HomeMy WebLinkAbout198-13 RESOLUTIONRESOLUTION NO. 198-13
A RESOLUTION RATIFYING THE RESOLUTION OF THE FAYETTEVILLE
PUBLIC FACILITIES BOARD WHICH APPROVED A REVENUE BOND
(BUTTERFIELD TRAIL VILLAGE PROJECT), SERIES 2013 IN A
PRINCIPAL AMOUNT OF NOT TO EXCEED $8,000,000; AND
PRESCRIBING OTHER MATTERS PERTAINING THERETO
WHEREAS, The Fayetteville Public Facilities Board (the "Board"), is a public body
politic and corporate with the power of perpetual succession created by Ordinance No. 2485, as
amended and codified as Article VI Public Facilities Board, §§ 33.065-33.071 of the Code of
Fayetteville (collectively, the "Ordinance"), of the City of Fayetteville, Arkansas (the "City")
under the constitution and laws of the State of Arkansas (the "State"), including the Public
Facilities Boards Act as codified at Arkansas Code Annotated §14-137-101 et seq., 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 the proceeds thereof for the purpose of financing housing, health care
and related facilities in the City to serve elderly persons so long as such facilities are owned by
nonprofit corporations and to secure payment of such revenue bonds as therein provided, all in
accordance with the provisions of the Act and the Ordinance; and
WHEREAS, Butterfield Trail Village, Incorporated, an Arkansas nonprofit corporation,
owns a residential life care retirement facility for the elderly known as "Butterfield Trail Village"
consisting of independent living units, a skilled nursing care center and related facility located on
approximately 48 acres of land at 1923 E. Joyce Boulevard in the City (`Butterfield Trail
Village"); and
WHEREAS, the Board has determined that the economic interest and public purpose of
the Board are served by issuing its Revenue Bond (Butterfield Trail Village Project), Series 2013
(the 'Bond") in a principal amount of not to exceed $8,000,000 for the purpose of providing
moneys to finance all or a portion of the costs of (a) acquiring, constructing, equipping and
furnishing an assisted living facility at Butterfield Trail Village containing approximately 9,300
square feet, (b) acquiring, constructing, renovating, equipping and furnishing the existing
Wellness Center at Butterfield Trail Village and acquiring, constructing, renovating, equipping
and furnishing an approximately 6,700 square foot expansion to the Wellness Center and (c)
acquiring, constructing, renovating, equipping and furnishing the existing commons area located
in the Main Residential Building at Butterfield Trail Village and acquiring, constructing,
renovating, equipping and furnishing an approximately 10,000 square foot expansion to the
commons area (collectively, the "Project), to pay the costs of issuing the Bond and for other
purposes related thereto; and
WHEREAS, the Bond is not a debt of or pledge of the credit of the City and the City is
not obligated to pay debt service on the Bond; and
Page 2
Resolution No. 198-13
WHEREAS, pursuant to the provisions of the Ordinance, resolutions adopted by the
Board which authorize the approval of bonds for financing residential housing, health care and
related facilities for the elderly which are owned by non-profit corporations are required to be
ratified by the City prior to issuance; and
WHEREAS, such resolution adopted by the Board on September 3, 2013 (the "Board
Resolution"), is attached as Exhibit A and authorizes the issuance of the Bond subject to
ratification by the City to finance the Project and authorizes the Chairman and Secretary of the
Board to execute and deliver the Bond and documents to effect the issuance of the Bond.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. Recognition of Board's Authority. The Board is authorized by the Act
and the Ordinance to approve the issuance of the Bond in a principal amount of not to exceed
$8,000,000 for the purpose of providing moneys to finance all or a portion of the costs of the
Project, to pay the costs of issuing the Bond and for other purposes related thereto and shall
comply with other provisions of the Act and the Ordinance. The Bond by statute and intent of
this City Council is not a debt of or pledge of the credit of the City and the City is not obligated
to pay debt service on the Bond.
Section 2. Ratification of Board's Resolution. The provisions of the Board
Resolution, a copy of which is filed with the Clerk of the City and attached as Exhibit A, are
hereby ratified by the City to the extent they are in agreement with this Resolution.
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 are hereby repealed to the extent of such conflict.
PASSED and APPROVED this the 17th day of September, 2013.
APPROVED: ATTEST:
�¢tiltiirrl1r
RCS /i
By: By. tom. s
IO ELD JegXN, Mayor SONDfR A E. SMITH, City Clerk/Treas+; x:
FAYETIEVILE E;
City of Fayetteville Staff Review Form
City Council Agenda Items
and
Contracts, Leases or Agreements
9/17/2013
City Council Meeting Date
Agenda Items Only
Kit Williams City Attorney City Attorney
Submitted By Division Department
Hawn Kequirea:
A Resolution ratifying the Resolution of the Fayetteville Public Facilities Board which approved a Revenue Bond
(Butterfield Trail Village Project), series 2013 in a principal amount of not to exceed $8,000,000; and prescribing other
matters pertaining thereto
$0
Cost of this request
Account Number
Project Number
Budgeted Item !�
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Department I
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City Attorney
and Internal Services Director
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Chief of Stiff
Category / Project Budget
Funds Used to Date
Remaining Balance
Budget Adjustment Attached
Program Category / Project Name
Program I Project Category Name
Fund Name
+ �+?�3 Previous Ordinance or Resolution #
Date
Original Contract Date:
• �'� 3 Original Contract Number:
Date
9 -3 . -Av 1'3
Date
Received in City E TfREQ
Clerk's Office
Date
Received in ED
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Mayor's Office f
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Revised January 15, 2009
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Departmental Correspondence
P P
RKANSA
Kit Williams
City Attorney
Jason B. Kelley
A ssistant City Attorney
TO: Mayor Jordan
City Council
CC: Paul Becker, Finance Director
Don Marr, Chief of Staff
FROM: Kit Williams, City Attorney
DATE: September 3, 2013
RE: Public Facilities Resolution Ratification
The Fayetteville Public Facilities Board is seeking the City Council's
approval for its proposed sale of $8 Million of Public Facilities Bonds to
expand and renovate Butterfield Trail Village. The Fayetteville Public
Facilities Board was created about 35 years ago primarily to help obtain
low interest funding to build Butterfield Trail Village. To my knowledge,
this has been the Board's sole project and has proven very successful.
Butterfield Trail Village is an expressly authorized project pursuant
to § 33.068 Powers of the Board (B) Fayetteville Code of Ordinances:
"(B) The board is expressly authorized to issue revenue bonds
for the purpose of financing residential housing, health care
and related facilities to serve elderly persons; provided said
facilities are owned by nonprofit corporations or associations.
The issuance of such revenue bonds shall be accomplished by
resolution duly adopted by the city Public Facilities Board and
ratified by the City Council."
As you see the Public Facilities Board may only issue bonds for
Butterfield after its Resolution has been "ratified by the City Council."
That is their request to you now.
Both state law and the Fayetteville Code make it clear that Public
Facility Revenue Bonds (as requested to be issued now) are obligations of
the Public Facilities Board only and do not constitute an indebtedness of
the City.
"It shall be plainly stated on the face of each bond that it has
been issued under the provisions of this chapter, that the bonds
are obligations only of the public facilities board, and that in no
event shall they constitute an indebtedness for which the faith
and credit of the creating municipality or county or any of its
revenues are pledged." A.C.A. § 14-137-120 Obligations on
bonds (a).
"Such revenue bonds shall be obligations only of the facilities
board and shall not constitute an indebtedness for which the
faith and credit of the city or any of its revenues are
pledged...." § 33.070 Issuance of Revenue Bonds (A) of the
Fayetteville Code of Ordinances.
If the City Council determines that the Fayetteville Public Facilities
Board's plan to renovate and enlarge Butterfield Trail Village by issuing $8
Million in Public Facility Bonds should be ratified and approved, please
pass the ratifying Resolution. If you believe the Fayetteville Public
Facilities Board's Resolution should not be ratified for whatever reason,
you should explain why it should not be ratified and vote against the
ratifying Resolution.
2
FAYETTEVILLE CODE OF ORDINANCES
TITLE III ADMINISTRATION
ARTICLE VI
PUBLIC FACILITIES BOARD
33.065 Findings
The City of Fayetteville hereby finds and determines:
(A) There exists within and near the city, including
the city's projected growth areas and the city's
extraterritorial planning areas, a shortage of
decent, safe and sanitary residential housing
facilities available for rehabilitation, construction,
or purchase on terms that persons and families of
low and moderate income can afford to pay.
(B) Existing economic conditions including high rates
of interest on residential mortgage loans, and a
shortage of funds within lending institutions in the
state for residential mortgage loans are operating
to: Further restrict the rehabilitation, construction,
and purchase of residential housing by persons
of low and moderate income at reasonably
affordable costs; create unemployment and
hardship within the residential construction
industry, adversely affecting residents of the city;
and reduce and limit the value of property within
the city; all of which adversely affect the city's tax
revenues and which, if not alleviated, will lead to
further urban blight and decay and result in
disproportionately large expenditures for services
by the city.
(C) The availability of mortgage financing to assist
such persons and families in the rehabilitation,
construction or purchase of decent, safe, and
sanitary residential housing facilities will be aided
by the providing of funds for mortgage financing
of residential housing facilities by the creation of
a Public Facilities Board pursuant to the
provisions of Act No. 142 of the General
Assembly of 1975.
(D) The providing of financial assistance in order to
enable persons and families of low and moderate
income to finance the costs of decent, safe and
sanitary residential housing facilities is a proper
public purpose as declared by the act, and by this
determination of the City Council
(E) The public purpose of financing residential
housing facilities may best be served by
establishing a Public Facilities Board to purchase
mortgages on such residential housing facilities
or make loans to mortgage lenders to provide
financing for residential housing facilities as
provided in the act.
CD33:12
(F) In addition to all other findings and public
purposes stated in this ordinance, the
development of housing, health care, and related
facilities for elderly persons, regardless of
income, serves a substantial public purpose and
there is a significant need in the city for such
facilities.
(Code 1965, §2-111; Ord. No. 2485, 11-21-78: Ord. No.
2991, 3-20-84; Ord. No. 4021, §1, 2-18-97; Code 1991,
§33.065)
State law reference(s)—Public Facilities Board Act,
A.C.A. §14-137-101 et seq.
33.066 Establishment
Pursuant to A.C.A. §14-137-107 there is created and
established the city Public Facilities Board
(hereinafter known as "facilities board") with authority
as hereinafter provided to accomplish, finance,
contract or purchase mortgage loans concerning, and
otherwise act in such manner as may be permitted by
the act to provide decent, safe, and sanitary
residential housing facilities within or near the city,
including the city's projected growth areas and the
city's extraterritorial planning areas.
Additional authority has been granted the facilities
board by Ordinance No. 2708 and Ordinance No.
2991 and the facilities board's authority may vary as
allowed by statute and as provided by further
amending ordinances which may be passed by the
city in the future.
(Code 1965, §2-112; Ord No. 2485, 11-21-78: Ord. No
4021, §2, 2-18-97: Code 1991, §33.066)
33.067 Members Of The Board; Term Of
Office; Duration Of The Board
The facilities board shall consist of five persons. The
initial members shall, as provided in A.C.A. §14-137-
107, be appointed by the mayor of the city to serve for
terms of one, two, three, four and five years,
respectively. The members of the facilities board
shall be residents of the city and shall take and file
with the City Clerk the oath of office prescribed by the
act
(Code 1965, §2-113; Ord No 2485, 11-21-78; Ord No.
2991, 3-20-84; Code 1991, §33.067)
State law references) --Creating ordinance -Authority,
A.C.A §14-137-107; Board members, A C.A. §14-137-108
33.068 Powers Of The Board
(A) The facilities board is empowered, from time to
FAYETTEVILLE CODE OF ORDINANCES
TITLE III ADMINISTRATION
time, to loan, acquire, construct, reconstruct,
extend, equip, improve, sell, lease, and contract
concerning (which shall include the purchase of
mortgage loans and the making of loans to
mortgage lenders) residential housing facilities as
shall be determined by the facilities board to be
necessary to effect the purposes of this article to
provide decent, safe and sanitary residential
housing facilities within or near the city, including
the city's projected growth areas and the city's
extraterritorial planning areas. In addition, the
facilities board shall have each of the powers set
forth in A.C.A. §14-137-111, as amended, and
appropriate to the purposes for which the board
is created unless otherwise restricted herein.
The board may enter into which contractual or
cooperative agreements with such persons as
may in its discretion be advisable to accomplish
the purposes of this article, including, without
limitation, departments, agencies, or
instrumentalities of the United States of America,
the state or the city; for example, the Department
of Housing and Urban Development, the Federal
Housing Administration, the Veterans'
Administration and the Arkansas Housing
Development Agency. Prior to the issuance of
any such bonds, the facilities board must submit
to the City Council for its approval the following
information:
(1) The size of the proposed bond issue and all
related details, including, but without
limitation:
(a) principal amnunt;
(b) date of the bonds;
(c) interest payment dates;
(d) principal payment dates',
(e) numbers,
(f) denominations;
(g) rates of interest;
(h) a schedule reflecting the annual
principal maturities;
(i) the semiannual interest requirements
and the total requirements; and
(j) applicable redemption provisions.
(2) Recommendations for person to serve as
underwriter, trustee, and custodian for any
such bonds and the mortgage lenders and
servicing institutions with which the facilities
board shall contract, which the City Council
reserves the right to select or approve. The
trustee and the custodian shall be institutions
located within the city, if such institutions are
qualified and such appointments do not
otherwise adversely affect the rating of the
bonds (if submitted for rating).
(B) The board is expressly authorized to issue
revenue bonds for the purpose of financing
residential housing, health care and related
facilities to serve elderly persons; provided said
facilities are owned by nonprofit corporations or
associations. The issuance of such revenue
bonds shall be accomplished by resolution duly
adopted by the city Public Facilities Board and
ratified by the City Council.
(Code 1965, §2-114; Ord. No. 2485, 11-21-78; Ord. No,
2991, 3-10-84; Code 1991, §33,068)
CD33:13
State law reference(s)--Powers generally -bidding and
appraisal procedure, A.C.A. §14-137-111,
33.069 Bond Proceeds; Investments
(A) Any agreements made by the facilities board with
mortgage lenders must contain a provision to the
effect that such mortgage lenders may only loan
the proceeds provided to them to finance housing
located within the city's corporate limits and to
finance housing located within the city's projected
growth area and extraterritorial planning area. A
minimum of 75% of the bond proceeds shall be
available to finance housing located within the
city's corporate limits; and a maximum of 25% of
the bond proceeds shall be available to finance
existing housing located within the city's
projected growth area and extraterritorial
planning area. The facilities board shall have the
authority, after prior approval of the City Council,
to reallocate such percentages.
(B) This section shall apply only to bonds issued for
the purpose of financing owner -occupied
housing.
(C) The facilities board shall offer bond proceeds not
otherwise required to be deposited with the
custodian to financial institutions which have their
principal place of business located within the city
and which are qualified for such investments
This section shall apply only to the proceeds of
io
FAYETTEVILLE CODE OF ORDINANCES
TITLE III ADMINISTRATION
bonds issued for the purpose of financing owner -
occupied housing.
(Code 1965. §2-115, 2-116; Ord No. 2485, 11-21-78; Ord,
No. 2991, 3-20-04; Code 1991, §33.069)
State law reference(s)--Use of funds and revenue -
bonds, A.C.A. §14-137-115.
33.070 Issuance Of Revenue Bonds
(A) The facilities board is authorized and is limited to
issue this initial series of revenue bonds, in
accordance with the conditions set forth in
§33.068, and to use the proceeds, either alone or
together with other available funds and revenues,
to accomplish the purposes for which the facilities
board is created as the same relates to the
providing of decent, safe, and sanitary residential
housing facilities. Such revenue bonds shall be
obligations only of the facilities board and shall
not constitute an indebtedness for which the faith
and credit of the city or any of its revenues are
pledged, and the principal and interest on the
-o'nds shall be payable from and secured by a
pledge of revenues derived from residential
housing facilities financed, in whole or in part,
from bond proceeds and as authorized by, and in
accordance with the provisions of law, together
with such other co}lateral as may properly be
pledged under the act and as the facilities board
in its discretion may determine.
(6) This section shall apply only to the issuance of
bonds for the purpose of financing owner -
occupied housing The board is expressly
authorized to issue bonds for the purpose of
financing housing, health care, and related
facilities to serve elderly persons, provided said
facilities are owned by nonprofit corporations or
associations.
(Code 1965, §2-117; Ord. No. 2485, 11-21-78; Ord, No.
2991, 3-20-84; Code 1991, §33.070)
"Note --It should be noted that Ord. No. 4021, adopted
Feb. 18, 1997, provided in the preamble and §3 that §9 of
Ord No 2485 provided for the appointment of a bond
counsel for the issuance and sale of residential housing
facility bonds, and said appointment is only for the residential
housing facilities bonds first authorized on Ord_ No. 2485
prior to the amendments thereto.
33.071 Organization; Reports
As soon as practicable after the adoption of this
article the facilities board shall meet and elect such
officers as shall be required by law. The facilities
board may adopt such bylaws and other rules and
CD33:14
regulations as shall be necessary for the conduct of
its business and consistent with the provisions of the
act. The facilities board shall cause to be filed with
the City Clerk of the city the annual report.
(Code 1965, §2-118; Ord. No. 2485, 11-21-78; Code 1991,
§33,071)
State law refs rence(s)-•Annual reports. A.C.A. 04-
137-123.
33.072-33.104 Reserved
ARTICLE VII
PLANNING COMMISSION
33.105 Establishment
There is hereby created a city Planning Commissioh
(Code 1965, §2-80; Ord. No, 956, 9-12-49)
State law reference(s)--Municipal planning
commissions generally, A.C.A., §15-56-401 et seq.
33.106 Composition
The Planning Commission ("commission") shall
consist of nine members, all of who shall be citizens
of Fayetteville, and at least two-thirds of whom shall
not hold any municipal office or appointment. No two
members of the commission ("commissioners") shall
be related by blood or marriage in the third degr+ e,
nor shall any two commissioners have direct financial
involvement. All commissioners must disclose
annually all real estate holdings in Fayetteville and (he
Fayetteville planning area, and any business or
financial interest which could affect, or be affected by,
decisions of the commission. All commissioners shall
have a demonstrated interest, experience, or
expertise in land use planning
(Code 1965, §2-81; Ord. No. 956, 9-12-49; Ord. No. 3872,
§1, 2-21-95; Code 1991, §33.106)
State law reference(s)--Appointment of members,
A.C.A.§14-56-405.
33.107 Terms Of Members
Each commissioner, unless appointed to fill :an
unexpired term, shall be appointed to serve a term of
three years. Such terms shall be staggered, with
three commissioners being appointed each year. All
terms shall begin on April 1.
(Code 1965. §2-82; Ord. No. 1126, 3-25-57; Ord, No. 2404,
12-6-77; Ord. No, 3872, §1, 2-21-95; Code 1991. §33.107)
33.108 Compensation
14-137-120 LOCAL GOVERNMENT S68
II'� 14-137-120. Obligations on bonds.
i' (a) It shall be plainly stated on the face of each bond that it has been
` issued under the provisions of this chapter, that the bonds are obliga-
tions only of the public facilities board, and that in no event shall they
constitute an indebtedness for which the faith and credit of the creating
municipality or county or any of its revenues are pledged.
(b) No member of the board shall be personally liable on the bonds or
for any damages sustained by anyone in connection with any contracts
entered into in carrying out the purpose and intent of this chapter
unless he shall have acted with a corrupt intent.
(c) The principal of and interest on the bonds shall be payable from:
(1) Revenues derived from the public facilities project acquired,
constructed, reconstructed, equipped, extended, or improved, in whole
or in part, with the proceeds of the bonds;
(2) Obligations of.
(A) The owners of public facilities projects; or
(B) Any person with whom the proceeds of the bonds, or a portion
thereof, are invested by contract or otherwise;
f (3) Any other funds or sources of funds of the board specifically
pledged and which are set aside as a special fund or source, other than
taxes or assessments for local improvements, for the purpose of paying
the principal of and interest on the bonds; or
(4) Any combination of subdivisions (1), (2), and (3) of this subsec-
tion.
(d) The board is authorized to pledge those revenues, obligations,
other special funds or sources to pay the principal of and interest on the
bonds.
History. Acts 1975, , No. 142, § 10; Publisher's Notes. As to purpose of
1977, No. 446, § 4; A.S.A. 1947, § 20- Acts 1987, No. 47, see Publisher's Notes,
1710; Acts 1987, No. 47, § 4. § 14-137-111.
CASE NOTES
Cited: Cortez v. Independence County,
287 Ark. 279, 698 S•W.2d 291 (1985).
14.137-121. Mortgage liens — Enforcement.
(a) The resolution or indenture referred to in § 14-137-116 may, or
may not, impose a foreclosable mortgage lien upon or security interest
in all or any portion of the lands, buildings, or facilities acquired,
constructed, reconstructed, extended, equipped, or improved, in whole
or in part, with the proceeds of bonds issued under this chapter, and the
nature and extent of the mortgage lien or security interest may be
controlled by the resolution or indenture including, without limitation,
provisions pertaining to the release of all or part of the lands, buildings,
or facilities from the mortgage lien or security interest and the priority
of the mortgage lien or security interest in the event of successive bond
issues as authorized by § 14-137-116.
RESOLUTION NO.
A RESOLUTION RATIFYING THE RESOLUTION OF THE FAYETTEVILLE
PUBLIC FACILITIES BOARD WHICH APPROVED A REVENUE BOND
(BUTTERFIELD TRAIL VILLAGE PROJECT), SERIES 2013 IN A
PRINCIPAL AMOUNT OF NOT TO EXCEED $8,000,000; AND
PRESCRIBING OTHER MATTERS PERTAINING THERETO
WHEREAS, The Fayetteville Public Facilities Board (the "Board"), is a public body
politic and corporate with the power of perpetual succession created by Ordinance No. 2485, as
amended and codified as Article VI Public Facilities Board, §§ 33.065-33.071 of the Code of
Fayetteville (collectively, the "Ordinance"), of the City of Fayetteville, Arkansas (the "City")
under the constitution and laws of the State of Arkansas (the "State"), including the Public
Facilities Boards Act as codified at Arkansas Code Annotated §14-137-101 et seq., 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 the proceeds thereof for the purpose of financing housing, health care
and related facilities in the City to serve elderly persons so long as such facilities are owned by
nonprofit corporations and to secure payment of such revenue bonds as therein provided, all in
accordance with the provisions of the Act and the Ordinance; and
WHEREAS, Butterfield Trail Village, Incorporated, an Arkansas nonprofit corporation,
owns a residential life care retirement facility for the elderly known as `Butterfield Trail Village"
consisting of independent' living units, a skilled nursing care center and related facility located on
approximately 48 acres of land at 1923 E. Joyce Boulevard in the City (`Butterfield Trail
Village"); and
WHEREAS, the Board has determined that the economic interest and public purpose of
the Board are served by issuing its Revenue Bond (Butterfield Trail Village Project), Series 2013
(the 'Bond") in a principal amount of not to exceed $8,000,000 for the purpose of providing
moneys to finance all or a portion of the costs of (a) acquiring, constructing, equipping and
furnishing an assisted living facility at Butterfield Trail Village containing approximately 9,300
square feet, (b) acquiring, constructing, renovating, equipping and furnishing the existing
Wellness Center at Butterfield Trail Village and acquiring, constructing, renovating, equipping
and furnishing an approximately 6,700 square foot expansion to the Wellness Center and (c)
acquiring, constructing, renovating, equipping and furnishing the existing commons area Iocated
in the Main Residential Building at Butterfield Trail Village and acquiring, constructing,
renovating, equipping and furnishing an approximately 10,000 square foot expansion to the
commons area (collectively, the "Project), to pay the costs of issuing the Bond and for other
purposes related thereto; and
WHEREAS, the Bond is not a debt of or pledge of the credit of the City and the City is
not obligated to pay debt service on the Bond; and
WHEREAS, pursuant to the provisions of the Ordinance, resolutions adopted by the
Board which authorize the approval of bonds for financing residential housing, health care and
related facilities for the elderly which are owned by non-profit corporations are required to be
ratified by the City prior to issuance; and
WHEREAS, such resolution adopted by the Board on September 3, 2013 (the "Board
Resolution"), is attached as Exhibit A and authorizes the issuance of the Bond subject to
ratification by the City to finance the Project and authorizes the Chairman and Secretary of the
Board to execute and deliver the Bond and documents to effect the issuance of the Bond.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. Recognition of Board's Authority. The Board is authorized by the Act
and the Ordinance to approve the issuance of the Bond in a principal amount of not to exceed
$8,000,000 for the purpose of providing moneys to finance all or a portion of the costs of the
Project, to pay the costs of issuing the Bond and for other purposes related thereto and shall
comply with other provisions of the Act and the Ordinance. The Bond by statute and intent of
this City Council is not a debt of or pledge of the credit of the City and the City is not obligated
to pay debt service on the Bond.
Section 2. Ratification of Board's Resolution. The provisions of the Board
Resolution, a copy of which is filed with the Clerk of the City and attached as Exhibit A, are
hereby ratified by the City to the extent they are in agreement with this Resolution.
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 are hereby repealed to the extent of such conflict.
PASSED and APPROVED this the 17th day of September, 2013.
APPROVED:
ATTEST:
01
LIONELD J'ORDAN, Mayor SONDRA E. SMITH, City Clerk/Treasurer
RESOLUTION
RESOLUTION AUTHORIZING THE ISSUANCE OF THE ISSUER'S
REVENUE BOND (BUTTERFIELD TRAIL VILLAGE PROJECT), SERIES
2013 IN A PRINCIPAL AMOUNT NOT TO EXCEED $8,000,000 (THE
"BOND") TO PROVIDE FUNDS TO FINANCE IMPROVEMENTS TO A
RESIDENTIAL LIFE CARE RETIREMENT FACILITY IN FAYETTEVILLE,
ARKANSAS FOR ELDERLY PERSONS; AUTHORIZING A LOAN
AGREEMENT BETWEEN THE BOARD AND BUTTERFIELD TRAIL
VILLAGE, INCORPORATED; AUTHORIZING THE SALE OF THE BOND
AND THE EXECUTION OF A BOND PURCHASE AGREEMENT IN
CONNECTION THEREWITH; AND AUTHORIZING AND PRESCRIBING
OTHER MATTERS PERTAINING THERETO.
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 a public body corporate and politic duly organized and validly
existing under the Constitution and laws of the State of Arkansas (the "State"), including the
Arkansas Code Annotated §§ 14-137-101, et seq., as amended (the "Act"), and by Ordinance No.
2485, as amended (collectively, the "Ordinance"), of the City Council of the City of Fayetteville,
Arkansas (the "City"), adopted on November 21, 1978; and
WHEREAS, the Ordinance and the Act authorized the Issuer to issue revenue bonds to
finance residential housing, health care and related facilities to serve elderly persons so long as such
facilities are secured by nonprofit corporations; and
WHEREAS, for the purposes set forth in the Ordinance, the Issuer desires to issue not to
exceed $8,000,000 in principal amount of its Revenue Bond (Butterfield Trail Village Project), Series
2013 (the "Bond") to provide funds to finance all or a portion of the costs of (a) acquiring,
constructing, equipping and furnishing an assisted living facility containing approximately 9,300
square feet, (b) acquiring, constructing, renovating, equipping and furnishing the existing Wellness
Center and acquiring, constructing, renovating, equipping and furnishing an approximately 6,700
square foot expansion to the Wellness Center and (c) acquiring, constructing, renovating, equipping
and furnishing the existing commons area located in the Main Residential Building and acquiring,
constructing, renovating, equipping and furnishing an approximately 10,000 square foot expansion to
the commons area (collectively, the "Project") for Butterfield Trail Village, Incorporated, an
Arkansas nonprofit corporation (the "Borrower"), which operates a residential life care retirement
facility for the elderly, known as "Butterfield Trail Village" consisting of independent living units, a
skilled nursing care center and related facilities located on approximately 48 acres at 1923 E. Joyce
Boulevard, Fayetteville, Arkansas, 72703; and
WHEREAS, the proceeds of the Bond will be loaned by the Issuer to the Borrower, pursuant
to a Loan Agreement, to be dated as of the dated date of the Bond (the "Loan Agreement"), providing
for payments by the Borrower, as a repayment of the loan in amounts sufficient to provide for the
payment of the principal of and premium, if any, and interest on the Bond as due and payable;
WHEREAS, the Bond will be sold to Arvest Bank (the "Purchaser"), pursuant to a Bond
Purchase, Assignment and Security Agreement to be dated as of the dated date of the Bond (the
'Bond Purchase Agreement"), setting forth the terms of the Bond; and
WHEREAS, there has been presented to this meeting the form of the following instruments
which the Issuer proposes to execute to carry out the transaction described above, copies of which
instruments shall be filed with the records of the Issuer:
(a) the Bond Purchase Agreement; and
(b) the Loan Agreement; and
WHEREAS, it appears that each of the instruments above referred to, which are now before
the Issuer, are in appropriate form and are appropriate instruments for the purpose intended;
NOW, THEREFORE, BE IT RESOLVED BY THE FAYETTEVILLE PUBLIC
FACILITIES BOARD, AS FOLLOWS:
Section 1. The Issuer hereby finds that the issuance of the Bond to finance all or a portion
of the costs of the Project will assist in providing residential care facilities for the elderly in the City
and, therefore, should be accomplished.
Section 2. The issuance of the Bond in the principal amount of not to exceed $8,000,000
is hereby authorized. The Bond shall be designated "The Fayetteville Public Facilities Board
Revenue Bond (Butterfield Trail Village Project), Series 2013" and shall be issued in the form, shall
be dated, shall be numbered, shall bear interest (provided such interest rate shall not exceed 3.75%
per annum), and shall be subject to redemption prior to maturity, upon the terms and conditions set
forth in the Bond Purchase Agreement, The principal of and interest on the Bond shall be payable in
monthly installments, as provided in the Bond Purchase Agreement, with the final installment due not
later than ten (10) years after the date of issuance of the Bond.
Section 3. To prescribe the terms and conditions upon which the Bond is to be executed,
issued, purchased, accepted, held and secured, the Chairman and Secretary of the Issuer are hereby
authorized and directed to execute and deliver the Bond Purchase Agreement to the Purchaser.
Section 4. There is hereby authorized the loaning of the proceeds of the Bond to the
Borrower in accordance with the provisions of the Loan Agreement. The Chairman and Secretary of
the Issuer are hereby authorized and directed to execute and deliver the Loan Agreement to the
Borrower.
Section 5. The Chairman and Secretary of the Issuer are hereby authorized and directed to
execute the Bond and to cause the Bond so executed and authenticated to be delivered to the
Purchaser upon payment of the purchase price.
Section 5. The Bond Purchase Agreement and the Loan Agreement shall be in
substantially the forms submitted to this meeting, which are hereby approved, with such omissions,
insertions and changes as may be approved by the officers executing them, their execution to
constitute conclusive evidence of their approval of any such omissions, insertions and changes.
2
Section 7. The Chairman, Secretary and other officers of the Issuer, for and on behalf of
the Issuer, are hereby authorized and directed to do any and all things necessary to effect the
execution and delivery of the instruments approved by this Resolution and the performance of all
obligations of the Issuer thereunder, the issuance, execution and delivery of the Bond, and the
performance of all acts of whatever nature necessary to effect and carry out the authority conferred
by this Resolution. The Chairman, Secretary and other officers of the Issuer are hereby further
authorized and directed, for and on behalf of the Issuer, to execute all papers, documents, certificates
and other instruments that may be required for the carrying out of such authority or to evidence the
exercise thereof.
