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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 o'clock a.m. Wednesday, February 20, 1985, in the office of
the Authority, #1 North School Avenue, Fayetteville, Arkansas.
Mr. Windham, Vice Chairman called the meeting to order.
Upon roll call, the following members were present:
Commissioners Present: Windham, Fries, Richardson, Hudspeth
Commissioners Absent: Morgan
Others Present: Bromo Wilson, Pat Donat, Ivory Conley, Toady Edwards
The minutes of the January 16, 1985 Regular Meeting were approved by motion,
seconded and carried unanimously.
The January Financial Statement was approved by motion, seconded and carried
unanimously.
RESOLUTION AUTHORIZING THE EXECUTION OF A FINANCING AGREEMENT. Resolution #399.
The resolution was approved by motion, seconded and carried.
RESOLUTION APPROVING TRAVEL TO ARKANSAS CHAPTER NAHRO SPRING MEETING APRIL 10-
12, 1985 AT HOT SPRINGS, ARKANSAS. Resolution #400. The resolution was approved
by motion, seconded and carried.
Ivory Conley, Washington County Head Start director, presented a proposal to
convert the Community Center at Lewis Plaza to a Heard Start Center and to
expand the Head Start Center at Willow Heights. All funding for the expansion
project will come out of Head Start funds. A_grant apulication will be completed
prior to March 1, Mrs. Conleysaid funds are available for expansion projects.
The proposal was approved by motion, seconded and carried.
Robert Windham ask for nomination for the position of Chairman of the Board.
Dr. Fries nominated Robert Windham, the motion was seconded and carried
unanimously. Mr. Hudspeth nominated Janet Richardson for the position of
Vice Chairman, the motion was seconded and carried unanimously.
There being no further business, the meeting was adjourned.
ATTEST:
SECRETARY
THE HOUSING AUTHORITY OF THE
CITY OF FAYETTEVILLE, ARKANSAS
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RECoiv7704/ /1/D. 399
RESOLUTION AUTHORIZING THE EXECUTION -OF -A -FINANCING AGREEENT
HUD -9307
Revised 9/84
WHEREAS, the Housing Authority of the Cityof Fayetteville. Arkansas
(herein called the PHA) is a public body corporate and politic, duly organized
and existing pursuant to the Arkansas housing Authorities Act
(herein called "Housing Authorities Law"); and
WHEREAS, the PHA has entered into an Annual Contributions Contract
(whidt contract or any contract in substitution thereof, together with any
supplements thereto or amendments or waivers of any provisions thereof, is
herein called the "Contract") with the United States of Arrerica (herein
called the "Government"), covering the development and operation of a
law -rent or Indian housing project or projects, as follows:
Annual Contributions Contract No. and Date
FW -7031 dated July 14. 1972
WHEREAS, the Contract provides that the PHA nay, as approved by the
Government, obtain loans frau others than the Government, which loans nay
be evidenced by Project Notes (referred to in the Contract as "Temporary
Notes") or Bonds of the PHA; and
WHEREAS, the Housing Authorities Law authorizes arry two or more PHAs
to cooperate with one another in the exercise of their powers and for such
purpose a PHA may by resolution authorize any other PHA so cooperating with
it to act in its behalf with respect to any or all powers; and
WHEREAS; the PHA desires to cooperate with other PHPa duly organized
and existing pursuant to the Housing Authorities Law for the purpose of
financing their respective low -rent or Indian housing projects undertaken
with the financial assistance of the Government; and
WHEREAS, such cooperative financing will result in savings and promote
. economy in the performance of the necessary financing functions of the PHA;
NCW, THEREFORE, BE IT RESOLVED by the PHA as follows:
Section 1. The PHA hereby authorizes the execution of an agreement
providing for cooperative financing between and among those PHAs which
frau time to time became parties thereto. For this purpose and pursuant
to the agreement, the PHA shall cooperate with each other PHA that
becomes a party to suds agreement in the exercise of the appropriate
powers for the purpose of collectively financing its respective projects and
for suds purpose hereby prescribes and authorizes the housing Authority of the City of
North Little Rock, Arkansas (herein called "Issuing Agent") to act in its behalf
with respect to all powers as may be necessary or convenient and as fully as it
may act in its awn name with respect to such powers, except as expressly
limited by such agreement. In the exercise of the powers prescribed and
authorized in the agreement, the Issuing Agent may delegate any of such
powers to its officers and employees as fully as if such powers were
exercised solely in its own behalf. The agreement shall be in the form
of the "Financing Agreement" which is attached hereto and made a part of
this Resolution.
