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.
•
•
•