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HomeMy WebLinkAbout134-84 RESOLUTIONRESOLUTION NO. 134 -84 • SCANNED A RESOLUTION OF THE BOARD OF DIRECTORS OF THE CITY OF FAYETTEVILLE, ARKANSAS APPROVING AND AUTHORIZING THE ISSUANCE OF $800,000 OF FIRST MORTGAGE REVENUE BONDS (CENTER COURT SQUARE PROJECT) SERIES 1984 -BY THE CENTRAL BUSINESS IMPROVEMENT DISTRICT NO; 1 OF THE CITY OF FAYETTEVILLE, ARKANSAS WHEREAS, S S & L, an Arkansas general partnership (the "Partnership") has requested the Board of Commissioners of the Central Business Improvement District No. 1 of the City of Fayetteville, Arkansas (the "District") to issue $800,000 of First Mortgage Revenue Bonds (Center Court Square Project) Series 1984 (the "Bonds") to provide permanent financing of the acquisition, reconstruction, renovation, equipping and improvement of the Partnership's property located within the District; and WHEREAS, the District has concluded that it is desirable to provide permanent financing for the Project because said acquisition, reconstruction, renovation, equipping and improvement of the Project has and will eliminate urban blight and decay within the boundaries of the District and within the limits of the City of Fayetteville, Arkansas; •and WHEREAS, the District has approved the issuance of the Bonds and now requests the City's approval of the Bonds; NOW, THEREFORE, be it resolved by the the City of Fayetteville, Arkansas that: 1. The Board of Directors makes the determinations: Board of Directors of following findings and (a) The acquisition, construction, renovation, equipping and improvement of the Partnership's property within the boundaries of the District will eliminate and prevent urban blight and decay, improve the local tax structure, reduce crime and disease and other hazards to persons an property, and will generally benefit the public, the District, the City of Fayetteville, Arkansas and the State of Arkansas. (b) The District's assistance to the Partnership in financing the Project will serve the best interest of the City and its inhabitants and satisfies a proper public purpose, in general and within the meaning of Act No. 403 of the Acts of the General Assembly of the State of Arkansas for the year 1975, as amended, which empowers the District to issue the Bonds. 2. The City hereby authorizes and approves the issuance of the Bonds by the District. The City considers this Resolution to be approval of the issuance of the Bonds under the provisions of Section 103(K) of the Internal Revenue Code of 1954 as amended. 3. This Resolution shall be in full force and effect from and after its adoption. Adopted this 20th day of November, 1984. Paul R. Nola'd, Mayor ATTEST: uzayf ie C. Kennedy -2- 1 • CERTIFICATE The undersigned, Clerk of the City of Fayetteville, Arkansas, hereby certifies that the foregoing is a true and perfect copy of Resolution No. 134 -84 adopted by the Board of Directors of the City of Fayetteville, Arkansas, at a regular meeting held at the City Hall in said City, at 7:30 o'clock, P.M. on the 20th day of November, 1984. GIVEN under my hand and seal on this 20th day of November, 1984. see ' r' sed -3- RESOLUTION AUTHORIZING ISSUANCE OF $800,000 FIRST MORTGAGE REVENUE BONDS (CENTER COURT SQUARE PROJECT) SERIES 1984 WHEREAS, the Board of Commissioners of Central 'Business Improvement District No. 1 of the City of Fayetteville, Arkansas (the "District"), by Resolution adopted April 30, 1982, has determined that a loan of not to exceed $1,200,000 to S S & L, an Arkansas general partnership (the "Partnership"), pursuant to the provisions of Act No. 403 of the General Assembly of the State of Arkansas for the year 1975, as amended (the "Act"), is desirable in order to provide funds for the permanent financing of the acquisition, reconstruction, renovation, equipping and improvement of the Partnership's property located at #31 East Center Street within the District (the "Project"), and WHEREAS, the District has previously issued its $500,000 Construction Note (Center Court Square Project) Series 1982 (the "Construction Note") in order to provide interim funds for the acquisition, reconstruction, renovation, equipping and improvement