HomeMy WebLinkAbout75-03 RESOLUTION• •
RESOLUTION NO.
75-03
A RESOLUTION RATIFYING THE RESOLUTION OF
THE FAYETTEVILLE PUBLIC FACILITIES BOARD
APPROVING MULTIFAMILY HOUSING REVENUE
BONDS (GRANDVIEW APARTMENTS PROJECT),
SERIES 2003 IN AN AGGREGATE PRINCIPAL
AMOUNT OF NOT TO EXCEED $4,070,000
WHEREAS, The Fayetteville Public Facilities Board (the "Board"), is a public body
politic and corporate with the power of perpetual succession created by Ordinance Number 2485,
as amended (the "Ordinance") of the City Council of the City of Fayetteville, Arkansas (the
"City") under the constitution and laws of the State of Arkansas (the "State"), including the
Public Facilities Board Act as codified at Arkansas Code Annotated §14-137-101 et seq. (1987
& Supp. 1995), as amended (the "Act"); and
WIIEREAS, the Board is authorized by the Act and the Ordinance to issue and sell its
revenue bonds and to use the proceeds to finance residential housing facilities in the City for low
and moderate income families, to secure payment of such revenue bonds as therein provided
(including bond insurance or letters of credit), all in accordance with the provisions of the Act
and the Ordinance; and
WHEREAS, the Board has determined that the economic interests of the City and public
purposes of the Board are served by issuing its Multifamily Housing Revenue Bonds, Series
2003 (Grandview Apartments Project) (the "Bonds") in an aggregate principal amount of not to
exceed $4,070,000 for the purpose of providing moneys to provide financing for the acquisition
and rehabilitation of a multifamily housing project for low to moderate income households
known as Grandview Apartments (the "Project") and for other purposes related thereto; and
WHEREAS, the Bonds arc not a debt of or a pledge of the credit of either the City or the
Board and neither the City nor the Board is obligated to pay debt service on the Bonds; and
WHEREAS, the Act provides that none of the powers granted to the Board under the
provisions of the Act shall be subject to the supervision or regulations or require the approval or
consent of the State or of any municipality or political subdivision of the State, except as
provided in the Ordinance; and
WHEREAS, pursuant to the provisions of the Ordinance, Resolutions adopted by the
Board which authorize the issuance of bonds for financing a multifamily housing project for low
to moderate income households shall be ratified by the City; and
WHEREAS, the Board adopted Resolution on April 21, 2003 and May 20, 2003 to
approve the Bonds subject to the ratification by the City and subsequent approval by the Board
of final financing terms; and
WHEREAS, such Resolutions adopted by the Board on April 21, 2003 and May 20,
2003, authorized the Chairman and Secretary to execute documents to effect the issuance of the
Bonds; and
• •
WHEREAS, the City, as an exercise of its ministerial powers should ratify the Board's
Resolution in recognition that the City is not a part of the deliberative process of approval of the
issuance of the Bonds and provided further that the City should ratify the Resolution adopted by
the Board on April 21, 2003 and May 20, 2003, based upon a determination that the Board has
solely and independently exercised its powers and responsibilities in a manner which complies
with the Ordinance.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF TIIE
CITY OF FAYETTEVILLE, ARKANSAS
Section 1. Recognition of Board's Authority. The Board is authorized by the Act and
the Ordinance to approve thc issuance of the Bonds for the purpose of providing moneys to
finance residential housing facilities for low and moderate income families, pay the costs of
issuing thc Bonds and for other purposes related thereto and shall comply with othcr provisions
of the Act and the Ordinance. The Bonds by statute and intent of this City Council are not a debt
of or a pledge of the credit of either the City or the Board and neither thc City nor the Board is
obligated to pay debt service on the Bonds whether or not said Bonds have been properly issued.
Section 2. Ratification of Board's Resolution. The provisions of the Board's
Resolutions approved April 21, 2003 and May 20, 2003, a copy of both Resolutions which arc
filed with the Clerk of the City, are hereby ratified by the City.