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Section 2. The Financing Agreement is hereby approved and accepted both
as to form and substance. The PHA accepts the terms thereof and authorizes
and directs its proper officers to execute the Notice to Issuing Agent to
Become Party to Financing Agreement, which is attached hereto and made a part of
this Resolution, in one or more original counterparts on behalf of the PHA and
to impress and attest the official seal of the PHA on each such counterpart
Section 3. The Financing Agreement shall be in substantially the
following form:
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HUD -9302
(Revised 8/84)
' FINANCING AGREEMENT NO. 2
with
HOUSING AUTHORITY OF THE CITY OF NORTH LITTLE ROCK, ARKANSAS
as
ISSUING AGENT
This Agreement entered into th's day of JAN 7 198$
19 -I. between the Housing Authority of the City of Manila, Arkansas
and
Housing uthoLIL o i e ClL Rnrlkliuj,rh�aL1t L1 and such other Public
nnac
Housing Agencies ("PHAs") which,"pursuant to Section 17 hereof,
join in and become parties hereto; WITNESSETH:
• WHEREAS, each of the parties hereto is a housing agency of
the designated Indian Tribe or City or County of the State or
Commonwealth of Arkansas and a public body corporate and
politic duly organized and existing pursuant
to the Arkansas Housing Authorities Act
as amended and supplemented to the date
of this Agreement (herein called "Housing Authorities Law"); and
WHEREAS, each housing agency (hereinafter called "PHA") is
developing and/or operating one or more low -rent or Indian
housing projects with the financial assistance of the United
States of America (herein called the "Government") pursuant to an
Annual Contributions Contract (herein called the "Contract")
between such PHA and the Government under authority of the
Housing Authorities Law and the United States Housing Act of
1937, as amended; and
WHEREAS, the Contract provides that the PHA may, as approved
by the Government, obtain loans from others than the Government,
which loans may be evidenced by Project Notes (referred to in the
Contract as "Temporary Notes") and Bonds; and
WHEREAS, the Housing Authorities Law authorizes any two or
more PHAs to cooperate with one another in the exercise of their
powers and for such purpose a PHA may by resolution authorize,any
other PHA so cooperating with it to act in its behalf with
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respect to any or all powers; and
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HUD -9302
(Revised 8/84)
pursuant to the Housing Authorities Law indicated by valid
resolution its determination to cooperate with one another in
financing of its respective projects on the terms and conditions
provided herein; •
NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein set forth, the parties hereto (herein called
"Member PHA") agree as follows:
Section 1. Each PHA is developing and operating one or more
low -rent or Indian housing projects with financial assistance of
the Government pursuant to a Contract with the Government, as
follows:
Housing Authority
Housing Authority of the City of Manila, Arkansas
Housing Authority of the City of North Little Rock,
Arkansas
and such other Contracts as may be added hereto pursuant to
Section 17 hereof.
Annual Contributions
Contract No. and Date
FW -7095 dated July 14, 1975
FW -7108 dated August 22, 1975
Sec. 2. Each Member PHA shall cooperate with each other
Member PHA and the Issuing Agent in the exercise of its powers
for the purpose of collectively financing its respective projects
covered by the Annual Contributions Contracts referred to herein,
as such Contracts may be modified or amended from time to time,
and for such purpose hereby prescribes and authorizes
the Housing Authority of the City of North Little Rock, Arkansas
(herein called the "Issuing Agent")
to act in its behalf with respect to all powers as may be
necessary or convenient and as fully as it may act in its own
name with respect to such powers, except as expressly limited by
this Agreement. In the exercise of the powers herein prescribed
and authorized the Issuing Agent may delegate any of such powers
to its agents, officers and employees as fully as if such powers
were exercised solely in its own behalf.
Sec. 3. Each Member PHA hereby determines to incur an
indebtedness not in excess of the aggregate Estimated Total
Development Cost of its respective projects as may be specified
in its Annual Contributions Contract. For such purpose and
solely in order to provide funds to pay expenses incurred or to
be incurred pursuant to the Annual Contributions Contracts or to
refund, renew or extend outstanding obligations issued in
connection therewith, the Issuing Agent shall obtain funds from
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HUD -9302
(Revised 8/84)
3
others than the Government and for such purposes may issue and
have outstanding at any one time negotiable notes (herein called
"Project Notes" and in the Contract called "Temporary Notes") and
bonds (herein called "Bonds") for purchase by the public from
time to time in amounts which shall not exceed the aggregate
Estimated Total Development Cost of all the projects as specified
in all such Annual Contributions Contracts.
