners Present: Windham, Morgan, Taylor
Commissioners Absent: Endress, Seaton
Others Present: Chad Kumpe, Bromo Wilson, Hugh Kincaid, Pat
Donat, Fredia Sawin
There being a quorum present, the following business was transacted:
The Minutes of the February 21, 1979 Regular Meeting were approved by
motion of Mr. Windham, seconded by Mr. Morgan, and carried unanimously.
The February Financial Statement was approved by motion of Mr. Morgan,
seconded by Mr. Windham, and carried unanimously.
RESOLUTION NO. 306
RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF
FAYETTEVILLE ARKANSAS, AMENDING THE STATEMENT OF
POLICIES GOVERNING ADMISSION TO AND CONTINUED OCCUPANCY
OF THE LOW INCOME HOUSING PROJECT
Chad explained that HUD feels people living in our low income housing
need to be ina range of incomes. The bottom line is we are actually
serving twice the amount of people in 0-2000 income range, which is
usually AFDC or Social Security, as opposed to the others. This means
that whenever an opening arives in one of the projects we will go down
the list and look for someone in the higher income range. Chad ex-
plained the procedure in which we go through to fill an opening. After
further discussion, Resolution #306 was approved by motion of Mr. Windham,
seconded by Mr. Morgan, and carried unanimously.
T'z-77.1tiRESOLUTION NO. 307
RESOLUTION APPROVING TRAVEL TO ARKANSAS CHAPTER NAHRO
SPRING MEETING, MAY 16-18, 1979
AT LITTLE ROCK, ARKANSAS
After discussion, Resolution #307 was approved by motion of Mr. Morgan,
seconded by Mr. Windham, and carried unanimously.
RESOLUTION NO. 308
RESOLUTION AUTHORIZING EXECUTION OF PRELIMINARY
LOAN CONTRACT AND GENERAL DEPOSITARY AGREEMENT AND
ISSUANCE OF PRELIMINARY NOTES
Chad explained that this Resolution it to approve a loan from HUD
that will cover some of the cost for Consultant and other fees dealing
with".the Turn -Key Project. It will provide us with the seed money of
$10,400. After further discussion, Resolution #308 was approved by
motion of Mr. Windham, seconded by Mr. Morgan, and carried unanimously.
There being no further business, the meeting was adjourned.
THE HOUSING AUTHORITY OF THE
CITY OF FAYETTEVILLE, ARKANSAS
CA RMA
4 .
SHUD-$2514
April 1967
(Formerly PHA -25111)
RESOLUTION AUTHORIZING EXECUTION
OF PRELIMINARY LOAN CONTRACT AND
GENERAL DEPOSITARY AGREEMENT AND
ISSUANCE OF PRELIMINARY NOTES
Page 1 of 2
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 United States of America
(herein called the "Government") providing for financial assistance by the Government
to the Local Authority under the United States Housing Act of 1937 (42 U.S.C.
1401 et !eq.); (2) to enter into an agreement (herein called the "General Depositary
AgreemenTwi with First National Bank of Fayetteville, Arkansas
Land with
(j5ach of which is a member of the Federal Deposit Insurance Corporation and is herein
called the "Bank"); and (3) to authorize the issuance of its notes as evidence of
advances to be made by the Government to the Local Authority pursuant to the Preliminary
Loan Contract.
SBE IT RESOLVED BY THE LOCAL AUTHORITY, AS FOLLOWS:
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Section 1,
The Preliminary Loan Contract in substantially the form of HUD -52480 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
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 Government together with such other documents evidencing the approval
and authorizing the execution thereof as may be required by the Government.
Section 2.
The General Depositary Agreement in substantially the form 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 quintuplicate 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 Government, together with such other documents evidencing the approval and
authorizing the execution thereof as may be required by the Government.