Section 3. Severability. If any provision of this Resolution shall be held or deemed to
be or shall, in fact, be illegal, inoperative or unenforceable, the same shall not affect any other
provision or provisions herein contained or render the same invalid, inoperative or unenforceable
to any extent whatever.
Section 4. Repeal of Resolutions in Conflict. All Resolutions and parts of Resolutions
in conflict herewith arc hereby repealed to the extent of such conflict.
PASSED and APPROVED this the 20th day of May, 2003.
,' aF AYE Fre` /, ` APPROVED:
•
or ro-�
ATTEST:
By: 1:19,y
Sondra Smith, City Clerk
2
By:
DAN COODY, May
•
NAME OF FILE:
CROSS REFERENCE:
Item #
Date
•
Resolution No. 75-03
Document
•
1
05/05/03
Res. 75-03
2
05/08/03
staff review form
draft resolution
copy of
Fax Cover Sheet
from Jim McCord
w/attachments
3
05/27/03
memo to Jim McCord, counsel for Public Facilities Board
NOTES:
FAYETTEVLE
THE CITY OF FAYETTEVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
To: Jim McCord
Thru: Sondra Smith
City Clerk
From: Clarice Buffalohead-Pearman
City Clerk's Division
Date: 5/27/2003
Re: Resolution No. 75-03
Attached hereto are four, originals of the above resolution passed by the City Council ratifying
Series 2003, Multifamily Housing Revenue Bonds on May 20, 2003; executed by the mayor and
city clerk. This information has been recorded in the city clerk's office and will be microfilmed for
archives.
If anything else is needed please let the city clerk's office know.
/cbp
Attachment(s)
cc: Nancy Smith, Internal Auditor
Description
411 411
Staff Review Form - Page 2
Comments:
Budget Manager
Accounting Manager
City Attorney
Purchasing Manager
ADA Coordinator
Internal Auditor
Grants Coordinator
Meeting Date
Reference Comments:
May 20, 2003
May 05 03 03:12p
TO:
RE'
•
JAMES N. McCORD
e nonny at Law
11 N. WEST AVE.
SUITE #202
FAYETTEVILLE. ARKANSAS 72701
TELEPHONE (419) 695-1134
FACSIMLE (479) 695-1135
pmmcco rdlaw a alltel. net
CONFIDENTIAL
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individual named below at (479) 695-1134.
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MESSAGE: Aziat/1 /s ea/2are" h ciay
boy,✓ et. �1 &,� ��
niceniee /lelnuriiA• =.1rstA-.=
CONFIDENTIALITY NOTE: This communication is subject to anomeyclient privilege. The information
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�'e = I -M rte•✓ L&63 Es -0i) 9 75 ' 3e0/
May 05 03 03:12p
•
• •
RF.SOL1I1'ION NO.