Section 8. The Secretary shall maintain, as a part of the minutes of the meeting at which
this Resolution is adopted and the permanent records of the Issuer, for inspection by any interested
person, copies of the Bond Purchase Agreement and the Loan Agreement.
Section 9. The Issuer will restrict the use of the proceeds of the Bond in such manner and
to such extent, if any, as may be necessary, after taking into account reasonable expectations at the
time the Bond is delivered to the Purchaser, so that they will not constitute an arbitrage bond under
Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"). The Chairman or any
other officer having responsibility with respect to the issuance of the Bond, is authorized and
directed, alone or in conjunction with the Borrower or any officer, employee, consultant or agent of
the Borrower, to deliver a certificate for inclusion in the transcript of proceedings for the Bond,
setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said
Section 148 and regulations thereunder. In its performance of these covenants, and other covenants of
the Issuer pertaining to federal income tax laws, the Issuer may rely upon the written advice of
nationally recognized bond counsel which is provided to the Borrower.
Section 10. The Chairman and 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, agreements 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 collateral pledged under the Bond Purchase Agreement) as they may deem
necessary or appropriate in order to implement and carry out the intent and purposes of this
Resolution.
Section 11. The Chairman of the Issuer is hereby authorized and directed to work with
Friday, Eldredge & Clark, LLP, as Bond Counsel, and officials of the Borrower to develop, adopt and
implement written procedures to assist the Borrower in monitoring compliance with federal tax
requirements with respect to tax-exempt obligations issued by the Issuer for the benefit of the
Borrower. It is understood that the policies to be adopted and established by such written procedures
will be adopted and established by the Borrower on behalf of the Issuer for tax-exempt obligations
issued by the Issuer for the benefit of the Borrower.
Section 12. The Bond shall not be issued and delivered by the Issuer unless and until the
City Council of the City shall have adopted a resolution ratifying the adoption by the Issuer of this
Resolution.
3
Section 13. 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 14. All prior resolutions or portions thereof of the Issuer which are inconsistent
with the contents hereof are hereby repealed.
Section 15. This Resolution shall become effective immediately upon its passage and
approval.
Adopted and approved this 3rd day of September, 2013.
ATT
f}d 7 t N d Secretary
(SEAL)
THE FAYETTEVILLE PUBLIC FACILITIES
BOARD
Chairman
4
RECEIVED
SEP 0 4 2013
Fayetteville Public Facilities Board CITY OF CITY CLERKS
TTS OFFICE ICE
Sepember 3, 2013
The Fayetteville Public Facilities Board (the "PFB") met on September 3,
2013 at 4:00 p.m. in the Conference Room of Suite 102 in The Fulbright Building where
the law office of Board Counsel James N. McCord is located. Present: Board members
Steve Adams, Phil Taylor and Tommy Deweese and Board Counsel James N. McCord.
Absent: Board members Steve Cosby and Steve Clark.. Also present: Dennis Hunt from
Stephens Inc., Financial Advisor to Butterfield Trail Village, Inc.
Chairman Steve Adams called the meeting to order and stated that a quorum (three PFB
members) is present. He then stated that the first item of business was the election of an
Acting Secretary, because Steve Cosby, Secretary for the PFB is absent. Tommy
Deweese moved that Phil Taylor be elected Acting Secretary for the PFB The motion was
seconded by Steve Adams and passed unanimously.
Chairman Adams then recognized Dennis Hunt from Stephens Inc., Financial
Advisor to Butterfield Trail Village, Inc. ("BTV"). Mr. Hunt explained that BTV is
requesting the PFB to approve a Resolution authorizing the issuance of a Bond not to
exceed 8,000,000 to finance improvements to the BTV residential life care facility in the
City of Fayetteville for elderly persons; the Bond will have a ten year maturity, will bear
interest at approximately 3.49 % per annum and will be purchased by Arvest Bank.
Board Counsel James N. McCord presented a Resolution prepared by Friday,
Eldredge & Clark, Bond Counsel, authorizing the PFB to issue the Bond as requested by
BTV. He had e-mailed the Resolution to all PFB members before the meeting. Phil
Taylor moved approval of the Resolution. The motion was seconded by Tommy Deweese
and passed unanimously.
Chairman Adams then adjourned the meeting.
Res p ctfully submitted,
Phillip Taylor, Acting Secretary
NOTICE OF PUBLIC HEARING
Notice is hereby given that a public hearing will be conducted on September 17,
2013, at 6:00 o'clock p.m., before the City Council of the City of Fayetteville, Arkansas, in
Room 219 of the City Administration Building, 113 West Mountain Street, Fayetteville,
Arkansas 72701, on the question of the issuance of revenue bonds by The Fayetteville Public
Facilities Board (the "Board") in the principal amount of not to exceed $8,000,000 for the
purpose of financing all or a portion of the costs of the following improvements for Butterfield
Trail Village, Incorporated, an Arkansas non-profit corporation (the "Corporation") that operates
a residential life care retirement facility for the elderly: (a) acquiring, constructing, equipping
and furnishing an assisted living facility containing approximately 9,300 square feet, (b)
acquiring, constructing, renovating, equipping and furnishing the existing Wellness Center and
acquiring, constructing, renovating, equipping and furnishing an approximately 6,700 square foot
expansion to the Wellness Center and (c) acquiring, constructing, renovating, equipping and
furnishing the existing commons area located in the Main Residential Building and acquiring,
constructing, renovating, equipping and furnishing an approximately 10,000 square foot
expansion to the commons area (collectively, the "Project"). The initial owner and operator of
the Project will be the Coporation. The Project will be located on the Corporation's campus at
1923 E. Joyce Boulevard, Fayetteville, Arkansas 72703.
The bonds shall be special obligations of the Board, secured by and payable from
an assignment of the right to receive payments from the Corporation pursuant to a Loan
Agreement between the Board and the Corporation, and such other collateral as may be provided
by the Corporation. The obligations shall not constitute an indebtedness for which the faith and
credit of the City are pledged.
Dated: August 23, 2013
Is/ Lioneld Jordan
Mayor
Post -Issuance Compliance Policy Manual
of
Butterfield Trail Village, Incorporated
Dated: , 2012
//Z Gle-0/3
Section 1. Introduction
1.1. The purpose of this Post -Issuance Compliance Policy Manual (the "Manual") is to
provide assistance to Butterfield Trail Village, Incorporated (the "Corporation") in
complying with post -issuance federal tax requirements with regard to the tax-exempt
bonds and other obligations issued for the benefit of the Corporation (collectively, the
"Bonds"), In addition, this Manual will assist the Corporation in complying with its
continuing disclosure obligations pursuant to Securities and Exchange Commission Rule
15c2-12. It is the policy of the Corporation to comply with all relevant state and federal
laws with respect to the Bonds. This Manual applies to all Bonds issued for the benefit of
the Corporation.
1.2. These written procedures are intended to assist representatives of the Corporation in
monitoring compliance with federal tax requirements which will insure that the Bonds
remain tax-exempt. Because most tax-exempt Bonds will remain outstanding for many
years, it is'important to have procedures which can be understood and implemented over
time even as the responsible parties may change.
1.3. It is important that the Corporation assign responsibility for post -issuance compliance
and that sufficient information is routinely identified and maintained to allow those who
later inherit that responsibility to successfully continue the job of past issuance
compliance,
1.4. The Corporation is responsible for insuring that the Bonds satisfy all applicable federal
tax requirements both at the time of issuance and for so long as such Bonds remain
outstanding. The Corporation agrees that it will be responsible for monitoring post -
issuance compliance and maintaining adequate records to substantiate compliance. A,
failure to fulfill this responsibility may result in the Bonds losing their tax-exempt status.
1.5. Certain Bonds and taxable obligations are subject to the continuing disclosure
requirements of Securities and Exchange Commission Rule 15c2-12. Failure to comply
with continuing disclosure undertakings could negatively affect the marketability of the
Bonds. This Manual is also intended to assist representatives of the Corporation in
maintaining compliance with its continuing disclosure undertakings.
Section 2. ]Responsible Person
2.1. The representative of the Corporation with primary responsibility for monitoring post -
issuance compliance of Bonds is the GnUC (f the Corporation (the
"Responsible Person"). Currently, DLho�h,:�e�;.,_, is the person that holds the
office of the Responsible Person. Hereafter, any successor 0lbid 6NvywEr9 elf l�
sha11 be deemed to be the Responsible person. Any successor Responsible person shall
consult with bond counsel in order to insure ongoing compliance with the procedures of
this Manual.
2.2. It is the policy of the Corporation that the Responsible Person should be provided with
education and training on federal tax requirements applicable to tax-exempt bonds. The
Corporation recognizes that such education and training is vital as a means of helping to
insure that the Corporation remains in compliance with those federal tax requirements in
respect of the Bonds. The Corporation will enable and encourage the Responsible Person
to attend and participate in educational and training programs with regard to the federal
tax requirements applicable to tax-exempt bonds. The Responsible Person is also
authorized to retain counsel or other parties from time to time to assist in such training
and education.
,Section 3. Record -Keeping
3.I. All records regarding an issue of Bonds shall be retained for the life of such Bonds plus
three years. In the event that an issue of Bonds is refunded, the records from the refunded
Bonds shall be retained for the life of the refunding Bonds plus three years.
3.2. All records for each Bond issue shall be kept in a separate and distinct file to be located at
the offices of the Corporation.
3.3. The following records, as applicable, shall be maintained for each issue of Bonds for the
length of time designated in Section 3.1 of this Manual:
a. Bond transcripts;
b. Documents related to govemment grants associated with construction, renovation
or purchase of Bond -financed property;
C. Bank statements for Bond financings;
d. Correspondence (letters, e-mails, faxes, etc.) for Bond financings;
e. Reports of any IRS examinations of the Corporation or its Bond financings;
f. Federal tax or information returns (e.g., Form 8038 series returns);
g. Official Statements and other offering documents; and
h. Documentation evidencing use of Bond -financed property by public and private
sources.
3.A. The Responsible Person shall maintain such documentation as necessary to establish the
useful life of all Bond -financed property and shall insure that the average maturity of an
issue of Bonds does not exceed the useful economic life of the property financed by such
Bonds by more than 20%. Such documentation shall be maintained for the tame period as
stated in Section 3.1 of this Manual.
3.5. The Responsible Person shall maintain documentation with respect to. the amount of
issuance costs that are paid by an issue of Bonds and shall insure that such costs paid
with Bond proceeds do not exceed 2% of the proceeds of such issue. Such
documentation shall be maintained for the time period as stated in Section 3.1 of this
Manual.
2
Section 4. Investments and Arbitrage Comnliance
4.1, The Responsible Person shall maintain documentation of allocations of investments and
investments earnings to Bond financings. Such documentation shall be maintained for the
time period as stated in Section 3.1 of this Manual.
4.2, The Responsible Person shall maintain documentation for purchases and sales of
investments made with Bond proceeds (including investment contracts, credit
enhancement transactions, financial derivatives and bidding of financial products). Such
documentation shall be maintained for the time period as stated in Section 3.1 of this
Manual.
4.3. The Responsible Person shall maintain copies of computations of Bond yield,
computation of rebate and yield reduction payments, Form 8038-Ts and Form 8038-Rs
for each issue of Bonds. Such documentation shall be maintained for the time period as
stated in Section 3.1 of this Manual.
4.4. The Responsible Person shall monitor instances where compliance with applicable yield
restriction requirements depends on subsequent reinvestment of Bond proceeds in lower
yielding investments.
4.5, The Responsible Person shall monitor Bond financings that are expected to comply with
the arbitrage rules as a result of the application of a temporary period exception or a
spending exception. The Responsible person shall maintain calculations that will be
sufficient to document to the Internal Revenue Service ("IRS") upon an audit that, when
applicable, the Corporation has complied with an available spending exception with
regard to that Bond issue.
4.6, The Responsible Person shall maintain records showing that investments held in yield -
restricted advance refunding or defeasance escrows for Bonds, and investments made
with unspent Bond proceeds after the expiration of the applicable temporary period, were
not invested in higher -yielding investments. Such documentation shall be maintained for
the time period as stated in Section 3.1 of this Manual.
4.7. The Responsible Person is authorized to retain independent certified public accountants
from time to time to calculate any arbitrage rebate owed to the United States Treasury,
Section S. Expenditures and Assets
5.1. The Responsible Person shall maintain documentation of allocations of Bond -financing
proceeds to expenditures (e.g., allocation of Bond proceeds to expenditures for the
construction, renovation or purchase of facilities owned and used in the performance of
the exempt purpose). Such documentation shall be maintained for the time- period as
stated in Section 3.1 of this Manual.
3
5.2. The Responsible Person shall maintain copies of requisitions, draw schedules, draw
requests, invoices, bills and cancelled checks related to Bond proceeds spent during the
construction period. Such documentation shall be maintained for the time period as stated
in Section 3.1 of this Manual,
5.3. The Responsible Person shall maintain copies of all contracts entered into for the
construction, renovation or purchase of Bond -financed facilities. Such documentation
shall be maintained for the time period as stated in Section 3.1 of this Manual.
5.4. The Responsible Person shall maintain records of expenditures made prior to issuing
Bonds that are reimbursed with Bond proceeds. Such documentation shall be maintained
for the time period as stated in Section 3.1 of this Manual.
5.5. The Responsible Person shall maintain a list or schedule of all Bond -financed facilities or
equipment. All such property must be owned by the Corporation or a governmental unit.
Such documentation shall be maintained for the time period as stated in Section 3.1 of
this Manual.
5.6. The Responsible Person shall maintain documentation that tracks purchases and sales of
Bond -financed properties. Such documentation shall be maintained for the time period as
stated in Section 3.1 of this Manual.
Sections 6. Primate Business Use.
6.1. The Responsible Person shall monitor and maintain records of all private trade or
business activities by the Corporation allocated to Bond -financed facilities. Such
documentation shall be maintained for the time period as stated in Section 3.1 of this
Manual.
6.2. The Responsible Person shall monitor and maintain records of trade or business activities
by third parties that are allocated to Bond -financed facilities. Such documentation shall
be maintained for the time period as stated in Section 3.1 of this Manual.
6.3. The Responsible Person shall monitor and maintain records of the following agreements
with respect to Bond -financed property for the time period as stated in Section 3.1 of this
Manual:
a. Management and other service agreements (including agreements with doctor
groups for services);
b. Research contracts;
C. Naming rights contracts;
d. Leases;
e. Subleases;
f. Leasehold improvement contracts,
g. Joint venture arrangements;
h. Limited liability corporation arrangements;
Partnership arrangements; and
Any other agreement that grants a special entitlement for the use of Bond -
financed property to a nongovernmental entity.
6.4. The Responsible Person acknowledges that:
(a) "private business use" means use by any person other than a state or local
government unit or 501(c)(3) organization (other than the Corporation), including
business corporations, partnerships, limited liability companies, associations, water
associations, nonprofit corporations, natural persons engaged in trade or business activity,
and the United States of America and any federal agency, as a result of ownership of the
Bond -financed property or use of the Bond -financed property under a lease, management
or service contract (except for certain "qualified" management or service contracts),
contract for the purchase of electricity or water, research contract (except for certain
"qualified" research contracts), naming rights contract, or any similar use arrangement
that provides special entitlements for the use of Bond -financed property; and
(b) the tax-exempt status of a Bond issue may be adversely affected if (i)
more than 3°Jo of the net proceeds of such Bond issue (including the property financed
with the Bonds) is used for private business use and (ii) more than 5% of the net proceeds
of such .Bond issue is, directly or indirectly, secured by property used as private business
use, or derived from payments related to property used as private business use.
6.5 The Responsible Person shall be responsible for monitoring management and other
service contracts entered into, or proposed to be entered into, by the Corporation to
ensure that the terms of such management and other service contracts fall within the safe -
harbors established as "Permissible Arrangements" described in Revenue Procedure 97-
13, or any subsequent authority relating to management contracts, The Responsible
Person acknowledges receipt of Revenue Procedure 97-13.
6.6. The Responsible Person may engage bond counsel from time to time to render advice on
proposed contracts and amendments to existing contracts, Where necessary, the
Responsible Person may request and receive a written opinion of bond counsel that the
proposed contract or amendment to existing contract will not cause the interest on the
outstanding Bonds to lose, its tax-exempt status for federal income tax purposes. If bond
counsel is unable to provide the opinion set forth in the preceding sentence, the
Responsible Person will discuss with bond counsel whether any remedial action may be
taken under the Internal Revenue Code and related regulations, including U.S. Treasury
Regulation §1..141-12, that would permit the contract to be entered into without adversely
affecting the tax-exempt status of the Bonds that financed the applicable property.
6.7. The Responsible Person may engage bond counsel from time to time to render advice on
proposed sales of property financed with proceeds of Bonds. It is understood that
remedial action as described in Section 6.6 of this Manual may need to take place prior to
any sale in order to maintain the tax-exempt status of interest on the Bonds for federal
income tax purposes.
5
Section 7. Continuing Disclosure Corn Hance
7.1. The Responsible Person shall insure that the Corporation complies with its continuing
disclosure obligations relating to its Bonds. The Responsible Person shall maintain a
record of all required continuing disclosure filings for the time period as stated in Section
11 of this Manual.
Section 8. Assistance and Cooperation from Other Officials and Em to ee_s
8.1. In order to meet his or her responsibilities under this Manual, the Responsible Person
may require the assistance and cooperation of other officials and employees of the
Corporation. Other officials and employees of the Corporation shall assist and cooperate
with the Responsible Person in fulfilling the policies and purposes of this Manual.
Section 9. Voluntary Closing Agreement program
9.1. The Voluntary Closing Agreement program of the IRS provides issuers of tax-exempt
bonds with a vehicle to resolve violations of the Internal Revenue Code and related
regulations.
9.2. information about the Voluntary Closing Agreement Program is available on the Tax -
Exempt Bond Community page at www,irs.gov. The Responsible Person shall annually
review this information.
9.3. If the Corporation identifies a violation of federal tax Iaw with respect to its Bonds, the
Responsible Person will notify bond counsel.
Section 10. Annendiat
10.1. The Responsible Person shall attach the Tax Regulatory Agreement, or such other
certificate pertaining to compliance with federal income tax law (collectively, the "Tax
Certificates"), for each issue of Bonds as an Appendix to this Manual. The Responsible
]Person shall refer to the Tax Certificates to insure that the Corporation is in compliance
with all covenants set forth in such Tax Certificates and with the policies and procedures
implemented in this Manual.
10.2. The Responsible Person is authorized to retain counsel from time to time to assist with
the interpretation of the Tax Certificates or to render advice regarding compliance with
the policies and procedures of this Manual.
6
DATED as of the date first written above.
Pr ident
Chief Executive Officer
Chief Financial Officer
FRIDAYE LDREDGE D. Michael Moyers E Attorney 400 West Capitol Avenue
& CLAR K Direct:
Faxi (501) 244-6304 Suite Raab
3.1.F Fax: (hot) 244.5394 Little Rock, Arkansas 72201-3522
r E-mall: mmoyers®iridayfirm.com www.FridayFirm.com
August 29, 2013
The Honorable Lioneld Jordan
City of Fayetteville
113 W. Mountain
Fayetteville, Arkansas 72701 _
RECEIVED
AUG 3 0 2013
C TY O FAYMEVI,_E
�}TY I.ERICS OFFICE
Re: The Fayetteville Public Facilities Board Revenue Boned (Butterfield Trail Village
Project), Series 2013
Dear Mayor Jordan,
In connection with the above -referenced bond issue and the Fayetteville City Council
meeting to be held on September 17, 2013,1 have enclosed a Resolution that I ask be placed on
the September 17 Council agenda 'for consideration by the Council. The purpose of the
Resolution is to ratify a resolution to be considered by The Fayetteville Public Facilities Board
on September 3, 2013 authorizing the issuance of a revenue bond to benefit Butterfield Trail
Village, Incorporated.
In addition, I have enclosed for your reference a copy of a Notice of Public Hearing with
respect to the bond issue. The Notice is scheduled for publication on August 30. I ask that the
public hearing referenced in the Notice be placed on the September 17 Council agenda as well.
Thank you very much for your help. Please call or email with any comments or questions
or if I can do anything further.
Very truly yo ,
D. Michael Moyers
DMM:csj
Enclosure
cc: Kit Williams
James N. McCord
RESOLUTION NO.
A RESOLUTION RATIFYING THE RESOLUTION OF THE
FAYETTEVILLE PUBLIC FACILITIES BOARD APPROVING
A REVENUE BOND (BUTTERFIELD TRAIL VILLAGE
PROJECT), SERIES 2013 IN A PRINCIPAL AMOUNT OF NOT
TO EXCEED $8,000,000; AND PRESCRIBING OTHER
MATTERS PERTAINING THERETO
WHEREAS, The Fayetteville Public Facilities Board (the 'Board"), is a public body
politic and corporate with the power of perpetual succession created by Ordinance No. 2485, as
amended (collectively, the "Ordinance"), of the City of Fayetteville, Arkansas (the "City") under
the constitution and laws of the State of Arkansas (the "State"), including the Public Facilities
Boards Act as codified at Arkansas Code Annotated §14-137-101 et seq., 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 the proceeds thereof for the purpose of financing housing, health care
and related facilities in the City to serve elderly persons so long as such facilities are owned by
nonprofit corporations and to secure payment of such revenue bonds as therein provided, all in
accordance with the provisions of the Act and the Ordinance; and
WHEREAS, Butterfield Trail Village, Incorporated, an Arkansas nonprofit corporation,
owns a residential life care retirement facility for the elderly known as `Butterfield Trail Village"
consisting of independent living units, a skilled nursing care center and related facility located on
approximately 48 acres of land at 1923 E. Joyce Boulevard in the City ("Butterfield Trail
Village"); and
WHEREAS, the Board has determined that the economic interest and public purpose of
the Board are served by issuing its Revenue Bond (Butterfield Trail Village Project), Series 2013
(the 'Bond") in a principal amount of not to exceed $8,000,000 for the purpose of providing
moneys to finance all or a portion of the costs of (a) acquiring, constructing, equipping and
furnishing an assisted living facility at Butterfield Trail Village containing approximately 9,300
square feet, (b) acquiring, constructing, renovating, equipping and furnishing the existing
Wellness Center at Butterfield Trail Village and acquiring, constructing, renovating, equipping
and furnishing an approximately 6,700 square foot expansion to the Wellness Center and (c)
acquiring, constructing, renovating, equipping and fiunishing the existing commons area located
in the Main Residential Building at Butterfield Trail Village and acquiring, constructing,
renovating, equipping and furnishing an approximately 10,000 square foot expansion to the
commons area (collectively, the "Project), to pay the costs of issuing the Bond and for other
purposes related thereto: and
WHEREAS, the Bond is not a debt of or pledge of the credit of either the City or the
Board and neither the City or the Board is obligated to pay debt service on the Bond; 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 approval of bonds for financing residential housing, health care and
related facilities for the elderly which are owned by non-profit corporations shall be ratified by
the City; and
WHEREAS, such resolution adopted by the Board on September 3, 2013 (the "Board
Resolution"), authorized the issuance of the Bond to finance the Project and authorized the
Chairman and Secretary of the Board to execute and delivery the Bond and documents to effect
the issuance of the Bond;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS
Section 1. Recognition of Board's Authority. The Board is authorized by the Act
and the Ordinance to approve the issuance of the Bond in a principal amount of not to exceed
$8,000,000 for the purpose of providing moneys to finance all or a portion of the costs of the
Project, to pay the costs of issuing the Bond and for other purposes related thereto and shall
comply with other provisions of the Act and the Ordinance. The Bond by statute and intent of
this City Council is not a debt of or pledge of the credit of either the City or the Board and
neither the City or the Board is obligated to pay debt service on the Bond whether or not the
Bond has been properly issued.
Section 2. Ratification of Board's Resolution. The provisions of the Board
Resolution, a copy of which is 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 are hereby repealed to the extent of such conflict.
PASSED and APPROVED this the 17th day of September, 2013.
APPROVED:
By:
LIONELD JORDAN, Mayor
ATTEST:
By:
SONDRA E. SMITH, City Clerk/Treasurer
NOTICE OF PUBLIC HEARING
Notice is hereby given that a public hearing will be conducted on September 17,
2013, at 6:00 o'clock p.m., before the City Council of the City of Fayetteville, Arkansas, in
Room 219 of the City Administration Building, 113 West Mountain Street, Fayetteville,
Arkansas 72701, on the question of the issuance of revenue bonds by The Fayetteville Public
Facilities Board (the "Board") in the principal amount of not to exceed $8,000,000 for the
purpose of financing all or a portion of the costs of the following improvements for Butterfield
Trail Village, Incorporated, an Arkansas non-profit corporation (the "Corporation") that operates
a residential life care retirement facility for the elderly: (a) acquiring, constructing, equipping
and furnishing an assisted living facility containing approximately 9,300 square feet, (b)
acquiring, constructing, renovating, equipping and furnishing the existing Wellness Center and
acquiring, constructing, renovating, equipping and furnishing an approximately 6,700 square foot
expansion to the Wellness Center and (c) acquiring, constructing, renovating, equipping and
furnishing the existing commons area located in the Main Residential Building and acquiring,
constructing, renovating, equipping and furnishing an approximately 10,000 square foot
expansion to the commons area (collectively, the "Project"). The initial owner and operator of
the Project will be the Corporation. The Project will be located on the Corporation's campus at
1923 E. Joyce Boulevard, Fayetteville, Arkansas 72703.
The bonds shall be special obligations of the Board, secured by and payable from
an assignment of the right to receive payments from the Corporation pursuant to a Loan
Agreement between the Board and the Corporation, and such other collateral as may be provided
by the Corporation. The obligations shall not constitute an indebtedness for which the faith and
credit of the City are pledged.
Dated: August 28, 2013
/s/ Lioneld Jordan
Mayor
TEFRA NOTICE PUBLIC HEARING AND APPROVAL CERTIFICATE
Re: $8,000,000 The Fayetteville Public Facilities Board Revenue Bond (Butterfield
Trail Village Project), Series 2013
The undersigned Mayor (the "Mayor") of the City of Fayetteville, Arkansas (the "City")
is the chief elected executive officer of the City, and hereby certifies as follows:
(1) Attached hereto is an affidavit of the publisher of the Northwest Arkansas Times
showing that a notice of public hearing on the issuance of the above referenced bond issue (the
"Bond") to be held on September 17, 2013, was published one time in such newspaper on August
30, 2013. Such notice apprised the residents of the City of the proposed issuance of the Bond, in
compliance with all legal requirements, including Section 147(f) of the Internal Revenue Code of
1986, as amended.
(2) The public hearing described in such notice was duly held at the date and place
set forth in such notice before me, the City Council of the City and a representative of The
Fayetteville Public Facilities Board (the "Issuer"). The hearing was conducted in a manner
which provided a reasonable opportunity for persons with differing views on the issuance of the
Bond or the location and the nature of the proposed project to be heard.
(3) The public hearing was held prior to final approval, authorization and issuance of
the Bond. .
(4) The undersigned, acting in his capacity as Mayor of the City, hereby approves the
issuance of the Bond by the Issuer for the purposes of meeting the requirements of Section 147(o
of the Internal Revenue Code of 1986, as amended.
IN WITNESS 'WHEREOF, the undersigned has executed his Certificate as of the day
of October, 2013.
CITY OF FETTEVILLE, ARKANSAS
NORTHWESTARKANSAS DEMOCRAT'GAZEiTE
NORTHWEST ARKANS A S
THE MORNING
NEWS
THE MORNING OF ROGERS
NEWSPAPMSLLC
NORTHWEST TIMES
Y DAI~tYAs
COPD
BENTON COUNTY DAILY RECO1tD
212 NORTti E_ASTAVEHUL FAYETTEVILLE, AwNsAs 72701 1 P.O. sok 1607, 72702 1 479-40.2-1700' 1 WWWAWANEWS.COM
AFFIDAVIT OF PUBLICATION
1, Holly Andrews, do solemnly swear that I am the Legal Clerk of the
Northwest Arkansas Newspapers, LLC, printed and published in
Washington and Benton County, Arkansas, bona fide circulation,
that from my own personal knowledge and reference to the files
of said publication, the advertisement of
BUTT£RFILED TRAIL VILLAGE'
PH notice
Was inserted in the Regular Editions on:
August 30, 2013
Publication Charges: $ 97.20
Holly A Brews
Subscribed and sworn to before me
This S' day of , 2013.
Notary Public 7�.
My Commission Expires: `7� /-zo IV -
I °� LATHY 1 WILLS
Benton County
My Commission Expires
FebrJE}!yG�1,2i)'14 A.
**NOTE**
Please do not pay from. Affidavit. Invoice will be sent,
NOTICE OF PUBLIC HEARING
Notice is hereby given that
a public bearing will be conducted on September 17.
2013, at 6:00 o'clock p.m., before the City Council
of the City of Fayetteville, Arkansas, in Room 219
of the City Administration Building, 113 West
Mountain Street, Fayetteville, Arkansas 72701, on
the question of the issuance of revenue bonds by
The Fayetteville Public Facilities Board (the
"Board") in the principal amount of not to exceed
$8,000,000 for the purpose of financing all or a
portion of the costs of the following improvements
for Butterfield Trail Village, Incorporated, an
Arkansas non-profit corporation (the "Corporation")
that operates a residential life care retirement
facility for the elderly: (a) acquiring, constructing,
equipping and furnishing an assisted living facility
containing approximately 9,300 square feet, (b)
acquiring, constructing, renovating, equipping and
furnishing the existing Wellness Center and
acquiring, constructing, renovating, equipping and
funnishing an approximately 6,700 square foot
expansion to the Wellness Center and (c) acquiring,
constructing, renovating, equipping and furnishing
the existing commons area located in the Main
Residential Building and acquiring, constructing,
renovating, equipping and furnishing an
approximately 10,060 square foot expansion to the
commons area (collectively, the�PraJecl.,:}„; The
I o vW and operator'of the Project will be the
Corporation. The Project will be located on the
Corporation's campus at 1923 E. Joyce Boulevard,
Fayetteville, Arkansas 72703.
The bonds shall be special
obligations of the Board, secured by and payable
from an assignment of the right to receive payments
from the Corporation pursuant to a Loan Agreement
between the Board and the Corporation, and such
other collateral as may be provided by the
Corporation. The obligations shall not constitute an
indebtedness for which the faith and credit of the
Glty are pledger!.
Is/Lioneld Jordan, Mayor
Dated: August 28, 2013
72217555 August 30, 2013
)�,o t44e,1 f V-13
CLOSING CERTIFICATE OF
CITY OF FAYETTEVILLE, ARKANSAS
The undersigned, Mayor and City Clerk of the City of Fayetteville, Arkansas, a
duly organized and existing municipality of the State of Arkansas (the "City"), do hereby certify
as follows:
1. The undersigned are the duly elected, qualified, and acting Mayor and
City Clerk of the City, and as such officials have in their possession or have access to the official
books and records of the City.
2. Attached in the Exhibits hereto is a true, correct and complete copy of all
proceedings had by the City relating to the issuance by The Fayetteville Public Facilities Board
(the "Issuer") of its Revenue Bond (Butterfield Trail Village Project), Series 2013 (the "Bond"),
as the same appear upon the records of the City in our possession.
3. Attached hereto as Exhibit A is a true, complete and correct copy of (a)
Ordinance No. 2485 of the City duty adopted by the City Council of the City at a duly called
meeting of the City Council, open to the public, held on November 21, 1978; (b) Ordinance No.