Section
The Chairman or Vice Chairman or the Secretary is hereby authorized to
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 Preliminary Loan Contract, and the proper officers of the Local
Authority shall prepare, execute, and deliver to the Government Preliminary Notes here-
inafter 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 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 Government 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 au-
thorized to be issued which are outstanding, or on deposit for delivery pending pay-
ment therefor, as of the date this Resolution becomes effective), or for any Temporary
HUD -52514
April 1967
(Formerly PHA -2514)
Page 2 of 2
Notes issued by the Local Authority, there are hereby authorized to be issued,
from time to time, Preliminary 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 ; and shall otherwise be in substantially the form
of note hereto attached and marked "Exhibit C."
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(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 Au-
thority, to the fullest extent permitted by the laws of the State, hereby pledges,
mortgages, conveys, and grants, unto the Government (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 5.
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 Preliminary Loan Contract shall have the
respective meanings ascribed thereto in the Preliminary
Loan Contract.
Section 6.
All resolutions or parts of resolutions heretofore adopted by the Local Authority which
authorize the issuance and/or delivery of Preliminary Notes (sometimes called "Prelimina
Loan Notes") pursuant to the Preliminary Loan Contract are hereby repealed: Provided,
however, That such repeal shall in no way affect the validity of Preliminary Notes or
Preliminary Loan Notes issued pursuant to said resolutions which are outstanding or on
deposit for delivery pending payment therefor on the date this Resolution becomes
effective.
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Section 7.
This Resolution shall take effect immediately.
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HUD -Wash., D. C. *U. S. GOVERNMENT PRINTING OFFICE: 1972-779-0721249'
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HUD -52480 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
LOW RENT PUBLIC HOUSING
PRELIMINARY LOAN CONTRACT
Rev. 12/71
CKi-f l e T "A"
Page 1 of 6 Pages
THIS CONTRACT entered into as of the day of 19 (herein called the "Date of This Contract") by and between the
United States of America (herein called the "Government") pursuant to the United States Housing Act of 1937 (42 U.S.C. 1401, et seq. (which Act as
amended to the Date. of This Contract is herein called the "Act") and the Department of Housing and Urban Development Act (5 U.S.C. 624,) and
the Housing Authority of the City of Fayetteville, Arkansas
(herein called the "Local Authority"), which is a body corporate and politic organized and existing under the laws of the State
of Ark nn nn c (herein called the "State") and a "public housing agency" as defined in the Act,
WITNESSETH:
In consideration of the mutual covenants hereinafter set forth, the parties hereto do agree, as follows:
Sec. 1. Maximum limitation, Corporation Agreement, and schedule for Completion of Development Program
(A) The Local Authority is undertaking preliminary surveys and planning for low -rent housing as defined in the Act, as follows:
Estimated
Number of
Dwelling
Locality Units
Fayetteville. 52
Estimated Cost
of Preliminary
Surveys and
Planning
$ 10,400
Minimum
Loan
Interest
Rate
6-5/8 To
Date by Which
Development Program
Must be Submitted
to Government
9/1/79
(R) With respect to such low -rent housing and in compliance with Sec. 15(7)(a) of the Act the governing body of each locality in which such
housing will be situated has by resolution approved the application of the Local Authority for the loan provided for in the Contract with respect to such
housing and the Local Authority has demonstrated to the satisfaction of the Government that there is a need for such low.rent housing which is not being
g
met by private enterprise. In compliance with Sec. 10(a), Sec. 10(h) and Sec. 15(7)(6) of the Act the local Authority has entered into, and the Government
has approved, an agreement with each such governing body, as follows:
Governing body of Date of Agreement
City of Fayetteville, Arkansas May 9, 1978
(C) The making of this Contract and the undertaking of the loan as herein provided have been approved on List No.
