HomeMy WebLinkAbout125-95 RESOLUTIONRESOLUTION NO. 12 5- 95
A RESOLUTION APPROVING AN AMENDMENT TO THE
AGREEMENT (7/1/95) WITH THE STATE BOARD OF
FINANCE FOR TURNBACK OF SALE AND INCOME TAX
FUNDS FOR THE CONTINUING EDUCATION CENTER
(CEC) TINDER THE TOURIST AND ENTERTAINMENT
FAC1L11IES ASSISTANCE ACT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. The Council hereby authorizes Mayor and City Clerk to execute the
amendment to the agreement (7/1/95) with the State Board 01 Finance for turnback of sale and
income tax funds for the Continuing Education Center (CEC) under the 'Tourist and
Entertainment Facilities Assistance Act. A copy of the amendment is attached hereto marked
Exhibit "A" and made a part hereof.
PASSED AND APPROVED this 3rd day of October 1995.
ATTEST:
By:
'frac i Paul, City Clerk
APPROVED;
By:
/1,11 ��Tl�''l v1.�
Fred Hanna, Mayor
AMENDMENT TO AGREEMENT
This amendment to Agreement is made as of October 1, 1995, by and between the City
of Fayetteville, Arkansas (hereinafter called, "City), a City of the first class organized and
existing pursuant to the laws of the State of Arkansas and the State Board of Finance. an agency
of the State of Arkansas (hereinafter called. "State").
WITNESSETH:
WHEREAS, the State and the City executed an agreement dated July 1, 1983 pursuant
to which the City has received financial assistance from the State as authorized by the "City -
County Tourist Meeting and Entertainment Facilities Assistance Law," Arkansas Code Annotated
(1981 & Supp. 1993) Sections 14-171-201 through 217, as amended: and
WHEREAS said agreement provides that the term thereof shall be for two (2) years
commencing July 1, 1983, but subject to approval of the General Assembly, will be extended
from time to time for additional terms. which additional terms shall not exceed two (2) years;
and
WHEREAS, the State renewed the Agreement for two (2) additional years commencing
July 1. 1995; and
WHEREAS. a copy of the renewal agreement with the original agreement incorporated
is attached hereto and marked "Appendix A"; and
WHEREAS the City has refunded its Continuing Education Center Revenue Bonds,
Series 1979 (hereinafter called. "Series 1979 Bonds") and issued Hotel and Restaurant Gross
Receipts Tax Refunding Bonds, Series 1995 (hereinafter called, "Series 1995 Bonds") to reduce
the City's debt service cost; and
WHEREAS, the City now wishes to amend the Agreement, as renewed effective July
1. 1995, between the City and the State to reflect a new debt service schedule and maximum
turnback assistance that may be requested during the period covered by the Agreement.
NOW, THEREFORE, THE PARTIES HERETO MUTUALLY AGREE AS FOLLOWS:
I. "Section III" of the July 1. 1995, renewal Agreement is hereby deleted and the
following section is substituted in its place:
"Ill. The State hereby covenants and agrees that it will certify to
the State Treasurer the amount of assistance to be paid the City
which the State hereby agrees to be the sum of $312,416 for the
fiscal year 1995-1996 and $297,493 for the fiscal year 1996-1997
and directs the said treasurer to make quarterly payments to said
City from the "City -County Tourist Facilities Aid Fund"
established pursuant to the provisions of Act 763, acts of Arkansas
of 1977. as amended.
II. A debt service schedule for the Series 1995 Bonds is attached hereto, marked
"Appendix B" indicating debt service maturities in the years 1996 through 2004
and shall replace the debt service schedule for the Series 1979 Bonds.
III "Section IV" of the July 1, 1983, original Agreement is hereby deleted and the
following section is substituted in its place:
"1V. Payment of such assistance funds by the State shall be made to the Trustee
of the City's bonds (Bank of Oklahoma, Tulsa. Oklahoma or its successor) and
said Trustee shall apply all such funds received from said City -County Tourist
Facilities Aid Fund to the payment of or redemption of said bonds of the City and
to the payment of interest thereon. City covenants that any remaining funds
received from the State after retirement of said bonds shall be returned forthwith
to the State Treasurer.
IV. As modified by this amendment to Agreement, the Agreement between the State
and the City dated July 1. 1983, shall continue in full force and effect.
This AMENDMENT TO AGREEMENT executed in duplicate originals as of the 25TH:
day of October , 1995.
ATTEST:
Title: Secretary, State Beard of Finance
City Clerk
_
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STATE BO • ' D OF ' NANCE
By:
C airman
CITY OF
By:
YETTEVILLE, ARKANSAS
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ayor