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Home My WebLink About24-79 RESOLUTION1 • RESOLUTION NO eQq_� A RESOLUTION MAKING CERTAIN FINDINGS IN CONNECTION WITH THE CITY OF FAYETTEVILLE, ARKANSAS RESIDENTIAL HOUSING FACILITIES BOARD AND A FINANCING PROGRAM FOR SINGLE FAMILY MORTGAGE REVENUE BONDS; APPROVING THE PROPOSED ISSUANCE AND SALE OF SINGLE FAMILY MORTGAGE REVENUE BONDS, AND CERTAIN MATTERS WITH RESPECT THERETO; AND AUTHOR- IZING AND PRESCRIBING OTHER MATTERS PER- TAINING THERETO. • WHEREAS, the City of Fayetteville, Arkansas (the "City"), pursuant to the provisions of Act No. 142 of the Acts of the General Assembly of the State of Arkansas for 1975 (the "Act") has duly created the City of Fayetteville, Arkansas Residential Housing Facilities Board (the "Board") by an ordinance of the City duly adopted (the "Ordinance"); and WHEREAS, the Ordinance empowered the Board to issue its revenue bonds (the "Bonds") in order to acquire home mortgages and to pledge such home mortgages as security for the payment of principal of and interest on the Bonds and to enter into agreements in connection therewith in order to assist persons of low and moderate income to obtain financing of residential housing facilities under conditions more favorable than could othewise be obtained; and WHEREAS, the Ordinance requires that before the Board may issue any Bonds the Board must submit, and the City must approve, certain matters set forth in Sections 4 and 5 of the Ordinance with respect to the Bonds; and WHEREAS, the Board has submitted such matters for approval by the City; MICROF 4P 4 1919 DATE REEL • 1 NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the City of Fayetteville, Arkansas: Section 1. Findings. The City hereby finds and determines: (a) The aggregate principal amount of Bonds proposed to be issued is $18,000,000, and the related details of the Bonds and the Board's mortgage finance program are stated in the Preliminary Official Statement of the Board attached hereto as Exhibit A and incorporated by reference as though fully set forth herein (the "Preliminary Official Statement"), and further set forth in the schedule of principal maturities, interest rates and semiannual and total interest requirements listed in Exhibit B attached hereto and incorporated by reference as though fully set forth herein (the "Debt Service, Schedule"). (b) The Board has recommended to the City that Rauscher Pierce Refsnes, Inc. and Powell & Satterfield, Inc., serve as Underwriters (the "Underwriters") to the Board; that The First National Bank of Fayetteville serve as Trustee and Paying Agent (the "Trustee"); that Mcllroy Bank and Trust Company and The Commercial National Bank of Little Rock serve as Co -Paying Agents (the "Co -Paying Agents"); and that The Lomas and Nettleton Company serve as Administrator (the "Administrator"). (c) The Board has recommended to the City that the mortgage lending institutions listed on Exhibit C attached hereto and incorporated by reference as though fully set forth herein (the "Participants") become contractually obligated to originate and sell mortgage loans to the Board in the respective amounts set forth in Exhibit C. • • (d) The Board has recommended to the City that a minimum of 75% of the proceeds of the Bonds (exclusive of amounts required to establish certain reserves and to pay costs of issuance of the Bonds) shall be used to purchase mortgage loans on existing or newly constructed single family residences located within the City limits, and that a maximum of 257 of such funds shall be used to purchase mortgage loans on existing single family residences located in the territorial planning jurisdiction of the City and not within the territorial planning jurisdiction of any other municipality. Section 2. Approval of Issuance of Bonds. The City hereby approves the issuance of the Bonds and the related details thereof and of the Board's mortgage finance program as set forth in the Preliminary Official Statement and the Debt Service Schedule. The City authorizes the Board to make such changes in the aggregate principal amount and maturities of the Bonds, the interest rates and debt service requirements therefor, and any and all other related terms as shall not result in a net interest cost on the Bonds exceeding the net interest cost shown on Exhibit B. Section 3. Approval of Underwriters. .The City hereby approves the sale of the Bonds to the Underwriters upon such terms and conditions as the Board shall approve, providing that the discount received by the Underwriters shall not exceed $21.00 per $1,000 of Bonds issued and sold. Section 4. Approval of Other Parties. The City hereby approves the Trustee and Paying Agent, the Co -Paying Agents, and the Administrators as selected by the Board. vad • Section 5. Approval of Participants and Allocations. The City hereby approves the Participants and their respective allocations as shown on Exhibit C. Section 6. Approval of Use of Bond Proceeds. The City hereby approves the allocation of a minimum of 75% of loanable Bond proceeds to finance mortgage loans on single family residences within the City limits and a maximum of 257 of such funds to finance mortgage loans on existing single family residences located in an area within the territorial planning jurisdiction of the City and not within the territorial planning jurisdiction of any other municipality. PASSED the 3rd day of April, 1979. APPROVED: ATTEST: -t ;r //�) D Ie Mayor id -, ityielerk �: Jr...c `(SEAL') -' .."•rJ C c (1 CITY OF FAYETTEVILLE, ARKANSAS RESIDENTIAL FIOUSING FACILITIES DELIVERY DATE 04/18/79 DATE PRINCIPAL RATE 11/01/79 05/01/80 11/01/80 05/01/81 11/01/81 05/01/82 11/01/82 05/01/83. 11/01183 05/01/84 11/01/84 05/01/85 11/01/85 05/01/86 11/01/86 05/01/87 11/01/87 05/01/88 11/01/88 05/01/89 11/01/89 05/01/90 11/01/90 05/01/91 11/01/91 05/01/92 11/01/92 05/01/93 11/01/93 05/01/94 11/01/94 05/01/95 11/01/95 05/01/96 11/01/96 05/01/97 11/01/97 05/01/98 11/01/98 05/01/99 11/01/99 05/01/00 11/01/00 05/01/01 11/01/01 05/01/02 11/01/02 05/01/03 11/01/03 05/01/04 11/01/04 05/01/05 11/01/05 05/01/06 11/01/06 05/01/07 11/01/07 05/01/08 11/01/08 05/01/09 11/01/09 05/01/10 11/01/10 05/01/11 190,000 5.600 200,000 5.700 210,000 5.800 220,000 5.900 235,000 6.000 245,000 6.100 260,000 6.200 275,000 6.250 295,000 6.300 310,000 6.400 330,000 6.500 350,000 6.600 375,000 6.700 395,000 6.750 420,000 6.800 450,000 6.850 480,000 6.900 510,000 7.000 545,000 7.100 585,000 7.400 630,000 7.400 675,000 7.400 720,000 7.400 775,000 7.400 830,000 7.400 890,000 7.400 955,000 7.400. 1,025,000 7.400 1,100,000 7.400 1,180,000 7.400 2,340,000 7.400 TOTAL 18,000,000 ACCRUED FROM 04/01/79 NET COST INTEREST 745,141.25 638,692.50 638,692.50 638,692.49 633,372.50 633,372.50 627,672.50 627,672.50 621,582.50 621,582.50 615,092.49 615,092.50 608,042.50 608,042.50 600,570.00 600,570.00 592,510.00 )92,510.00 533,916.24 583,916.25 574,623.75 574,623.75 564,703.75 564,703.75 553,978.75 553,978.75 542,428.74 542,428.75 529,866.25 529,866.25 516,535.00 516,535.00 502,255.00 502,254.99 486,842.50 486,842.50 470,282.50 470,282.50 452,432.50 452,432.50 433,085.00 433,084.99 411,440.00 411,440.00 it,8 ,130.00 338,130.00 363,155.00 363,155.00 336,515.00 336,514.99 307,840.00 307,840.00 277,130.00 277,130.00 244,200.00 244,200.00 208,865.00 208,865.00 170,940.00 170,940.00 130,240.00 130,240.00 86,580.00 86,580.00 29,530,873.68 60,320.96 29,470,552.72 BOARD • TOTAL 745,141.25 638,692.50 638,692.50 828,692.49 633,372.50 833,372.50 627,672.50 837,672.50 621,582.50 841,582.50 615,092.49 850,092.50 608,042.50 853,042.50 600,570.00 860,570.00 592,510.00 867,510.00 583,916.24 878,916.25 574,623.75 884,623.75 564,703.75 894,703.75 553,978.75 903,978.75 542,428.74 917,428.75 529,866.25 924,866.25 516,535.00 936,535.00 502,255.00 952,254.99 486,842.50 966,842.50 470,282.50 930,282.50 452,432.50 997,432.50 433,035.00 1,018,084.99 411,440.00 1,041,440.00 388,130.00 1,063,130.00 353,155.00 1,083,155.00 336,515.00 1,111,514.99 307,840.00 1,137,840.00 277,130.00 1,167,130.00 244,200.00 1,199,200.00 208,865.00 1,233,865.00 170,940.00 1,270,940.00 130,240.00 1,310,240.00 86,580.00 2,426,580.00 47,530,873.68 60,320.96 47,470,552.72 Ntt -ritt,1" ' LQ -+X. - -7.3&I, • ANNUAL 1,383,833.75 1,467,384.99 1,466,745.00 1,465,345.00 1,463,165.00 1,465,184.99 1,461,085.00 1,461,140.00 1,460,020.00 1,462,832.49 1,459,247.50 1,459,407.50 1,457,957.50 1,459,857.49 1,454,732.50 1,453,070.00 1,454,509.99 1,453,685.00 1,450,565.00 1,449,865.00 1,451,169.99 1,452,880.00 1,451,260.00 1,446,310.00 1,448,029.99 1,445,680.00 1,444,260.00 1,443,400.00 1,442,730.00 1,441,880.00 1,440,480.00 2,513,160.00 EXHIBIT C PARTICIPANT ALLOCATION First Federal Savings & Loan Association of Fayetteville $ 5,500,000 Heritage Federal Savings & Loan Association of Fayetteville 4,000,000 The First National Bank of Fayetteville 2,000,000 Mcllroy Bank & Trust, Fayetteville 1,500,000 Commercial National Mortgage Co., Little Rock 750,000 Worthen First Mortgage Company, Little Rock National Mortgage Company, Memphis 750,000 500,000 $15,000,000 • • • CERTIFICATE The undersigned, City Clerk of the City of Fay- etteville, Arkansas hereby a true and correct copy of Resolution No.QL/-,7, adopted at the regular meeting place in said City at'T3O .m., on the 3rd day certifies that the foregoing pages are of April, 1979, Record Book No. GIVEN 1979. i .iv9 ). ii/.'.- (SEALr�+)�.�. .' el and that the Resolution is of record in Resolution 1!f/ , Page j'Q , in my possession. under my hand and seal this 5,a- day of City Clerk