of the Project; and WHEREAS, the Partnership has now requested the District to issue $800,000 of first mortgage revenue bonds in order to repay the Construction Note and provide permanent .financing :forthe acquisition, reconstruction, renovation, equipping and improvement of the Project; and WHEREAS, the details for the bonds in order to provide the funds to make such permanent loan in the amount of $800,000'have been completed, and there has been approved by the Partnership an agreement as to the purchase of such bonds by First National Bank of Fayeteville (the "Purchaser"), and WHEREAS, it is desirable that the District at this time approve the issuance of the bonds and the form of the documents to be delivered in connection with the issuance of $800,000 in first mortgage revenue bonds of the District to be designated "Central Business Improvement District No. 1 of the City of Fayetteville, Arkansas First Mortgage Revenue Bonds (Center Court Square Project), Series 1984 (the "Bonds"): NOW, THEREFORE, be it resolved by the Board of Commissioners of Central Business Improvement District No. 1 of the City of Fayetteville, Arkansas, (the "Board") as follows: 1. The Board makes the. following findings and determinations: (a) The acquisition, construction, renovation, equipping and improvement of the Partnership's property ♦. ri within the boundaries of the District will eliminate and prevent urban blight and decay, improve the local tax structure, reduce crime and disease and other hazards to persons an property, and will generally benefit the public, the District, the City of Fayetteville, Arkansas and the State of Arkansas. (b) The District's assistance to the Partnership in financing the Prosect will serve the best interest of the District and its inhabitants and satisfies a proper public purpose, generally and within the meaning of Act No. 403 of the Acts of the General Assembly of the State of Arkansas for the year 1975, as amended. 2. In order to provide for the issuance of the Bonds, to provide for the immediate execution and delivery of the Bonds, and to prescribe the terms and conditions upon which the Bonds are to be secured, executed, authenticated, accepted and held, the Chairman or Vice -Chairman is hereby• authorized and directed to execute and acknowledge a Trust Indenture with First National Bank of Fayetteville, as Trustee, to be dated as of November 1, 1984, and the Secretary is hereby authorized and directed to execute and acknowledge the Trust Indenture so executed by the Chairman and to affix the seal of the District thereto, and the Chairman or Vice -Chairman and Secretary are hereby authorized and directed to cause the Trust Indenture to be accepted, executed and acknowledged by the Trustee, with the Trust Indenture, which constitutes and is hereby .made a part of this Resolution, to be in substantially the form exhibited to the Board at this meeting (with such amendments, changes, corrections and deletions as the officers executing the Trust Indenture shall determine to be appropriate). 3. The Chairman or Vice -Chairman and Secretary, for and on behalf of the District, be, and they are hereby, authorized and directed to execute and deliver a Loan Agreement with the Partnership, to be dated as of November 1, 1984 in substantially the form exhibited to the Board at this meeting (with such amendments, changes, corrections and deletions as the officers executing the Loan Agreement shall determine to be appropriate), and such other agreements, assignments, security agreements, and instruments relating thereto as shall be necessary in order to effect and carry out the authority conferred by this Resolution, the Loan Agreement and the Trust Indenture for the issuance and securing of the Bonds. The Chairman or Vice -Chairman and Secretary are further authorized and directed, for and on behalf of the District, to execute all other papers, documents, certificates or other instruments that may be required by the Trustee, the Purchaser, or counsel for the carrying out of the authority herein granted, or to evidence the exercise thereof. -2- • !i 11 ,t. 4. In order to provide for the sale of the Bonds, the Chairman or Vice -Chairman, for and on behalf of the District, is hereby authorized and directed, with the approval of the Partnership, to enter the Bond Subscription Contract dated November 1, 1984, with the Purchaser in substantially the form presented to the Board (with such amendments, changes, corrections and deletions as the Chairman or Vice -Chairman shall determine to be appropriate consistent with the intent of this Resolution). 