Sec. 4.a. The Department of Housing and Urban Development
(herein called "HUD") is hereby authorized and directed to
advertise from time to time the public sale of Project Notes or
issues of Bonds of the Issuing Agent, acting on behalf of and for
the Member PHAs, by causing the publication of a Notice of Sale
thereof in the Daily Bond Buyer, a financial newspaper published
in the City of New York, New York. The Secretary or Asst. Sec.of the
Issuing Agent shall publish the Notice of Sale locally pursuant
to State law if required. The Notice of Sale shall be published
prior to such sale and shall be comparable to Form HUD -9001.
Each Notice of Sale shall be published at intervals in accordance
with a schedule of advertising arranged in cooperation with the
Government. Each separate issue of Project Notes advertised for
sale shall be numbered in consecutive series; and
b. Each proposal submitted for all or a part of any
series of Project Notes or Bonds shall be in substantially the
form of HUD -9002, which is incorporated herein by reference.
Sec. 5.a. The Government, through the Regional
Administrator or his designee in the Regional Office having
jurisdiction over the Issuing Agent, is authorized to act on
behalf of the Issuing Agent to receive, open and review all
proposals which are received for the purchase of Project Notes or
Bonds on each date and at the time and place specified in the
duly published Notice of Sale for the Project Notes listed
therein. Upon completion of the review, the contents of all
proposals shall be communicated by telephone to the HUD Central
Office with a recommendation for award; and
b. HUD is hereby authorized to award the Project
Notes or Bonds at the lowest interest rate or rates not in excess
of the rate per annum permissible under State law offered in the
proposal without reference to premiums; Provided, that as among
proposals specifying the same lowest interest rate, awards shall
be made on the basis of the highest premium offered. The
Regional Administrator or his designee shall promptly notify the
Issuing Agent and each successful bidder by telephone of the
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HUD -9302
(Revised 8/84) •
4
principal amount of Project Notes so awarded to such bidder, such
notification to be confirmed later in writing.
Sec. 6. The Issuing Agent shall Issue Project Notes in
consecutive series in book -entry form subject to the provisions
o f Section 7. Each series of Project Notes that is issued shall
consist of one or more Master Project Notes representing all or
substantially all of a particular issue. Master Project Notes
shall be in substantially the form of HUD -9305, which is
incorporated herein by reference. The Master Project Notes shall
be issued in registered form and shall be held in custody by the
✓ egistered holder until maturity. Master Project Notes are
divisible into Project Notes, which are available in a minimum
denomination of $1,000 or in multiples thereof. Each series of
P roject Notes shall be dated not later than the date on which
they are to be delivered by an electronic book -entry securities
transfer system to the original purchaser, shall mature within a
term not to exceed 24 months from such date, shall bear interest
at the rate per annum fixed in the proposal accepted for the
purchase of such Notes, and shall be secured by a "Requisition
Agreement" in substantially the form of HUD -9306, which is to be
entered into between the Issuing Agent and the Government and
which is incorporated herein by reference.
Sec. 7. The Issuing Agent may issue Project Notes in
physical form only if requested to do so at the time of original
issue. Such Notes shall be in substantially the same form as
HUD -9305 but shall be payable to bearer unless their term exceeds
one year in which case they shall be issued in registered form.
Project Notes in physical form shall be issued through a Central
Registrar of the Project Notes. The Central Registrar, on behalf
o f the Issuing Agent and Member PHAs, shall perform such other
duties in connection with the Project Notes in book -entry and
physical form as are necessary and appropriate, which duties are
enumerated in a contract by and between the Central Registrar and
HUD.
Sec. 8. For the punctual payment of the principal of and
interest on each series of Project Notes, each PHA hereby
expressly and irrevocably promises to effect payment to the
Fiscal Agent of any sums which may be received from the
Government pursuant to the Requisition Agreement relating to such
series of Project Notes and each such Requisition Agreement when
executed by the Government is hereby declared to be and is hereby
assigned by each PHA for the benefit of the holder or holders
from time to time of such series of Project Notes. All annual
contributions and residual receipts (as defined in the Contract)
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HUD -9302
(Revised 8/84)
5
authorized by the Contract to be applied to the payment of
Project Loan Notes (referred to in the Contract as "Advance
Notes"), Permanent, and Project Notes (referred to in the
Contract as "Temporary Notes") issued in connection with the
projects are hereby pledged to secure the payment of the
principal and interest to maturity on each series of Project
Notes, and each PHA hereby authorizes and directs the Government
to make such annual contributions available for such payment
promptly. The pledge and the lien created thereby shall cease
and terminate as to any series of Project Notes when monies are
deposited with the Fiscal Agent not later than the maturity date
of such Notes.