A RESOLUTION RATIFYING THE RESOLUTION OF TIIE
FAYETTEVILLE PUI3LIC FACILITIES BOARD APPROVING
MU1.1`IFAMII. Y HOUSING REVENI1F BONDS
(GRANDVIEW APARTMENTS PROJECT); SERIES 2003 IN
AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO
EXCEED S3,700;000* n.e�
WHEREAS, the Fayetteville Public Facilities Board (the "Hoard"), is a public body
politic and corporate with the power of perpetual succession created by Ordinance Number 2485,
as amended (the "Ordinance") of the City Council of the City of Fayetteville, Arkansas (the
"City") under the constitution and laws of the State of Arkansas (the "State"), including the
Public Facilities Board Act as codified at Arkansas Code Annotated §14-137-101 el seq. (1987
& Supp, 1995). as amended (the "Act"); and
WHEREAS, the Board is authorized by the Act and the Ordinance to issue and sell its
revenue bonds and to use thc proceeds to finance residential housing facilities in the City fin low
and moderate income families, to secure payment of such revenue bonds as therein provided
(including bond insurance or letters of credit), all in accordance with the provisions of the Act
and the Ordinance; and
WHEREAS, the Board has determined that the economic interests of the City and public
purposes of the Board arc served by issuing its Multifamily !lousing Revenue Bonds, Series
2003 (Grandview Apartments Project) (the "Bonds") in an aggregate principal amount of riot to
exceed $3.700,000 for the purpose of providing moneys to provide financing for the acquisition
and rehabilitation of a multifamily housing project for low to moderate income households
known as Grandview Apartments (the "Project") and for other purposes related thereto; and
WHEREAS, the Bonds are not a debt of or a pledge of the credit of either the City or the
Board and neither the City not the Board is obligated to pay debt service on the Bonds; and
WHEREAS, the Act provides that none of the powers granted to the Board under the
provisions of the Act shall be subject to the supervision or regulations or require the approval or
consent of the State or of any municipality or political subdivision of the State, except as
provided in the Ordinance; and
WHEREAS, pursuant to thc provisions of the Ordinance, resolutions adopted by the
Board which authorize the issuance of bonds for financing a multifamily housing project for low
to moderate income households shall be ratified by the City; and
WHEREAS, the Board adoptcd a resolution on April 21, 2003 to approve the Bonds
subject to the ratification by the City and subsequent approval by the Board of final financing
terms; and
WHEREAS, such resolution adopted by the Board on April 21, 2003; authorized the
Chairman and Secretary to execute documents to effect the issuance of the Bonds; and
1048015.1/1
p.3
May 05 03 03:12p
•
•
• •
WHEREAS, the City, as an exercise of its ministerial powers should ratify the Board's
resolution in recognition that the City is not a part of the deliberative process of approval of the
issuance of the Bonds and provided further that the City should ratify the resolution adopted by
the Board on April 21, 2003, hased upon a determination that the Board has solely and
independently exercised its powers and responsibilities in a manner which complies with the
Ordinance.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS
Section L Recognition of Board's Authority. The Board is authorized by the Act and
the Ordinance to approve the issuance of the Bonds for the purpose of providing moneys to
finance residential housing facilities for low and moderate income families, pay the costs of
issuing the Bonds and for other purposes related thereto and shall comply with other provisions
of the Act and the Ordinance. The Bonds by statute and intent of this City Council are not a debt
of or a pledge of the credit of either the City or the Board and neither the City nor the Board is
obligated to pay debt service on the Bonds whether or not said Bonds have been properly issued.
Section 2. Ratification of Board's Resolution. The provisions of the Board's
resolution approved April 21, 2003, a copy of which is tiled with the Clerk of the City, are
hereby ratified by the City.
Section 3. Severability. If any provision of this Resolution shall bc held or deemed to
be or shall, in fact, be illegal, inoperative or unenforceable, the same shall not affect any other
provision or provisions herein contained or render the same invalid, inoperative or unenforceable
to any extent whatever.
Section 4. Repeal of Resolutions in Conflict. All resolutions and parts of resolutions in
conflict herewith are hereby repealed to the extent of such conflict.
PASSED and APPROVED this 20h day of May, 2003.
A` FES T:
By:
Sandra Smith, City Clerk
10-480151/7 2
APPROVED:
By:
DAN GOODY, Mayor
p . 2
May 01 03 04:38p
•
•
• •
JAMES N. McCORD
f ttorney at Lain
11 N. WEST AVE
SUITE u202
FAYETTEVILLE. ARKANSAS 72701
p.1
TELEPHONE (479) 6951134
FACSIMLE (479) 6951135
jimmccordlaw@ alltel.net
CONFIDENTIAL
FACSIMILE TRANSMISSIONS
TO: O?f1 cSM/Tf/
pl9 yC y`1'4 eft L..e P 1e -f' /'i9L/L-/1/CS a 4deO
RE. ,q-t/va4-rs,-2%3:_e/7Y `4r/Nu6 fi 6T/Nt_
FAX NO: 7/4 ' 74 7,5-
NUMBER
3NUMBER ()F PAGES (Including This Page): 1
DATE: __ Alio 3 TIME: /U r. M
If you do not receive the complete transmission, please call the
individual named below at (479) 695-1134.