5. When requested by the Partnership and the Purchaser the Chairman or Vice -Chairman and Secretary are authorized and directed to execute and deliver the Bonds in accordance with the provisions of the Loan Agreement, the Trust Indenture and the Bond Subscription Contract and to execute and deliver all other necessary documents surrounding the issuance and sale of the Bonds. Passed and approved November 20, 1984'. ATTEST: Secretary Chairman 11 • CERTIFICATE I Secretary of the Board of Commissioners of Central Business Improvement District•No. 1 of the City of Fayetteville, Arkansas, do hereby certify that the foregoing is a true and correct copy of a resolution duly adopted by said Board at a regular meeting at which a quorum was present and acting throughout, held on the 20th day of November, 1984. Dated this 21st day of November, 1984. (S E A L) Secretary DAVTS, COX & WRIGHT ATTORNEYS AT LAW P. O. DRAWER 1008 FAYETTEVTT T F ARKANSAS 72702-1688 SIDNEY P. DAVIS, IR WALTER B. COX TILDEN P. WRIORT m CONSTANCE O. ©.ARK WM. JACKSON BUTT II JOE BENSON WY LIE a DAVIS OF COUNSEL Mr. Don Grimes Fayetteville City Managei'1 P. 0. Drawer F Fayetteville.; ;ARS.=72702 Dear Mr. Grimes: October 29, 1984 RE: • 10 EAST MOUNTAIN STREET TELEPHONE 50115217000 Fayetteville Central Business Improvement District No. 1 First Mortgage Revenue Bonds on Center Court Square Project -y RECEIVED • OCT 3 01984 CITY OF FAYEfTEVILLE This will confirm our telephone conversation of October 29. I have requested that.the`above matter be_placed on the agenda for the City board meeting of Tuesday, NoveMb- rL20. Briefly, the proposal contemplates the borrowing of approximately $800,000, secured by bonds,. from First National Bank of Fayette- ville, Arkansas, to pay off the short term financing which was used to renovate the Center Court Square Project, rehabilitation of the portion of the Mountain Inn west of the arcade building and facing Center Street. The construction has been largely completed now and the short term financing is to be paid off from the proceeds of these bonds. The ultimate beneficiary is SS & L, an Arkansas partnership comprised of Jim Lindsey and Dr. Sexton. If you need further information before the meeting, please let me know. WJB:bap c: Mr. Les Baledge Rose Law Firm 120 East 4th Street Little Rock, AR 72201 Sincerely, DAMS_, _COX & _WRIGHT Jackson Butt, II • 4 • PHILLIP CARROLL STANLEY E. PRICE H. WATT GREGORY, = WILLIAM E. BISHOP HILLARY ROOMAM CLINTON TIM BOE • VIA FEDERAL EXPRESS Mr. Don Grimes City Manager City of Fayetteville, City Hall Fayetteville, Re: ROSE LAW FIRM A PROFESSIONAL ASSOCIATION ATTORNEYS 120 EAST FOURTH STREET LITTLE ROCK, ARKANSAS 72201 REG EEa 1934 1913 NOV 141984 November 121,9 184 CITY OF FAYETT�V1LI Arkansas Arkansas $800,000 No. 1 of Mortgage Project) Dear Mr. Grimes: i• 72701 • GARLAND J. GARRETT JERRY C. JONES CAROL S. ARNOLD JACKSON FARROW JR. LES R. BALEDGE JIM HUNTER BIRCH R. !DAVIS THOMAS, JR. DAVID L. WILLIAMS CATHERINE LASSITER RICHARD T. DONOVAN MICHAEL R. JOHNS MARTIN K. THOMAS SUSAN RALSTON McLEAN RICHARD N. MASSEY OF COUNSEL Central Business Improvement District the City of Fayetteville, Arkansas First .Revenue Bonds (Center Court Square Series 1984 • Enclosed you will find ten photocopies of the form of Resolution which we wish to have considered by the Board of Directors of the City at its November 20th meeting. As you will see, the Resolution, if adopted, will approve and authorize the issuance of the referenced bonds. The Central Business Improvement District is also scheduled to meet on November 20th to approve these bonds. If you have questions, please call me or William Jackson Butt, the District's attorney. LRB/ks Enclosures cc: Jim McCord Suzanne Kennedy William Jackson Butt Very truly yours,