2708 of the City duly adopted by the City Council of the City at a duly called meeting of the City
Council, open to the public, held on March 3, 1981; (c) Ordinance No. 2991 of the City duly
adopted by the City Council of the City at a duly called meeting of the City Council, open to the
public, held on March 20, 1984; and (d) Ordinance No. 4021 of the City duly adopted by the
City Council of the City at a duly called meeting of the City Council, open to the public, held on
February 18, 1997. At such meetings a quorum was present and acted throughout; the said
Ordinances are in full force and effect and have not been altered, amended or repealed as of the
date hereof, except as noted above. No petition or petitions to refer the above referenced
Ordinances to the people under Amendment No. 7 to the Constitution of the State of Arkansas
have been filed as of the date hereof, and the City Council of the City has not referred the above
referenced Ordinances to the people for adoption or rejection.
Attached hereto as Exhibit B is a true, complete and correct copy of Resolution
No. 198-13 of the City ratifying the Issuer's authorization to issue the Bond, duly adopted by the
City Council of the City at a duly called meeting of the City Council, open to the public, held on
September 17, 2013. At such meeting a quorum was present and acted throughout; the said
resolution is in full force and effect and has not been altered, amended or repealed as of the date
hereof.
Attached hereto as Exhibit C is the approval for the issuance of the Bond by the.
Mayor of the City, which approval was given after a public hearing on the issuance of the Bond.
Also included in Exhibit C is an affidavit of the publisher of the Northwest Arkansas Times,
showing that a notice of public hearing on the issuance of the Bond to be held September 17,
2013 was published one time in such newspaper on August 30, 2013. The public hearing was
held at the time and place set forth in the notice.
No authority or proceedings in connection with the issuance, sale and delivery of
the Bond have been repealed, revoked or rescinded.
4. The meetings of the City Council referred to in paragraph 3 hereof were
open to the public in compliance with the provisions of Section 25-19-106 of the Arkansas Code
Annotated (Rep1.2002; Supp. 2011).
5. The City is a city of the first class, duly organized and existing under the
laws of the State of Arkansas pursuant to the provisions of Title 14, Chapter 47 of the Arkansas
Code Annotated (Repl. 1998; Supp, 2011).
6. No action, suit, proceeding, inquiry or investigation is pending or, to the
knowledge of the undersigned, threatened in any court or other tribunal of competent
jurisdiction, state or federal, or, to the knowledge of the undersigned, is there any basis therefor,
in any way (i) restraining or enjoining the issuance, sale or delivery of the Bond, or (ii)
questioning or affecting the validity or enforceability of the Bond, or (iii) questioning or
affecting the validity of the ordinances or resolutions referred to in paragraph 3 hereof or any of
the proceedings for the authorization, execution, authentication, sale or delivery of the Bond, or
(iv) questioning or affecting the corporate existence or organization of the City or the Issuer or
the title to office of any of the members, officers or officials thereof or any powers of the City or
the Issuer, or (v) questioning or affecting the power and authority of the Issuer to issue the Bond.
7. According to the records of the City, Stephen E. Adams, Stephen Cosby,
Phillip Taylor, Tommy Deweese and Steve Clark are members of the Issuer and there are on file
in the office of the City Clerk the oaths of office for each member.
[The remainder of this page intentionally left blank.]
TN WITNESS WHEREOF, the undersigned have hereunto set their signatures this
day of October, 2013.
CITY OF FAXETTEVIL;k, ARKANSAS
J�r
ORDINANCE NO. &2'
/r jY
AN ORDINANCE CREATING THE CITY OF FAYETTEVILLE,
ARKANSAS RESIDENTIAL HOUSING FACILITIES BOARD
PURSUANT TO THE PROVISIONS OF ACT NO. 142 OF
THE ACTS OF ARKANSAS OF 1975; PROVIDING FOR THE
APPOINTMENT OF THE INITIAL MEMBERS THEREOF;
PRESCRIBING OTHER MATTERS RELATING THERETO;
I;ND DECL&RING AN EMERGENCY.
WHEREAS, the City of Fayetteville, Arkansas (tile "City"),
au:.�itant to th<_ provisions of Act No. 142 of the Acts of the
General Assembly of the State of Arkansas for the year 1975
(the "Act"), is authorized to establish public facilities boards
for the purposes set forth in the Act, which include assisting
in the financing of residential housing facilities within or
near the City; and
WHEREAS, the providing of decent, safe and sanitary
residential housing facilities will be aided by the creation of
a public facilities board to assist in the financing of residential
housing facilities; and
WHEREAS, funds may be obtained by a public facilities
board on -such terms and under such conditions as will materially
assist persons of low and moderate income to obtain financing of
residential housing facilities under conditions more favorable
than would otherwise be available;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE'CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. Findings. The City hereby finds and
determines:
(a) There exists within and near the City, including
the City's projected growth areas and the City's
extra -territorial planning areas, a shortage of
decent, safe and sanitary residential housing
facilities available for rehabilitation, con-
struction or purchase on terms that persons and
MiCROFllMM A16980 f
DATE �U� IM �;
families of low and moderate income can afford
to pay.
(b) Existing economic conditions including high
rates of interest on residential mortgage loans, and
a shortage of funds within lendin; institutions in
the State of Arkansas for residential mortgage loans
are operating• (4) to further restrict the rehabilita-
tion, construction and purchase of residential Housing
by persons.of low and moderate income at -reasonably
affordable costs, (ii) to create unemployment and
hardship within the residential construction industry,
adversely affecting residents of the City and (iii) to
reduce and limit the value of property within the City,
all of which adversely affect the City's tax revenues
and which, if not alleviated, will lead to further
urban blight and decay and result in disproportionately
large expenditures for services by the City.
(c) The availability of mortgage financing to
assist such persons and families in the rehabilitation,
construction or purchase of decent, safe and sanitary
residential housing facilities will be aided by the
providing of funds for mortgage financing of residential
housing facilities by the creation of a public facilities
board pursuant to the provisions of the Act.
(d) The providing of financial assistance in
order to enable persons and families of low and moderate
income to finance the costs of decent, safe and sanitary
residential housing facilities is a proper public purpose
as declared by the Act, and by'this determination of
the Board of Directors of the City.
® 980 75
(e) The public purpose of financing residential
housing facilities may best be served by establishing
a public facilities board to purchase mortgages on such
residential housing facilities or make loans, to mortgage
lenders to provide financing for residential housing
facilities as provided in the Act.
Section 2. Creation of Board. Pursuant to the authority
of the Act there is hereby created and established the "City of
Fayetteville, Arkansas Residential Housing Facilities Board"
("Facilities Board") with authority as hereinafter provided to
accomplish, finance, contract or purchase mortgage loans concerning,
and otherwise act in such manner as may be permitted by the Act
to provide decent, safe and sanitary residential housing faci-
lities within or near the City, including the City's projected
growth areas and the City's extra -territorial planning areas.
Section 3. Members of the Board; Term of office;
Duration of the -Board. The Facilities Board shall consist of
five persons. The initial members shall, as provided in the Act,
be appointed by the Mayor of the City to serve for terms of one,
two, three, four and five years, respectively. The members of
the Facilities Board shall be residents of the City and shall
take and file with the City Clerk the oath of office prescribed
by the Act. The duration of the Board shall be for the life of
any such bonds.issued hereunder as provided in Section 7.
Section 4. Powers. The Facilities Board is empowered,
from time to time, to loan, acquire, construct, reconstruct,
extend, equip, improve, sell, lease, and contract concerning
(which shall include the purchase of mortgage loans and the
making of loans to mortgage lenders) residential housing facilities
as shall be determined by the Facilities Board to be necessary to
effect the purposes of this Ordinance to provide decent, safe and
sanitary residential housing facilities within or near the City,
Jj = 980 -76
including the City's projected growth areas and the City's
extra -territorial planning areas. In addition, the Facilities
Board shall have each of the powers set forth in Section 7 of
the Act, as amended, and appropriate to the purposes for which
the Board is created unless otherwise restricted herein. The
Board may enter into such contractural or cooperative agreements
with such persons as may, in its discretion, be -advisable to
accomplish the purposes of this Ordinance, including without
limitation, departments, agencies or instrumentalities of the
United'States of America, the State of Arkansas, or the City,
for example, the Department of housing and Urban Development, the
Federal Housing Administration, the Veterans Administration and
the Arkansas Housing Development Agency. Prior to the issuance
of any such bonds, the Facilities Board must submit to the City
Board of Directors for its approval the following information:
(a) the size of the proposed bond issue and all
related details, including, but without limitation:
(i) principal amount;
(ii) date of the bonds;
(iii) interest payment dates;
(iv) principal payment dates;
(v) numbers
(vi) denominations;
(vii) rates of interest;
(viii) a schedule reflecting the annual
principal maturities;
(ix) the semi-annual interest requirements
and the total requirements; and
(x) applicable redemption provisions.
(b) Recommendations for person or persons to serve as
underwriter or underwriters, trustee, and custodian for any
� Mp 980 71
such bonds and the mortgage lenders and servicing institu-
tions with which the Facilities Board shall contract, which
the Board of Directors reserves the right to select or
approve. The trustee and the custodian shall be institu-
tions located within the City, if such institutions are
qualified and such appointments do not otherwise adversely
affect the rating of the bonds (if submitted for rating).
Section ,5. Bond Proceeds. Any agreements made by the
Facilities Board with mortgage lenders must contain a provision
to the effect that such mortgage lenders may only loan the
proceeds provided to them to finance housing located within the
City's corporate limits and to finance housing located within
the City's projected growth area and extra -territorial planning
area. 'A minimum of seventy-five percent (75%) of the bond
proceeds shall be available to finance housing located within
the City's corporate limits; and a maximum of twenty-five percent
<25%) of the bond proceeds shall be available to finance existing
housing located within the City's projected growth area and extra-
territorial planning area. The Facilities Board shall, have the
authority, after prior approval of the City Board of Directors,
to reallocate such percentages.
Section 5. investment of Bond Proceeds. The Facilities
Board shall offer bond proceeds not otherwise required to be
deposited with the custodian to financial institutions which
have their principal place of business located within the City
and which are qualified for such investments.
Section 7. issuance of Bonds. The Facilities Board is
authorized and is limited to issue this initial series of revenue
bonds, in accordance with the conditions set forth in Section 4
hereof, and to use the proceeds, either alone or together with
other available funds and revenues, to accomplish the purposes for
which the Facilities Board is created as the same relates to the
providing of decent, safe and sanitary residential housing facilities.
�a, i
Such revenue bonds shall be obligations only of the Facilities
Board and shall not constitute an indebtedness for which the faith
and credit of the City or any of its revenues are pledged, and the
principal and interest on the bonds shall be payable from and
secured by a pledge of revenues derived from residential housing
facilities financed, in whole or in -part, from bond proceeds
and as authorized by, and.in accordance with the provisions of the
Act, together with such other collateral as may properly be
pledged under the Act and as the Facilities Board in its discretion
may determine.
Section S. organization; Reports. As soon as practicable
after the adoption of this Ordinance the Facilities Board shall
meet and elect such officers as shall be required by the Act.
The Facilities Board may adopt such by-laws and other rules and
regulations as shall be necessary for the conduct of its business
and consistent with the provisions of the Act. The Facilities
Board shall cause to be,.filed with the City Clerk of the City
the annual report described in Section 18 of the Act.
Section 9. The law firm of Friday, Eldredge & Clark,
Kittle Rock, Arkansas, is hereby appointed to act as Bond Counsel
on behalf of the City and the Facilities Board in connection with
the issuance and sale of the Bonds.
Section 14. Severabilit . If any provisions of this
Ordinance or the application thereof to any person or circumstance
is held invalid, such invalidity shall not affect the other provisions
or applications of this Ordinance, which can be given effect
without the invalid provision or application, and to this end the
provisions of this Ordinance are declared to be severable.
1-m .980 79
Section 11. General Repeal. All Ordinances of the City,
or parts thereof, in conflict with this Ordinance are hereby
repealed to the extent of such conflict.
Section 12. Emergency. it is hereby found and determined
th8'1 there is an immediate and urgent need for the providing of
decent, safe and sanitary housing for persons of low and moderate
income in or near the City, including the City's projected
growth areas and the City's extra -territorial planning areas,
and the. providing of financial assistance to such persons, and
that creation of the Facilities Board and the exercise of the
duties and powers provided in this Ordinance are necessary to
the preservation of the public peace, health and safety. Therefore,
an emergency is declared to exist and this ordinance shall be in
full force and effect from and after its passage.
PASSED: =V-, 1978.
. APPRo D-
AssiSta t- Mayor
1•i> a J �or k
CERTIFICATE OF RECORD
> f E OF ARKWcAs I
W :1dn^;fir• County j ss.
i. A' - 4 Kollrrayer, Circuit Clark and Ex-Offic[o Recordor for
Washin;ton County, do her..by certify that the annexed or fore-
goin instrurp-rn: vras Fled far�"re�'c�o,rd�in my office on the L day
(A
of d/ 197&a�o'cfock,M and the same is
duly rmord2u ia- recotd Ma at page
Witness my hand and seat this day of 19
Circuit Clark and
Ex-Or..C10 Recorded
BY __
Oeauty Clerk
rr-
;:N%+e ci azsttnMwg , w
c il' at l ayet'teviile
La') 1?ereey vl.a, !,:J! i%VJ cle it7.'3
going is of record in my
offic(e� nd the Sxee
appears in Qn&.!�c fCsr -..-- boc1,
V I { at page wuuess my
hand and seal this —- day Of
City�CCIand E�-Officio TtecOrder
� ® 980 SO
. x • ,air :. �. •, i '.,y.
STATE of ARKANSAS
' •�` ry"
financing of resideritial'hoeising facilities
ORDINANCE NO:24d5
by the creation of a public laeihiies board
AN ORDINANCE CREATING THE Ct•
putsuanttotheproviSiMSof the Act.
Ty OF FAYETTEVILLE, ARKANSAS
tdi The providing of financial
RESIDENTIAL HOUSING FACILITIES
astislance in order to enable persons and
BOARD PURSUANT TO THE PROVI-
families of law and moderate income to
sms of ACT NO. 142 OF THE ACTS OF
finance the costs of decent, safe and
ARKANSAS OF ism: -PROVIDING FOR
sanitary residential housing facilities is a
THE AppOINTMENT OF THE tNITIAL
ptop¢r public purpose as declared by the
MEMBERS THEREOF: PRESCRIBING
Act. and by-thisdelerminationofthe Board
OTHER MATTERS RELATING
aiDirectors ofthe Ciiy.
THERETO; . AND DECLARING AN
`slit The public purpose of financing
EMERGENCY! „. 't• ' ' '
residential housing facilities may best he
WHEREAS, ails City -of IrayellevRhe;
Sef4ed by establishing a public facilities
Arkansas (the "City"i. pursuant to the
-board to purchase mortgages on such
provisions of Act No. 147 or the Aets of thi
residentiat housing facilities or make mans
GeaeralAwtnibiyofthe State ofArkanui
In mortgagi lenders to provide financing
(Wlheyear IM(Ibe"Act" ).isAuthorized
for residential housing facilities as
to establish public facilities boards for Ihn
provided in the Act. • i - -
purPt6es set forth in the Act. which include
Sectiort2. Creation of Board. Pursuant to
• assntag in ntt fin8rdhg of residential
the QLYi
the authori[y of the Act there is hereby`
"City 1
baminit facilities within or rear
""
created and established The of
Residential
and
WHEREAS. Ihepro-KngOfdecent. see
Fayetteville. Arkaosas
llal+ing Facilities Board" t-•Faciliti"
and sanitary resider ial homing (adilliet
Itmrd") with authority as hereinafter 1
will be aided by the creation of a pubille -
provided to accomplish, finance, contract
facilities board to assist in tie finaneingef • or purtbase mortgage loans c ncernmg,
residential horsingg facilities• and •'
fttuxls he obtained by m
and otherwise act in such manner as may
by decent,
WHEREAS, may
pubife facilities lamed on such arms mini
he permitted the Act to provide
safe and sanitary' residential ltttusing
wader latch condildw a u will materially
faciliE'tex within or near the City. including
assist persons of low and moderate income
the City's projected gmv to areas and the
to oblaln finaoctng of residential housing
City's extra-territorialptanningareas.
facilities under eoodftiota atom favorable
Section 3. Members at the Board, Term
than would oibenrisebeavailable; i
of office; Uuratino M the Hoard. The
VOW, THEREFORE, BEITORDAINED
Facllities Hoard shall tonist of five
BY THE BOARD OF REALTORS OF THE
pot n,, The initial members shall, as
CITY OFFAYETrEVILLE,AR"NSAS:.-
Section I, 'Findings. The City hereby`
prnvWed In the Act, be appointed by the
., tayar4 the City to nerve fur terms of one.
find$ and determines: "'
tis'o. three. four and five years, respec-
. `lad Thereisdsts within and near the Ci-
lively. The members of the Facilities
ty, including the City's projected growth.
Board shalr be residents 41 the City and
anus and Ibecity'S extra-IWdtotial Lana•-
ipg a ihortage Of decent. safe and
sh; ll take and file with the 0t'y Clerk the
by the Act. The
areas,
sanitary residential housing facilities
4wih of office prescribed
duration of the Brtard shall he for the life of
available for reltabditglior, construction
any such bonds issued hereunder as
or purchase ni terns that persons and
pmvidediof;edine7. a r.i,
families of low and moderate itttome call
_ yr.etiod 4. Powers; The•Fadlilim Board
afford to pay. - , .4
is etmpow cred, from time to time, to loan,
lb? Existing economic'conditions-W
aequire._calatruct, reconstruct. extend.
eluding high rates of intereslon residential
i+4uip, impotve, sell, Icase. and contract
mortgage loans. mid a shortage of funds
Concerning !which shall include [be pur-
wlthln leading institutions in the State at
chase ilf inortgage loaner and themaking of
Arltmmmtn for residential mortgage lean}
Ipane lormortgage lendcrst m%idenl9al
arm ooppeerrating fli to further restrict the•
and
h;,;agraciliticsasshaltbcdetermincdby
Froaid to,be•neecssary.to
rehaMlilalion: cantructim purchase'
housing byperaatadlow and
thc,F'acflitiet
HIe'ct.ihe this Ordinance to
of residential
moderate Income at reasonably a(lordabk
Purpmtcs of
provide decent, safe and sanitary
costs, tilt to create unomplaymeon aaQ
rl;stdentialhousing facilities within orntvr.
haidshfp within the residential construe,
lfle City; including, Ilie, LSty's projected,
timindustry, adversely affertingituidents'
itrov,-th arras and the'-4ily's - extra;
of the City and ('tilt to reduce and limit Ilia.
territatiai.planaing areas: lam idditinn. the
value of pr�periy within the City, an of.
wi fah adversely affect the City's tax'
Flhdlitiez Baud shall have eaob of The
ppw+ rs neI fnrlll in 5ccliim 7tiaf.the Act. as
revenues and which, if no alleviated, will
amended. and appinprimie to the purposes
lead to further urban blight and decay and
JR whieh the Heard is created unkse
result to disptxt wittionatety large esperi
altictwiae rreairictBe herein. The Board'
ditureaforserttcesstytaw GCiify.
✓,t yl• Yr. � .+-ppepc1
41p}ky•enter intorsuch tcontracnurat or,
five airrrrmeats witCauch per i, r
aatdiscreliom, be is
.. �.wK .rtvr'z •+ : i,j
tiY.may. to adrismbre
a'etuntpiish the purposes of thb;Ordinatn;
"to The availability at mnattiete
iorhtdirtg without nmilatfam. ticparsincals 1
•
finanela to'assi(t such •persons and
o'tunrlrsorinstrummmlitlesafthe United
famiGealln rite rehabilitation. caastrucllom
Stales of Amcrica.'Ou State of Arkansas.
or purebaw d decent, safe and sanitary
of lheif Ity. foreplampte, the Department of
residential housing facilities Mill be aided
Ilanssittg and Urban • Development, the
by Ilse providing. of funds fix! mortgage
Federal Howling Administration. the
V•,eserp d Adminislrstioa and the Arkansas.
ss.
County of Washington
L I-(
-- .----•---------------- . ---., hereby certify that I
m the Publisher of THE NORTHWEST ARKANSAS TIMES, a daily
ewspaDer having a second class mailing privilege, and being not less than
our pages of five columns each, published at a fixed place of business and at
fixed (daily) intervals continuously in the City of Fayetteville, County of
Washington, Arkansas for more than a period of twelve months, circulated
nd distributed from an established place of business to subscribers and
eaders generally of all classes in the City & County for a definite price for
FZ
hcopy,or a fixed price per annum, which price was fixed at what is
sldered the value of the publication, based upon the news value and
wissvlue it contains, that at least fifty percent of the subscribers
ret, have paid cash for their subscriptions to the newspaper or its agents
or through recognized news dealers over a period of at least six months.
and that the said newspaper publishes an average, Bore than forty percent
news matter. i E, L
1 further certify that the legal notice her Attached IM attor of
L"t'15
HjAcdi%g Uet'e[opmc rt Agency. Prior to the,
iysuance of any %Bch herds, the Facilities
Board must submit la the..City.Board of.
Itiredum for ils.upp�prial.thc..fallowittg
gtormation: df 3?+ ,;rslai`RS.
ial fin xiae ah the propa+w band issue
tdi„rc[itiavl�detailr., h+ehr<ding., but
with" 1imitation tic Yrvyq�i .rn•;ti
,,Ail Ptkxipal4mo of;r r^f LrttH7:at3h.
::fttt,daieofthebonds: •.—fiYerr'-jr6'
a schedule
lerwrilcrs. trustm and custodian -for any
arch bards sod tttc'mortgage-lendes'and
atrvielmlt u itstl Wtiotst- whit- ".nhichK,rlte
Flleilitks Borlyd shag contract. which the
Blmid bf Uirectara trserves the light: In
tir]ecl ar: approve: •71te trinatee"ard the
,cdAcdiaa shall': beaiWIWlI(M itwiiWd.
---------- --
• : +I tree!t�
is published in the regular daily Issue of said newspaper fbl._..j.. .
amenbire insertiour as follows:
The first insertion on the .... -_,__, day of
second insertion on the _------- — ------ ------ day of .... .. --- 19.—..-_
third Insertion on the _—.__ day of
td the fourth insertion on the day of
Sworn to and subscribed before me on this ! _--- day of
10_71L
N ry Public
My Commission Expires;
Fees for Printing
Cost of proof ...--__._...
Total
I
r r
,Fy1/
ORDINANCE NO. 2 7 l7
r , %�P` `�f9
,0.
AN ORDINANCE AMENDING ORDINANCE NUMBER 2485 TO
DESIGNATE THE FAYETTEVILLE, ARKANSAS, RESIDENTIAL c� Fr rq
HOUSING FACILITIES BOARD AS THE FAYETTEVILLE PUBLIC
FACILITIES BOARD; TO EMPOWER SAID BOARD TO OWN, ACQUIRE,
CONSTRUCT, RECONSTRUCT, EXTENT, EQUIP, IMPROVE, OPERATE,
MAINTAIN, SELL, LEASE, CONTRACT CONCERNING, LAND FOR THE
PURPOSE OF CONSTRUCTING, ACQUIRING OR EQUIPPING OR OTHERWISE
DEAL---- IN OR DISPOSE OF HEALTH CARE FACILITIES; TO
AUTHORIZE SAID BOARD TO ISSUE BONDS TO FINANCE HEALTH
CARE FACILITIES; AND DECLARING AN EMERGENCY.
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 the year 1965
(the "Act"), is authorized to establish public facilities boards
for the purposes set forth in the Act; and
1 WHEREAS, the Fayetteville Board of Directors on November 21,
F 1978 adopted Ordinance No. 2485 which created such a board to
assist in the financing of residential housing facilities within
or near the City and designated said board as the Fayetteville
Residential Housing Facilities Board and authorized said board
to issue bonds for the purpose of providing residential housing;
and
WHEREAS, the Fayetteville Board of Directors has determined
that the City of Fayetteville is in immediate need of health care
facilities and that the aforesaid board should be authorized to
issue bonds to finance the construction and equipping of said
facilities.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF F'AYETTEV'ILLE, ARKANSAS:
Section 1. That Ordinance No. 2485 is hereby amended by
changing the name of the Fayetteville Residential Housing
Facilities Board created by said.ordinance to The Fayetteville
Public Facilities Board.
Section 2. That the Fayetteville Public Facilities Board
is hereby authorized to own, acquire, construct, reconstruct,
extend, equip, improve, operate, maintain, sell, lease, contract
concerning, land for the purpose of constructing, acquiring or
equipping, or.otherwise deal in or dispose of health care facilities
as well as residential housing facilities.
Section 3. That the Fayetteville Public Facilities Board
is hereby authorized to issue bonds in accordance with the
procedure prescribed by Act No. 142 of 1975 for the purpose of
financing health care facilities.
Section 4. It is hereby found and determined that there
is an immediate and urgent need for the providing of health care
facilities in the City of Fayetteville to preserve the public
health and that the exercise of the powers provided in this
ordinance are necessary to provide health care facilities and
thereby preserve the public health. Therefore, an emergency is
hereby declared to exist and this ordinance being necessary for
the public health shall be in full force and effect from and after
its passage.
PASSED AND APPROVED thi-r, 3AJ. day of 1981.
FAY:,
TY' CLERK
\Abb-
APPRO ��.
11
0
MAYOR
=1036 74.
MICROFILMED
r
J
CERTIFICATE OF RECORD
STATE of ARKANSAS r SS
Washington County }
I, Alma L. Kollmayer, Circuit Clerk and Ex.otficio Recorder for
Washington CaoMy, do hereby certify that the annexed at fore-
going Instrument was flied for receoradin my office on the
/Aday
of ��rb'ca=ll,andthessmAesi',s�/6
duly recorded in record4at ParG"
Witness my hand and seal Y ' day o 14
Circuit Clerk and
ex A ficio Recor d
BY Deputy Clerk
CERTIFICATE OF RECOROr
'State of Arkansas { SS
.,City of Fayetteviile
I. Suzanne C. Kennedy, City Clerk and
Ex-Offic:io recorder for the City of Fayetteville,
do hereby certify that the annesec, or fore-
going is of record in my office and the same up -
years in Ordinance & ResoIution book
OI at page 2� Witness my
hand and seal this cd�_of
Clerk and Ex Icio Recor
ORD ANCK NO. Stsa
Y AN ORDINANCE AMENDING OR-
DINANCE NURBUR SUS TO
DESIGNATE THE FA%VrMViLLE,
ARKANSAS. RZMEN[TAL HOUS-
ING FACILITIES BOARD AS THE
FAYETTEVILLE PUBLIC
LEASE, CONTRACT CONCERNING,-
gN. LAND FOR THE PtW''Cft OF CO
EQUIPPING OR OTHERWISE DEAL
IN OR DISPOSE OF HEALTH CARE
FACdJTIFS,- TO AUTHORIZE SAID
BOARD TO ISSUE BONDS TO
FINANCE HEALTH CARE
FACILITIES: AND DECLAXNG AN.,
IIEREA% 11* 01y of Fayetteville,
Antos (the "Uty:'Ngmusnl to the
riaions of Act Na IC d the Acts at
Genera[ Auaably of IN State at
areas for the yur 190 .Ilhe'
t"I,- is aulh cod to establish
lic' i'adlities boards for the pear-.
s =Iforth In the Act. and
HRRGAy B, the Fo<tteviila Boned r
Xrectara an November It, I=.
pied OrdLnowe No. m whkh.
aed,urb a board to assiat is the
Acing ct'•'rmldeatw. ,housfatt�g,
lilies aithia ar rear Oro A ores
Board and autborised said board to
tsaue bonds for the purpose at pro-
viding reatdentlaf housing; cad • .
WHEREAs;:the FOicliaville Board
of Dioeetars had determined that the
City of Fayetteville Is in tamMiste
treed of health care facilities. and that
th-
caforesaidboatd dbe ath&W
ee to ii>ve bon4i to ifnance'1he coo-:
sttaction cad equipping. of said
[acilit{d.
NOW, THEREFORE: HE IT DR-
DAINED BY THEBOARDOF DIREC-
TORS OF THE CITY OF FAYET-
TEVILLE,ARKANSAS: -
Section s, That Ordimnm No. M is
rem . amended by changing the
tame of the Fayetteville Rcndeotial
Having Facilities Board cruU4 by
said ordinance to The Fayettmlle
Pdb1Ic Facilitiw Board.'
Section S. That the Fayetteville
public facilities Bawd it hereby i
authorised to ohwk acquire, construct.
reconstruct, uxter4 equip, improve.
operate., maintain, sett. lease cmtroct
rni conceng, land for the purpose of
caseructing.,aequirbul or e vi,mag.
I or athersnae deal -in or dispose of
health care facilities as. weR..0
residential hataingtacititka.. , .
Section s. Thai the' "tterAle
Public Facilities Board is . hare*
authorised to iune bonds in ac-
. condance with the procedure pcescribr
ed by Ace No. lU of Ills for the
of fuaocieg 'Mwtb-care
(�acil�eties '
section a- it Is hereby found and
determined that there is an immediate .
and urgent need for lire providing of
heeith care facilities in the City of
Payeitevllte to preserve Ote public
health and that .the eaercire d the
powers provided in this ordinance are
neeaasary to provide health care
peilium.r and tl emby• preserve the
public health. Therefore, an Irnergen•
cy is hereby declared to Wit and tins
ordinance being nerersary for the
ppbiic health shelf be In fuli farce ■sad
affect from and after its passage. •
PASSED ARID APPROVED this 3rd
day et Rlarch, l9al.
APPROVED.,
' Joh1t'Tadd
MAYOR
ATTESr:
Vivian Koettel .
CITY CLERK . .
Ste 16 W
STATZ of APJ ANS"
sa.
county of 'R�'s_el—tl-ngton.4
JlL•►sr , hereby certlis that I
gm the 'Publisher of THE, NORTHWEST ARKANSAS TIMES, A daily
newspaper having a second class maillag privilege, and being not leas than
tout pages of five colutmns each, published at a fixed place of bustnese and at
a fixed, (daily) intervals continuously in the City of Fayetteville, County of
Washington, Arkansas for more than a period of twelve months, circulated
and distributed from an established place of .business to subscribers and
readers generally of all classes in the City & County for a definite price for
each copy, or a fixed pries per annum, which price was fired at what is
considered the value of the publicatlOn, based upon the news value and
service value it contains, that at least fifty percent of the . subscribers
thereto have paid cash for their subscriptions to the newspaper or its agents
or through recognised news dealers over a period of at 1"st six months;
and that the said newspaper publishes an average of Mors than forty percent
news matter.
I further certify that, the legal notice 'hereto attached In the matter of
was published in the regular daily issue of said newspaper for —
consecutive insertions as follows:
The first Insertion an. the day of
the second Insertion on the day of the third third insertion on the day ofand the fourth Insertion oil the Any 91 •—�' �l�.
1
Saorn to and subscribed before me on this
�1;o Public
hey (,omtafssiom E]rpires:
-Fees for Priothu
Cost of proof _.,i
Total
ORDINANCE NO. 2991
AN ORDINANCE AMENDING ORDINANCE NO. 2485, AS AMENDED,elp �0
!9i��
TO AUTHORIZE THE FAYETTEVILLE PUBLIC FACILITIES`;;,
BOARD TO ISSUE REVENUE BONDS TO. FINANCE THE COkoRyqTIONf��
OF HEALTH CARE AND RESIDENTIAL FACILITIES FORCP-D RLY_
PERSONS. C!/f�`!� ,
WHEREAS, the Board of Directors of the City of Faye"x1e=;
Arkansas, has established a public facilities board pursuaifFt
to Act No. 142 of the Acts of the General Assembly of the State
of Arkansas for the year 1975 (the "Act"), as amended, for
the purpose of providing assistance in the financing of.
residential and health care facilities; and
WHEREAS, said board was established by Ordinance No. 2485
adopted and approved November 21, 1978, as amended by Ordinance
No. 2708, adopted and approved -March 3, 1981; and
WHEREAS, the Fayetteville Public Facilities Board proposes
to issue revenue bonds°to assist in the financing of residential,
health care, and related facilities for elderly persons; and
WHEREAS, the Fayetteville Board of Directors has determined
that there is a need for said facilities as manifested by the
-S substantial number of elderly persons residing within the City;
v and
WHEREAS, the Fayetteville Board of Directors has determined
`. that Ordinance No. 2485, as amended, should be amended to expressly
authorize the issuance of revenue bonds to assist in financing
the construction of residential housing, health care, and related
facilities for elderly persons.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. That Section 1 of Ordinance No. 2485 is hereby
amended by adding the following:
(f) The development of housing, health care,
and related facilities for elderly persons serves
a substantial public purpose and there is a significant
need in the City for such facilities.