MESSAGE: a} e-Aro/t /Tedi " f/enioryG ft 4tf/rO La/rfj
/Megfi M»TaV//- e • /%/t / ltuNC/G 2t S�rc.uL/dz
;—
CONFIDENTIALITY NOTE: This communication is subject to attorney-client privilege he informitioii
contained herein is Privileged and Confidential information intended only for the addressee. If you Si* riot
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is strictly prohibited. If you have received this communication in error, please immediately notify us by
telephone and return the original tacsimile transmission to the above address. Think you.
May 01 03 04:38p
• •
A RESOLUTION RATIFYING THE RESOLUTION OF THE
FAYETTEVILLE PUBLIC FACILITIES BOARD AUTHORIZING
THE ISSUANCE OF FAYETTEVILLE PUBLIC FACILITIES BOARD
MULTIFAMILY HOUSING REVENUE BONDS (GRANDVIEW
APARTMENTS PROJECT), SERIES 2003 IN A PRINCIPAL
AMOUNT NOT TO EXCEED $37700.000• meviat-d'
p.2
May 01 03 04:38p
• •
Grandview Apartments
401 W. 24th Street
Fayetteville, Arkansas 72701
Grandview Apartments is a 128 -unit multifamily housing development. Thc property
was built in 1974 and contains 3 two-story garden style residential buildings offering 24 one -
bedroom, 60 two-bedroom and 24 three-bedroom units. Original construction consisted of a
wood frame with siding and brick exterior with a pitched roof. Thc property is built on 12.04
acres with 192 open parking spaces. Current amenities for the property include a community
leasing office, playground and laundry facilities, Residents pay for electric and gas utility
services. The property is a government subsidized HUD Section 236 and HUI) Section 8
property with 100% of the units available to tenants under the HUD Section 8 program. All of
the units are reserved for low-income individuals and families according to HUD income
qualifications.
The renovations will include new interior and exterior paint, carpet. heating and cooling
units, new lighting, cabinets and GE High Efficiency appliances. Each unit will have a mixture
of carpeting and vinyl floor covering, ceiling fans, ranges, refrigerators, disposals, central air
conditioning and window coverings. All two and three-bedroom units will contain dishwashers.
The renovations to the property will include updating the leasing office, laundry facilities and
other common areas as well as enhancing outdoor and playground areas. The Applicant plans to
acquire and rehabilitate this property through the use of tax exempt bonds and low income
housing tax credit equity. Additionally, the developer will defer a portion of the developer fees
earned for iise as an additional source of funds. The Applicant is requesting a bond reservation
in the amount of 54,000,000 for the purpose of maintaining affordable housing in the Fayetteville
p.3
May 01 03 04:38p
RESOLUTION
•
p.4
RESOLUTION AUTHORIZING THE ISSUANCE. OF THE
FAYETTEVILLE PUBLIC FACILITIES BOARD (THE "ISSUER")
MULTIFAMILY HOUSING REVENUE BONDS (GRANDVIEW
APARTMENTS PROJECT) SERIES 2003 IN AN AGGREGATE
PRINCIPAL AMOUNT NOT IN EXCESS OF $3,700,000 (THE "BONDS")
TO PROVIDE PERMANENT FINANCING FOR THE ACQUISITION,
REHABILITATION AND EQUIPPING OF A MULTIFAMILY
RESIDENTIAL HOUSING PROJECT IN FAYETTEVILLE, ARKANSAS,
FOR ELIGIBLE LOW AND MODERATE INCOME HOUSEHOLDS (THE
"PROJECT"); SPECIFYING THAT THE BONDS ARE LIMITED
OBLIGATIONS OF THE ISSUER PAYABLE SOLELY FROM THE
TRUST ESTATE AS PROVIDED IN THE TRUST INDENTURE;
APPROVING AND AUTHORIZING EXECUTION OF THE TRUST
INDENTURE AUTHORIZING THE SALE OF THE BONDS AND A
LOAN AGREEMENT RELATING THERETO; MAKING CERTAIN
FINDINGS AND DETERMINATIONS WITH REFERENCE TO THE
BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF
RELATED DOCUMENTS; PROVIDING FOR REPEAL OF ANY
INCONSISTENT PRIOR RESOLUTIONS OF THE ISSUER; AND
PROVIDING FOR THE EFFECTIVE DATE OF inns RESOLUTION.
