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HomeMy WebLinkAbout1981-05-28 - Minutes - Archive1 • • • 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., Thursday'. 28, 1981 in the office of the Authority, #1 North Scliolol, Fayetteville, Arkansas. Upon Roll Call, the following were present: Commissioners Present: Mrs. Endress, Mr. Windham, Mr. Morgan, Mr. Seaton, -and Mr. Shreve Commissioners Absent: Others Present: Mr. Kumpe, Mr. Wilson, Mr. Steven Giles, Mrs. Pat Donat, and Betty Jordan There being. a..quorum present, the -following business was transacted: The minutes of the regular April 15, 1981 meeting were approved as amended. Motion by Mr. Seaton, seconded by Mrs. Endress, and motion carried unanimously. The April Financial Statement was approved by motion of Mr. Seaton, seconded by Mrs. Endress, and motion carried unanimously. Resolution To Amend And Assign To City. Motion by Mr. Shreve, seconded by Mr. Seaton, and motion carried unanimously. Other Business: 1. Commissioners discussed Housing Authority purchasing own telephone system. Commissioners would like'to.have seen proposal's from the different companies. 2. Mr Steven Giles, the Housing Attorney, discussion was on Carlson Terrace. The Commissioners would like a•legal answer to question: (a) Can we discriminate on a basic of employers only? (b) Mr. Giles, will take to HUD Legal Division, and report at next meeting. • • • 3 Mr. Kumpe gave an up -date on the New Housing. The Annual Contribution Contract from HUD will be available in June, 1981. We have received the final site approval from HUD. We have received approval of the construction budget, and we will exercise option on land. HUD will allow the C.D. office, to purchase property, and hold for F.H.A., until A.C.C., is finally accepted in Washington D.C.. After further discussion, the meeting was adjourned. THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, ARKANSAS IR AN BJ RESOLUTION NO. 340 RESOLUTION AUTHORIZING THE EXECUTION OF AN ASSIGNMENT OF A OPTION TO PURCHASE CERTAIN PROPERTY TO THE CITY OF FAYETTEVILLE RESOLVED, that the Executive Director is authorized to execute an assignment to the city of Fayetteville, Arkansas of an option to purchase dated October 30, 1980 by and be- tween The Housing Authority of the city of Fayetteville, Arkansas. and Harold E. Gay and Shirley E. Gay, granting to the Housing Authority the right to purchase the following- degcrbed real property,; The Northeast Quarter (NE14) of the Southwest Quarter Cpwc L of the Northwest Quarter (NW') of Section Twenty- tyo L22.L in T *nshtp Sixteen C16) North of Range Thirty .C30.L West, Containing ten [10) acres, more or less. FURTHER 'RESOLVED, that the Housing Authority is autho-' ri:,zed to purchase the above-described real property from the city' of Fayetteville, Arkansasin the amount of $80,000.00 p1u: expenses when the funds become available to the Housing Authority for the purchase o1 said lands. IN WITNESS WHEREOF, we have hereunto set our hands as Board of Directors of The HousingAuthority of the city of Fayetteville, Arkansas on this 2dTH day of May , 1981. ATTEST: SECRETARX brj • f• r • RESOLUTION NO, 341__ The following resolution was introduced by Commissioner Robert Windham read in full and considered: RESOLUTION AUTHORIZING AMENDMENT NO. 5 TO CONSOLIDATED ANNUAL CONTRIBUTIONS CONTRACT NO. FW7031 AND ISSUANCE OF PROJECT LOAN & PERMANENT NOTES FOR PROJECT NO. AR -097-002 WHEREAS, 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 -097-002 with financial assistance from the United States of America, Department of Housing and Urban Development, pursuant to Consolidated Annual Contrihu- •tions 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 wishes to authorize the issuance of a revised Permanent Note; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Local Authority as follows: Section 1. Amendment No. to Consolidated Annual Contributions Contract No. FW 7031 is hereby approved and accepted both as to form and substance and the Chairman of the Local Authority is hereby authorized and directed to execute such Amendment on behalf of the Local Authority and the Secretary to impress and attest the official seal of said Local Authority on all executed counterparts of said Amendment. Section 2. The Executive Director is hereby authorized to file with We 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 che Local Authority shall prepare, execute and deliver to the Government Notes hereinafter authorized and shall accept pay- ment 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 pro- visions 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 there- for, 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 Perman- ent Notes) equal to the Maximum Development Cost (or the Actual Development Cost if such amount has then been determined) of each Project, less the sum. of (1) the prin- cipal 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. (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 official seal of the Local Authority impressed thereon and attested by the Secretary Each Project Loan Note shall be in sub- stantially the form of Form No. HUD 9204 and each Permanent Note shall be in substan- tially 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 Perman- ently 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 2 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 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 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 tion, the same, unless the context shall indicate shall be any of them, are used in this Resolu- another or different meaning or 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 mean- ings ascribed thereto in the Contract. intent, Section 5. All resolutions or 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 Per- manent Notes for delivery Section issued pursuant to said resolutions which are outstanding or on deposit pending payment therefor on the date this Resolution becomes effective. 6. This Resolution shall take effect immediately. 3