Section 2. That Section 3 of Ordinance No. 2485 is hereby
amended by deleting the last sentence in said section.
Section 3. That Section 4 of Ordinance No. 2485 is hereby
amended by adding the following:
The Board is expressly authorized to issue
revenue: bonds for the purpose of financing residential
housing, health care, and related facilities to serve
elderly persons, provided said facilities are owned by
U04 . 86'
r
non-profit corporations or associations. The issuance
of such revenue bonds shall be accomplished by resolution
duly adopted by the Fayetteville Public Facilities, Board
and ratified by the Fayetteville Board of directors.
Section 4. That Section 5 of Ordinance No. 2485 is
hereby amended by adding the following;
This section shall apply only to bonds issued
for the purpose of financing owner -occupied housing.
Section 5. That Section 6 of Ordinance No. 2485 is
hereby amended by adding the following:
This section shall apply only to the proceeds
of bonds issued for the purpose of financing owner --
occupied housing.
Section 6. That Section 7 of Ordinance No. 2485 is
hereby amended by adding the following:
This section shall apply only to the issuance
of bonds for the purpose of financing owner -occupied
housing. The Board is expressly authorized to issue
bonds for the purpose of financing housing, health
care, and related facilities to serve elderly persons,
provided said facilities are owned by non-profit
corporations or associations.
Section 7. As amended hereby, Ordinance No. 2485 as
amender by Or finance No. 2708, is hereby ratifiied and affirmed.
Section 8. All ordinances, or parts thereof, in conflict
with this ordinance are hereby repealed to the extent of such
conflict.
Section 9. If any provision of this ordinance or the
application thereof to any person or circumstances is held
invalid, such invalidity shall not affect the other provisions
or applications of this ordinance, which can be given affect
without the invalid provision or application, and to this end
the provisions of this ordinance are declared to be severable.
Section 10. It is hereby found and determined that there
is an immediate and urgent need for the providing of decent,
safe and sanitary housing, health care and related facilities
for elderly persons residing in or near the City of Fayette-
ville and that the immediate passage of this ordinance is
necessary to provide such facilities. Therefore, an emergency
is declared to exist, and this ordinance being necessary for
the public health and welfare shall be in full force and
effect from and after its passage and approval.
-- 1104 864
PASSED AND APPROVED this 20th day of Marc., 1984.
APPROVED:
By: `
Mayor
ATTEST:
jerk
CERTIFICATE OF RECORD
State of Arkansas ( SS
City of rayetteville f
I, Su -an -me C. Kennedy, City Cler'.c and
E-c-Of i:h recor ler for tbe City of Fa cqx i le,
do herebl- certify that the ann.•-c.1 or fora -
;di..,::^ of record in my office a.id the sarn;, ap-
Mars in Ordinance f ,, Resolution book
XI— - rt PUe . Witness my
'•^:id and scal t.iis- � day of
r
1104 86
•••'•ORCINANCENO.1fI►T ;
AN ORDINANCE AMENDIN
•• - .v � Cy
a.
ORDINANCE NO. 245, AS
AMENDED. TO AUTHORIIE
THE PAYETT13VILLE
PUBLIC f wCItrT1E580aRO
STATE of ARKANSAS
To Issue REVENUE BONDS
TO FINANCe THE CON-
89•
' STR UCTION OF. HEALTH
County of WashingtonCARE
AND RESIDENTIAL
FACILITIES FOR ELDERLY
PERSONS.
'}`WHEREAS, tiro 'Board `of.
pplratttgqr�ss of tt�►y� City oX Fayet-
3i0aiC,
I, hereby certify that I
t�, IN .,• has
amthe lis[erof HENOR HWES ARKANSASTIMES,adailynewspaper
a public
estabeS
142
having a second class mailing privilege, and being not less than four pages of
t No.
board pursuant 1v Act Na. 142
board pure
I df the Acts of the : General
five columns each, published at a fixed place of business and at a fixed (daily)
Assembly .at .the . state of
Intervals continuously in the City of Fayetteville, County of Washington. Arkansas
Arkansasas SAe deed 1fo (the
Act"1, as alhendad.•,tor the
for more than a period of twelve months, circulated and distributed from an
cp u i p o s t• o f• p r o v l tl l n p
established place of business to subscribers and readers generally of all classes
-'amistan" ntior In the-financingtm care s.
-resldantfeT end heanh care fa•
Y copy, or a fixed rice
In the Cityand Count for a definite price for each co p per
clnfist; and '"."'
annum, which price was fixed at what Is considered the value of the publication,
.W,HBREAS,,satd.boarp was
I iifalsifshed• by Ordinance No.
based upon the news value and service value it contains, that at least fifty percent
24" adopted and approved
of the subscribers thereto have paid cash for their subscriptions to the newspaper
TNovember21, 19TLasamanded
or its agents or through recognized news dealers over a period of at least six
by Ordinance No March 3, i961; adopted
and approved March
months; and that the said newspaper publishes an average of more than forty
and .. 'r't :loaf dr-, ; ?;,-.- .,
percent news matter. '
*' ,WHGAEAS. the Fayetteville!
e1subllc'.01sacilitfes-Boaird pro,
potas to Issue revenue bonds to
I further certify that the legal notice hereto attached in the matter of
Bassist, fit Me financing of resi-
dantfal, •health cars, and re-
iateefacilities 'for 'elderly
2 _J �� /
1
w7.IR1t�RHAJ<,�THfi�<<pyet-
—
tev 11 ebervot`Dtr twi has
determfned that there is a need
was published In the regular daily issue of said newspaperfor
librsaidfacilltles'eilnenifesled
'W
tay -the substaatlal. ntunoer of
consecutive insertions as faiiows:
FefderIV parsons reildlnq within
the city; and '. -.. •• •
The first insertion on the day of L•{...ti• 19 dam_
OkWHERVAS, the Fayetteville
Hoard- of Directors has de-
(terfnined that Ordinance NO.
the second insertion otl the day of 19
2495, as amended, should be
amended-eo• expressly
avthorlie the Issuance of rove-
the third insertion on the day of 19
hue bonds to assist In financing
the construction of resfdentlat -
housing, haalth! can. and re --
and the fourth insertion on the day of 19
Wad fkIlltles- •far elderly
t
' -IOW. THEREFORE. -BE IT•
V•O� �• �"-' "'—"'
ORPAfNED,BY THE BOARD
'OF-oIAECT*A$ OF, THE
Sworn to and subscribed before me on this LL�!� day of
-CITY',OF FAYETTEVILLE,
' ARKANSAS. •' '-• •'
i • . Section t.- Thee Section t of
9
Ordinance Na.'21s5 to hereby
amended by adding tree follow-
mc
1 ;;lnpifl.The dwelopnf of hous-
Nota
, fu!afTh cart, and'relatad
Plbllc
facilities for elderly persons
f ,
ltarves a substeolial public
My Commission Expires:. r
l
purpose and there Is a slgnlft•
Gant need In eha City for such
`
facilities.
��
Section 2. That Section•i of;
a
Ordinance No. 941111 Is hereby
iM*nded by deleting the last
sentence in sold section.. ,
Section 2. That'Eectlon 4 Of
' • ,..••
Orolnence No.'Un Is hereby
r
amended by +ddlntl the fallow-
Fees for Printing —
The `Hoard fs expressly
sUfhoriled to Issue revenue
Cost of Proof — S
bonds for the purpose Of financ-
Ing residential housing, health
%��.a��
care, and related facilities to
Total S
serve aldertr persons, provided
:laid facilities are owned by
nan-profit corporations or
assoVattons• The Issuance of
such revenue bonds shall be
accomplished by resofuflon
duly adapted by the Fayaf•
teville'Public Facilities Board
' -.
"il !�
and ratNied by the Fayetfevine
1
Hoard of Directors.
Section 4. That Section 5 of
Ordinance No.
rt • C
�
245 is hereby
amended by adding the follow -
t cr
Mg:
bo'esseeprtondsIudrthe
hiIULA S PAYAUL.
purpose
t
of financing pwner occupied
housing.
Section s. 'That section a of
Orotnahce No.-2495 Is hereby
amfnded.by tddlnp trig f011ov .
aT
In9:
This •ee118A ftnwn .eew —4-
CERTIFIED
ORDINANCE NO. 4 a 21
AN ORDINANCE AMENDING ORDINANCE NO. 2485, AS
AMENDED, TO MAKE EXPRESSLY CLEAR THAT THE
FAYETTEVILLE PUBLIC FACILITIES BOARDS'
AUTHORIZATION TO ISSUE REVENUE BONDS FOR THE
PURPOSE OF FINANCING RESIDENTIAL HOUSING,
HEALTH CARE, AND RELATED FACILITIES TO SERVE
ELDERLY PERSONS IS IN ADDITION TO ANY OTHER
AUTHORIZATION TO ISSUE BONDS CONTAINED
ELSEWHERE IN THE ORDINANCE; TO DELETE SECTION
9 OF ORDINANCE NO. 2485 WHICH NAMED FRIDAY,
ELDREDGE & CLARK AS BOND COUNSEL;AND
DECLARING AN EMERGENCY.
WHEREAS, the Board of Directors of the City of Fayetteville, Arkansas, has established
a public facilities board pursuant to Act No. 142 of the Acts of the General Assembly of the State
of Arkansas for the year 1975 (the "Act"), as amended, for the purpose of financing residential
housing facilities for low and moderate income families, for the purpose of financing health care
facilities, and for the purpose of financing residential housing, health care, and related facilities
to serve elderly persons; and,
WHEREAS, said board was established by Ordinance No. 2485 adopted and approved
November 21, 1978, as amended by Ordinance No. 2708, adopted and approved March 3, 19881
and Ordinance No. 2991 adopted and approved March 20, 1984; and,
WHEREAS, the Fayetteville City Council wishes to make it expressly clear that the
Public Facilities Board is authorized three separate and distinct powers by this and previous
amendments - one; to finance residential housing facilities for low and moderate income
families; - two, to finance health care facilities; and - three,. to finance residential housing,
health care, and related facilities to serve elderly persons; and,
WHEREAS, Section 9 of Ordinance No. 2485 providing for the appointment of the law
firm of Friday, Eldredge & Clark as bond counsel was only for the issuance and sale of the
residential housing facility bonds and, accordingly, should reflect that limited appointment.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Seim I. That Section (f) of Section 1 of Ordinance No. 2485 is hereby amended
by deleting said Section (f) and replacing the same as follows:
A*
CERTIFIED'
Page 2
ordinance No.
4021.
(f) In addition to all other findings and public purposes stated in this
ordinance, the development of housing, health care, and related facilities for
elderly persons, regardless of income, serves a substantial public purpose and
there is a significant need in the city for such facilities.
scwon 2. That Section 2 of Ordinance No. 2485 is hereby amended by adding the
following:
Additional authority has been granted the Facilities Board by Ordinance
No. 2708 and Ordinance No. 2991 and the Facilities Boards' authority may vary
as allowed by statute and as provided by further amending ordinances which may
be passed by the City in the future.
Section 3. That Section 9 of Ordinance No. 2485 is hereby amended by adding the
following:
Said appointment is only for the residential housing facilities bonds first
authorized in Ordinance No. 2485 prior to the amendments thereto.
motion 4. As amended hereby, Ordinance No. 2485 as amended by Ordinance No.
2708 and Ordinance No. 2991, is hereby ratified and affirmed.
Section 5. All ordinances, or parts thereof, in conflict with this ordinance are hereby
repealed to the extent of such conflict.
Section. . If any provision of this ordinance or the application thereof to any person
or circumstances is held invalid, such invalidity shall not affect the other provisions or
applications of this ordinance, which can be given affect without the invalid provision or
application, and to this end the provisions of this ordinance are declared to be severable.
ScrAjon 7. It is hereby found and determined that there is an immediate and urgent
need to finance and/or refinance a bond issue in order to provide residential housing, health care
and related facilities to serve elderly persons and this ordinance is needed to allow the Public
Facilities Board to proceed with such financing, any delay in which may cause harm to existing
facilities and endanger the health, safety and welfare of those elderly persons benefiting from
such financing. Therefore an emergency is declared to exist, and this ordinance being necessary
for the public health, safety and welfare shall be in full force and effect from and after its passage
and approval.
CR` I C7
L.D
Page 3
Ordinance No. 4021
PASSED AND APPROVED this ISt11_ day of _ February , 1997.
-r E t;, APPROVED:
By:
red Hanna, Mayor
ATTES� !�
Traci Paul, City Clerk Ciiy of Fayett CERTIFICATE OF RECORD
State le
of Arkansas }ss,
I,Sondra E. Smith, City Clerk%Treasurer for the City of
Fayetteville, do hereby certify that the foregoing
instrument is a true and Correct copy o%the
ori$ na filed in my office on the day of
hand and seaN#his ttness r�
ay o �,ryig
ra E. mit , ►ty Iedcffreasur, -
ORDINANCE NO.4021
AN ORDINANCE AMENDING
ORDINANCE NO. 2485. AS
AMENDED, TO MAKE EX-
PRESSLY CLEAR THAT THE
FAYETTEVILLE PUBLIC FA-
CILITIES BOARDS'-AUTHORI-
ZAT!ON TO ISSUE REVENUE
BONDS FOR THE PURPOSE
OF FINANCING RESIDENTIAL
HOUSING.. HEALTH CARE,
AND RELATED FACILITIES
TO SERVE ELDERLY PER-
SONS IS 1N ADDITION TO
ANY OTHER AUTHORIZA-
TION TO ISSUE BONDS CON-
TAINED IN THE
ORDINA ORDINANCE TOR DELETE
SECTION 9 OF ORDINANCE
NO. 2485 WHICH NAMED FRI-
DAY, ELDREDGE & CLAAK
AS BOND COUNSEL; AND
DECLARING AN EMERGEW
CY.
Additional authority has been
granted the Facilitles Board Of
Ordinance No. 2708 and Ordi-
nance No- 2991 and the Fada-
ties Boards authority —Y vary
as allowed by statute and as
provided by further amending
ordinances which may be
passed'by the City in the future.
Section_ That $aclion 9 of Or-
dinance No. 2485 is hereby
amended by adding the follow-
ing:
Said appointment is only for the
residential housing lactlities
bonds first authorized in Ordi-
nance No. 2485 prior to the
amendments thereto.
Section 4- As amended hereby,
Ordinance No. 2485 as amend-
ed by Ordinance No. 2706 and
Ordinance No. 2991. is hereby
ratified and affirmed.
WHEREAS. the Board of OirW-
tors Of the City of Fayetteville. Section S. All ordinances, or
Arkansas, has established a parts thereof, in conflict with
public facilities sward pursuant this ordinance are hereby re-
p Act No. 142 of the Acts of the pealed to the extent of such
General Assembly of the State conflict.
of Arkansas for the year 1975 if any provision of
(the "Adj as amended, for lire
purpose of financing residential this ordinance or the application
housing facilities for tow and thereof to any person or dr-
moderate in'Gme families, for cumslances is held invalid,
the purpose of financing health such invalidity shall not affect
Care facilities. and for the pun- the oilier Prows' Ins or applies -
In of financing residential lions of this ordinance, which
housing, health care, and resat- can be given affect without the
ed laclities to serve elderly per- 'Invalid provision or application,
sorks. and. and to this end the PrOASIOns of
this ordinance are declared to
WHEREAS, said board was es- be severable.
tablished by Ordinance No. It is hereby found
2485, adopted and approved Sect that there is an
November fi , 19 a ,asNo amend- Immediate and urgent need to
ad by Ordinance No. 2708, fierce andlor refinance a bond
adopted and approved March issue in order to provide resi-
3, 1981 and Ordinance No. dential housing, health Cara
2991 adopted and approved
Mares 20. 1984: and, and retated facilities to serve
elderly persons and this Ord -
WHEREAS, the Fayetteville nance in needed to allow the
City Council wishes to make it Public Facilities Board to pro -
expressly dear that the Public cead with such financing, an
Facilities Board is authorized delay in which. may cause harm
three separate and distinct to existing faciftias and endan-
powers by this and previous gar the health, safety and wel-
amendments - one: to finance tare of those elderly persons
residential housing facilities for benefiting horn such financing.
low and moderate income term- Therefore an emergency IS de-
Fes•'two, to finance health rare Glared to exist, and this ordf-
fadIRies; and • three. to ring nance being necessary for the
residentiat housing• health care, public health, eatery and wel-
attd related facilities to Serve fare shall be in full (Gros and el -
elderly persons; and, fact from and a_ fter its passage
WHEREAS. Sedge 9 Of Ordi. and approval'
nance No. 2485 providing for PASSED AND APPROVED
the appointment of cite law firm this 18th day of February, 1997.
of Friday. Eldredge & Clark as
bond counsel was only for the APPROVED:
issuance and sale of the resi-
dentist housing facility bonds By, Fred Hanna. Mayor
and, accordingly, should (effect
#W fimitad appointment. ATTEST:
NOW, THEREFORE, 9E IT By! Traci Paul, City Clerk
ORDAINED BY THE CITY
COUNCIL OF THE CITY OF
FAAYEITEVILLE. ARKANSAS:
Sggjpp_1_, That Section (I) of
Section I of ordinance No.
2485 is hereby amended by de -
toting said Section (f) and re-
ptaang the same as follows:
(f) in addition to all other
ings and pub' Pug -SOB stated
in this ordinance, the develop-
ment of housing, health care,
and rotated facilities for elderly
persons, regardless of Income,
.serves a substantial public pur-
pose and there is a significant
need in the city for such fadli-
ties.
sedgELa. That Section 2 of Or-
dinance No. 2485 is hereby
amended by adding the tolfory-
ing:
CERTIFIED
Vj/ Oro C
goal
STATE OF ARKANSAS
County of WashingtonI.ACIR��M TP4 �
I, RANDALL COPE, hereby certify that I am the publisher of THE
NORTHWEST ARKANSAS TIMES, a daily newspaper having a second
class mailing privilege, and being not less than four pages of five
columns each, published at a fixed place of business and at fixed (daily)
intervals continuously In the City of Fayetteville, County of Washington,
Arkansas for more than a period of twelve months, circulated and
distributed from an established place of business to subscribers and
readers generally of all classes in the City and County for a definite price
for each copy, or a fixed price per annum, which price was fixed at what
is considered the value of the publication, based upon the news value
and service value it contains, that at least tiny percent of the subscribers
thereto have paid for their subscriptions to the newspaper or its agents
or through recognized news dealers over a period of at least six months
and that the said newspaper publishes an average of more than forty
percent news matter.
i further certify that the legal notice attached in the matter of
1 1 l�Q i I 40a I was published in the regular daily issue of said newspaper for
consecutive insertions as follows: Q
The first insertion on the day of 19
the second insertion on the
the third insertion on the
and the fourth insertion on the
day of 19
day of 19
day of 19
Publisher eneral Manager
Swom to and subscribed before me on this 3—day of
if
Crrlfereeeeo' tW �r«rtt� Notary Public
My Commission E gyres:
tines
qr i N Washirt. '(AftOfAltCansas f
Awn Counry
Fees for P
t My Coln 8xpilaws qy$7/QZ r
fintirrg... cc<ccctsvcuac�c<ccrcRtct«<iccccc�C
Costof Proof ............................... ...................... $
Total..................................................................$ -
CERTIFICATE OF RLUKU
City of Fayetteville
State of Arkansas
I,Sondra E. Smith, City Clerk/Treasurer for the City of
Fayetteville, do hereby certify that the foregoing
instru ent is a true and correct copy,o t e
orlg fil d i my office on the day
hand and seal thi d of
e i 10
Sondra E. Smith, City ClerkJTreasurer
A RESOLUTION RATIFYING THE RESOLUTION OF THE FAYETTEVILLE
PUBLIC FACILITIES BOARD WHICH APPROVED A REVENUE BOND
(BUTTERFIELD TRAIL VILLAGE PROJECT), SERIES 2013 IN A
PRINCIPAL AMOUNT OF NOT TO EXCEED $8,000,000; AND
PRESCRIBING OTHER MATTERS PERTAINING THERETO
WHEREAS, The Fayetteville Public Facilities Board (the "Board"), is a public body
politic and corporate with the power of perpetual succession created by Ordinance No. 2485, as
amended and codified as Article VI Public Facilities Board, §§ 33.065-33.071 of the Code of
Fayetteville (collectively, the "Ordinance"), of the City of Fayetteville, Arkansas (the "City")
under the constitution and laws of the State of Arkansas (the "State"), including the Public
Facilities Boards Act as codified at Arkansas Code Annotated §14-137-101 et seq., 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 the proceeds thereof for the purpose of financing housing, health care
and related facilities in the City to serve elderly persons so long as such facilities are owned by
nonprofit corporations and to secure payment of such revenue bonds as therein provided, all in
accordance with the provisions of the Act and the Ordinance; and
WHEREAS, Butterfield Trail Village, Incorporated, an Arkansas nonprofit corporation,
owns a residential life care retirement facility for the elderly known as `Butterfield Trail Village"
consisting of independent living units, a skilled nursing care center and related facility located on
approximately 48 acres of land at 1923 E. Joyce Boulevard in the City ("Butterfield Trail
Village"); and
WHEREAS, the Board has determined that the economic interest and public purpose of
the Board are served by issuing its Revenue Bond (Butterfield Trail Village Project), Series 2013
(the "Bond") in a principal amount of not to exceed $8,000,000 for the purpose of providing
moneys to finance all or a portion of the costs of (a) acquiring, constructing, equipping and
furnishing an assisted living facility at Butterfield Trail Village containing approximately 9,300
square feet, (b) acquiring, constructing, renovating, equipping and furnishing the existing
Wellness Center at Butterfield Trail Village and acquiring, constructing, renovating, equipping
and famishing an approximately 6,700 square foot expansion to the Wellness Center and (c)
acquiring, constructing, renovating, equipping and furnishing the existing commons area located
in the Main Residential Building at Butterfield Trail Village and acquiring, constructing,
renovating, equipping and furnishing an approximately 10,000 square foot expansion to the
commons area (collectively, the "Project), to pay the costs of issuing the Bond and for other
purposes related thereto; and
WHEREAS, the Bond is not a debt of or pledge of the credit of the City and the City is
not obligated to pay debt service on the Bond; and
CERTIFIED
Page 2
Resolution No. 198-13
WHEREAS, pursuant to the provisions of the Ordinance, resolutions adopted by the
Board which authorize the approval of bonds for financing residential housing, health care and
related facilities for the elderly which are owned by non-profit corporations are required to be
ratified by the City prior to issuance; and
WHEREAS, such resolution adopted by the Board on September 3, 2013 (the "Board
Resolution"), is attached as Exhibit A and authorizes the issuance of the Bond subject to
ratification by the City to finance the Project and authorizes the Chairman and Secretary of the
Board to execute and deliver the Bond and documents to effect the issuance of the Bond.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. Recognition of Board's Authority. The Board is authorized by the Act
and the Ordinance to approve the issuance of the Bond in a principal amount of not to exceed
$8,000,000 for the purpose of providing moneys to finance all or a portion of the costs of the
Project, to pay the costs of .issuing the Bond and for other purposes related thereto and shall
comply with other provisions of the Act and the Ordinance. The Bond by statute and intent of
this City Council is not a debt of or pledge of the credit of the City and the City is not obligated
to pay debt service on the Bond.
5ection2. Ratification of Board's Resolution. The provisions of the Board
Resolution, a copy of which `is filed with the Clerk of the City and attached as Exhibit A, are
hereby ratified by the City to the extent they are in agreement with this Resolution.
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 are hereby repealed to the extent of such conflict.
:PASSED and APPROVED this the 17th day of September, 2013.
CERTIFIED
City of Fayetteville Staff Review Form
City Council Agenda Items
and
Contracts, Leases or Agreements
9117/2013
City Council Meeting Date
Agenda Items Only
Kit Williams City Attorney City Attorney
Submitted By Division Department
Action Reuirsd,
A R06lution, ratifying the Resolution of the Fayetteville PuWd FOC'M OS Board which approved a Revenue Bond
(Butterfield Trail Village Project), series 2013 in a principal amount of not to exceed $8,000,000; and prescribing other
matters pertaining thereto
$0
Cost of this request
Account Number
n
Category! Project Budget
Funds Used to Hate
Program Category / Project Name
Program I Project Category Name
Remaining Balance Fund Name
Budget Adjustment Attached I�
t:41 Previous Ordinance or Resolution a
[7ste „
Original Contract Date.
Original Contract Number:
Revised January 15, 2009
CERTIFIED
Dwrtmental Correspondence
Kit Williams
City Attorney
Jason S. Kelley
Assistant City Attorney
TO: Mayor Jordan
City Council
CC: Paul Becker, Finance Director
.Don Marr, Chief of Staff
FROM: Kit Williams, City Attorney
DATE: September 3, 2013
RE: Public Facilities Resolution Ratification
The Fayetteville Public Facilities Board is seeking the City Council's
approval for its proposed sale of $8 Million of Public Facilities Bonds to
expand and renovate Butterfield Trail Village. The Fayetteville Public
Facilities Board was created about 35 years ago primarily to help obtain
low interest funding to build Butterfield Trail Village. To my knowledge,
this has been the Board's sole project and has proven very successful.
Butterfield Trail Village is an expressly authorized project pursuant
to § 33.068 Powers of the Board (B) Fayetteville Code of Ordinances:
"(B) . The board is expressly authorized to issue revenue bonds
for the purpose of financing residential housing, health care
and related facilities to serve elderly persons; provided said
facilities are owned by nonprofit corporations or associations.
The issuance of such revenue bonds shall be accomplished by
resolution duly adopted by the city Public Facilities Board and
ratified by the City Council."
CERTIFIED
As you see the Public Facilities Board may only issue bonds for
Butterfield after its Resolution has been "ratified by the City Council."
That is their request to you now.
Both state law and the Fayetteville Code make it clear that Public
Facility Revenue Bonds (as requested to be issued now) are obligations of
the Public Facilities Board only and do not constitute an indebtedness of
the City.
"It shall be plainly stated on the face of each bond that it has
been issued under the provisions of this chapter, that the bonds
are obligations only of the public facilities board, and that in no
event shall they constitute an indebtedness for which the faith
and credit of the creating municipality or county or any of its
revenues are pledged." A.C.A. § 14-137-120 Obligations on
bonds (a).
"Such revenue bonds shall be obligations only of the facilities
board and shall not constitute an indebtedness for which the
faith and credit of the city or any of its revenues are
pledged...." § 33.070 Issuance of Revenue Bonds (A) of the
Fayetteville Code of Ordinances.
If the City Council determines that the Fayetteville Public Facilities
Board's plan to renovate and enlarge Butterfield Trail Village by issuing $S
Million in Public Facility Bonds should be ratified and approved, please
pass the ratifying Resolution. If you believe the Fayetteville Public
Facilities Board's Resolution should not be ratified for whatever reason,
you should explain why it should not be ratified and vote against the
ratifying Resolution.
21
CERTIFIED
FAYETTEVILLE CODE OF ORDINANCES
TITLE III ADMINISTRATION
ARTICLE VI
PUBLIC FACILITIES BOARD
33.065 Findings
The City of Fayetteville hereby finds and determines:
(A) There exists within and near the city, including
the city s projected growth areas and the city's
extraterritorial planning areas, a shortage of
decent, safe and sanitary residential housing
facilities available for rehabilitation, construction,
or purchase on terms that persons and families of
low and moderate income can afford to pay.
(B) Existing economic conditions including high rates
of interest on residential mortgage loans, and a
shortage of funds within lending institutions in the
state for residential mortgage loans are operating
to; Further restrict the rehabilitation, construction,
and purchase of residential housing by persons
of low and moderate income at reasonably
affordable costs; create unemployment and
hardship within the residential construction
industry, adversely affecting residents of the city;
and reduce and limit the value of property within
the city; all of which adversely affect the city's tax
revenues and which, if not alleviated, will lead to
further urban blight and decay and result in
disproportionately large expenditures for services
by the city.
(C) The availability of mortgage financing to assist
such persons and families in the rehabilitation,
construction or purchase of decent, safe, and
sanitary residential housing Facilities will be aided
by the providing of funds for mortgage financing
of residential housing facilities by the creation of
a Public Facilities Board pursuant to the
provisions of Act No,; 142 of the General
Assembly of 1975.
(D) The providing of financial assistance in order to
enable persons and families of low and moderate
income to finance the costs of decent, safe and
sanitary residential housing facilities is a proper
public purpose as declared by the act, and by this
determination of the City Council,
(E) The public purpose of financing residential
housing facilities may best be served by
establishing a Public Facilities Board to purchase
mortgages on such residential housing facilities
or make loans to mortgage lenders to provide
financing for residential housing facilities as
provided in the act.
(F) In addition to all other findings and public
purposes stated in this ordinance, the
development of housing; health care, and related
facilities for elderly persons, regardless of
income, serves a substantial public purpose and
there is a significant need in the city for such
facilities.
(Code 1965, §2-111: Ord. No. 2485, 11-21-78; Ord. No.
2991, 3-20-84: Ord, No. 4021, §1, 2-18-97: Code 1991.
§33.065)
State law reference(s)—Public Facilities Board Act,
A.C.A. §14-137-101 et seq.
33.066 Establishment
Pursuant to A.C,A. §14-137-107 there is created and
established the city Public Facilities Board
(hereinafter known as "facilities board") with authority
as hereinafter provided to accomplish, finance,
contract or purchase mortgage loans concerning, and
otherwise act in such manner as may be permitted by
the act to provide decent, safe, and sanitary
residential housing facilities within or near the city,
including the city's projected growth areas and the
city's extraterritorial planning areas.
Additional authority has been granted the facilities
board by Ordinance No. 2708 and Ordinance No,
2991 and the facilities board's authority may vary as
allowed by statute and as provided by further
amending ordinances which may be passed by the
city in the future.
C033:12
(Code 1965, §2-112; Ord. No, 2485, 11-21-78; Ord. No.
4021. §2, 2-18-97; Code 1991, 533,066)
33.067 Members Of The Board; Term Of
Office; Duration Of The Board
The facilities board shall consist of five persons- The
initial members shall, as provided in A,C,A §14-137-
107, be appointed by the mayor of the city to serve for
terms of one, two, three, four and five years,
respectively. The members of the facilities board
shall be residents of the city and shall take and file
with the City Cleric the oath of office prescribed by the
act,
(Code 1965. 52-113; Ord No. 2485, 11-21-78; Ord, No.
299-1, 3-20-84; Code 1991. §33.067)
State law references) --Creating ordinance-Aulhorlty,
A,C.A„§14-137-107; Board members, A.CA. §14-137-108,
33.068 Powers Of The Board
(A) The facilities board is empowered, from time to
rERTIFIED
FAYETTEVILLE CODE OF ORDINANCES
TITLE III ADMINISTRATION
time, to loan, acquire, construct, reconstruct,
extend, equip, improve, sell, lease, and contract
concerning (which shall include the purchase of
mortgage loans and the making of loans to
mortgage lenders) residential housing facilities as
shall be determined by the facilities board to be
necessary to effect the purposes of this article to
provide decent, safe and sanitary residential
housing facilities within or near the city, including
the city's projected growth areas and the city's
extraterritorial planning areas. In addition, the
facilities board shall have each of the powers set
forth in A.C.A. §14-137-111, as amended, and
appropriate to the purposes for which the board
is created unless otherwise restricted herein.
