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HomeMy WebLinkAbout1980-12-17 - Minutes - Archive• 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, December 17,1980 in the office of the Authority, #1 North School, Fayetteville, Arkansas. Upon Roll Call, the following were present: Commissioners present: Endress, Morgan, Seaton, Windham, and Shreve. Others present: Bromo Wilson, Newton Hailey, Pat Donato and Betty Jordan. ✓ isitors present: Elizabeth Reagon, John Reagon, and Diane Kiffer. There being a quorm present, the following business was tran- sacted: The minutes of the November 19, 1980 Regular meeting were approved by motion of Mr. Morgan, and seconded by Ms. Endress and carried unanimously. The November financial statement was approved by motion of Mr. Seaton, and seconded by Ms. Endress and carried unanimously. The Housing Authority Commissioners received a petion from residence's of the South-West Fayetteville area, objecting t o the purposed site on Wood Ave. RESOLUTION N0. 334 Resolution Authorizing No. 4, No. 334 motion made by Mr: Lloyd S eaton, seconded by Ms. Endress and carried unanimously. Other Business discussed were the Liability Insurance for the commissioners. The options on the scattered sites. The Re- application of Mr. Robert Windham for board of commissioners Mr. Seaton nominated that we keep Mr. Robert Windham on the board, seconded by Mr. Jim Shreve and carried unanimously. THE HOUSING AUTHORITY OF THE CITY 0 FAYET y LLE, ARKANSAS M'N RESOLUTION NO. 334 RESOLUTION AUTHORIZING AMENDMENT NO. 4 TO CONSOLIDATED ANNUAL CONTRIBUTIONS CONTRACT NO. FW 7031 AND ISSUANCE OF PERMANENT NOTE FOR PROJECT NO. AR -97-901 WHEREAS, THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, ARKANSAS (herein called the "Local Authority") has undertaken the development and administration of low -rent housing project(s) designated as Project No.(s) AR -97-901 with financial assistance from the United States of America, Department of Housing and Urban Development, pursuant to Consolidated Annual Contributions Contract No. FW 7031 and WHEREAS, the parties for and in consideration of mutual benefits• to each other desire to amend the above-described contract and the Authority Ilkshes to authorize the issuance of a Permanent Note; NOW,THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Local Authority as follows: S ection 1. Amendment No. 4 to Consolidated Annual Contri- butions'Contract No. FW 7031 is hereby approved and accepted both as to form and r..rhority is hereby substance and the Chairman (Title of Officer) authorized and directed to execute such Amendment on of the Local behalf of the Local Authority and the Secretary (Title of Officer) impress and attest the official seal of said Local Authority on all executed counterparts S ection of said Amendment. to 2. (A) In order to provide monies to finance the Development Cost of each Project, there is hereby authorized to be issued a Permanent ite of the Local Authority in principal amount equal to the Actual Development Cost of Project No. AR -97-901 • (B) The 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 hale the official -seal of the Local Authority impressed thereon and attested by the Secretary The Permanent Note shall be in substantiallythe form of Form No. HUD -52250, which form is incorporated herein by reference and made a part hereof. (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, shall be additionally secured AGE 2 RESOLUTION AUTHORIZING AMENDMENT NO. 4 (continued) 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 Tien on the Residual Receipts of such P roject after providing for thepayment 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 t o any Project, together with each other Note issued with respect to such P roject, the•Local Authority, to the fullest extent permitted by the Laws . the State, hereby pledges, mortgages, conveys and grants unto the Government all property described in the Contract constituting such 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 pursuant to this paragraph shall (1) the pledge of Residual foreclosable until all c.aaner provided in the be junior Receipts securing the Bonds shall have been Bond Resolutions. If granted and conveyed to the Bonds and junior to Bonds, and (2) not be paid and discharged in the the preceding sentence shall judged 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 judgement 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. • • •