Sec. 2. Number of Dwelling Units Covered by This Contract
(A) The number of dwelling units covered by this Contract shall be the aggregate of the Estimated Number of Dwelling Units specified in Sec. 1(A),
subject to reduction as follows:
(1) Upon the execution of an annual contributions contract or amendment thereto, as provided in Sec. 23, for any dwelling units comprising
a project covered by an approved development program prepared pursuant to this Contract, the number of dwelling units covered by this Contract
shall be reduced by such number of units; and
(2) The Government may at any time and from time to time reduce the number of dwelling units covered by this Contract -1n a number to be
specified in a written notice to the Local Authority if the Government, in its sok discretion, determines that:
(a) The Local Authority is not expeditiously proceeding with the preliminary surveys and planning of such number of dwelling units; or
(b)The need for such number of dwelling units has decreased or terminated; or
(c) The powers of the Secretary of Housing and Urban Development or of the Local Authority to enter into an annual contributions
contract or amendment thereto with respect to such number of dwelling units has been or will be curtailed or terminated; or
(d)The number of dwelling units remaining under this Contract is too small to serve as the basis of a feasible project; or
(e) For any other justifiable cause the number of dwelling units should be reduced.
(R) With respect to the dwelling units eliminated from this Contract pursuant to clause (1) of this Sec. 2(A), the Local Authority shall not incur
any additional cost or expense under this Contract chargeable to the preliminary surveys and planning of such dwelling units.
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(C) With respect to the dwelling units eliminated from this Contract pursuant to clause (2) of this Sec. 2(A), the Local Authority, upon receipt of
the notice of such reduction, shall refrain from incurring any obligations with respect to the preliminary surveys and planning of such dwelling units, shall
take in respect to any obligations already incurred whatever action is reasonably necessary to preserve monies and assets (including termination or settle-
ment of outstanding contracts), and shall take all other actions necessary to stop overhead expenses and losses.
Sec. 3. Preliminary Surveys and Planning Leading to Preparation of Development Program
(A) The Local Authority shall expeditiously:
(1) Carry out such housing and economic surveys as are necessary for the preparation of a development program or programs. Action to
conduct any such survey shall not be taken until agreement has been reached with the Government as to its type, extent, methods, standards of
accuracy and reliability to be achieved, and the proposed cost. If any such survey is to be conducted on contract for the Local Authority, the
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tD-52480
. 12/71
Sec. 9. Insurance and Fidelity Bond Coverage
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Page 3 of 6 Pages
(A) The Local Authority shall obtain or provide for the obtaining of adequate fidelity bond coverage of its officers, agents or employees handling
cash or authorized to sign checks or certify vouchers. The Local Authority also shall carry such other types of insurance as may be required by the Government.
(B) Each insurance policy or bond shall be written to become effective at the time the Local Authority becomes subject to the risk or hazard covered
thereby, and shall be continued in full force and effect for such period as the Local Authority is subject to such risk or hazard. Such insurance and bonds
shall (1) be payable in such manner, (2) be in such form, and (3) be for such amounts, all as may be determined by the Local Authority and approved by the
Government, and shall be obtained from financially sound and responsible insurance companies.
(C) The Local Authority shall require that any liability insurance policy prohibit the insurer from defending any tort claim on the ground of immunity
of the Local Authority from suit.
(D) The Local Authority shall submit certified duplicate copies of all insurance policies and bonds to the Government not less than forty-five days
before the effective date thereof for review to determine compliance with this Contract. Unless disapproved by the Government within thirty days of the date
submitted, the policies and bonds submitted shall be considered as approved by the Government.
(E) If the Local Authority shall fail at any time to obtain and maintain insurance as required by subsections (A) and (B) of this Sec. 9, the Government
may obtain such insurance on behalf of the Local Authority and the Local Authority shall promptly reimburse the Government for the cost thereof together
with interest at the Loan Interest Rate.
Sec. 10. Procurement
In the purchasing of equipment, materials, and supplies, and in the award of contracts for services or for repairs, maintenance, and replacement,
the Local Authority shall comply with all applicable State and local laws, and in any event shall make such purchases and award such contracts only to
the.lowest responsible bidder after advertising a sufficient time previously for proposals, except:•
(1) When the amount involved in any one case does not exceed $2,500;or
(2) When the public exigencies require the immediate delivery of the articles or performance of the service; or
(3) When only one source of supply is available and the purchasing or contracting officer of the Local Authority shall so certify; or
(4). When the services required are (a) of a technical and professional nature, or (b) to be performed under Local Authority supervision
and paid for on a time basis..