The board may enter into which contractual or
cooperative agreements with such persons as
may in its discretion be advisable to accomplish
the purposes of this article, including, without
limitation, departments, agencies, or
instrumentalities of the United States of America,
the state or the city; for example, the Department
of Housing and Urban Development, the Federal
Housing Administration, the Veterans'
Administration and the Arkansas Housing
Development Agency_ Prior to the issuance of
any such bonds, the facilities board must submit
to the City Council for its approval the following
information:
(1) The size of the proposed bond issue and all
related details, including, but without
limitation:
(a) principal amount;
(b) date of the bonds;
(c) interest payment dates;
(d) principal payment dates;
(e) numbers;
(f) denominations;
(g) rates of interest;
(h) a schedule reflecting the annual
principal maturities;
(i) the semiannual interest requirements
and the total requirements; and
(j) applicable redemption provisions.
(2) Recommendations for person to serve as
underwriter, trustee, and custodian for any
such bonds and the mortgage lenders and
servicing institutions with which the facilities
board shall contract, which the City Council
reserves the right to select or approve. The
trustee and the custodian shall be institutions
located within the city, if such institutions are
qualified and such appointments do not
otherwise adversely affect the rating of the
bonds (if submitted for rating).
(6) The board is expressly authorized to issue
revenue 'bonds for the purpose of financing
residential housingi health care and related
facilties to serve elderly persons; provided said
facilities are owned. by nonprofit corporations or
associations. The issuance of such revenue
bonds shall' be accomplished by resolution duly
adopted bv, the city Public. Facilities Boardand
(Code 1965, §2-114; Ord. No, 24B5, 11-21-78; Ord. No.
2991, 3-10-84; Code 1991, §33,068)
State law references) --Powers generally -bidding and
appraisal procedure, A.C.A. §14-137-111,
33,069 Bond proceeds; Investments
(A) Any agreements made by the facilities board with
mortgage lenders must contain a provision to the
effect that such mortgage lenders may only loan
the proceeds provided to them to finance housing
located within the city's corporate limits and to
finance housing located within the city's projected
growth area and extraterritorial planning area. A
minimum or 75% of the bond proceeds shall be
available to finance housing located within the
city's corporate limits; and a maximum of 25% of
the bond proceeds shall be available to finance
existing housing located within the city's
projected growth area and extraterritorial
planning area. The facilities board shall have the
authority, after prior approval of the City Council,
to reallocate such percentages.
(8) This section shall apply only to bonds issued for
the purpose of financing owner -occupied
housing.
CD33:13
(C) The facilities board shall offer bond proceeds not
otherwise required to be deposited with the
custodian to financial institutions which have their
principal place of business located within the city
and which are qualified far such investments.
This section shall apply only to the proceeds of
vERiIFIED
FAYETTEVILLE CODE OF ORDINANCES
TITLE III ADMINISTRATION
bonds issued for the purpose of financing owner -
occupied housing.
(Code 1965, §2-115, 2-116; Ord, No. 2485, 11-21-78, Ord,
No. 2991, 3-20-84; Code 1991, §33.069)
State law mference(s)--Use of funds and revenue -
bonds, A,C.A. §14-137-115,
33.070 Issuance Of Revenue Bonds
(A) The facilities board is authorized and is limited to
issue this initial series of revenue bonds, in
accordance with the conditions set forth in
§33.068, and to use the proceeds, either alone or
together with other available funds and revenues,
to accomplish the purposes for which the facilities
board is created as the same relates to the
providing of decent, safe, and sanitary residential
ous.ing facilities. Such revenue bonds', shall be
o, lightions only of the facilities board: and shall,
not constitute'an iridebtedhess for which the faith
and"c' redif of the -city or any of its revenues are
pledged;' and the principal and interest on the
itt shall be payable from and secured by a
pledge of revenues derived from residential
housing facilities financed, in whole or in part,
from bond proceeds and as authorized by, and in
accordance with the provisions of law, together
with such other collateral as may properly be
pledged under the act and as the facilities board
in its discretion may determine,
(B) This section shall apply only to the issuance of
bonds for the purpose of financing owner -
occupied housing, The hoard v is `'expressly
authotized to :tissue bonds ,for the 1?:urpose, 'of
finalising hou.sing Health care and; related.
faciCrkes to serve elderly persons provided said'
facilitiies are„ovuned b"y=non profit.corporations or
associations
(Code 1065, §2-117; Ord. No, 2485, 11-21-78; Ord, No.
2991, 3-20-84; Code 1991. §33.470)
*Note --It should be noted that Ord. No. 4021, adopted
Feb. 18, 1997, provided in the preamble and §3 that §9 of
Ord, No. 2485 provided for the appointment of a bond
counsel for the issuance and sate of residential housing
facility bonds, and said appointment is only for the residential
housing fatalities bonds first authorized on Ord;. No. 2485
prior to the amendments thereto.
33.071 Organization; Reports
As soon as practicable after the adoption of this
article the facilities board shall meet and elect such
officers as shall be required by law, The facilities
board may adopt such bylaws and other rules and
CD33:14
regulations as shall be necessary for the conduct of
its business and consistent with the provisions of'the
act. The facilities board shall cause to be filed with
the City Clerk of the city the annual report.
(Code 1965, §2-118; Ord. No. 2485, 11-21-78: Code 1991.
§33,071)
State law reference(s)--Annual reports, A.C.A. §14-
137-123.
33.072-33.104 Reserved
ARTICLE V11
PLANNING COMMISSION
33.105 Establisihment
There is hereby created a city Planning Commissioh.
(Code 1966. §2-80; Ord. No. 956, 9-12-49)
i
state law references) --Municipal planning
commissions generally, A.C.A., §15-56-401 et seq.
33.106 Composition
The Planning Commission ("commission") shall
consist of nine members, all of who shall be citizens
of Fayetteville, and at least two-thirds of whom shall
not hold any municipal office or appointment. No �wo
members of the commission ("commissioners") s all
be related by blood or marriage in the third degrbe,
nor shall any two commissioners have direct financial
involvement. All commissioners must disclose
annually all real estate holdings in Fayetteville and the
Fayetteville ptanning area, and any business or
financial interest which could affect, or be affected 6y,
decisions of the commission. All commissioners shall
have a demonstrated interest, experience, or
expertise in land use planning:
s
(Code 1965, §2-81; Ord. No. 956, 9-12-49; Ord. No, 3872.
§i, 2-21-95; Code 1991, §33,106)
State law reference(s)-Appointment of members,
A.C.A, §14-56-405.
33.107 Terms Of Members
Each commissioner, unless appointed to fill an
unexpired term, shall be appointed to serve a term: of
three years- Such terms shall be staggered, with
three commissioners being appointed each year. "All
terms shall begin on April 1.
(Code 1865, §2-82; Ord. No. 1126, 3-25-57; Ord. No,.2404,
12-6-77:Ord. No. 3872. §1, 2-21-95: Code 1991. §33.107)
33.108 Compensation
CERTIFIED
Rv, 14-137-120 LOCAL GOVERNMENT 368
Fe° 14-137.120. Obligations on bonds.
I � ;
(a) it shall be plainly stated on the face of each bond that it has been
issu d''.under the provisions ofthis chapter fiat the bands are: l7liga-
bons acaiy of the public facilities hoard, and that in no event shall they
' constitute an fildebt6dness for which the faitila and eredit:.of the creating
1 11nunicipalzty or county or any of its revenues aat pledged,
M (b) No member of the hoard ,Shall be personally liable on the bgncls or
for any dainegt% sustained.hy anyone in connection with any contracts
_h entered into in carrying out the purpose and intent of this chapter
unless lie si ll have acted with .a corrupt intent.
(c) The principal of and interest on; the bonds shall be payable from:
(1) Revenues derived from the public -facilities project acquired,
constructed, reconstructed, equipped, extended; or improved, in whole
W.. or in part, with the proceeds of the i�on� s;,
(2) Obligations of:
�i (A) The owners of public facilities projects; or
r (B) Any person with whom the proceeds of the bonds, or a portion
thereof, are invested by contract or otherwise;
'r (3) Any other funds or sources of funds of the board specifically
pledged Apo WM4ch aro get.aside as a special fund or source, other than
taxes or assleestnei is for local improvements, for the purpose of paying
' the prineziel of and xrzterest on the bonds; or
Y (4) Any combination of subdivisions (1), (2), and (3) of this subsec-
tion.
(d) The board is authorized to pledge those revenues, obligations,
F, other special funds or sources to pay the principal of and interest on the
bonds.
' History. Acts 1975, .No. 142, § 10; Publisher's Notes, As to purpose of
1977, No. 446, § 4; A.S.A. 1947, § 20- Acts 1987, No. 47, see Publisher's Notes,
§
1714- Acts 1987 No. 47, 4. § 14-137-111.
LASE NOTES
Cited: Cortez v. Independence County,
287Ark. 279, 698 S.W.2d 291(1985).
14.137-121. Mortgage liens — Enforcement.
(a) The resojution or indenture referr. to ik1 ¢ 4-13'7=1 5 or.
may not, impose a foreclosable mrgALg#ge lien npotl o recur y sst:
in all or any portion of the lands, b�z�ir or aC1litJtesciwretl,
constructed, reconstructed, e�tended, equi ed, or a prC?tled, zn aQls
or in part, with the proceeds oibdnds ISS11 !UA jr, tl chapter, the
nature and extent of the ,]nortga e z or a ura lutez° t rosy lje
controlled by the resolution tYr'-Mdentire ueluelug; thaut lxa=y.
provzsipns pertazuz to t%e release ofal ox paar aftle lams, bxtilinga:
or facll ties 'rem the anox g h ntsri acid tho
of the wortga lien or seMW y mte�t the, event of sue s zve::hMid
issues .au ;:as tlioritod; by � 14 137.11 .
RESOLUTION
RESOLUTION AUTHORIZING THE ISSUANCE OF THE ISSUER'S
REVENUE BOND (BUTTERFIELD TRAIL VILLAGE PROJECT), SERIES
2013 IN A PRINCIPAL AMOUNT NOT TO EXCEED $8,000,000 (THE
"BOND") TO PROVIDE FUNDS TO FINANCE IMPROVEMENTS TO A
RESIDENTIAL LIFE CARE RETIREMENT FACILITY IN FAYETTEVILLE,
ARKANSAS FOR ELDERLY PERSONS; AUTHORIZING A LOAN
AGREEMENT BETWEEN THE BOARD AND BUTTERFIELD TRAIL
VILLAGE, INCORPORATED; AUTHORIZING THE SALE OF THE BOND
.AND THE EXECUTION OF A BOND PURCHASE AGREEMENT IN
CONNECTION THEREWITH; AND AUTHORIZING AND PRESCRIBING
OTHER MATTERS PERTAINING THERETO.
WHEREAS, The Fayetteville Public Facilities Board (the "Issuer") has been organized and
exists under the taws of the State of Arkansas as a public facilities board; and
WHEREAS, the Issuer is a public body corporate and politic duly organized and validly
existing under the Constitution and laws of the State of Arkansas (the "State"), including the
Arkansas Code Annotated §§ 14-137-101, et seq., as amended (the "Act"), and by Ordinance No.
2485, as amended (collectively, the "Ordinance"), of the City Council of the City of Fayetteville,
Arkansas (the "City"), adopted on November 21, 1978; and
WHEREAS, the Ordinance and the Act authorized the Issuer to issue revenue bonds to
finance residential housing, health care and related facilities to serve elderly persons so long as such
facilities are secured by nonprofit corporations; and
WHEREAS, for the purposes set forth in the Ordinance, the Issuer desires to issue not to
exceed $8,000,000 in principal amount of its Revenue Bond (Butterfield Trail Village Project), Series
2013 (the 'Bond") to provide funds to finance all or a portion of the costs of (a) acquiring,
constructing, equipping and furnishing an assisted living facility containing approximately 9,300
square feet, (b) acquiring, constructing, renovating, equipping and furnishing the existing Wellness
Center and acquiring, constructing, renovating; equipping and furnishing an approximately 6,700
square foot expansion to the Wellness Center and (c) acquiring, constructing, .renovating, equipping
and furnishing the existing commons area located in the Main Residential Building and acquiring,
constructing, renovating, equipping and furnishing an approximately 10,000 square foot expansion to
the commons area (collectively, the "Project") for Butterfield Trail Village, Incorporated, an
Arkansas nonprofit corporation (the 'Borrower"), which operates a residential life care retirement
facility for the elderly, known as "Butterfield Trail Village" consisting of independent living units, a
skilled nursing care center and related facilities located on approximately 48 acres at 1923 E. Joyce
Boulevard, Fayetteville, Arkansas, 72703; and
WHEREAS, the proceeds of the Bond will be loaned by the Issuer to the Borrower, pursuant
to a Loan Agreement, to be dated as of the dated date of the Bond (the "Loan Agreement"), providing
for payments by the Borrower, as a repayment of the loan in amounts sufficient to provide for the
payment of the principal of and premium, if any, and interest on the Bond as due and payable;
�TIFIED
WHEREAS, the Bond will be sold to Arvest Bank (the "Purchaser"), pursuant to a Bond
Purchase, Assignment and Security Agreement to be dated as of the dated date of the Bond (the
"Bond Purchase Agreement"), setting forth the terms of the Bond; and
WHEREAS, there has been presented to this meeting the form of the following instruments
which the Issuer proposes to execute to carry out the transaction described above, copies of which
instruments shall be filed with the records of the Issuer:
(a) the Bond Purchase Agreement; and
(b) the Loan Agreement; and
WHEREAS, it appears that each of the instruments above referred to, which are now before
the Issuer, are in appropriate form and are appropriate instruments for the purpose intended;
NOW, THEREFORE, BE IT RESOLVED BY THE FAYETTEVILLE PUBLIC
FACILITIES BOARD, AS FOLLOWS:
Section 1. The Issuer hereby finds that the issuance of the Bond to finance all or a portion
of the costs of the Project will assist in providing residential care facilities for the elderly in the City
and, therefore, should be accomplished.
Section2, The issuance of the Bond in the principal amount of not to exceed $8,000,000
is hereby authorized. The Bond shall be designated "The Fayetteville Public Facilities Board
Revenue Bond (Butterfield Trail Village Project), Series 2013" and shall be issued in the form, shall
be dated, shall be numbered, shall bear interest (provided such interest rate shall not exceed 3.75%
per annum), and shall be subject to redemption prior to maturity, upon the terms and conditions set
forth in the Bond Purchase Agreement. The principal of and interest on the Bond shall be payable in
monthly installments, as provided in the Bond Purchase Agreement, with the final installment due not
later than ten (10) years after the date of issuance of the Bond.
Section 3. To prescribe the terms and conditions upon which the Bond is to be executed,
issued, purchased, accepted, held and secured, the Chairman and Secretary of the Issuer are hereby
authorized and directed to execute and deliver the Bond Purchase Agreement to the Purchaser.
Section 4. There is hereby authorized the loaning of the proceeds of the Bond to the
Borrower in accordance with the provisions of the Loan Agreement. The Chairman and Secretary of
the Issuer are hereby authorized and directed to execute and deliver the Loan Agreement to the
Borrower.
Section 5. The Chairman and Secretary of the Issuer are hereby authorized and directed to
execute the Bond and to cause the Bond so executed and authenticated to be delivered to the
Purchaser upon payment of the purchase price.
Section 6. The Bond Purchase Agreement and the Loan Agreement shall be in
substantially the forms submitted to this meeting, which are hereby approved, with such omissions,
insertions and changes as may be approved by the officers executing them, their execution to
constitute conclusive evidence of their approval of any such omissions, insertions and changes.
2:
CERTIFIED
Section 7. The Chairman, Secretary and other officers of the Issuer, for and on behalf of
the Issuer, are hereby authorized and directed to do any and all things necessary to effect the
execution and delivery of the instruments approved by this Resolution and the performance of all
obligations of the Issuer thereunder, the issuance, execution and delivery of the Bond, and the
performance of all acts of whatever nature necessary to effect and carry out the authority conferred
by this Resolution. The Chairman, Secretary and other officers of the Issuer are hereby further
authorized and directed, for and on behalf of the Issuer, to execute all papers, documents, certificates
and other instruments that may be required for the carrying out of such authority or to evidence the
exercise thereof.
Section 8. The Secretary shall maintain, as a part of the minutes of the meeting at which
this Resolution is adopted and the permanent records of the Issuer, for inspection by any interested
person, copies of the Bond Purchase Agreement and the Loan Agreement.
Section 9. The Issuer will restrict the use of the proceeds of the Bond in such manner and
to such extent, if any, as may be necessary, after taking into account reasonable expectations at the
time the Bond is delivered to the Purchaser, so that they will not constitute an arbitrage bond under
Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"). The Chairman or any
other officer having responsibility with respect to the issuance of the Bond, is authorized and
directed, alone or in conjunction with the Borrower or any officer, employee, consultant or agent of
the Borrower, to deliver a certificate for inclusion in the transcript of proceedings for the Bond,
setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said
Section 148 and regulations thereunder. In its performance of these covenants, and other covenants of
the Issuer pertaining to federal income tax laws, the Issuer may rely upon the written advice of
nationally recognized bond counsel which is provided to the Borrower.
Section 10. The Chairman and 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, agreements 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 collateral pledged under the Bond Purchase Agreement) as they may deem
necessary or appropriate in order to implement and carry out the intent and purposes of this
Resolution.
Section 11. The Chairman of the Issuer is hereby authorized and directed to work with
Friday, Eldredge & Clark, LLP, as Bond Counsel, and officials of the Borrower to develop, adopt an
implement written procedures to assist the Borrower in monitoring compliance with federal tax
requirements with respect to tax-exempt obligations issued by the Issuer for the benefit of the
Borrower. It is understood that the policies to be adopted and established by such written procedures
will be adopted and established by the Borrower on behalf of the Issuer for tax-exempt obligations
issued by the Issuer for the benefit of the Borrower.
Section 12. The Bond shall not be issued and delivered by the Issuer unless and until the
City Council of the City shall have adopted a resolution ratifying the adoption by the Issuer of this
Resolution.
CERTIFIED
Section 13. 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 14. All prior resolutions or portions thereof of the Issuer which are inconsistent
with the contents hereof are hereby repealed.
Section 15. This Resolution shall become effective immediately upon its passage and
approval.
Adopted and approved this 3rd day of September, 2413.
t N gecretary
(SEAL)
THE FAYETTEVILLE PUBLIC FACILITIES
BOARD
4
ETIFIED RECEIVED
SEP 44 2013
Fayetteville Public Facilities Board
CGITY CLERKS OfFIICE
Sepember 3, 2013
The Fayettevillc Publit;"Faoilitics board (the "PFB$$),met on Septemb r 3,
2013 at 4.00 p.rrt., in the CortferenOe Room of Suite 102 in The Fulbright Building where
th& 1aw a ice of Board Counsel : ame N. McCord is looted. Present: Board members
Steve Adams, Phil Taylor, and `I`oinmy Deweese and Board Counsel James N. McCord.
Absent: Board rnembers Steve C sby and Steve Clark.. Also present: Dennis Hunt from
Stephens 1 . Financial Adviser to,Bttiterrield Trail Village, Inc.
Chairman Steve Adams called the meeting. to order and stated that a quorum (three PFB
members) is. present. He then stated that the first item of business was the election of an
Acting Secretary, bogus Stove.sbY; eertry i'or the PFB is absent. Tommy
Deycese moved tlai Phil"'"T%ayior .elected Aetirrg Secretary for the PFB The .motion was
seconded by Sve Adattls.:and passed unanimously.
Cltaal?a, Aids lli¢n recognized Dennis Hunt from Stephens Inc., Financial
.Ndvisor to Butterfield Ttail Village, Inn, ("BT-V"). Mr. Hunt explained that BTV is
requesting the P1 B to approve a 1�*lut Ur> ttuEh.o rizing the. issuance ofa, Bond. ria tj
eatcectl .8*�Ci , fl to>:rnance impr"Overt ents to:
the I3 "4 residential life" eaccfAc l t in
City offlI a��tt�viile. or elderly pbrsons the Board twill ltave a tbht year zz ttt 4,II he ar
:ntcrest;at appro4mately 3 9€9,% pefOnnum.and will be"purel ased by Arvest oath;
11 James N. !McCord ,preseqxed a R, csotuti-ori. prepared by Friday,
;-ond 060s01;.auth ar xang.tlie 1'1�B to 1ssu�,the Bond a� requi.t b
.d the esnlutit n to all FIdB: i e hers e ctr.e the the rtg 1? I
al f t e tysolutittn, The: tnotian was se otad by Ti3mmy i v v se
Chairman Adams then adjourned the meeting.
&e " 'etfully submitted,
Phillip Taylor, Acting Secretary
CERTIFIED
NOTICE OF PUBLIC HEARING
Notice is hereby given that a public hearing will be conducted on September 17,
2013, at 6:00 o'clock p.m., before the City Council of the City of Fayetteville, Arkansas, in
Room 219 of the City Administration Building, 113 West Mountain Street, Fayetteville,
Arkansas 72701, on the question of the issuance of revenue bonds by The Fayetteville Public
Facilities Board (the "Board") in the principal amount of not to exceed $8,000,000 for the
purpose of financing all or a portion of the costs of the following improvements for Butterfield
Trail Village, Incorporated, an Arkansas non-profit corporation (the "Corporation") that operates
a residential life care retirement facility for the elderly: (a) acquiring, constructing, equipping
and furnishing an assisted living facility containing approximately 9,300 square feet, (b)
acquiring, constructing, renovating, equipping and furnishing the existing Wellness Center and
acquiring, constructing, renovating, equipping and furnishing an approximately 6,700 square foot
expansion to the Wellness Center and (c) acquiring, constructing, renovating, equipping and
furnishing the existing commons area located in the Main Residential Building and acquiring,
constructing, renovating, equipping and furnishing an approximately 10,000 square foot
expansion to the commons area (collectively, the "Project"). The initial owner and operator of
the Project will be the Coporation. The Project will be located on the Corporation's campus at
1923 E. Joyce Boulevard, Fayetteville, Arkansas 72703.
The bonds shall be special obligations of the Board, secured by and payable from
an assignment of the right to receive payments from the Corporation pursuant to a Loan
Agreement between the Board and the Corporation, and such other collateral as may be provided
by the Corporation. The obligations shall not constitute an indebtedness for which the :faith and
credit of the City are pledged.
Dated: August 23, 2013 Is/ Lioneld Jordan
Mayor
CERTIFIED
Post -Issuance Compliance Policy Manual
of
Butterfield Trail Village, Incorporated
Dated: , 2012
1/ze-/013
Section f. Introduction
1.1. The purpose of this Post -Issuance Compliance Policy Manual (the "Manual") is to
provide assistance to Butterfield Trail Village, Incorporated (the "Corporation") in
complying with postAssuance federal tax requirements with irgard to the tax-exempt
bonds and ottier. obligations issued for the benefit of the Cearptiradort .(collectively, the
"Bonds"). In addition, this Manual will assist the Corporation in complying with its
continuing disclosure obligations pursuant to Securities and Exchange Commission Rule
15c2-12. It is the policy of the Corporation to comply with all relevant state and federal
laws with respect to the Bonds. This Manual applies to all Bonds issued for the benefit of
the Corporation.
1.2. These written procedures are intended to assist representatives of the Corporation in
monitoring compliance with federal tax requirements which will insure that the Bonds
remain tax-exempt. Because aides tax-exempt Bonds will remain outstanding for many
years, it is'impottartt to,have procedures which can be understood and implemented over
time eve6 ns the r6pons'ble liartl may change.
1.3. It is important that the Corporation assign responsibility for post -issuance compliance
and that sufficient information is routinely identified and maintained to allow those who
later inherit that responsibility to successfully continue the job of post -issuance
compliance.
14. The Corporation is responsible for insuring that the Bonds satisfy all applicable federal
tax requirements both at the time of issuance and for so long as such Bonds remain
outstanding. The Corporation agrees that it will be responsible for monitoring post -
issuance compliance and maintaining adequate records to substantiate compliance. A
failure to fulfill this responsibility may result in the Bonds losing their tax-exempt status,
1.5. Certain Bonds and taxable obligations are subject to the continuing disclosure
requirements of Seculi grad 'Lange �oriimissidn,R,dle 1Sc2.1.2 )' tltr to comply
with continuing disclpspr�,;undortaL"0 t OWd rie tJ-V61�, off `t thee r��rlcot�l lity of the
Bonds. This art ai is Also,,antehded to assist: reprosgniLAU +ts .0,.the; Co oration in
maintaining catliaitc. ovitlr tts t tinuirscic�sux urJclr%akis.•
Section 22. Responsible Verson
2.1. The representative of the Corporation with primary responsibility for monitoring post -
issuance compliance of Bands is the —_-. Aid �lr�6JAJ W of the Corporation (the
"Responsible Person"). Currently, 6rLAWb#'4- .. is the person that holds the
office of the Responsible Person. Hereafter, any successorjfi:-,c► tre�f
shall be deemed to be the Responsible Person. Any successor Responsible Person shall
consult with bond counsel in order to insure ongoing compliance with the procedures of
this Manual.
CERTIFIED
2.2. It is the policy of the Corporation that the Responsible Person should be provided with
education and training on federal tax requtresnents applicable to tax-exempt hoinds: The
Corporation recognizes that such education and training is vital as a means of helping to
insure that the Corporation remains in compliance with: those federal tax requirenlents in
respect of the Bonds. The Corporation will enable and. encourage the Responsible. Person
to attend and participate in educational and training :prograans with regard to the federal
tax requirements applicable to tax-exempt bonds. The Responsible Person is also
authorized to retain counsel or other parties from time to time to assist in such training
and education.
Section 3. Record -Keening
3.1. All records regarding an issue of Bonds shall be, retained for the life of such Bands plus
three years. In the event that an issue of Bonds is refunded, the records from the refunded
Bonds shall be retained for the life of the: refunding Bonds plus three years.
3.2. All records for each Bond 'issue shall be kept in a separate and distinct file to be located at
the offices of the Corporation.
3.3. The following records, as applicable, shall be maintained for each issue of Bonds for the
length of time designated in Section 3.1 of this Manual:
a. Bond transcripts;
b. Documents related to government grants associated with construction, renovation
or purchase of Bond -financed property;
C. Bank statements for Bond financings;
d. Correspondence (letters, e-mails, faxes, etc.) for Bond financings;
C. Reports of any IRS examinations of the Corporation or its Bond financings;
f. Federal tax or information returns (e.g., Form 8038 series returns);
g. Official Statements and other offering documents; and
h. Documentation evidencing use of Bond -financed property by public and private
s0urces.
3.4. The Responsible Person shall maintain such documentation as necessary to establish the
useful life of all Bond -financed property and shall insure that the average maturity of an
issue of Bonds does not exceed the useful economic life of the property financed by such
Bonds by more than 20%. Such documentation shall be maintained for the time period as
stated in Section 3.1 of this Manual.
3.5. The Responsible Person shall maintain documentation with respect to. the amount of
issuance costs that are paid by an issue of Bonds and shall insure that such costs paid
with Bond proceeds do not exceed 21% of the proceeds .of such issue. Such
documentation shall be maintained for the time pexiod as stated in Section 3.1 of this
Manual.
CERTIFIED
Section 4. InVostmetits and,Arki:tt"agz CoWpliance
4.1. The Responsible Person shall maintain documentation of allocations of investments and
investments earnings to Bond financings. Such documentation shall be maintained for the
time, period as stated in Section 3.1 of this Manual.
4.2, The Responsible Person shall maintain documentation for purchases and sales of
investments made with Bond proceeds (including investment contracts, credit
enhancement transactions, financial derivatives and bidding of financial products). such
documentation shall be maintained for the time period as stated in Section 3.1 of this
Manual.
4.3. The Responsible Person shall maintain copies of computations of Bond yield,
computation of rebate and yield reduction payments, Form 8038-Ts and Form 8038-Rs
for each issue of Bonds. Such documentation shall be maintained for the time period as
stated in Section 3.1 of this Manual.
4.4. ` k Mesons .ble. €'ergbb shall monitor instances where compliance with applicable yield
restrietian.rutreiiett(s: depends on subsequent reinvestment of Bond proceeds in Iower
yfalding artuetrttriiss
4.5. The Responsible Pierson shall mOniEot.,Bo ,.fihancings that are expected to comply with
t(Ioar�w4ge refits tts; a resuYt of ;trte aplcatibn of a temporary period exception or a
spending dkdoption. The Rosppj)Sible Person shall maintain calculations that will be
' 'tib��t W�docu i t to the `iteW ;l-evenue Service ("IRS") upon an audit that, when
applicable, the Corporation has complied with an available spending exception with
regard to that Bond issue.
44 The Responsible Person shall maintain records showing that investments held in yield -
restricted advance refunding or defeasance escrows for Bonds, and investments made
with unspent Bond proceeds after the expiration of the applicable temporary period, were
not invested in higher -yielding investments. Such documentation shall be maintained for
the time period as stated in Section 3.1 of this Manual.
4.7. The Responsible Person is authorized to retain independent certified public accountants
from time to time to calculate any arbitrage rebate owed to the United States Treasury,
Section S. Expenditures and Assets
5.1. The Responsible Person shall maintain documentation of allocations of Bond -financing
proceeds to expenditures (e.g., allocation of Bond proceeds to expenditures for the
construction, renovation or purchase of facilities owned and used in the performance of
the exempt purpose). Such documentation shall be maintained for the time period as
stated in Section 3,1 of this Manual.
CERTIFIED
5.2. The Responsible Person shall maintain copies of requisitions, draw schedules, draw
requests, invoices, bills and cancelled checks related to Bond proceeds spent during the
construction period. Such documentation shall be maintained for the time period as stated
in Section 3.1 of this Manual.
5.3. The Responsible Person shall maintain copies of all contracts entered into for the
construction, renovation or purchase of Bond -financed facilities. Such documentation
shall be maintained for the time period as stated in Section 3.1 of this Manual.
5.4. The Responsible Person shall maintain records of expenditures made prior to issuing
Bonds that are reimbursed with Bond proceeds. Such documentation shall be maintained
for the time period as stated in Section 3.1 of this Manual.
5.5. The Responsible Person shall maintain a list or schedule of all Bond financed facilities or
equipment. All such property must be owned by the Corporation or a governmental unit.
Such documentation shall be maintained for the time period as stated in Section 3.1 of
this Manual.
5.6. The Responsible Person shall maintain documentation that tracks purchases and sales of
Bond -financed properties. Such documentation shall be maintained for the time period as
stated in Section 3.1 of this Manual,
Section 6. Private Bus!ness Vse.
6.1. The Responsible Person shall monitor and maintain records of all private trade or
business activities by the Corporation allocated to Bond -financed facilities. Such
documentation shall be maintained for the time period as stated in Section 3.1 of this
Manual.
6.2. The Responsible Person shall monitor and maintain records of trade or business activities
by third parties that are allocated to Bond -financed facilities. Such documentation shall
be maintained for the time period as stated in Section 3.1 of this Manual.
6.3. The Responsible Person shall monitor and maintain records of the following agreements
with respect to Bond -financed property for the time period as stated in Section 3.1 of this
Manual:
a, Management and other service agreements (including agreements with doctor
groups for services);
b. Research contracts;
C. Nanning rights contracts;
d. Leases;
e. Subleases;
f. Leasehold improvement contracts;
g. Joint venture arrangements;
h. Limited liability corporation arrangements;
CERTIFIED
Partnership arrangements; and
Any other agreement that grants a special entitlement for the use of Bond -
financed property to a nongovernmental entity.