Sec. 9. The Federal Reserve Bank of New York
is hereby
designated as Fiscal Agent for all Project Notes to be issued by
the Issuing Agent and shall be the registered holder of all
Master Project Notes. The Fiscal Agent is further authorized and
directed to pay to the original purchasers principal and interest
on the Project Notes at maturity through Fed Wire securities
transfer messages and to perform such other duties in connection
• with the issue of Project Notes as are necessary and appropriate,
which duties are enumerated in the contract between HUD and the
Fiscal Agent.
Sec. 10. Promptly upon the delivery of each series of
Project Notes and issue of Bonds and periodically, but not less
often than annually, thereafter as the Issuing Agent may require,
the Issuing Agent shall be reimbursed for the actual costs
incurred in the sale, delivery and servicing of such Notes and
Bonds during such period. Each PHA shall reimburse the Issuing
Agent for such costs in the proportion which the principal amount
of such Notes or Bonds issued on behalf of such Member PHA bears
to the total principal amount of such series of Notes or issue of
Bonds.
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Sec. 11. The amount of the proceeds from the sale of each
series of Project Notes equal to the portion thereof issued on
behalf of each Member PHA shall be applied by the Issuing Agent,
First, to the payment of principal of and interest on any
Outstanding Project Notes of such Member PHA which are refunded
by such series of Project Notes; Second, to the payment of
principal of and interest on Notes of such Member PHA then held
by the Government which are refunded by such series of Project
Notes; and Third, to the payment of any balance to such Member
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HUD -9302
(Revised 8/84)
6
PHA Accrued interest received on account of any series of
Projects Notes shall be paid to the Central Registrar and applied
to the payment of interest on such series at the maturity
thereof. Premiums received from the sale of each series of
Project Notes shall be applied to the reduction of costs incurred
by the Issuing Agent before requiring reimbursement from the
Member PHAs. To the extent that such premiums exceed such costs,
the amount of such excess shall be distributed to the Member PHAs
in the same proportion as is required in respect to reimbursement
of such costs, unless other distribution is approved by the
Government.
Sec. 12. The total interest on each series of Project Notes
shall be charged to each PHA in the proportion which the portion
of the principal amount of such series issued on behalf of such
Member PHA bears to the total principal amount of such series.
Each Member PHA, on or prior to the maturity date of any series
of Project Notes, shall pay an amount equal to the sum of its
portion of the interest accruing on such series, plus the amount
by which the portion of the principal amount (together with
interest thereon to maturity) of such series issued in its behalf
exceeds the portion of the principal amount of succeeding series
of Project Notes (issued to refund such series) issued on its
behalf. Such payments may be made through the Government as may
be appropriate at the time such payments are made.
Sec. 13. Each issue of Bonds shall be authorized by
resolution of the Issuing Agent, shall be executed in the name of
the Issuing Agent and shall be issued in the form and manner as
may be authorized from time to time by the Housing Authorities
Law and the Contract: Provided, That the Bonds shall be payable
solely and only from the accruing annual contributions and
residual receipts (as such terms are defined in the Contract) of
permanently financed projects (as defined in the Contract). The
Government is herebyauthorized and directed to pay all accruing
annual contributions which may be pledged to the payment of the
Bonds to the Fiscal Agent designated in the resolutions
authorizing the Bonds.
Sec. 14. Whenever funds shall have been deposited by or on
behalf of any Member PHA with the Fiscal Agent for the purpose
and in an amount sufficient to pay the principal amount of Bonds
(together with interest thereon and any redemption premium)
outstanding in respect to such Member PHA, no further deposits
shall be made with the Fiscal Agent for or on behalf of such
Member PHA. Each Member PHA shall be fully credited with advance
amortization of Bonds resulting from deposits directly
attributable to such Member PHA. Advance amortization
attributable to Bond premiums shall be credited to each Member
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HUD -9302
(Revised 8/84)
7
PHA in the proportion which the principal amount of the Bonds
issued on behalf of such Member PHA bears to the total principal
amount of such issue of Bonds and interest, when required by any
Contract to be included in development cost, shall be charged on
the same basis.