Sec. 11. Personnel
•
(A) The Local Authority shall adopt and comply with a statement of personnel policies comparable with pertinent Iocal public practice. Such
statement shall cover job titles and classifications, salary and wage rates for employees other than those whose salaries or wages are determined pursuant
to Sec. 6, weekly hours of work, qualification standards, leave regulations, and payment of expenses of employees in travel status.
(B) The Local Authority may charge contributions for participation in a retirement plan for its employees to the cost of performing this Contract
where such plan has been approved by the Government or is required by law.
(C) The Local Authority shall maintain complete records with respect to employees' leave, authorizations of overtime and official travel, and
vouchers supporting reimbursement of travel expense.
(D) No funds may be used to pay any compensation for the services of members of the Local Authority.
Sec. 12. Retention of Contract Rights
With respect to all contracts entered into by the Local Authority in connection with the performance of this Contract, the Local Authority (1) except
in an emergency endangering life or property, shall not, without Government approval, amend, modify, or consent to any change in any such contract or
contractual provision which is required by this Contract to be approved by the Government; (2) shall at all times retain, preserve, and enforce all its rights
under all such contracts; and (3) shall not, without the prior approval of the Government, waive, release, or compromise any right or claim which it may have
under any such contract.
Sec. 13. Loan by Government
111 Subject to and in accordance with the provisions of this Contract, and in order to assist in preliminary surveys and planning for the dwelling units
ered by this Contract, the Government shall lend to the Local Authority an amount not in excess of the aggregate Estimated Cost of Preliminary
Surveys and Planning specified in Sec. 1(A), less the amount of any retirements of any Preliminary Notes or Temporary Notes from funds other than the
proceeds of any loan obtained by the Local Authority under this Contract.
•
Sec. 14. Advances on Loan by Government
(A) The Government will from time to time advance monies to the. Local Authority on account of the loan provided for in this Contract upon a
showing satisfactory to the Government that there is then need for such monies to pay the cost of preliminary surveys and planning in respect to the
number of dwelling units covered by this Contract.
(B) Each advance shall be evidenced by an obligation herein called "Preliminary Note") duly issued and delivered by the Local Authority in a
form satisfactory to the Government, which obligation shall bear interest on the unrepaid principal amount thereof from the date the advance is made
to the date of repayment at the rate or rates (herein called "Loan Interest Rate") as the Government determines on the date such advance is made and
redetermines on each anniversary of such date to he equal to the rate per annum borne by Government obligations on each such date pursuant to Sec. 20
he Act; Provided, That the Loan Interest Rate for each advance, which shall be adjusted annually as provided herein, shall not be less than the
'mum Loan Interest Rate. Each Preliminary Note, together with interest thereon, shall be due and payable on demand and shall in any event become
ue and payable, without demand, forty years from the Date of This Contract.
(C) The Government shall not be obligated to make any such advance:
(1) Unless a requisition therefor is filed by the Local Authority accompanied by (a) a signed detailed statement demonstrating the purpose
and nerd at such time for the monies requested and the progress it has made in the preparation of each development program, and stating the
amounts to be used for each locality, (b) a certificate as to compliance with the provisions of Sec. 16(2) of the Act relating to the payment of pre-
vailing salaries and wages, and (c) such other data and documents which the Government may require; or
(2) With respect to any amount or amounts for any locality for which the Local Authority has not demonstrated to the satisfaction of the
Government (a) the purpose for which any such amount will be used, (b) the need therefor at such time, or (c) that any such amount is consistent
with the rate of progress the Local Authority has made in the preparation of the development program for such locality; or
•
•7
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ID -52480 Page 5 of 6 Pages
.12/71 _ ... ..
Sec. 20. Financial and Operating Statements
The Local Authority shall furnish the Government such financial, operating, and statistical reports, records, statements, and documents at such.
times, in such form, and accompanied by such supporting data, all as may reasonably be required from time to time by the Government.