6.4. The Responsible Person acknowledges that:
(a) "private business use" means use by any person other than a state or local
govemment unit or 501(c)(3) organization (other than the Corporation), including
business corporations, partnerships, limited liability companies, associations, water
m ocications, nonprofit corporations, natural persons,engagcd in:tradaor business aotivity;
and the United States of America and aniyIedcral age
nCy, as .a esaill; l owrtership of Cfti~
Bond -financed property or use of the Bond-financed"p petty under a ;I et rri ata ,ement
or service contract (except for certain "'qualified" trtaiiage0i6ot ors vz :contracts ,
contract for the purchase of electricity or water, research contract (except for certain
"qualified" research contracts), naming rights contract, or any similar use arrangement
that provides special entitlements for the use of Bond -financed property; and
(b) the tax-exempt status of a Bond issue may be adversely affected if (i)
more than 3176 of the net proceeds of such Bond issue (including the property financed
with the Bonds) is used for private business use and (ii) more than 5% of the net proceeds
of such Bond issue is, directly or indirectly, secured by property used as private business
use, or derived from payments related to property used as private business use.
6.5 The Responsible Person shall be responsible for monitoring management and other
service contracts btterecl nto;..or prrpAsed to be entered into, by the Corporation to
ensure that the telim's of such mmagoment and other service contracts fall within the safe -
harbors established .sss �I'ertTtisOjb16.-A tO "gements" described in Revenue Procedure 97-
13, or any subsequent authority relating to management contracts. The Responsible
Person acknowledges receipt of Revenue Procedure 97-13,
6.6. The Responsible Person may engage bond counsel from time to time to render advice on
proposed contracts and amendments to existing contracts. Where necessary, the
Responsible Person may request and receive a written opinion of bond counsel that the
proposed contract or amendment to existing contract will not cause the interest on the
outstanding Bonds to losd, zs taxae r pt; stags forfert�ra) �� t '.�o�t~s: f� btihs
counsel is unable to provide fhb opt' q set:: forth ih dtb 'i. O' '.ing sgn�nceh c
Responsible Person 04d counsel lii;tlier ny remnow i
*40a may 4
taken under the Internal Revenue Code . ricl relati tl rep,► trans,; n{tION g a . T asi
Regulation § 1.141-12, that would permit tfe cdtttCact t i1e entd itniq'thitt' adv�xsI
affecting the tax-exempt status of the B000s that ti3 rtced the apoilil `plop
6.7. The Responsible Person may engage bond counsel from time to time to render advice on
proposed sales of property financed with proceeds of Bonds. It is understood that
remedial action as described in Section 6.6 of this Manual may need to take place prior to
any sale in order to maintain the tax-exempt status of interest on the Bonds for federal
income tax purposes.
51'
CERTIFIED
Section 7. ContinnLni Disclosure Compliance
7.1. The Responsible Person shall insure that the Corporation complies with its continuing
disclosure obligations relating to its Bonds. The Responsible Person shall maintain a
record of all required continuing disclosure filings for the time period as stated in Section
3.1 of this Manual.
Section S. Assistance and fair reration from CDtlxO QTNais and Hm 'la 'ees
8.1. In order to meet his or her responsibilities under this Manual, the Responsible Person
may require the assistance and cooperation of other officials and employees of the
Corporation. Other officials and employees of the Corporation shall assist and cooperate
with the Responsible Person in fulfilling the policies and purposes of this Manual.
Section 9. val"fitary Closing, Aorient htogtebi
9J. The Voluntary Closing Agreement Program of the IRS provides -issuers of tax-exempt
bonds with a vehicle to resolve violations of the Internal Revenue Code and related
regulations.
9.2. Information about the Voluntary Closing Agreement Program is available on the Tax -
]Exempt Bond Community page at www.irs.gov. The Responsible Person shall annually
review this information.
9.3. If the Corporation identifies a violation of federal tax law with respect to its Bonds, the
Responsible Person will notify bond counsel.
Section 10. Anuendlx
10.1. The Responsible Person shall attach the Tax Regulatory Agreement, or such other
certificate pertaining to compliance with federal income tax law (collectively, the "Tax
Certificates"), for each issue of Bonds as an Appendix to this Manual. The Responsible
Person shall refer to the Tax Certificates to insure that the Corporation is in compliance
with all covenants set forth in such Tax Certificates and with the policies and procedures
implemented in this Manual.
10.2. The Responsible Person is authorized to retain counsel from time to time to assist with
the interpretation of the Tax Certificates or to render advice regarding compliance with
the policies and procedures of this Manual.
6
CERTIFIED
DATED as of the date first written above.
Roddent
Chief Executive Officer
3 x5
Chief"Finatxaiai. C3fAcer
CERTIFIED
FR.IDAY ELDREDGE D. Michael Moyers I Attorney 400 West Cep;tol Avenue
Direct: (601) 370-1492 Sulte 2000
a C Fax: (60i) 244.5394 Little Rook, Arkansas 72241-3522
& �rP www,FridayFirm.aom
E-mafl: mmoyer&Illtritlayfirm:com
.a
August 29, 2013
The Honorable Lioneld Jordan
City of Fayetteville
113 W. Mountain
Fayetteville, Arkansas 72701 _
RECEIVED
AUG 3 0 2013
CITY CLERKS OFFICE
Re: The Fayetteville Public Facilities Board Revenue Bond (Butterfield Vail Village
Project), Series 2013
Dear Mayor Jordan,
In connection with the above.referenced bond- issud and the Fayetteville City Council
meeting to be held on September 17, 2013, I have enclosed a Resolution that I ask be placed on
the September 17 Council agenda 'for consideration by the Council. The purpose of the
Resolution is to ratify a resolution to be considered by The Fayetteville Public Facilities Board
on September 3, 2013 authorizing the issuance of a revenue bond to benefit Butterfield Trail
Village, Incorporated.
In addition, I have enclosed for your reference a copy of a Notice of Public Hearing with
respect to the bond issue. The Notice is scheduled for publication on August 30. I ask that the
public hearing referenced in the Notice be placed on the September 17 Council agenda as well.
Thank you very much for your help. Please call or email with any comments or questions
or if I can do anything further.
Very truly yo
U. Michael Moyers
DMM:csj
Enclosure
cc: Kit Williams
James N. McCord
CERTIFIED
NOTICE OF PUBLIC HEARING
Notice is hereby given that a public hearing will be conducted on September 17,
2013, at 6:00 o'clock p.m., before the City Council of the City of Fayetteville, Arkansas, in
Room 219 of the City Administration Building, 113 West Mountain Street, Fayetteville,
Arkansas 72701, on the question of the issuance of revenue bonds by The Fayetteville Public
Facilities Board (the "Board") in the principal amount of not to exceed $8,000,000 for the
purpose of financing all or a portion of the costs of the following improvements for Butterfield
Trail Village, Incorporated, an Arkansas non-profit corporation (the "Corporation") that operates
a residential .life care retirement facility for the elderly: (a) acquiring, constructing, equipping
and furnishing an assisted living facility containing approximately 9,300 square feet, (b)
acquiring, constructing, renovating, equipping and furnishing the existing Wellness Center and
acquiring, constructing, renovating, equipping and furnishing an approximately 6,700 square foot
expansion to the Wellness Center and (c) acquiring, constructing, renovating, equipping and
furnishing the existing commons area located in the Main Residential Building and acquiring,
constructing, renovating, equipping and furnishing an approximately 10,000 square foot
expansion to the commons area (collectively, the ,Project"). The initial owner and operator of
the Project will be the Corporation. The Project will be located on the Corporation's campus at
1923 E. Joyce Boulevard, Fayetteville, Arkansas 72703.
The bonds shall be special obligations of the Board, secured by and payable from
an assignment of the right to receive payments from the Corporation pursuant to a Loan
Agreement between the Board and the Corporation, and such other collateral as may be provided
by the Corporation. The obligations shall not constitute an indebtedness for which the faith and
credit of the City are pledged.
Dated: August 28, 2013 Isl Lio. neld,. Jordan
Mayor
Mayor Lioneld Jordan
City Attorney Kit Williams
City Clerk Sondra Smith
Final Agenda
City of Fayetteville Arkansas
City Council Meeting
September 17, 2013
Aldermen
Ward 1 Position 1—Adeila Gray
Ward I Position 2 — Sarah Marsh
Ward 2 Position 1 —Mark Kinion
Ward 2 Position 2 — Matthew Petty
Ward 3 Position 1 — Justin Tennant
Ward 3 Position 2—Martin W. Schoppmeyer, Jr.
Ward 4 Position 1— Rhonda Adams
Ward 4 Position 2 — Alan T. Long
A meeting of the Fayetteville City Council will be held on September 17, 2013 at 6:00 PM in
Room 219 of the City Administration Building located at 113 West Mountain Street,
Fayetteville, Arkansas.
Call to Order
Roll Call
Pledge of Allegiance
Mayor's Announcements, Proclamations and Recognitions:
City Council Meeting Presentations, Reports and Discussion Items:
1. Advertising and Promotion Commission Appointment — The Commission
recommends the appointment of Tim Freeman term ending 03/31/16
APPROVED
2. Historic District Commission Appointment — The Mayor recommends the appointment
Laura Chioldi term ending 06/30/14 and Steven Kay 06/30/16
APPROVED
3. Nominating Committee Report
APPROVED
113 West Mountain Fayetteville, AR 72701 (479) 575-8323 accessfayetteville.org
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Agenda Additions: NONE
A. Consent:
1. Approval of the September 03, 2013 City Council meeting minutes.
MINUTES WERE REMOVED
2. Bid #13-46 Fochtman Enterprises, Inc.: A resolution awarding Bid #13-46 and
authorizing a contract with Fochtman Enterprises, Inc. in the amount of $711,833.70 for
water and sewer improvements along Razorback Road from Martin Luther King Jr.
Boulevard to Nettleship Street, approving a project contingency of $75,000.00, and
approving a budget adjustment.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 189-13
3. Sprint/Nextel Property Services Amendment No. 1: A resolution approving
Amendment No. 1 to the communication site lease agreement with Sprint/Nextel
Property Services for cell antenna space on the Markham Water Tank on Sang Avenue.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 190-13
4. Bid #13-48 B & A Property Maintenance: A resolution awarding Bid #13-48 and
authorizing a contract with B & A Property Maintenance in the amount of $28,220.00 for
tree planting and maintenance, and approving a ten percent (101/6) project contingency.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 191-13
5. 2nd Quarter Animal Services Donation Revenue: A resolution approving a budget
adjustment in the total amount of $21,243.00 representing donation revenue to the
Animal Services Division.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 192-13
6. 2013 Edward Byrne Memorial JAG Local Assistance Award: A resolution
authorizing acceptance of the 2013 Edward Byrne Memorial JAG Local Assistance
Award in the total amount of $69,977.00, and approving a budget adjustment.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 193-13
7. Hazmat Services Revenue: A resolution approving a budget adjustment in the total
amount of $6,610.00 to recognize hazmat services revenue through August 2013 and to
increase the related expense budget.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 194-13
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8. Hazmat Services Revenue: A resolution approving a budget adjustment in the total
amount of $3,314.82 representing hazmat services revenue received through August 2013
and increasing the related expense budget.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 195-13
9. Fayetteville Fire Department Administrative Operating Procedures: A resolution to
approve and adopt the Fayetteville Fire Department Administrative Operating
Procedures.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 196-13
10. Solid Waste and Recycling Extension Agreements: A resolution to approve one year
extension agreements with Deffenbaugh Industries, Hog Box, Waste Management of
Northwest Arkansas, and Allied Waste Services of Bella Vista to haul and dispose of
solid waste and recycling in Fayetteville in exchange for a franchise fee of 10% and to
authorize or ratify Mayor Jordan's execution of such contracts.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 197-13
B. Unfinished Business: None
C, Public Hearing:
1. Public Facilities Resolution Ratification: A resolution ratifying the resolution of the
Fayetteville Public Facilities Board which approved a Revenue Bond (Butterfield Trail
Village Project), Series 2013 in a principal amount of not to exceed $8,000,000; and
prescribing other matters pertaining thereto.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 198-13
D. New Business:
1. RZN 13-4461 (123 E. Cleburn St./Stover): An ordinance rezoning the property
described in rezoning petition RZN 13-4461, for approximately 0.20 acres, located at 123
E. Cleburn Street from C-2, Thoroughfare Commercial, to DG, Downtown General.
PASSED AND SHALL BE RECORDED AS ORDINANCE NO.5614
2. VAC 13-4459 (201 W Mountain St.): An ordinance approving VAC 13-4459 submitted
by William Rudasill for property located at 201 W Mountain Street, to vacate a portion of
a right-of-way and utility easement, a total of 413 square feet.
PASSED AND SHALL BE RECORDED AS ORDINANCE NO.5615
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3. VAC 13-4460 (423 Prairie Ave): An ordinance approving VAC I3-4460 submitted by
Jacobs Newell Company for property located at 423 Prairie Street, to vacate an access
easement, a total of 0.02 acres.
PASSED AND SHALL BE RECORDED AS ORDINANCE NO.5616
4. Beaver Watershed Alliance: An ordinance waiving the requirement for bids by
applying §34.23(F) Purchases and Contracts Not in Excess of $20,000.00 of the
Fayetteville Code of Ordinances and approving a contract with the Beaver Watershed
Alliance in the amount of $10,000.00 to assist in the improvement of water quality in the
Beaver Lake Watershed.
PASSED AND SHALL BE RECORDED AS ORDINANCE NO.5617
5. Amend Chapter 34 Finance and Revenue: An ordinance amending Chapter 34:
Finance and Revenue of the Fayetteville Code to enact §34.10 Temporary Cash Transfers
Related to Reimbursable Grants to provide a cash flow mechanism for reimbursable
grants.
PASSED AND SHALL BE RECORDED AS ORDINANCE NO.5618
6. 2013 Millage Levy: An ordinance levying a tax on the real and personal property within
the City of Fayetteville, Arkansas, for the year 2013 fixing the rate thereof at 1.3 mills for
General Fund operations, 0.4 mills for the Firemen's Pension and Relief Fund, 0.4 mills
for the PoIicemen's Pension and Relief Fund and 1.0 mill for the Fayetteville Public
Library; and certifying the same to the County Clerk of Washington County, Arkansas.
THIS ITEM WAS LEFT ON THE SECOND READING
7. Sales and Use Tax Capital Improvement Bonds, Series 2013:, An ordinance
authorizing the issuance and sale of the City's Sales and Use Tax Capital Improvement
Bonds, Series 2013, for the purpose of financing a portion of the costs of certain street
improvements; authorizing the execution and delivery of a Third Supplemental Trust
Indenture pursuant to which the bonds will be issued and secured; authorizing the
execution and delivery of an official statement pursuant to which the bonds will be
offered; authorizing the execution and delivery of a bond purchase agreement providing
for the sale of the bonds; authorizing the execution and delivery of a Continuing
Disclosure Agreement; and prescribing other matters relating thereto.
PASSED AND SHALL BE RECORDED AS ORDINANCE NO.5619
8. Kum & Go, L.C.: A resolution to approve the Third Amendment to land sale agreement
with Kum & Go, L.C. to extend the closing date to no later than February 12, 2014 and to
agree to equally share the costs of a new traffic signal.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 199-13
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9. Economic Development Contract for Services Renewal: An ordinance to waive
formal competitive bidding, to approve a two year Economic Development Services
contract with the Fayetteville Chamber of Commerce in the total amount of $330,000.00
and to approve a budget adjustment.
PASSED AND SHALL BE RECORDED AS ORDINANCE NO.5620
10. Amend §164.11 Height and Setback Regulations; Exceptions: An ordinance to
Amend § 164.11 Height and Setback Regulations; Exceptions to enhance livability
through appropriate transitions in building scale and to protect access to air and sunlight
and to enact an emergency clause.
THIS ITEM WAS LEFT ON THE FIRST READING
11. Cleveland Street Improvements Appeal: A resolution to grant the appeal of Alderman
Alan Long concerning a recommendation of the City Council Transportation Committee
concerning Cleveland Street Improvements.
THIS ITEM WAS TABLED INDEFINITELY
E. City Council Agenda Session. Presentations:
1. General Fund Budget Discussion —Paul Becher, Finance Director and Internal
Services Director
F. City Council Tour:
G. Announcements:
Adjournment: 7:55 pm
113 West Mountain Fayetteville, AR 72701 (479) 575-8323 accessfayetteville.org
Telecommunications Device for the Deaf TDDITTY (479) 521-1316
CERTIFIED
NORTHWEST ARKANSAS DEMOCRAT-GAZl=T'fE
NORTHWEST R K" �NSAS,
THE
ROG R
'4
THE MORNING NEWS OF
NEWSPAPMSLLC
ST SAS T]MES
e NTOR N OUNTY ow Y RECo 0
212 NORTH EAST AVENUE. FAYETTEVII I.E, ARKANSAS 72701 1 P.O. soil 1607, 72702 1 479442.1700 1 wYi1F1.NWANEWSLOM
AFFIDAVIT OF PUBLICATION
1, Holly Andrews, do solemnly swear that I am the Legal Clerk of the
Northwest Arkansas Newspapers, LLC, printed and published in
Washington and Benton County, Arkansas, bona fide circulation,
that from my own personal knowledge and reference to the files
of said publication, the advertisement of-
-- BUTTaE-RFILED TRAIL VILLAGE'
PIS notice
Was inserted in the Regular Editions on:
August 30, 2013
Publication Charges: $ 97,20
Holly A Brews
Subscribed and sworn to before me
This S day of , 2013.
wc&
Notary Public
My Commission Expires: ZA� /Z. IV,
CATHYJ. WILES
r^�
_
F"
�ata
Benton County
My Commissl0f1 up1Je9
Ft bfara!y 20, 2014
"NOTE"
Please do not pay from Affidavit. Invoice will be sent.
NOTICE OF PUBLIC HEARING
Notice is hereby given that
a public hearing will be conducted on September 11.
2013, at 6:00 o`clock p.m., before the City Council
of the City of Fayetteville, Arkansas, in Room 219
of the City Administration Building, 113 West
Mountain Street, Fayetteville, Arkansas 72701, on
the question of the issuance of revenue bonds by
The Fayetteville Public Facilities Board (the
"Board") in the principal amount of not to exceed
38,000,000 for the purposc of financing all or a
portion of the costs of the following improvements
for Butterfield Trail Village, Incorporated, an
Arkansas non-profit corporation (the "Corporation")
that operates a residential life rare retirement
facility for the elderly: (a) acquiring, constructing,
equipping And furnishing an assisted living facility'
containing approximately 9,300 square feet, (b)
acquiring, constructing, renovating, equipping and
famishing the existing Wellness Center and
acquiring, constructing, renovating, equipping and
furnishing an approximately 6,700 square foot
expansion to the Wellness Center and (e) acquiring,
constructing, renovating, equipping and furnishing
the existing commons area located in the Main
Residential Building and acquiring, constructing,
renovating, equipping and furnisbing on
approximately 10,000 square foot expansion to the
commons --area (collectively, (be�"PrajecY).e -the
Initial owner and operalor of the ProieM will be the
Corporation. The Project will be located on the
Corporation's campus at 1923 E. Joyce Boulevard,
Fayetteville, Arkansas 72703.
The bonds shall be special
obligations of the Board, secured by and payable
from an assignment of the right to receive payments
from the Corporation pursuant to a Loan Agreement
between the Board and the Corporation, and such
other collateral as may be provided by the
Corporation. The obligations shall not constitute an
indebtedness for which the faith and credit of the
City are pledged.
lsfLioneld Jordan, Mayor
Dated: August 28, 2013
722I M55 , August 36, 2013
TEFRA NOTICE PUBLIC HEARING AND APPROVAL CERTIFICATE
Re: $8,000,000 The Fayetteville Public Facilities Board Revenue Bond (Butterfield
Trail Village Project), Series 2013
The undersigned Mayor (the "Mayor") of the City of Fayetteville, Arkansas (the "City")
is the chief elected executive officer of the City, and hereby certifies as follows:
(1) Attached hereto is an affidavit of the publisher of the Northwest Arkansas Times
showing that a notice of public hearing on the issuance of the above referenced bond issue (the
"Bond") to be held on September 17, 2013, was published one time in such newspaper on August
30, 2013. Such notice apprised the residents of the City of the proposed issuance of the Bond, in
compliance with all legal requirements, including Section 147(f) of the Internal Revenue Code of
1986, as amended.
(2) The public hearing described in such notice was duly held at the date and place
set forth in such notice before me, the City Council of the City and a representative of The
Fayetteville Public Facilities Board (the "Issuer"). The hearing was conducted in a manner
which provided a reasonable opportunity for persons with differing views on the issuance of the
Bond or the location and the nature of the proposed project to be heard.
(3) The public hearing was held prior to final approval, authorization and issuance of
the Bond. .
(4) The undersigned, acting in his capacity as Mayor of the City, hereby approves the
issuance of the Bond by the Issuer for the purposes of meeting the requirements of Section 147(0
of the Internal Revenue Code of 1986, as amended.
IN WITNESS WHEREOF, the undersigned has executed his Certificate as of the _ day
of October, 2013.
CITY OF F�jJYETTE`V`I�LLE, ARKANSAS
r
NORTHWESTARKANSA5 DEMOGRATTCs4ZEifE
NORTHNORTHWEST AR A1+,T(� A [`.
WEST W 1 t�l� J�-]��]
THE MORNING NEWS OFSPRINGDALE
THE MORNING NEWS OF ROGERS
NWSPjVERSLLC
- NORTHWEST ARNANSAS TIMES
BENTON COUNTY DAILY R CORD
212 NORTH EAST AVENUE. FAYETTEvutz, ARKANSAS 72701 1 P.O. BOX 1607, 72702 j 479-442-1700 1 Www.NWANEWs-COM
AFFIDAVIT OF PUBLICATION
I, Holly Andrews, do solemnly swear that I am the Legal Clerk of the
Northwest Arkansas Newspapers, LLC, printed and published in
Washington and Benton County, Arkansas, bona fide circulation,
that from my own personal knowledge and reference to the files
of said publication, the advertisement of:
BUTTERFILED TRAIL VILLAGE'
PH notice
Was inserted in the Regular Editions on:
August 30, 2013
Publication Charges: $ 97.20
Holly Aidrews
Subscribed and sworn to before me
This 5 day of S%/A— , 2013.
Notary Public
My Commission Expires: ' jz"012,1�
CATH MLES
1. Benton Courtly
my Commissia 11 1rp€res
re February iD, 2014
**NOTE**
Please do not pay from Affidavit. Invoice will be sent.
NOTICE OF PUBLIC HEARING
Notice is hereby given that
a public hearing will be conducted an September 17,
2013, at 6:00 O'clock p.m., before the City Council
of the City of Fayetteville. Arkansas, in Room 219
of the City Administration Building, 113 West
Mountain Street, Fayetteville, Arkansas 72701, on
the question of the issuance of revenue bonds by
The Fayetteville Public Facilities Board (the
"Board") in the principal amount of not to exceed
S8 000,000 for the purpose of financing all or a
portion of the costs of the following improvements
for Butterfield Trail Village, Incorporated, an
Arkansas non-profil corporation (the -Corporation)
that operates a residential life care relimment
facility for the elderly: (a) acquiring, constructing,
equipping and furnishing an assisted living facility
containing approximately 9,300 square - feet, (b)
,acquiring, constructing, renovating, equipping and
furnishing the existing Wellness Center and
acquiring, constructing, renovating, equipping and
furnishing an approximately 6,700 square four
expansion to the Wellness Center and (c) acquiring,
constructing, renovating, equipping and furnishing
the existing commons area located in the Main
Residential Building and acquiring, constructing,
renovating, equipping and furnishing an
approximately 10,000 square foot expansion ro the
commons_a!ta (collectively, (he FProject".).._ The
eiwne,�.
initial i and opcmtor'of the Project will be the
Corporation, The Project will be located on the
Corporation's campus at 1923 E. Joyce Boulevard,
Fayetteville, Arkansas 72703.
The bonds shall be special
obligations of the Board, secured by and payable
from an assignment of the right to receive payments
from the Corporation pursuant to a Loan Agreement
between the Board and the Corporation, and such
other collateral as may be provided by the
Corporation. The obligations shall not constitute an
indebtedness for which the faith and credit of the
City are pledged.
VLioneld Jordan, Mayor
Dated: Augusl 29, 2013
72217555 . August 30, 2013
**NOTE**
Please do not pay from Affidavit. Invoice will be sent.
NOTICE OF PUBLIC HEARING
Notice is hereby given that
a public hearing will be conducted an September 17,
2013, at 6:00 O'clock p.m., before the City Council
of the City of Fayetteville. Arkansas, in Room 219
of the City Administration Building, 113 West
Mountain Street, Fayetteville, Arkansas 72701, on
the question of the issuance of revenue bonds by
The Fayetteville Public Facilities Board (the
"Board") in the principal amount of not to exceed
S8 000,000 for the purpose of financing all or a
portion of the costs of the following improvements
for Butterfield Trail Village, Incorporated, an
Arkansas non-profil corporation (the -Corporation)
that operates a residential life care relimment
facility for the elderly: (a) acquiring, constructing,
equipping and furnishing an assisted living facility
containing approximately 9,300 square - feet, (b)
,acquiring, constructing, renovating, equipping and
furnishing the existing Wellness Center and
acquiring, constructing, renovating, equipping and
furnishing an approximately 6,700 square four
expansion to the Wellness Center and (c) acquiring,
constructing, renovating, equipping and furnishing
the existing commons area located in the Main
Residential Building and acquiring, constructing,
renovating, equipping and furnishing an
approximately 10,000 square foot expansion ro the
commons_a!ta (collectively, (he FProject".).._ The
eiwne,�.
initial i and opcmtor'of the Project will be the
Corporation, The Project will be located on the
Corporation's campus at 1923 E. Joyce Boulevard,
Fayetteville, Arkansas 72703.
The bonds shall be special
obligations of the Board, secured by and payable
from an assignment of the right to receive payments
from the Corporation pursuant to a Loan Agreement
between the Board and the Corporation, and such
other collateral as may be provided by the
Corporation. The obligations shall not constitute an
indebtedness for which the faith and credit of the
City are pledged.
VLioneld Jordan, Mayor
Dated: Augusl 29, 2013
72217555 . August 30, 2013
ot,..Pcn /V-13
CLOSING CERTIFICATE OF
CITY OF FAYETTEVILLE, ARKANSAS
The undersigned, Mayor and City Clerk of the City of Fayetteville, Arkansas, a
duly organized and existing municipality of the State of Arkansas (the "City"), do hereby certify
as follows:
1. The undersigned are the duly elected, qualified, and acting Mayor and
City Clerk of the City, and as such officials have in their possession or have access to the official
books and records of the City.
2. Attached in the Exhibits hereto is a true, correct and complete copy of all
proceedings had by the City relating to the issuance by The Fayetteville Public Facilities Board
(the "Issuer") of its Revenue Bond (Butterfield Trail Village Project), Series 2013 (the "Bond"),
as the same appear upon the records of the City in our possession.
3. Attached hereto as Exhibit A is a true, complete and correct copy of (a)
Ordinance No. 2485 of the City duly adopted by the City Council of the City at a duly called
meeting of the City Council, open to the public, held on November 21, 1978; (b) Ordinance No.
2708 of the City duly adopted by the City Council of the City at a duly called meeting of the City
Council, open to the public, held on March 3, 1981; (c) Ordinance No. 2991 of the City duly
adopted by the City Council of the City at a duly called meeting of the City Council, open to the
public, held on March 20, 1984; and (d) Ordinance No. 4021 of the City duly adopted by the
City Council of the City at a duly called meeting of the City Council, open to the public, held on
February 18, 1997. At such meetings a quorum was present and acted throughout; the said
Ordinances are in full force and effect and have not been altered, amended or repealed as of the
date hereof, except as noted above. No petition or petitions to refer the above referenced
Ordinances to the people under Amendment No. 7 to the Constitution of the State of Arkansas
have been filed as of the date hereof, and the City Council of the City has not referred the above
referenced Ordinances to the people for adoption or rejection.
Attached hereto as Exhibit B is a true, complete and correct copy of Resolution
No. 198-13 of the City ratifying the Issuer's authorization to issue the Bond, duly adopted by the
City Council of the City at a duly called meeting of the City Council, open to the public, held on
September 17, 2013. At such meeting a quorum was present and acted throughout; the said
resolution is in full force and effect and has not been altered, amended or repealed as of the date
hereof.
Attached hereto as Exhibit C is the approval for the issuance of the Bond by the.
Mayor of the City, which approval was given after a public hearing on the issuance of the Bond.
Also included in Exhibit C is an affidavit of the publisher of the Northwest Arkansas Times,
showing that a notice of public hearing on the issuance of the Bond to be held September 17,
2013 was published one time in such newspaper on August 30, 2013. The public hearing was
held at the time and place set forth in the notice.
No authority or proceedings in connection with the issuance, sale and delivery of
the Bond have been repealed, revoked or rescinded.
4. The meetings of the City Council referred to in paragraph 3 hereof were
open to the public in compliance with the provisions of Section 25-19-106 of the Arkansas Code
Annotated (Repl. 2002; Supp. 2011).
5. The City is a city of the first class, duly organized and existing under the
laws of the State of Arkansas pursuant to the provisions of Title 14, Chapter 47 of the Arkansas
Code Annotated (Repl. 1998; Supp. 2011).
6. No action, suit, proceeding, inquiry or investigation is pending or, to the
knowledge of the undersigned, threatened in any court or other tribunal of competent
jurisdiction, state or federal, or, to the knowledge of the undersigned, is there any basis therefor,
in any way (i) restraining or enjoining the issuance, sale or delivery of the Bond, or (ii)
questioning or affecting the validity or enforceability of the Bond, or (iii) questioning or
affecting the validity of the ordinances or resolutions referred to in paragraph 3 hereof or any of
the proceedings for the authorization, execution, authentication, sale or delivery of the Bond, or
(iv) questioning or affecting the corporate existence or organization of the City or the Issuer or
the title to office of any of the members, officers or officials thereof or any powers of the City or
the Issuer, or (v) questioning or affecting the power and authority of the Issuer to issue the Bond.
7. According to the records of the City, Stephen E. Adams, Stephen Cosby,
Phillip Taylor, Tommy Deweese and Steve Clark are members of the issuer and there are on file
in the office of the City Clerk the oaths of office for each member.
[The remainder of this page intentionally left blank.]
IN WITNESS. WHEREOF, the undersigned have hereunto set their signatures this
day of October, 2013.
City Clerk
i .EXHIBIT
• • ' ���� . b f off.
4--Y/k �?o
ORDINANCE NO. �C� C� C( e4, �'4.
4 ��
J oze r�
AN ORDINANCE CREATING THE CITY OF FAYETTEVILLE, R/� 1 >
ARKANSAS RESIDENTIAL HOUSING FACILITIES BOARD
PURSUANT TO THE PROVISIONS OF ACT NO. 142 OF
THE ACTS OF ARKANSAS OF 1975; PROVIDING FOR THE
APPOINTMENT OF THE INITIAL MEMBERS THEREOF; '
PRESCRIBING OTHER MATTERS RELATING THERETO;
1kND DECL;. RING AN EMERGENCY.