WHEREAS, the Fayetteville Public Facilities Board (the "issuer") has been organized
and exists under the laws of the State of Arkansas as a public facilities board; and
WHEREAS, the Issuer is authorized and empowered by law, including particularly
Arkansas Code Annotated Sections 14-137-101, et seq., as amended, (thc "Act") and Ordinance
No. 2465, as amended, of thc City Council of the City of Fayetteville, Arkansas (the
"Ordinance"), to borrow and lend funds in order to assist one or more multi -family residential
hoiiiing facilities that provide housing for low income persons and families in Fayetteville,
Washington County, Arkansas; and
WHEREAS, on April 16, 2002, the Issucr approved the Project, as hereinafter defined,
naming Bond Counsel and authorizing the Chairman of the Issuer and Bond Counsel to piepaic
documents related to thc issuance of the Bonds, including the preparation and dissemination of a
notice of public hearing and other matters in preparation of final approval of the issuance of the
Bonds; and
WHEREAS, for the purposes set forth in the Act, the Issuer desires to issue an aggregate
principal amount not in excess of 53,700,000 of its Multifamily Housing Revenue Bonds
(Grandview Apartments Project) Series 2003 (the 'Bonds"), pursuant to a Trust Indenture dated
as of lune 1, 2003 (the `Indenture") by and between the Issuer and a trustee to be named at a
litter date (the "Trustee"), to make a loan to GV Affordable Housing Limited Partnership, an
Arkansas limited partnership (the ' Borrower") to provide financing for the acquisition,
rehabilitation and equipping of the Project; and
May 01 03 04:39p
•
WHEREAS, the Bonds are payable from the Trust Estate (as that term is defined in the
Indenture) (the "Trust Estate')which Trust Estate includes revenues collected as rent for the
occupancy of the multifafttily housing residential apartments and named Grandview Apartments
located at 401 W. 24th Street in the City of Fayetteville, Washington County, Arkansas
comprised of 128 units; and
WHEREAS, there have been presented to this meeting the following documents, which
the Issuer proposes to enter into or ratify the entering into on its behalf to effectuate the proposed
financing:
p.s
1. The Indenture between the issuer and the Trustee, Setting forth thc terms
of the Bonds and the conditions and security of the Bonds;
2. The Bond Purchase Agreement (thc "Purchase Agreement") among the
Borrower, the Issuer and GMAC Commercial Capital Corp., or an affiliate thereof, (the
"Purchaser") relating to sale of the Bonds;
3. The form of a Regulatory Agreement and Declaration of Restrictive
Covenants (the "Regulatory Agreement") among the Borrower, the Issuer and the
Trustee;
4. The form of a Loan Agreement among the Issuer, the Trustee and the
Borrower (the "Loan Agreement");
5. The form of an Agreement for Interest Reduction Payments among the
Borrower, the Tnistee, the Issuer and HUD; and
6. The Bonds, as set forth in the Indenture.
WHEREAS, it appears that each of the instruments above refeired to, which are now
before the Issuer, are in appropriate form and are appropriate instruments for the piiipose
intended;
NOW, THEREFORE, BE IT RESOLVED BY THE FAYETTEVILLE PUB1,IC
FACILITIES BOARD, AS FOLLOWS:
Section 1. That the issuance of the Bonds for the purpose of financing of the Project
is hereby approved and authorized, pursuant to and in accordance With the Indenture; provided
however, the Bonds shall have maturity dates no later than December 1, 2040, laid interest rates
with respect to the Bonds shall not exceed the maximum rate permitted by law, as will be set
forth in the indenture now before thus meeting. The Bonds shall be sold to the Purchaser at a
price not less than 10084 of the par amount of the Bonds.