Sec. 21. Access to Records and Projects; Audits
(A) The Government and the Comptroller General of the United States, or his duly authorized representatives, shall have full and free access to all
the books, documents, papers, and records of the Local Authority that are pertinent to its operations with respect to financial assistance under the Act,
including the right to audit, and to make excerpts and transcripts from such books and records.
(B) The Local Authority shall not charge as an item of cost in the performance of this Contract the cost or expense of any audit unless(1) the
Government has approved such audit, or (2) such audit is required by law.
Sec. 22. Approvals and Notfcee
(A) Whenever under this Contract approvals, authorizations, determinations, satisfactions, or waivers of the Government are required, such
approvals, authorizations, determinations, satisfactions, or waivers shall be effective and valid only when given either (I) by general orders or regulations
duly issued from time to time by the Government, or (2) in specific cases, in writing, signed by a duly authorized officer of the Government, and
delivered to the Local Authority.
(B) Any notice or demand given under this Contract shall be in writing, and signed by a duly authorized officer of the party giving such notice or
demand. Such notice or demand shall be deemed to have been given at the time it shall have been received at the principal office of the party to whom
it is directed.
Sec. 23. Execution of Annual Contributions Contract
(A) 1. Upon approval by the Government of a development program prepared pursuant to this Contract, the Local Authority shall execute an
0tual contributions contract or amend an outstanding annual contributions contract covering the project or projects described in such development
gram, which annual contributions contract will be on the terms and conditions then prescribed by the Government for projects assisted under the"
and will contain the following provisions:
"Nondiscrimination in Housing , „ ..41
"(a) L. TheLocal Authority shall notifiscrintirrate because of race=,color, creed, or national origin in the sale, leasing, rental; or other •
disposition of housing or related facilities (brefudingland) included in any Project or. Projects initially covered after November 20,.1962,. by a r
contract for annual contributions under the United States Housing Act of 1937, or in the use or occupancy thereof. The Local Authority shall •
not, on account of race, color. creed, or nationatorigin,.deny to any family the opportunity to apply for such housing, nordeny to any eligible
applicant the opportunity to lease or rent any dueling in any such housing suitable to its needs.
"(b). In connection with the development and operation of such Project initially covered after January 2, 1965, by an annual contri-
butions contract under the United States Housing Act of 1937 and for as long as such,Project or any portion thereof is used for or in connection
with low.rent housing for families of low income, the Local Authority will comply with all requirements imposed by title VI of the Civil Rights
Act of 1964, Public Law 88-352, 78 Stat. 241; the regulations of the Department of Housing and Urban Development issued thereunder, 24 CFR,
Subtitle A, Part 1, section.1.1 et seq.; and the requirements of the said Department pursuant to said regulations. The Local Authority will, by
contractual requirement, covenant, or other binding commitment, assure the same compliance on the part of any subgrantee, contractor, sub-
contractor, transferee, successor in interest, or other participant in the program or activity, such commitment to include the following clause:
'This provision is included pursuant to the regulations of the Department of Housing and Urban Development, 24 CFR,
Subtitle A, Part 1, section 1.1 et seq., issued under title VI of the said Civil Rights Act of 1964, and the requirements of
the said Department pursuant to said regulations; and the obligation of the [contractor or other] to comply therewith
inures to the benefit of the United States, the said Department, and the Local Authority, any of which shall be entitled
to invoke any remedies available by law to redress any breach thereof or to compel compliance therewith by the
[contractor or other],'
"This subsection (b) supersedes subsection (a) above with respect to all Projects covered by this subsection (b) except insofar as said subsection (a)
prohibits discrimination because of creed."
Such contracts will also provide that the Local Authority's failure to comply with the foregoing provision of subsection (A)1. will constitute a substantial
4'
efault under the contract by reason of which the Local Authority, at the option of the Government, shall convey title to, or deliver possession of, the
ject or projects to the Government.
2. Neither the execution of this Contract, nor any acts in pursuance thereof shall be construed as constituting any legal obligation by the Govern-
ment to enter into any annual contributions contract in connection with any low.rent housing projects, it being expressly understood that the Government
will, in its sole discretion, determine whether or not such annual contributions contract or contracts shall be entered into.