WHEREA2:, the City of Fayetteville, Arkansas (the "City"),
Pin stunt to th<, ,.xovisions o� Act No. 142 of the Acts of the
General Assembly of the State of Arkansas for the year, 1975
(the "Act"), is authorized to establish public facilities boards
for the purposes set forth in the Act, which include assisting
in the financing of residential housing facilities within or
near the City; and
WHEREAS, the providing of decent, safe and sanitary
residential housing facilities will be aided by the creation of
a public facilities board to assist in the financing of residential
housing facilities; and
WHEREAS, funds may be obtained by a public facilities
board on•such terms and under such conditions as will materially
assist persons of low and moderate income to obtain financing of
residential housing facilities under conditions more favorable
than would otherwise be available;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF FAYETTEVILLE, ARKANSAS:
.Section 1. Findings. The City hereby finds and
determines:
(a) There exists within and near the City, including
the City's projected growth areas and the City's
extra -territorial planning areas, a shortage of
decent, safe and sanitary residential housing
facilities available for rehabilitation, con-
struction or purchase on terms that persons and
MICROFILMED 90O :74
DATE J_ UN 1 S L" 'c
REEL 5JL
families of low and moderate income can afford
to pay.
(b) Existing economic conditions including high
rates of interest on residential mortgage loans, and
a shortage of funds within lendin; institutions in
the State of Arkansas for residential mortgage loans
are operating (.j) to further restrict the rehabilita-
tion, construction and purchase of residential housing
by persons.o£ low and moderate income at -reasonably
affordable costs, (ii) to create unemployment and
hardship within the residential construction industry,
adversely affecting residents of the City and (iii) to
reduce and limit the value of property within the City,
all of which adversely affect the City's tax revenues
and which, if not alleviated, will lead to further
urban blight and decay and result in disproportionately
large expenditures for services by the City.
(c) The availability of mortgage financing to
assist such persons and families in the rehabilitation,
construction or purchase of decent, safe and sanitary
residential housing facilities will be aided by the
providing of funds for mortgage financing of residential
housing facilities by the creation of a public facilities
board pursuant to the provisions of the Act.
(d) The providing of financial assistance in
order to enable persons and families of low and moderate
income to finance the costs of decent, safe and sanitary
residential housing facilities is a proper public purpose
as declared by the Act, and by'this determination of
the Board of Directors of the City.
, `® 980 75
(e) The public purpose of financing residential
housing facilities may best be served by establishing
a public facilities board to purchase mortgages on such
residential housing facilities or make loans' to mortgage
lenders to provide financing for residential housing
facilities as provided in the Act.
Section 2. Creation of Board. Pursuant to the authority
of the Act there is hereby created and established the "City of
Fayetteville, Arkansas Residential Housing Facilities Board"
("Facilities Board") -with authority as hereinafter provided to
accomplish, finance, contract or purchase mortgage loans concerning,
.and otherwise act in such manner as may be permitted by the Act
to provide decent, safe and sanitary residential housing faci-
lities within or near the City, including the City's projected
growth areas and the City's extra -territorial planning areas.
Section 3. Members of the Board; Term of Office;
Duration of the -Board. The Facilities Board shall consist of
five persons. The initial members shall, as provided in the Act,
be appointed by the Mayor of the City to serve for terms of one,
two, three, four and five years, respectively. The members of
the Facilities Board shall be residents of the City and shall
take and file with the City Clerk the oath of office prescribed
by the Act. The duration of the Board shall be for the life of
any such bonds.issued hereunder as provided in Section 7.
Section 4. Powers. The Facilities Board is empowered,
from time to time, to loan, acquire, construct, reconstruct,
extend, equip, improve, sell, lease, and contract concerning
(which shall include the purchase of mortgage loans and the
making of loans to mortgage lenders) residential housing facilities
as shall be determined by the Facilities Board to be necessary to
effect the purposes of this Ordinance to provide decent, safe and
sanitaiy residential housing facilities within or near the City,
41 ® 980 ..76
including the City's projected growth areas and the City's
extra -territorial planning areas. in addition, the Facilities
Board shall have each of the powers set forth in Section 7 of
the Act, as amended, and appropriate to the purposes for which
the Board is createC unless otherwise restricted herein_ The
Board may enter into such contractural or cooperative agreements
with such persons as may, in its discretion, be -advisable to
accomplish the purposes of this Ordinance, including without
limitation, departments, agencies or instrumentalities of the
United'States of America, the State of Arkansas, or the City,
for example, the Department of Housing and Urban Development, the
Federal Housing Administration, the Veterans Administration and
the Arkansas Housing Development Agency. Prior to the issuance
of any such bonds, the Facilities Board must submit to the City
Board of Directors for its approval the following information:
(a) the size of the proposed bond issue and all
related details, including, but without limitation:
(i) principal amount;
(ii) date of the bonds;
(iii) interest payment dates;
(iv) principal payment dates;
(v) numbers
(vi) denominations;
(vii) rates of interest;
(viii) a schedule reflecting the annual
principal maturities;
(ix) the semi-annual interest requirements
and the total requirements; and
(x) applicable redemption provisions.
(b) Recommendations for person or persons to serve as
underwriter or underwriters, trustee, and custodian for any
9�0 77
such bonds and the mortgage lenders and servicing institu-
tions with which the Facilities Board shall contract, which
the Board of Directors reserves the right to select or
approve. The trustee and the custodian shall be institu-
tions located within the City, if such institutions are
qualified and such appointments do not otherwise adversely
affect the rating of the bonds (if submitted for rating).
Section -5. Bond Proceeds. Any agreements made by the
Facilities Board with mortgage lenders must contain a provision
to the effect that such mortgage lenders may only loan the
proceeds provided to them to finance housing located within the
City's corporate limits and to finance housing located within
the City's projected growth area and extra -territorial planning
area. 'A minimum of seventy-five percent (75%) of the bond
proceeds shall be available to finance housing located within
the City's corporate limits; and a maximum of twenty-five percent
(25%) of the bond proceeds shall be available to finance existing
housing located within the City's projected growth area and extra-
territorial planning area. The Facilities Board shah. have the
authority, after prior approval of the City Board of Directors,
to reallocate such percentages.
Section 6. Investment of Bond Proceeds. The Facilities
Board shall offer bond proceeds not otherwise required to be
deposited with the custodian to financial institutions which
have their principal place of business located within the City
and which are qualified for such investments.
Section 7. Issuance of Bonds. The Facilities Board is
authorized and is limited to issue this initial series of revenue
bonds, in accordance with the conditions set forth in Section 4
hereof, and to use the proceeds, either alone or together with
other available funds and revenues, to accomplish the purposes for
which the Facilities Board is created as the same relates to the
providing of decent, safe and sanitary residential housing facilities.
`, ® 980 78
Such revenue bonds shall be obligations only of the Facilities
Board and shall not constitute an indebtedness for which the faith
and credit of the City or any of its revenues are pledged, and the
principal and interest on the bonds shall be payable from and
secured by a pledge of revenues derived from residential housing
facilities financed, in whole or in -part, from bond proceeds
and as authorized by, and_in accordance with the provisions of the
Act, together with such other collateral as may properly be
pledged under the Act and as the Facilities Board in its discretion
may determine.
Section S. Organization; Reports. As soon as practicable
after the adoption of this ordinance the Facilities Board shall
meet and elect such officers as shall be required by the Act.
The Facilities Board may adopt such by-laws and other rules and
regulations as shall be necessary for the conduct of its business
and consistent with the provisions of the Act. The Facilities
Board shall cause to be.filed with the City Clerk of the City
the annual report described in Section 16 of the Act.
Section 9. The law ,firm of Friday, Eldredge & Clark,
Little Rock, Arkansas, is hereby appointed to act as Bond Counsel
on behalf of the City and the Facilities Board in connection with
the issuance and sale of the Bonds.
Section 10. Severability. If any provisions of this
ordinance or the application thereof to any person or circumstance
is held invalid, such invalidity shall not affect the other provisions
or applications of this Ordinance, which can be given effect
without the invalid provision or application, and to this end the
provisions of this Ordinance are declared to be severable.
Section 11. General Repeal. All Ordinances of the City,
or parts thereof, in conflict with this Ordinance are hereby
repealed to the extent of such conflict.
Section 12. Emergency. It is hereby found and determined
thz'- there is an immediate and urgent need for the providing of
decent, safe and sanitary housing for persons of low and moderate
income in or near the City, including the City's projected
growth areas and the City's extra -territorial planning areas,
and the. providing of financial assistance to such persons, and
that creation of the Facilities Board and the exercise of the
duties and powers provided in this Ordinance are necessary to
the preservation of the public peace, health and safety. Therefore,
an emergency is declared to exist and this Ordinance shall be in
full force and effect from and after its passage.
PASSED: , 1978.
APPRO Lam*•. �Vj
.•`� Assista t- Mayor
F AY
` 'ATTES.. '
' . J
����
CERTIFICATE OF RECORD
�r•'SOFARKAr'--AS I
W 9; n^:br county I ss-
1, A' - r., Kollm3yer, Clgcllit Clark and Es-0ffiGO Recordor fo,
Washington Courity, do herby certify that the annexed or fore.
goln Instruth-ml. rias tiled tog record in myoffico on the L day
of L.L� 147�a'Gock�M and thecain�e ��in
n
duty recordiy- �f��`_retord �O at paee.tL
Whams my hand and seal this day of l9�
Circuit i:lerk and
Ex-01.,c,0 Recorded
iij,
r. 1�etti rAi@&10cV-. C'1+v Clal k .,Id HIU.-
OP'iaio r=' der for the ,: o. i"alarm :ut c-
t> t?ar•cuy :1N't1L eta W`
going is of record in niy office and the ssme
appears In 92&4_ bock
V I 1 at page Wituess my
hand and seal this _� day of
City Ch k and Ex-Officio Recorder
{ ® 980 SO
STATE of ARKANSAS I
es.
County of Washington
' •` >,
nnaitcinp of rajdtneiil' hrxisinj( ficillZ
• ORD[NANC£�D.Z4aS
by the rrcatian d a public tacillries M,ard
AN ORDI%ANCE CREATING THE CI-
pursuant la the pravis;onsMlhe Act.
TY OF FAYETTEVILLE, ARKANSAS
idt The provining of financial
RESIDE"AL HOUSING FACILITIES
assislarsce in order to enable persons and
BOARD? PURSUANT TO THE PROVI-
families of low- and moderate income to
SIONS OF ACT NO. 142 OF THE ACTS OF
fin.... the casts of decent. safe and
ARKANSAS OF i97S;-PROVIDING FOR
sanikary residential having facilities is it
THE APPOINTmE,NT OF THE INITIAL
proper puhlie purport as declared by the
MEMBERS THEREOF; PRESCRIBING
Acl, and tV 04 dricrminatioei of the Board
OTHER MATTERS RELATING
al p;rectors of the City_
THERETO;- AND DECLARING AN
-141 The public purpose of financing
EMERGENCY. •'` 't' •'
rcidCnlial housing facilities may test he
WHEREAS, the City "of Fayetteville;
Waned by estahlishjng a public facilities
A kamas Attie 'City"'. Pureuahl to the
board to purchase mortgages an such
pprroovvkts�loan of Act No, t43 of the Aces of the
raldential housing facilities nr make mans
Omeral Assembly of the State of Arkansan
1c mroeRaRe tenders to provide financing
for the year l9S'ithte "Act"). is authorised
for residential housing facilities as
to esaalillsh public facilities boards for the
provided in the Act. • l • -
puToees see earth in the Act• which intluidt
Section Z. Creation of Baud. Pursuant to
' assnang In the nnarrl;tg of residential
the autlsorily of the Act there is herrhy:
halving facilities within or rotor the City:
created and muhlished the "City of f
and ""
Fayetteville. Arkansas Residential j
WHEREAS, 1he pmv -kiing afdectnt, age
Hou,inft racililim Board" v*rarililies ;
end sanitary residential housing fac1111ki
lsaard' s with authority at hereinafter t
will be aided by the ercalkn of ■ pubU6
provided en accomplish, finance, contraci
facilities board to Assist in the flnsheingef • or pumhvse mortgage loans concerning,
reridenlist housing{ raellities: and -,
and ethcmve act in such mahiwr as may
WHEREAS. fu U may be obtained by ■
be peymill •d by the Act to provide decent.
public facilities board an ssKh eseteu and
sale and sanitary 'residential housing
tinder such Cnrditiom u will rnateNallj
racilil"% ithin or near the City, inctudinit
assist perrans d low and moderate itttmria
the Cif y's projected gran th areas and the
to'Ala�n financing of resldentiai lsoating
City'sextra-territorial planningjrew. _
facilities under conditions more favorable
Sereion 3. %lembers td the Hoard, Term
than would others isebeavaitabSc.
of iirfice: Durat;m or the board. The
NOW.THEREFORE,BEITORDAINED
Fatltitlex Hoard %ball cmcsisl ri live
BY THE BOARD OF REALTORS OF THE
ylr • Mina I rnembrs shall, a+
CiTY OF FAYE'ITEVILLE_ ARKA%SAS:.'
Section h. 'Fardlap. The City .74 •
rovided in the Act, be appriinred by the
. �1 ayor of the City to nerve furro Ins of nu.
Rndsarddetermines: "' '
t+i;;1, Ihrte_ four and five years, respec•
' • eat There irists withirl and near the Ci-
tti ehr. The members of the Fatililias
ty. including the City'■ projected grtwth.
Board shall' he residents rsf the City and
arras and thedly's extra•leni orlal laru'.
lag A ibartage OfdtcenL safe End
shall take arsd file with the City C1rrk the
by Act. The
areal,
sanitary• widenUal housing facilities
nulh tsf edfice prmeribed the
durationofthe D,urd shall hettuthe life of
ave"Isse far rehabilitation, eantstructioo
any such bonds' issued hereunder Cie
or purchase an terms that person; and
prrwidrdinWiftn7_ c r.i .. • •y'
Ismilin of law- sad rmoderate income cam _
. yftwm C theirs: The•Fatititire Beard
.frond to pay.` '
ks empuwned• frown time to time. to Lean.
lbr Existing econnmlt'conditiotv-ld•
actiture..tvmruel reconstruct_ extend.
chtdhtg high rates Of interest on residential
c7oip, improve. sett tease. and cnniract
mortgage loans, and a shortate of funds
concerning (which shall include the Put -
within lending institutions in the State d
chosen! mortgage Infer and the muking of
Arks. for rnldenllal mortgage board
iparn lo,mortgage Irridcrss residential
are 0PLraung it) to further restrict lht•
hj)% lnX facihticq as shall be deterfmined by
reitabllllallgon; eonslrucWn and Purebue'
thri,VaCHties Heard lo,be,rsrtrssary,ta
ofresidentialhousingbypermmo(brand
rif&-I,Ihe purpara td"lfi;i Ordinance to
maderateihcoase at reasonably affordable
provide- decent. safe' add sanitary
Costs, t itt to t"Ytale unempb itMri1 sad
ruMcritial housing facilities within rK near.
hardship within the residmllal csmaWn
the City: includint' llie• U"ly's projected
rim Lnenatry, ativersety allecttng midenla-
fl►rr.Kli ■rca and 4te •" C;lr s .cam;
of the City and (jilt to reduce ■nd limit the.
terrilnrial.planning arias: In-itldition, the
value d y Within the City all of.
vacidil;ex Brmtd shall have each ofih r
whim %.IMdy affect the cuyr'a tan•.
ppi-erstsit Arlbimlicti0a7,a.theAct. ago'
tenw vea and which. it not alleviated. will
ajn&ided, atd'sppmpriaie In Ile purposes
lead to further urban blight and decay and
fisr irhich the Ilriard is created unlcsitt
rtsdt in dtepeopartlonately little VXP r
.11ierwise'resirictid herein. The Board'
ditures far services by the CC�ity, %t` .
.,�Y•a .. rr ,y,t f,.l.. j .,,COOP�llve
ti' J
lw:y, enter into Ieach tcenlr■clural •or.
agsermcnla with'wuh peraasri
iVR9 i'r`d411 4 •
.�.;r..st :,rw'-• +: s,i
&.rnay, ja itsidiscretioa, be advisablelo
tiiaamplL+itthepurpreaofihhUrtilnann;
lei The, availability Cif-meatgage
iurhudinft rdtluatt Gmilatioa_dcpartmises7
rtrutssin m' &slut such •Parcae and
OpXtltks er in strumMlalilies d the United
/a111.41 is the retialiltesGan_ equstrtittlon•
States of America. the State or Arkansas;
or pirchase of decent, safe and sanitary
or thcl:dy.forc■amiek. ebelkpartmenlor
residential housing facilities will be aided
llausing and Uibaa • Development, the
by the providiRg•of funds fpr morlgag.
Federal Housinit Administration. the
-
Y,el oot Administration and the Arkansas,
_
lHAodng Isevrloprrtcol Agency. Prior in the,
i'lisarrce at amy'sueh hands. the Facilities
Board must submit -So Um City "Baald got.
•
uiredors for ;rs.appraral.lhe„ralkrelmg
1piglormalion: "'1t }�, ,w�✓•,A?,
bard
•-`r■ t thcsiiu at, the prapened iastte
and of".6tAtC4 drUilt. innJudiaft but
Mlltaatl liatilaliatt.,r.t-yINYLt .bA`� 11
Prvueipalaa=:aunt talm.dab
..rfiv0er'•YSl
oiji•dateefthiebandsc
Icrnt1pirYmcmcmldaltiF tR vts.il
• t;we,
iti it,
Prinrlpa fay n,ayu
'rave numbers;• .. t�:7Ga,G:ri•7:!Sf :rho
etcmo�ninatxm;, Iles, p!.yar-G1o`l
Glviii ralHdin(crest; •. h f 7aas
fviitI a schedule refleciln; the �strtual
phiseipalmalufities:, , -,:,I
-nf.r Its;, iemi--annual 'Interest
........... .... ..___ -.....__-= hereby certify that l
J --... -
m the Publisher of THE NORTHWEST ARKANSAS TIMES. it daily
ewspaper having a second class mailing privilege, and being not less than
our pages of five columns each, published at a fixed place of business and at
fixed (daily) intervals continuously in the City of Fayetteville, County of
Vashington, Arkansas for more than a period of twelve months, circulated
nd distributed from an established place of business to subscribers and
eadera generally of all classes in the City & County for a definite price for
ach copy, or a fixed price per annum, which price was fixed at what is
onsldered the value of the publication, based upon the news value and
ervice value it contains, that at least fifty percent of the subscribers
hereto have paid cash for their subscriptions to the newspaper or its agents
it through recognized news dealers over a period of at least six months;
Ind that the said newspaper publishes an avera'ge`of ore than forty percent
lewd matter. ' 4 ailL
Ir
I further certify that the legal notice her��� shed Ink tier of
15
was published in the regular daily issue of said newspaper f37___..%...... .... ......
weeeeealive insertlonf as follows:
The first insertion on the .... _._ . day of . LC.:__ 193-K
he second Insertion on the ......... ..... _"__- day of .......
he third Insertion on the day of
a'eiri uppllciblimlemplionp"ish s.-;p
^+1n 1''iMevarsmxeidatiueu Igor =penes `tr
petsGGi t0' score �¢s-iHdcfwrilK or Igor
tl,crwr;trn. trentee, and eustodian'far any
■dcls beat k sad the'awillage.lio dens and
�r;esER: iasitmtlors' wi1A--shkfi:Cthe
FaMiorss-entrd titan contract, ihkh the
Bmri K 1}ircctars rcserrea the right'tn
ie3ect� or: approve --.The liusko`arsd the
,,irdvtian shall ':beaiastitu,inns tiocieted..
. �•.s,3><: the' r:r,.•. if •tareli .6sstit}ltlsa�,3m�
d the fourth insertion on the ...... day of
Sworn to and subscribed before me on this —._�� day of.—
Ia_7ilk-
N ry Public
Commission Ezplres:
Fees for Printing --...... ;_l q s gel
Cost of Proof
Total .. ;1..q.
ORDINANCE NO. 2 7 0,9
' •'Fyn . .
Q
AN ORDINANCE AMENDING ORDINANCE NUMBER 2485 TO 0A
DESIGNA`� jY
HOUSING TFACILITIES E THE TBOARD LAS THE FAYETTEVILLENPUBLIC TIAL c�FR;FR��/f
FACILITIES BOARD; TO EMPOWER SAID BOARD TO OWN, ACQUIRE,
CONSTRUCT, RECONSTRUCT, EXTENT, EQUIP, IMPROVE, OPERATE,
MAINTAIN, SELL, LEASE, CONTRACT CONCERNING, LAND FOR THE
PURPOSE OF CONSTRUCTING, ACQUIRING OR EQUIPPING OR OTHERWISE
DEAL ---IN OR DISPOSE OF HEALTH CARE FACILITIES; TO
AUTHORIZE SAID BOARD TO ISSUE BONDS TO FINANCE HEALTH
CARE FACILITIES; AND DECLARING AN EMERGENCY.
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 the year 1965
(the "Act"), is authorized to establish public facilities boards
for the purposes set forth in the Act; and
1 WHEREAS, the Fayetteville Board of Directors on November 21,
Q 1978 adopted Ordinance No. 2485 which created such a board to
assist in the financing of residential housing facilities within
or near the City and designated said board as the Fayetteville
Residential Housing Facilities Board and authorized said board
to issue bonds for the purpose of providing residential housing;
and
WHEREAS, the Fayetteville Board of Directors has determined
that the: City of Fayetteville is in immediate need of health care
facilities and that the aforesaid board should be authorized to
issue bonds to finance the construction and equipping of said
facilities.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. That Ordinance No. 2485 is hereby amended by
changing the name of the Fayetteville Residential Housing
Facilities Board created by said ordinance to The Fayetteville
Public Facilities Board.
Section 2. That the Fayetteville Public Facilities Board
is hereby authorized to own, acquire, construct, reconstruct,
extend, equip, improve, operate, maintain, sell, lease, contract
concerning, land for the purpose of constructing, acquiring or
equipping, or otherwise deal in or dispose of health care facilities
as well as residential housing facilities.
Section 3. That the Fayetteville Public Facilities Board
is hereby authorized to issue bonds in accordance with the
procedure prescribed by Act No. 142 of 1975 for the purpose of
financing health care facilities.
Section 4. It is hereby found and determined that there
is an immediate and urgent need for the providing of health care
facilities in the City of Fayetteville to preserve the public
health and that the exercise of the powers provided in this
ordinance are necessary to provide health care facilities and
thereby preserve the public health. Therefore, an emergency is
hereby declared to exist and this ordinance being necessary for
the public health shall be in full force and effect from and after
its passage.
PASSED AND APPROVED thiq� day of 1981.
APPROV�L
MAYOR
"' C TY`CLERK
ce1G?E 74.
MICROFILMED
CERTIFICATE OF RECORLI
"State of Arknnsas SS
;City of Fayetteville i
i, Suzanne C. ICennedy, City Clerk and
Ex -Of ficio recorder For the City of Fayetteville,
do hereby certify that the anncxed or fure-
going is of record in my office and the sarnu ap.
pears in Ordinance 6 X IResolution book
I at page- - Witness my
hand and seal this -Itti cl�af
CERTIFICATE OF RECORD I9—� a
STATE Of ARKANSAS j i Clerk and Ex icio Recor
55.
Washington County
I, Alma L. Kollmeyer, Circuit Clerk and ex.olriaio Recorder for
Washington County, do hereby eorti:y that the annexed or tare -
.Ding Instrument was filed for reeordin my office on thftheA3Y
et(ap��S o'clo:M, and the some is
duly recorded in record at paroze .
Witness my hand and sea, i • 41 day o 194V
Circuit Clerk and
Ex•O flcio Racor4ed +
8Y . r
t)aputy Clerk ,.
r �
• ANC{NO.ttU
UTATE of ARKANlSAB i
AN ORDINANCE AMENDING OR
se,,
DINANCE NUMBER atl5 TO
DESIGNATE THE rAYV7TEVTUX,
ARKANSAS, RESIDENTIAL HOBS
county of waAataston� fL
ING FACILITIES BOARD AS M
�" �Y► . 1 a .i T t
FAYETTEVILLE PUBLIC
L/�
hereby certify that I
FACILITIES BOARD; TO BMPOWER
SAID BOARD TO OWN, ACQUIRE,
publisher of THE NNORTHWESTWEBT AttKAN8A9 TIMES, a flatly
CONSTRUCT. RECONSTRUCT. EX. .
TENT, $QUIP, IMPROVE,
am the
newspaper hating a WO class mailing privilege, and being Pot leas than
OPERATE. MAINTAIN. SELL,
LEASE, CONTRACT CONCERNING.•
tour of five columns each, published at a fixed place of business an at
LAND FOR THE PURPOSE OF CON.
pages
a fixed (daily) Intervals Continuously in the City Of Fayetteville, County of
_.
STRULTING, ACQUIRING OR
EQUIPPING OR OTHERRZSE
Washington, Arkansas for more than a period of twelve months, circulated
DEAL
IN OR DISPOSE OF HEALTH CAR$
and distributed from an establfabed place of ,business to eubecribore sad
FACILITIES: TD AUTHORIZE SAIL
BOARD TO ISSUE RONDS To
readers generally of all classes in the City & County for a definite price for
FINANCE HEALTH CARE
each copy, or a fixed price per annum, which price was flied at what Is
,FACILITIES: AND DECLARING AN:
a►taRGENCY•z.- •: •
the value of the publication, based upon the news 'value an
%IIEREAS, the City of rayelierille.
"CIry;•l;peasuanStothe
conbldared
ralue it eontslna. that at least fitly percent at the subscribers
AAAmasIthe
Iprovisloas of Ant No. In of On Act, d
service
thereto have paid cash for their subscriptions to the newspaper or its agents
am
the Ge—i Aeby of the Slate of
Aetunaa
-
or through recognised news dealers over a period of at least Aix months:
-tor the year ISO .(the,
-ACV).— is autborised to atabUsh
and that the said newspaper publishes as average of more than forty percent
public Isciltliea boards for the pur• .
paten met forth ha the Ad; and'
news alattar.
WHSRCAA. the Fsyeltavll4 Bared f
of Directors an November st• aln.
.
I freer certify that, the Ingo notice 'bereto attached to the matter of
adopted Ordlnsrwe No. 3m v hiell.
erested•srrch a board to assist in the
fieu ing of -•'reaideatw •hourog }
rhoand
iaetlil�tkaate>d sa
flissrNet-Faytt
twills Raldcatw Housing Facilities
Baird and authorized said board lo•
Ww btawds far the purp1e of P
was published la the regular dolly !aeon of said newspaper to
vldieu reside tidal Masieig; aid . _'
WHEHEAS;:tbe Fayetterille Board
consecutive insertions am follows. -
of Directors had determined that She,
City of raye(L-Wild Ea In I diate
1
-a
need of health care fadlit� suet teat.
The first Insertion On. the dal Of �
Ilte alaresaid bGrrd t4 aeNGfli•
ed to rtsw bWW6 to Itrt.me the eon
the second Insertion on the _ day of �• 19-
the
'struetion and cep:lppi4- of said
.
[acilitke. "
NOW. THEREFORE; BE IT OR.
the third Insertion on the � day OF �� 19—
DAINED BY THE BOARD OF DIREC•
TOILS OF THE CITY OF FAYET-
TEVILLE,ARKANSAS: '
119—
sad the fourth insertion on the 9f-i--•�' _
Seciiun1.71atOrdtmnceNo.t4Bts-
hereby amatded by changing the
-
•}
Rarrre of the Fayetteville Rmidential
Hoping FacWtks Board dented tq
said ordinance to The Fayeticvilk
.
Public Facilities Board.
Section I- That lbe Fayettevilte
IDA—
Public Facilida Board is hereby i
Sporn to and subscribed before me On MIA day at
Authorized to OW0. acquire, construct,
TTVD=*prrat ..MnKt. tsttnd. tcowae.
operate, Oalntata. seU, use, COrdraet
lard for
l
-Ceerceming, the yrapa¢ of
c'anstnKling.. acgolrtU Or equippirrg, or othrnsise deal -fn ar dlspaee of
health care facilities a$. Weil ;,aa
rpldedlal hauaingfacilitls. _ .:::'
Section 5. Thit the" Fayetteville
r;o pnblie
Public Facilities Board b • hereby '
authorised to itsue bonds in br+
„t•, ,
. cordarce with She: procedm Imscr b•
. 1• l l; f l t 1'
W by Act No. lei of On for the
purpmo a raaering-healtb.-are
Illy Commission 8xpires:
facilities.
section a. it is busby feud and
'
, `I®� .•, r.J'
determined that thermsae imloed'ute
_
sad rujrne need for the prvvidin& td
health ore facilit&s in she City of
rayetleville m preserve the Public
t
hra1W and that .tbr exereiae of the
poseur prmrided In this adinerce arc
•k*ees for Printing
ereee�ary to provide healib Cate
••.
ere
facilities and th;• • preserve the
Public t"Ith. Therefore, an emrrfen•
, , • •'r -
Cost Of proof.,,, �.. . , i• t J
cy to MIN" declared to eaio and thist-
ordlna— bairn necenary for the
rj .S� L ..:,•
•,
public health shall be in tug force and
TOW �...—�
effect Irwo and after its t>azt-Be. '
PASSED AND APPROVED the, trd
day Of Atarclt, 19at,
-
APPROVED:
John Todd
MAYOR
ATTEST: `
VivianKerettel
CITY CLERK . .
l.ucts
ORDINTT?CE NO. 2991
AN ORDINANCE AMENDING ORDINANCE NO. 2485, AS AMENDED,<e
TO AUTHORIZE THE FAYETTEVILLE PUBLIC FACILITIES--/, �f
BOARD TO ISSUE REVENUE BONDS TO FINANCE THE COy CiCTION
OF HEALTH CARE AND RESIDENTIAL FACILITIES FOR LFr �SFtR Y._
PERSONS.,4,�
WHEREAS, the Board of Directors of the City of FayeO11e
Arkansas, has established a public facilities board pursua&t
to Act No. 142 of the Acts of the General Assembly of the State
of Arkansas for the year 1975 (the "Act"), as amended, for,
the purpose of providing assistance in the financing of
residential and health care facilities; and
WHEREAS, said board was established by Ordinance No. 2485
adopted and approved November 21, 1978, as amended by Ordinance
No. 2708, adopted and approved -March 3, 1981; and
WHEREAS, the Fayetteville Public Facilities Board proposes
to issue revenue bonds -to assist in the financing of residential,
health care, and related facilities for elderly persons; and
WHEREAS, the Fayetteville Board of Directors has determined
that there is a need for said facilities as manifested by the
vsubstantial number of elderly persons residing within the City;
and
WHEREAS, the Fayetteville Board of Directors has determined
that Ordinance No. 2485, as amended, should be amended to expressly
authorize the issuance of revenue bonds to assist in financing
the construction of residential housing, health care, and related
facilities for elderly persons.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. That Section 1 of Ordinance No. 2485 is hereby
amended by adding the following:
(f) The development of housing, health care,
and related facilities for elderly persons serves
a substantial public purpose and there is a significant
need in the City for such facilities.
Section 2. That Section 3 of Ordinance No. 2485 is hereby
amended by deleting the last sentence in said section.
Section 3. That Section 4 of Ordinance No. 2485 is hereby
amended by adding the following:
The Board is expressly authorized to issue
revenue bonds for the purpose of financing residential
housing, health care, and related facilities to serve
elderly persons, provided said facilities are owned by
.104 8o3
non-profit corporations or associations. The issuance
of such revenue bonds shall be accomplished by resolution
duly adopted by the Fayetteville Public Facilities Board
and ratified by the Fayetteville Board of Directors.
Section 4. That Section 5 of Ordinance No. 2485 is
hereby amended by adding the following:
This section shall apply only to bonds issued
for the purpose of financing owner -occupied housing.
Section 5. That Section 6 of Ordinance No. 2485 is
hereby amended by adding the following:
This section shall apply only to the proceeds
of bonds issued for the purpose of financing owner -
occupied housing.