Section 2. That, in order to provide funds to finance the acquisition and construction
of the Project, the issuance of the Bonds in an aggregate principal sum not in excess of
$3,700,000 in substantially the form set forth in the Indenture now before this meeung, subject to
appropriate insertion and revision in order to comply with provisions of the Indenture, be and the
same hereby are in all respects authorized, approval and confirmed, and the form and content of
May 01 03 04:39p
• •
the Bonds set forth in the Indenture now before this meeting be and the same hereby are in all
respects authorized, approved and confirmed, and the Chairman, Vice Chairman or Secretary of
the Issuer be and they hereby it authorized, empowered and directed to execute, whether by
manual or facsimile signatures, seal with the Official or facsimile seal of the Issuer; if any is
required, and deliver for and on behalf of the Issuer the Bonds to the Trustee for authentication,
and the Trustee is hereby authorized and directed to authenticate the Bonds, and the provisions of
the Indenture with respect to the Bonds be and the same hereby are authoiiied, approved and
confirmed and are incorporated herein by reference.
The Bonds shall be limited obligations payable solely from the Trust Estate, as that term is
defined in the Indenture.
P.6
• Section 3. That the form and torrent of the Indenture be and the same hereby are in
all respects authorized, approved and confirmed, and the Chair, Vice President/General Counsel
and/or the President of the Issuer be and they hereby are authorized, empowered and directed to
execute and deliver the Indenture for and en behalf of the Issuer to the Trustee for the security of
the Bonds and the interest thereon, including necessary counterparts, in substantially the form
and content now before this meeting but with such changes, modifications, additions and
deletions therein as shall to them seem necessary, desirable or appropriate (their execution
thereof to constitute conclusive evidence of their approval of any and all changes, modifications,
additions or deletions therein from the form and content of the Indenture now before this
meeting) and that from and after the execution and delivery of the Indenture, the Chair, Vice
President/Gcneral Coutiael and/or the President of the Issuer are hereby authorized, empowered
and directed to do all such acts and things and to execute all such documents as may be
necessary to carry out and comply with the provisions of the Indenture as executed.
Section 4. Subject to the provisions of Section 1 herein, the salt of the Bonds to the
Purchaser pursuant to the terms of the Purchase Agreement as provided therein is hereby
authorized, approval and confirmed, and the same hereby is in all respects approved and
confirmed, and the Chairman, Vice Chairman or Secretary of the Issuer be and hereby are
authorized, empowered and directed to execute and deliver the Bonds; and the Chairman, Vice
Chairman or Secretary of the Issuer be and they hereby arc authorized, empowered and directed
to execute and deliver the Purchase Agreement and other documents necessary to the Purchaser
for and on behalf of the Issuer, including necessary counterparts, in substantially the form and
content now before this meeting but with such changes, modifications, additions and deletions
therein as shall to them seem necessary, desirable or appropriate (execution thereof to constitute
conclusive evidence of the Issuer's approval of any and all changes, modifications, additions or
deletions therein from the form and content of the Purchase Agreement now before this
meeting), and that from and after the execution of this Resolution, thed Chairman, o all and
or Secretary of the Issuer are hereby authorized, empo to out the. sale suchothe acts Bondsd
things and to execute all such documents as may be necessary . carry
to the Purchaser.
Section 5. That the form and content of the Regulatory Agreement, the Loan
Agreement and the Tax Certificate be and the same hereby. are aIusuorized, approved and
r be and hereby are
confirmed and the Chairman, Vice Chairman or Secretary ee and
tee are
authorized, empowered and directed to execute and deliver the Regulatory Ag. .