(B) Upon the execution of an annual contributions contract or amendment thereto for any dwelling units comprising a project covered by an
approved development program prepared pursuant to this Contract, the obligations of the parties under this Contract with respect to Such dwelling units
. shall terminate and the Lodal Authority shall use any funds becoming available under such annual contributions contract for the development of such
dwelling units for the payment of outstanding Preliminary Notes or Temporary Notes equal to (1) the unpaid interest accrued on all such outstanding
Notes equal to (1) the unpaid interest accrued on all such outstanding Notes to the date of payment, (2) the full cost, less any amount of such cost
theretofore applied to the payment of such Notes, of all preliminary housing and economic surveys made by the Local Authority pursuant to this Contract,
and (3) all other costs of preliminary surveys and planning (including administrative expenditures) applicable to such dwelling units.
Sec. 24. Right of Government To Terminate Contract
.The Government may at any time by notice to the Local Authority declare this Contract terminated if (1) the. Local Authority has made any fraudu-
lent or willful misrepresentation of any material fact in any document or data submitted to the Government as a basis for this Contract or as an inducement
to the Government to enter into this Contract, or (2) the local Authority, in the determination of the Government, has defaulted in the performance of
any of its obligations under the provisions of this Contract, or (3) the local governing body or any local public agencies have failed or refused to take any
action required for the successful development of a low -rent housing project or essential to the execution of an annual contributions contract, or (4) pur-
suant to subsection (A) of Sec. 2 the number of dwelling units covered by this Contract is too small to serve as a basis for a feasible project, or (5) the
Local Authority shall fail to submit to the Government any development program in approvable form on or before the date specified therefor in
subsection (A) of Sec. 1: -Provided, That the termination of this Contract shall not affect the obligation of the Local Authority to pay the principal of
and interest on outstanding Preliminary Notes or .Temporary Notes.
Sec. 25. Waiver or Amendment
(A) Any right or remedy which the Government may have under this Contract may be waived in writing by the Government without the execution
of a new or supplemental agreement; or by mutual agreement of the parties hereto this Contract may be amended in writing.
•
•
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4.
•
HUD -51999
Rev. 1/71
•
GENERAL DEPOSITARY AGREEMENT
THIS AGREEMENT, entered into this day of
, 19
by and between the HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, ARKANSAS
(herein called the "Local Authority"), a duly organized and existing public body
corporate and politic of the City of Fayetteville, Arkansas
and
(herein called the "Bank"), located at
WITNESSETH:
WHEREAS, the Local. Authority is undertaking the development and/or operation
of certain housing pursuant to the terms of one or more contracts which may be
amended or superseded (herein individually and collectively called the "Contract")
between the Local Authority and the United States of America (herein called the
"Government"), which projects are identified as follows:
Project No. Name of Project
AR -097-002
Turnkey Low Rent Housing
; and
WHEREAS, under the terms of the Contract the Local Authority has. agreed to
deposit certain monies received by the Local Authority in connection with the afore-
said projects with one or more banks under the terms and conditions specified in
this General Depositary Agreement and may also deposit under the terms hereof
certain amounts received in connection with any other project or enterprise of the
Local Authority, including any project or enterprise in which the Government has
no financial interest, NOW FURTHER WITNESSETH:
In consideration of the mutual covenants hereinafter set forth, the parties
hereto do agree as follows:
1.. The Bank is and shall continue to be a member of the Federal. Deposit In-
surance Corporation as long as this Agreement is in force and effect.
2, All monies deposited by the Local Authority with the Bank under the terms
of this Agreement shall be credited :to the Local Authority in a separate account,
designated " x
,-;,...Account":
(herein called. the "Account"). All monies in the Account in excess•of the amounts
insured by the Federal Deposit Insurance Corporation shall be fully and continuously
secured by the Bank by the deposit or setting aside of collateral of the types and in.
the rnarner.asi is, prescribed by State law for, the security of public funds. Said
collateral shall at all times be of a market value at least equal to the amount of the
monies so secured.