Sec. 15. The Issuing Agent acting by any of its officers,
employees or agents may make such assignment and may consent,
covenant, and certify on behalf of each Member PHA as to any
matters expressed in this Agreement or as may be necessary or
convenient for the purpose of financing any or all of the
projects, and such assignments, consents, covenants, and
certifications shall be binding upon each Member PHA to the same
extent as if made by the officers, employees or agents of such
PHA.
Sec. 16. Each PHA covenants and agrees with and for the
benefit of each other PHA, the Issuing Agent, the Government and
the holders from time to time of the Project Notes and Bonds:
(a) That it will not take any action which might affect or
• impair the obligation of the Government to make payment of any
moneys pledged as security for the payment of the principal of
and interest on Project Notes or Bonds;
(b) That it will not obtain any loan with respect to any
project from the Government, or from other than the Government,
which loan is secured by the obligation of the Government to make
an advance on account of the loan pursuant to the Contract
covering such project, without full disclosure of any such
proposed loan to the Issuing Agent;
(c) That it will not obtain any loan with respect to any
project from the Government, or from others than the Government,
which loan is secured by the specific portion of the annual
contributions pledged to the payment of the Bonds;
(d) That it will do and perform every covenant and
agreement made on its behalf by the Issuing Agent in pursuance of
the Housing Authorities Law, the Contract and this Agreement, and
for such purpose each Member PHA hereby joins the Issuing Agent
and becomes a party to the performance of each act and deed
necessary or convenient to complete the delivery of each series
of Project Notes and issue of Bonds; and
(e) That it will not amend this Agreement in any way which
• would limit or alter the rights of such holders or otherwise
impair the rights and remedies of such holders until such Project
Notes and Bonds, together with interest thereon, and all costs,
expenses, and damages in connection with any action or
proceedings by or on behalf of such holders are fully met and
discharged.
HUD -9302
(Revised 8/84)
8
Sec. 17. The Issuing Agent may permit any PHA to join in
and become a party to this Agreement and to add Contracts to
those covered hereby upon written notice from the PHA that it has
accepted the terms hereof. Upon acceptance by the Issuing Agent
o f any such notice, the PHA shall be deemed to have joined in and
become a party hereto and its Contract incorporated herein.
Subject to Section 16(e), any Member PHA and/or Contract may be
excluded herefrom upon similar notice and acceptance of such
e xclusion.
Sec. 18. Each PHA certifies that all conditions precedent
to the valid execution and delivery of this Agreement on its part
have been complied with, that all things necessary to constitute
this Agreement its valid, binding, and legal agreement on the
terms and conditions and for the purposes herein set forth have
been done and have occurred, and that the execution and delivery
o f this Agreement on its part have been and are in all respects
duly authorized in accordance with law.
Sec. 19. This Agreement supplements and supersedes the
Financing Agreement dated July 16, 1964 , as to all
parties as of the date of execution by the parties, or as of the
date ofthe "Notice to Issuing Agent to Become Party to Financing
Agreement" as to additional parties.
IN WITNESS WHEREOF, the PHAs have caused this Agreement to
be executed in their respective names and their respective seals
to be impressed or affixed hereon and attested as of the date
first above written.
(Seal)
ATTEST:
4
(Seal)
ecretary
ATTEST:
.4a
ecretary
HOUSING AUTHORITY OF THE CITY OF
MANILA,. ARKANSAS
By y,/[�n /',�^/
(�fi i fri
e) Chairman
HOUSING AUTHORITY OF THE CITY OF
By
NORTH, TLE ROCK, ARKANSAS
..Chairman
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RESOLUTION NO. 400
RESOLUTION APPROVING TRAVEL TO ARIQSNSAS`CF.P.PTER NAHRO"SPRING MEETING
APRIL 10 - 12, 1985 AT HOT SPRINGS, ARKANSAS
WHERE AS, The Spring Meeting of Arkansas Chapter NAHRO will be held in
Hot Springs, Arkansas April 10 -.12, 1985, and,
WHERE AS, there will be programs and discussions concerning Public Housing
and Section 8 Housing that would benefit the Local Agency;
NOW THEREFORE, BE IT RESOLVED BY THE COMMISSIONERS OF THE HOUSING
AUTHORITY OF THE FAYETTEVIILE HOUSING AUTHORITY, that travel
expenses for personnel designated by the Executive Director
be paid to this meeting in accordance with the Agency's
policy.
PASSEL) AND APPROVED THIS 20th DAY OF February , 1985
AiLBST:
THE HOUSING AUTHORITY OF THE CITY OF
FAYEPTEVTTT,F, ARKANSAS