May 01 03 04:39p
•
P•7
• •
Agreement and the Tax Certificate for and on behalf of the Issuer, including necessary
counterparts in substantially the form and content now before this meeting but with such
changes, modifications, additions or deletions therein as shall to them stem necessary, desirable
or appropriate (execution thereof to constitute conclusive evidence of the Issuer's approval of
any and all changes, modifications, additions or deletions therein from the form and content of
the Regulatory Agreement, the Loan Agreement and the Tax Certificate now before this
his
meeting) and that from and after the execution and delivery of the Regulatory Agreement,
Loan Agreement and the Tax Certificate, Chairman, Vice Chaiiman or Secretary of the Issuer are
hereby authorized, empowered and directed to do all such acts and things and to execute all such
documents as may be necessary to carry out and comply with the provisions of the Regulatory
Agreement, the Loan Agreement and the Tax Certificate as executed.
Section 6. That the Chairman, Vice Chairman or the Secretary of the Issuer be and
they hereby are authorized to execute and deliver for and on behalf of the Issuer any and all
additional certificates, documents, opinions or other papers and perform all other acts (including
without limitation the filing of any financing statements or any other documents to create and
maintain a security interest in the Trust Estate pledged under the Indenture) as they may deem
necessary or appropriate in order to implement and dairy out the intent and purposes of this
Resolution.
Section 7. That the report of the public hearing regarding the issuance of the Bonds
held by the representatives of the Issuer for purposes of Section 147(0 of the Internal Revenue
Code of 1986, as amended, and the Arkansas Revenue Bond Act, is hereby ratified and
confirmed.
Section 8. That the provisions of this Resolution are hereby declared to be separable
and, if any section, phrase or provisions shall for any reason be declared to be invalid, such
declaration shall not affect the validity of the remainder of the sections, phrases or provisions.
Section 9. That all prior resolutions or portions thereof of the Issuer, which are
inconsistent with the contents hereof, are hereby repealed.
Section 10. That this Resolution shall become effective immediately upon its passage
and approval.
May 01 03 04:40p
•
•
• •
i
Adopted and approved this alb day of /1P.4 /4- , 2003.
(SEAL) FAYETTEVILLE PUBLIC FACILTIF,S
BOARD
Attest:
By:
Secretary
By
P.8
Chairman
•
STAFF REVIEW FORM - FINANCIAL OBLIGATION
XX AGENDA REQUEST
CONTRACT REVIEW
GRANT REVIEW
For the Fayetteville City Council Meeting of: May 20, 2003
/P65
S/Lq t)O3
N,Candy 4uw'5
/Ii�Utta gOna5
FROM:
Sondra Smith
Name
City Clerk City Clerk
Division Department
A Resolution ratifying the Resolution of the Fayetteville Public Facilities Board
approving multifamily housing revenue bonds (Grandview Apartments Project), Series 2003
in an aggregate principal amount of not to exceed $3,700,000.
COST TO CITY:
$0.00 $
Cost of this request
Category/Project Budget Program Category / Project Name
IMME
Account Number Funds Used to Date
Project Number
Program / Project Category Name
Remaining Balance Fund Name
BUDGET REVIEW:
N/A Budgeted
udget Manager
Date
Item
Budget Adjustment Attached
CONTRACT/GRANT/LEASE REVIEW:
Accounting Manager .J Date
C-)4,1. Ott-- 51 B/o3
City Attorney Date
•
Purchasing Manager
.Zf7/025
Date
pp66
Date
STAFF RECOMMENDA7fION:
y
54'93
Division Head Date
)44K -
Department Director
Finance & Internal Services
id 41
Dir.
Chie
inistrative Officer
Mayor
424;(8
Date
Date
5-1-0
Date
Date
Received in Mayor's Office
Cross Reference:
Previous Ord/Res#:
Date
Orig. Contract Date:
Orig. Contract Number:
New Item: Yes
No