3. The Bank shall honor any (a) check or order drawn by the Local Authority
upon the Account or (b) directive to purchase or sell securities pursuant to Para -
.graph 4, if. such check, order, or directive is signed on behalf of the Local Authori-
ty by an officer or member designated by resolution, a certified copy of which
resolution or certification by a proper officer of the Local Authority as to the adop-
tion of such resolution, shall he furnished h.- the T nrel Authority to the Rink
4. The Bank shall purchase, with monies from the Account, and sell invest-
ment securities as the Local Authority may direct. Such securities and any other
securities which may be deposited by the Local Authority with the Bank under the
terms of this Agreement shall be considered to be..a part of the Account and shall
be held by the„'Bank in safekeeping.for.account of the Local. Authority until sold.
Interest on such securities and the proceeds from.the sale thereof shall be deposited
kin the Accountuponreceipt. I ... r tµ Y R'0".'.C.:11.: a Ax r
pt rt •i n -y
14 0
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aa; Aq paztsoq;nt et so q;1M ;ua;stsuoo et ;tm000y as; ;o ;oadsaz ut ;uauxuzanop
aa; so A;tzotuny floor/ ati; ra1;ta Aq uaxe; not;ot Awe sag;aqM auttusa;ap so 0;e2
-t;sanut 04 A;np ou zapun aq Titus pue ';oez;uo3 aq; ;o euotsinozd aq; Jo a2paimouni
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•;uauruzanoo
aq; usos; aot;ou ua;;t.M Aq op o; os paztzoq;ne Aissazdxa Tt;un ;un000y Pees usos;
A;tzoq;ny Tenor/ ata Aq feMesp4 M Aue mused so ';un000y aq; uodn uMssp A;tsog•{ny
tenor aq; ;o sapzo so Moatio Ant aouoq ;ou fTegs 31ueg au; ';uauruzanop at Aq pazt
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• HUD -52513
Pagel of
November 1969
No. 1979-1
PRELIMINARY NOTE
X11I6IT.._fC
The Housing Authority of the City of Fayetteville, Arkansas
(herein called the "Local Authority") for value received promises to pay on demand or to pay in any event
without demand forty years from the date of the Preliminary Loan Contract, to the United States of
America (herein called the "Government") or order an amount, with interest thereon to the date of
payment, equal to the aggregate amount of advances made to the Local Authority by the Government
pursuant to the Preliminary Loan Contract between the Local Authority and the Government. The date of
the Preliminary Loan Contract and the maximum aggregate amount of advances are as follows:
•
•
Date of the Preliminary Loan Contract:
Maximum Aggregate Amount of Advances: S 10,400
This Note is issued to aid in financing the preparation of preliminary surveys and planning of low -rent
housing pursuant to the Constitution, and statutes of the governmental entity specified below and herein
called the "State," and pursuant to provisions of a resolution (herein called the "Resolution") duly adopted
by the Local Authority on the date, as follows:
STATE RESOLUTION ADOPTED
Arkansas
Interest hereon shall accrue at the interest rate provided in the Preliminary Loan Contract only upon
the difference in amount from time to time between the aggregate amount of advances and the aggregate
amount of repayments of principal made on this Note. Each payment on account of this Note shall be
applied to interest then accrued and the remainder to principal. Each advance, repayment, and interest
payment on this Note shall be duly recorded by the holder hereof, by date, amount and type, upon the
"Statement of Advances and Repayments on Account of Note" which is made a part of this Note whether
appearing on the reverse hereof or attached hereto. Both principal of and interest on this Note are payable
at the office of the Secretary of Housing and Urban Development in the City of Washington, D.C., in
lawful money of the United States of America.
The full faith and credit of the Local Authority are hereby pledged for the payment of the principal of
and interest on this Note.
As additional security for the equal and ratable payment of the principal of and interest on this Note,
together with all other notes issued pursuant to.the-Resolution, the Local Authority, to the fullest extent
permitted by the laws of the State, hereby pledges, mortgages, conveys, and grants, and by this Note and
the Resolution has so pledged, mortgaged, conveyed; and granted unto the Government its interest in all
the real and tangiblepersonal property wheresoever situated.which it has acquired or may hereafter acquire
in connection with or relating t� the low -rent housing undertaken pursuant to the above -designated
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
Note and that such judgment shall not impair or invalidate the obligation of the Local Authority to pay the
principal of and interest on this Note from other funds of the Local Authority as herein provided.
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aoa puEW3p `3u0w3uasaad saNEM 6goanq'su2!ssE pur saossaaans 53! pur }1053! aoa 'X3Uogroy pool atm,
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ELSZS anH
•
•
•
•
80
STATEMENT OF
ADVANCES AND REPAYMENTS ON ACCOUNT OF NOTE
Date
Advance by
Government
Repayments by Local Authority
Interest
Principal
Balance of
Principol
Entry
Made by
224040-P
HUD -Wash. D.C.
•
RESOLUTION N0. 307
RESOLUTION APPROVING TRAVEL TO ARKANSAS CHAPTER NAHRO
SPRING MEETING, MAY 16-18, 1979
AT LITTLE ROCK, ARKANSAS
WHEREAS, the Spring Meeting of Arkansas Chapter, NAHRO, will be
held in Little Rock, May 16-18, 1979; and,
WHEREAS, there will be programs including discussions concerning
Public Housing, Community Development, Section 8 Housing, and
Arkansas Chapter business; and,
WHEREAS, members of the staff of the Little Rock Area Office of HUD
will take part in panel discussions to answer questions and
discuss problems;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSIONERS OF THE HOUSING
AUTHORITY OF THE CITY OF FAYETTEVILLE, that travel expenses
for personnel disgnated by the Executive Director be paid
to this meeting in accordance with the Agency's travel policy.
PASSED AND APPROVED THIS c/ DAY OF /jJ���, , 1979.
THE HOUSING AUTHORITY OF THE
CITY OF FAYETTEVILLE, ARKANSAS
CH
ATTEST:
IRMAN
RESOLUTION NO. 306
RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF
FAYETTEVILLE ARKANSAS, AMENDING THE STATEMENT OF
POLICIES GOVERNING ADMISSION TO AND CONTINUED OCCUPANCY
OF THE LOW INCOME HOUSING PROJECT
WHEREAS, the Housing Act of 1974 has certain provisions for
tenant selection and,
WHEREAS, the Housing Authority of City of Fayetteville needs
to amend its present statement of Policy to comply with sai,& provisions,
NOW THEREFORE BE IT RESOLVED BY the Board of Commissioners of
the Housing Authority of the City of Fayetteville that,
The Statement of Policies governing admission to and continued occupancy
of the low income project operated by the Housing Authority is amended to
include the following provisions;
1. Broad Range of Income Goals
The occupancy goals as shown in attached exhibit A are established for
each project as the basic criteria for tenant selection in order to
comply with the provisions of the Housing Act of 1974.
2. Order of Preference
Among eligible applicants the following order of preference will be
applied in selecting tenants for admission to units of suitable size.
(1) Residents of the City/County of Fayetteville/Washington.
(2) Families whose income level conforms to the Authority's need
to meet the Broad Range of Income Geals. This preference shall
not permit maintenance of vacancies to await higher income
tenants where lower income tenants are available.
(3)
Families whose applications were received at the earliest date
and time.
PASSED AND APPROVED THIS
THE HOUSING AUTHORITY OF THE
CITY OF FAYETTEVILLE, ARKANSAS
1979.
•
EXHIBIT A
BROAD RANGE OF INCOME GOALS
FOR PROJECT ARK 97-1
Elderly OBR 1BR 1BR 2BR TOTAL
1 Person 2 Person
0 - 3999 77 16 6 99
4000 - 5999 3 1 16 20
6000 - over 0 0 1 1
80 17 23 120
Regular 1BR 2BR 3BR 4BR 5BR
0 - 1999 5 4 6 15
2000 - 3999 6 6 7 19
4000 - 5999 8 10 9 27
6000 - 7999 1 6 10 17
8000 - Over 0 0 2 2
20 26 34 80
•