Section 6. That Section 7 of Ordinance No. 2485 is
hereby amended by adding the following:
This section shall apply only to the issuance
of bonds for the purpose of financing owner -occupied
housing. The Board is expressly authorized to issue
bonds for the purpose of financing housing, health
care, and related facilities to serve elderly persons,
provided said facilities are owned by non-profit
corporations or associations.
Section 7. As amended hereby, Ordinance No. 2485 as
amended y Ordinance No. 2708, is hereby ratifiied and affirmed.
Section 8. All ordinances, or parts thereof, in conflict
with this ordinance are hereby repealed to the extent of such
conflict.
Section 9. If any provision of this ordinance or the
application thereof to any person or circumstances is held
invalid, such invalidity shall not affect the other provisions
or applications of this ordinance, which can be given affect
without the invalid provision or application, and to this end
the provisions of this ordinance are declared to be severable.
Section 10. It is hereby found and determined that there
is an immediate and urgent need for the providing of decent,
safe and sanitary housing, health care and related facilities
for elderly persons residing in or near the City of Fayette-
ville and that the immediate passage of this ordinance is
necessary to provide such facilities. Therefore, an emergency
is declared to exist, and this ordinance being necessary for
the public health and welfare shall be in full force and
effect from and after its passage and approval.
1104 864'
PASSED AND APPROVED this 20th day of March, 1984.
APPROVED:
By: '
Mayor
ATTEST:
�By .;.
L pv"��
CERTIFICATE OF RECORD
State of Arkansas ( SS
City of Fayet.eviile
I. Su--c-nne C. Keane(iy, City Cler% and
recur ler forthe City of F:lycttc, i[le,
doheteby cCrtiil' Hutt the Initi�• r.I or forc-
.ci •; iw o: recoed in nyoffice a -id the sarnc ap-
celtrs in 0;-Jinnnce CAII Resolution book
pa�;c�,l. Witness my
^ad anal seal bis• clay of
Clz:.. nrd E- ; H.) r
1104 80
ORDINANCE AMENDIN
•o
AN
ORDINANCE NO. 14U, AS
y
AMENDED, TO AUTHORIZE
�1
THE FAYET'T@V)LLE
^3
PUBLIC FACILITIES'SOAR'
STATE ARKANSAS
TO 4SSUE REVENUE BONDS
of 1
TO FINANCE THE CON-
SMR CTION OF. HEALTH
J}e�•
County of Washington
CARE AND RESIDENTIAL
FACILITIES FOR ELDERLY
PERSONS.
!WHEREAS, rhi"eoard'ol•
of t� Cl1y of Faye?-
I, hereby certify that I
PIreefprs
wtltt • ATIinsasr reds
amthe lsterot HE NOR HAVES ARKANSASTIMES.adailynewspaper
established, a public facilities
board pursuant to Act No. 142
having a second class mailing privilege. and being not less than four pages of
g P g P P
dt the Ache of the : General
five columns each, published at a fixed place of business and at a fixed (daily)
Assembly -of -Ina . =tale of
Intervals continuously In the City of Fayetteville, County of Washington. Arkansas
Arkansas for the year 1975 (1he
Act"), as amended, for the
for more than a period of twelve months, circulated and distributed from an
Sp v r p o s e- e f • p ro D J d I n g
established place of business to subscribers and readers generally at all Classes
yealaranca^In t hoaft ncing-care of
•rraldenrlaf and health lire fa•
)n the City and Count for a definite rice for each co p per
Y Y P copy, or a fixed price
clones: and • • ` • "..... . -
annum, which price was fixed at what Is considered the value of the publication.
L:.WMEREAS,,sold.b*aro was
I isianllshad' by Ordinakii No.
based upon the news valueandservicevalueitcontains,thatatleast fiftypercent
24U adopted and approved
of the subscribers theretohave paid cash for their subscriptions to the newspaper
Nodamber21, 1978,asamendw
or Its agents or through recognized news dealers over a period of at least six
by Ordinance No. rcn adapted
and appror•d Aterert 2, 1961;P
months; and that the said newspaper ublishes an average Of more than fort y
and "rt:,ot4bw, ;:.q-
percent news matter.
WHEREAS, the Faytt"oville-
rPublic'.ItacllFlf•s•Boaid pro•
P010%toIssuerevenuebondsto
I further certify that the legal notice hereto attached In the matter of
ass)ft, In the Ifnanclng Of reSl-
ldanflal,
'health Cara and re.
4
tat rw facilities 'for :elderly
? 9�
As' HG•-r}yet-
tavfllit'BOpr' of it ik i has
driermined mat Ihey is s need
'
was published In the regular daily Issue of said newspaper for
1iNreidfaciNltesefmanHesled
�
_
consecutive insertions as follows:
E Aetrty'peifo 'srleslal�ing within
rn.ari:and
7
The first Insertion C2,94f
. ..
on the day of 19
r,1sWNERHA3, the FareFtwllt•
f
Board• of Oirectan has dh
ltermtned that Ordinance No.
the second insertion on the day of 19
24M. as should ould be
"am•ndea-fb•
expressly
-
&~Ise the Issuance of rove•
the third insertion on the day of 19
nu* bonds to assist In financing
thi construction Of residential
housthg, health! cars. and re-,
and the fourth insertion on the da Y of 19
lafad faellltlas 'for elderly
perpns. • ., •.
MOW. THIBREFORE. BE IT
n
iiYtJV ; —
;ORDAtNED•BY THE BOARD
OF
/ ��.V )
-DIRECTORS OF, THE
Sworn to and subscribed before me on this day of
.CITY'•OP FAYETTEVILLE,
' ARKANSAS: •"'•' ' ' • .
-$action'].-That Sactlon 1
.
9
0l
(Ordinance
_
No.'24U is hereby
amended by adding the follow.
IngE tom. i,.
�\ �v/,�-
� Ing, Th ltn' co pRand' f hour
thg, hea[tn car+•, and'nleted
Nota Public
facilities for elderly persons
-s•rv•s a substantial public
i.
M}' Commission Expires:.
putpe" and then Is a i ignifl-
IeenT reed In ttN City for such
facnnlea. •..
a ��}-� V� ;,
�1
Section S. That Section-S of:
1 1 r 1 r
Ordinance No. ICU Is hereby
em*nded by deleting Ill• Jeff,
sentence Inlaid section, .
Section 2. That'facilan d Of
Ordinance No.'24af is hereby
amended by adding the follow.
Fees for Printing
The eoard •fs eap►essIV
authorised to Issue revenue
Cost of Proof — S
bonds for the purpose of ftnahc•Ing
redfacil Nealto
Car , and
cart, and related iacllltlef to
Total —$ -
serve elderly persons, provided
sold facilities are owned by
non-profit corporations or
associations. •The Issuance of
such riven" bonds Malt be
accarnptished by resolutlon
duly adopted by the Fayet•
f•tills'public Facilities Board
j ►��
and fatffled by the Fayetteville
4oardef Olmetors•
Section 4. That Section S of
Ordinance No, 2AS is hereby
� 1L34
amended by adding The fol[aw-
Fng:
toTbanwaeisueedforrt purpose
A,C uL.IIS PAYAUi
of financing 'owner•occupl•d
housing.
Section S. -Thai Section • of
' Ordlnancq No•'24S Is hereby
amenaed,by &doing the tallow.
.,
' Ing: ,.
•�h.11
This eaerlel, . 6....,.i,.
uERTIFlED
ORDINANCE NO. 4 0 21
AN ORDINANCE AMENDING ORDINANCE NO. 2485, AS
AMENDED, TO MAKE EXPRESSLY CLEAR THAT THE
FAYETTEVILLE PUBLIC FACILITIES BOARDS'
AUTHORIZATION TO ISSUE REVENUE BONDS FOR THE
PURPOSE OF FINANCING RESIDENTIAL HOUSING,
HEALTH CARE, AND RELATED FACILITIES TO SERVE
ELDERLY PERSONS IS IN ADDITION TO ANY OTHER
AUTHORIZATION TO ISSUE BONDS CONTAINED
ELSEWHERE IN THE ORDINANCE; TO DELETE SECTION
9 OF ORDINANCE NO. 2485 WHICH NAMED FRIDAY,
ELDREDGE & CLARK AS BOND COUNSEL;AND
DECLARING AN EMERGENCY.
WHEREAS, the Board of Directors of the City of Fayetteville, Arkansas, has established
a public facilities board pursuant to Act No. 142 of the Acts of the General Assembly of the State
of Arkansas for the year 1975 (the "Act"), as amended, for the purpose of financing residential
housing facilities for low and moderate income families, for the purpose of financing health care
facilities, and for the purpose of financing residential housing, health care, and related facilities
to serve elderly persons; and,
WHEREAS, said board was established by Ordinance No. 2485 adopted and approved
November 21, 1978, as amended by Ordinance No. 2708, adopted and approved March 3, 1981
and Ordinance No. 2991 adopted and approved March 20, 1984; and,
WHEREAS, the Fayetteville City Council wishes to make it expressly clear that the
Public Facilities Board is authorized three separate and distinct powers by this and previous
amendments - one; to finance residential housing facilities for low and moderate income
families; - two, to finance health care facilities; and - three, to finance residential housing,
health care, and related facilities to serve elderly persons; and,
WHEREAS, Section 9 of Ordinance No. 2485 providing for the appointment of the law
firm of Friday, Eldredge & Clark as bond counsel was only for the issuance and sale of the
residential housing facility bonds and, accordingly, should reflect that limited appointment.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. That Section M of Section 1 of Ordinance No. 2485 is hereby amended
by deleting said Section (f) and replacing the same as follows:
CERTIFIED
Page 2
ordinance No.
4021
(f) In addition to all other findings and public purposes stated in this
ordinance, the development of housing, health care, and related facilities for
elderly persons, regardless of income, serves a substantial public purpose and
there is a significant need in the city for such facilities.
Section 2. That Section 2 of Ordinance No. 2485 is hereby amended by adding the
following:
Additional authority has been granted the Facilities Board by Ordinance
No. 2708 and Ordinance No. 2991 and the Facilities Boards' authority may vary
as allowed by statute and as provided by further amending ordinances which may
be passed by the City in the future.
Section 3. That Section 9 of Ordinance No. 2485 is hereby amended by adding the
following:
Said appointment is only for the residential housing facilities bonds first
authorized in Ordinance No. 2485 prior to the amendments thereto.
Seciion4. As amended hereby, Ordinance No. 2485 as amended by Ordinance No.
2708 and Ordinance No. 2991, is hereby ratified and affirmed.
Section 5. All ordinances, or parts thereof, in conflict with this ordinance are hereby
repealed to the extent of such conflict.
Section 6. If any provision of this ordinance or the application thereof to any person
or circumstances is held invalid, such invalidity shall not affect the other provisions or
applications of this ordinance, which can be given affect without the invalid provision or
application, and to this end the provisions of this ordinance are declared to be severable.
Section I It is hereby found and determined that there is an immediate and urgent
need to finance and/or refinance a bond issue in order to provide residential housing, health care
and related facilities to serve elderly persons and this ordinance is needed to allow the Public
Facilities Board to proceed with such financing, any delay in which may cause harm to existing
facilities and endanger the health, safety and welfare of those elderly persons benefiting from
such financing. Therefore an emergency is declared to exist, and this ordinance being necessary
for the public health, safety and welfare shall be in full force and effect from and after its passage
and approval.
CFI. �.�.{� � •
Page 3
Ordinance No. 4021
PASSED AND APPROVED this 18th day of February , 1997.
• F F i f 1; APPROVED:
By:
i red Hanna, Mayor
By: vil,Gu ;c, i
CERTIFIC
Traci Paul, City Clerk City of FayettevilleATE OF RECORD
State of Arkansas Iss•
!,Sondra E. Smith, City Clerk/Treasurer for the City of
Fayetteville, do hereby certify that the foregoing
instrument is a true and correct copy of_the
on 'na filed in my office on the �
day of
hand and sea this ay o 'tness m
�- �/.�
ra , mit sty l n asurF'
ORDINANCE NO.4021 'Additional authority has been
granted the Faafities Board of
AN ORDINANCE AMENDING Ordinance No. 2708 and Ordi-
ORDINANCE NO. 2485. AS nonce No. 2991 and the FaciG-
AMENDED, TO MAKE EX- dos eoarcW authority may vary
PRESSLY CLEAR THAT THE as allowed by statute and as
FAYETTEVILLE PUBLIC FA- provided by further amending
CILmES BOARDS' AUTHORI• ordinances which may be
ZATION TO iSSUE REVENUE piedby the City in the future.
BONDS FOR THE PURPOSE
OF FINANCING RESIDENTIAL SGjIffi.j That Section 9 of Or.
HOUSING. HEALTH CARE, dinance No. 2485 is hereby
AND RELATED FACILITIES amended by adding the follow -
TO SERVE ELDERLY PER- ing:
SONS Is IN ADDITION TO
ANY OTHER AUTHOR4ZA- Said appoirmnant is only for the
TION TO ISSUE BONUS CON- residential housing facilities
TAINED ELSEWHERE IN THE ponds first authorized in Ordl-
ORDINANCE TO DELETE nance No. 2485 prior to the
SECTION 9 OF ORDINANCE smendmentr ttherato.
NO. 2485 WHICH NAMED FRI-
DAY, ELDREDGE b CLERK section 44 As amended hereby,
AS BOND COUNSEL: AND Ordinance No. 2485 as amer*
DECLARING AN EMERGEN. ed by Ordinance No. 2706 and
CY. Ordinance No. 2991. is hereby
WHEREAS, the Board Of Dratified and affirmed.
irec-
tots of the City of Fayetteville. Spella_n 5. Ail ordinances, or
Arkenses, has established a parts thereof, in conflict with
public facilities board pursuanl this ordinance are hereby re-
lo Art No. 142 of the Acts of Ithe pealed to the extent of such
General Assembly of the State conflict
of Arkansas for the year 1975 revision OI
(the -Actl, as amended, for the RectItInordi6. i1 if or an the application
purpose of financing residential
housing facilities for low and thereof to any person or cir•
moderate income iamilles, 10,
curnstances. if is hold invalid.
shall not valid.
the purpose of lnancing health the other ch dity she or care facilities. and for the pur- P applrra-
pose of financing residential lions of this ordinance, which
housing. health care, and retal- +solid n be given
affect e ithoutlthe
ed facilities.ro serve elderly Par' and to this end the provisions ofSon$
this ordinance are declared to
WHEREAS, said board was es• be severable.
tatinshed by Ordinance No. It !s hereb found
2485 adopted and approved S9Ctlon 7- y
November 21. 1978.-GS amend- and delemhined thal there is an
ed by Ordinance No. 2708, Immediate and urgent need 10
adopted and approved March finance andfor refinance a bond
3, 1981 and Ordinance No. Issue in order to provide resi-
2991 adopted and approved dentiaf housing, health care
March 20. 1884: and, and related facilities to serve
elderly persons and this ord-
WHEREAS, the Fayatlevllle nance In needed to allow the
City Council wishes to make it Public Facilities Board to pro -
expressly dear that the Public teed with such financing, an
Facilities Board Is authorized delay in which may cause harm
three separate and distinct 10 axISdng facilities and endan-
pawers by this and previous ga the 0 those elderly health. safety andwel-
irons
amendments - one: to finance y P
o
residential hxming lamafllies for bonefe fr ens ergef g
uch
low and oderate income lamr nc s de -
lies: W. to finance health rare nociared torre exist, andnce being necessary for the
fad]itlas: errd -dice, to rrnenre public health, safety and wel-
re idential housing, Nallh care,
and related facilities to Serve fare shall be in full force and ef-
eldeM persons; and, fact from and after its passage
WHEREAS. Section 9 at Ordl- and approval.
nance No. 2485 providing IOr PASSED AND APPROVED
the appoirwerhl of the few firm this 18th day of February. 1997.
of Friday. Eldredge d Clark as
bond rrunsel was only for the APPROVED:
issuance and sale of the resi-
dential housing facility bonds By. Fred Hanna. Maya
arid, accordingly, should reflect
that limited appointment' ATTEST:
NOW, THEREFORE, BE IT By:TradPsul,CilyGerlr
ORDAINED BY THE CITY
COUNCIL OF THE CITY OF
FAYE7TEVILLE, ARKANSAS;
aggtCILL That Section (1) of
Section 1 of Ordinance No.
2485 is hereby amended by de-
leting said Section (1) and to-
piarpng the same as laaohvs:
(1) In addition to all other find -
kV$ and public purposes stated
in this ordinance, the davetole-
ment of housing, health Care.
and related facilities for elderly
parsons, regardless of Irroame.
.serves a subsfanlial public pur-
pose and there is a significant
need in the City for such facill-
WS.
Sedipn,x, That Sectbn 2 o1 Or-
dinance No. 2485 is hereby
amandod by adding the lot".
ing,
CERTIFIED
�A�, uJ�O/c(.
STATE OF ARKANSAS
County of Washington fill D
I, RANDALL COPE, hereby certify that I am the publisher of THE
NORTHWEST ARKANSAS TIMES, a daily newspaper having a second
class mailing privilege, and being not less than four pages of five
columns each, published at a fixed place of business and at fixed (daily)
Intervals continuously in the City of Fayetteville, County of Washington,
Arkansas for more than a period of twelve months, circulated and
distributed from an established place of business to subscribers and
readers generally of all classes in the City and County for a definite price
for each copy, or a fixed price per annum, which price was fixed at what
is considered the value of the publication, based upon the news value
and service value It contains, that at least fifty percent of the subscribers
thereto have paid for their subscriptions to the newspaper or its agents
or through recognized news dealers over a period of at least six months
and that the said newspaper publishes an average of more than forty
percent news matter.
I further certify that the legal notice attached in the matter of
Ndj'nan u_-, L10a
was published in the regular daily issue of said newspaper for
consecutive insertions as follows:
The first insertion on the day of 19
the second insertion on the day of 19
the third insertion on the day of 19
and the fourth insertion on the
day of 19
Publisher eneral Manager
Swam to and subscribed before me on this day of
cSV - 1
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EXHIBIT
RESOLUTIONi NO. 198-13
CERTIFICATE OF RLUUKU
City of Fayetteville
State of Arkansas !
I,Sondra E. Smith, City Cterk/Treasurer for the City of
Fayetteville, do hereby certify that the foregoing
instrument is a true and correct copy,a the
orig' fil d i my office on the 4- day of
w n MY
hand and seal thi of ,
Sondra L, tsmith, City ueriq 1 reasurer
A RESOLUTION RATIFYING THE RESOLUTION OF THE FAYETTEVILLE
PUBLIC FACILITIES BOARD WHICH APPROVED A REVENUE BOND
(BUTTERFIELD TRAIL VILLAGE PROJECT), SERIES 2013 IN A
PRINCIPAL AMOUNT OF NOT TO EXCEED $8,000,000; AND
PRESCRIBING OTHER MATTERS PERTAINING THERETO
WHEREAS, The Fayetteville Public Facilities Board (the "Board"), is a public body
politic and corporate with the power of perpetual succession created by Ordinance No. 2485, as
amended and codified as Article VI Public Facilities Board, §§ 33.065-33.071 of the Code of
Fayetteville (collectively, the "Ordinance"), of the City of Fayetteville, Arkansas (the "City")
under the constitution and laws of the State of Arkansas (the "State"), including the Public
Facilities Boards Act as codified at Arkansas Code Annotated §14-137-101 et seq., 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 the proceeds thereof for the purpose of financing housing, health care
and related facilities in the City to serve elderly persons so long as such facilities are owned by
nonprofit corporations and to secure payment of such revenue bonds as therein provided, all in
accordance with the provisions of the Act and the Ordinance; and
WHEREAS, Butterfield Trail Village, Incorporated, an Arkansas nonprofit corporation,
owns a residential life care retirement facility for the elderly known as `Butterfield Trail Village"
consisting of independent living units, a skilled nursing care center and related facility located on
approximately 48 acres of Iand at 1923 E. Joyce Boulevard in the City ("Butterfield Trail
Village"); and
WHEREAS, the Board has determined that the economic interest and public purpose of
the Board are served by issuing its Revenue Bond (Butterfield Trail Village Project), Series 2013
(the "Bond") in a principal amount of not to exceed $8,000,000 for the purpose of providing
moneys to finance all or a portion of the costs of (a) acquiring, constructing, equipping and
furnishing an assisted living facility at Butterfield Trail Village containing approximately 9,300
square feet, (b) acquiring, constructing, renovating, equipping and furnishing the existing
Wellness Center at Butterfield Trail Village and acquiring, constructing, renovating, equipping
and furnishing an approximately. 6,700 square foot expansion to the Wellness Center and (c)
acquiring, constructing, renovating, equipping and furnishing the existing commons area located
in the Main Residential Building at Butterfield Trail Village and acquiring, constructing,
renovating, equipping and furnishing an approximately 10,000 square foot expansion to the
commons area (collectively, the "Project), to pay the costs of issuing the Bond and for other
purposes related thereto; and
WHEREAS, the Bond is not a debt of or pledge of the credit of the City and the City is
not obligated to pay debt service on the Bond; and
CERTIFIED
Page 2
Resolution No. 198-13
WHEREAS, pursuant to the provisions of the Ordinance, resolutions adopted by the
Board which authorize the approval of bonds for financing residential housing, health care and
related facilities for the elderly which are owned by non-profit corporations are required to be
ratified by the City prior to issuance; and
WHEREAS, such resolution adopted by the Board on September 3, 2013 (the "Board
Resolution"), is attached as Exhibit A and authorizes the issuance of the Bond subject to
ratification by the City to finance the Project and authorizes the Chairman and Secretary of the
Board to execute and deliver the Bond and documents to effect the issuance of the Bond.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. Recognition of Board's Authority. The Board is authorized by the Act
and the Ordinance to approve the issuance of the Bond in a principal amount of not to exceed
$8,000,000 for the purpose of providing moneys to finance all or a portion of the costs of the
Project, to pay the costs of issuing the Bond and for other purposes related thereto and shall
comply with other provisions of the Act and the Ordinance. The Bond by statute and intent of
this City Council is not a debt of or pledge of the credit of the City and the City is not obligated
to pay debt service on the Bond.
Section 2. Ratification of Board's Resolution. The provisions of the Board
Resolution, a copy of which'is filed with the Clerk of the City and attached as Exhibit A, are
hereby ratified by the City to the extent they are in agreement with this Resolution.
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 are hereby repealed to the extent of such conflict.
PASSED and APPROVED this the 17th day of September, 2013.
APPROVED: ATTEST:,
- �
64,
Y O13
I:,n:J Nx lvtiiyor SOND IA,E. SMITH, City Cierk/Treas '
FAYETTEVILLE.
H
CERTIFIED
Kit Williams
Submitted By
City of Fayetteville Staff Review Form
City Council Agenda Items
and
Contracts, Leases or Agreements
9/17/2013
City Council Meeting Date
Agenda Items Only
City Attorney City Attorney
Division Department
Action Required:
A Resolution ratifying the Resolution of the Fayetteville Public Facilities Board which approved a Revenue Bond
(Butterfield Trail Village Project), series 2013 in a principal amount of not to exceed $8,000,000; and prescribing other
matters pertaining thereto
$0
Cost of this request
Account Number
Category ! Project Budget
Funds Used to Date
Project Number Remaining Balance
Budgeted Item Budget Adjustment Attached
Program Category ! Project Name
Program / Project Category Name
Fund Name
3''irai3
Previous Ordinance or Resolution #
Department Direc or Date
Original Contract Date:
Original Contract Number:
City Attorney Date
Finnte and Internal Services Director Date
of ff
Date
D t�
Received in City TEAiR.
Clerk's Office
Received in '
Mayor's Office
Comments:
Revised January 15, 2009
CERTIFIED
—e
ee ;l
,� Il
Departmental Correspondence
�ARKAlVSAS _
Kit Williams
City Attorney
Jason B. Kelley
Assistant City Attorney
TO: Mayor Jordan
City Council
CC: Paul Becker, Finance Director
.Don Marr, Chief of Staff
FROM: Kit Williams, City Attorney
DATE: September 3, 2013
RE: Public Facilities Resolution Ratification
The Fayetteville Public Facilities Board is seeking the City Council's
approval for its proposed sale of $8 Million of Public Facilities Bonds to
expand and renovate Butterfield Trail Village. The Fayetteville Public
Facilities Board was created about 35 years ago primarily to help obtain
low interest funding to build Butterfield Trail Village. To my knowledge,
this has been the Board's sole project and has proven very successful.
Butterfield Trail Village is an expressly authorized project pursuant
to § 33.068 Powers of the Board (B) Fayetteville Code of Ordinances:
"(B) . The board is expressly authorized to issue revenue bonds
for the purpose of financing residential housing, health care
and related facilities to serve elderly persons; provided said
facilities are owned by nonprofit corporations or associations.
The issuance of such revenue bonds shall be accomplished by
resolution duly adopted by the city Public Facilities Board and
ratified by the City Council."
CERTIFIED
As you see the Public Facilities Board may only issue bonds for
Butterfield after its Resolution has been "ratified by the City Council."
That is their request to you now.
Both state law and the Fayetteville Code make it clear that Public
Facility Revenue Bonds (as requested to be issued now) are obligations of
the Public Facilities Board only and do not constitute an indebtedness of
the City.
"It shall be plainly stated on the face of each bond that it has
been issued under the provisions of this chapter, that the bonds
are obligations only of the public facilities board, and that in no
event shall they constitute an indebtedness for which the faith
and credit of the creating municipality or county or any of its
revenues are pledged." A.C.A. § 24-137-1.20 Obligations on
bonds (a).
"Such revenue bonds shall be obligations only of the facilities
board and shall not constitute an indebtedness for which the
faith and credit of the city or any of its revenues are
pledged...." § 33.070 Issuance of Revenue Bonds (A) of the
Fayetteville Code of Ordinances.
If the City Council determines that the Fayetteville Public Facilities
Board's plan to renovate and enlarge Butterfield Trail Village by issuing $S
Million in Public Facility Bonds should be ratified and approved, please
pass the ratifying Resolution. If you believe the Fayetteville Public
Facilities Board's Resolution should not be ratified for whatever reason,
you should explain why it should not be ratified and vote against the
ratifying Resolution.
2
CERTIFIED
FAYE17EVILLE CODE OF ORDINANCES
TITLE III ADMINISTRATION
ARTICLE VI
PUBLIC FACILITIES BOARD
33.065 Findings
The City of Fayetteville hereby finds and determines:
(A) There exists within and near the city, including
the city's projected growth areas and the city's
extraterritorial planning areas, a shortage of
decent, safe and sanitary residential housing
facilities available for rehabilitation, construction,
or purchase on terms that persons and families of
low and moderate income can afford to pay.
(B) Existing economic conditions including high rates
of interest on residential mortgage loans, and a
shortage of funds within lending institutions in the
state for residential mortgage loans are operating
to: Further restrict the rehabilitation, construction,
and purchase of residential housing by persons
of low and moderate income at reasonably
affordable costs; create unemployment and
hardship within the residential construction
industry, adversely affecting residents of the city;
and reduce and limit the value of property within
the city; all of which adversely affect the city's lax
revenues and which, if not alleviated, will lead to
further urban blight and decay and result in
disproportionately large expenditures for services
by the city.
(C) The availability of mortgage financing to assist
such persons and families In the rehabilitation,
construction or purchase of decent, safe, and
sanitary residential housing facilities will be aided
by the providing of funds for mortgage financing
of residential housing facilities by the creation of
a Public facilities Board pursuant to the
provisions of Act No. 142 of the General
Assembly of 1975,
(D) The providing of financial assistance in order to
enable persons and families of low and moderate
income to finance the costs of decent, safe and
sanitary residential housing facilities is a proper
public purpose as declared by the act, and by this
determination of the City Council.
(E) The public purpose of financing residential
housing facilities may best be served by
+ establishing a Public Facilities Board to purchase
mortgages on such residential housing facilities
or make loans to mortgage lenders to provide
financing for residential housing facilities as
provided in the act.
C033:12
(F) In addition to all other findings and public
purposes slated in this ordinance, the
development of housing, health care, and related
facilities for elderly persons, regardless of
income, serves a substantial public purpose and
there is a significant need in the city for such
facilities.
(Code 1965. §2.111: Ord. No. 2485, 11-21-78; Ord, No.
2991, 3-20-84; Ord. No. 4021. §1, 2-18-97, Code 1991,
§33.065)
State law raference(s)--Public Facilities Board Act,
A.C.A. §14-137-101 elseq.
33.066 Establishment
Pursuant to A.C.A. §14-137-107 there is created and
established the city Public Facilities Board
(hereinafter known as "facilities board") with authority
as hereinafter provided to accomplish, finance,
contract or purchase mortgage loans concerning, and
otherwise act in such manner as may be permitted by
the act to provide decent, safe, and sanitary
residential housing facilities within or near the city,
including the city's projected growth areas and the
city's extraterritorial planning areas.
Additional authority has been granted the facilities
board by Ordinance No. 2706 and Ordinance No.
2991 and the facilities board's authority may vary as
allowed by statute and as provided by further
amending ordinances which may be passed by the
city in the future.
(Code 1965. §2-112; Ord. No. 2485, 11-21-78: Ord, No.
4021, §2, 2-18-97; Code 1991, §33.066)
33.067 Members Of The Board; `term Of
Office; Duration Of The Board
The facilities board shall consist of five persons. The
initial members shall, as provided in A.C,A. §14-137-
107, be appointed by the mayor of the city to serve for
terms of one, two, three, four and five 'years,
respectively. The members of the facilities board
shall be residents of the city and shall take and file
with the City Clerk the oath of office prescribed by the
act,
(Code 1965. §2-113; Ord- No. 2485, 11-21-78; Ord. No.
2991. 3-20-84; Code 1991. §33,067)
State law reference(s)--Creating ordinance -Authority.
A.C.A, §14-137-107: Board members, A.C.A. §14-137-108.
33.068 Powers Of The Board
(A) The facilities board is empowered, from time to
CERTIFIED
FAYETTEVILLE CODE OF ORDINANCES
TITLE III ADMINISTRATION
time, to loan, acquire, construct, reconstruct,
extend, equip, improve, sell, lease, and contract
concerning (which shall include the purchase of
mortgage loans and the making of loans to
mortgage lenders) residential housing facilities as
shall be determined by the facilities board to be
necessary to effect the purposes of this article to
provide decent, safe and sanitary residential
housing facilities within or near the city, including
the city's projected growth areas and the city's
extraterritorial planning areas. In addition, the
facilities board shall have each of the powers set
forth in A.C.A. §14-137-111. as amended, and
appropriate to the purposes for which the board
is created unless otherwise restricted herein.
The board may enter into which contractual or
cooperative agreements with such persons as
may in its discretion be advisable to accomplish
the purposes of this article, including, without
limitation, departments, agencies, or
instrumentalities of the United States of America,
the state or the city; for example, the Department
of Housing and Urban Development, the Federal
Housing Administration, the Veterans'
Administration and the Arkansas Housing
Development Agency- Prior to the issuance of
any such bonds, the facilities board must submit
to the City Council for its approval the following
information:
(1) The size of the proposed bond issue and all
related details, including, but without
limitation:
(a) principal amount;
(b) date of the bonds;
(c) Interest payment dates;
(d) principal payment dates;
(e) numbers;
(f) denominations;
(g) rates of interest;
(h) a schedule reflecting the annual
principal maturities;
(i) the semiannual interest requirements
and the total requirements; and
Q} applicable redemption provisions.
(2) Recommendations for person to serve as
underwriter, trustee, and custodian for any
such bonds and the mortgage lenders and
servicing institutions with which the facilities
board shall contract, which the City Council
reserves the right to select or approve. The
trustee and the custodian shall be institutions
located within the city, if such institutions are
qualified and such appointments do not
otherwise adversely affect the rating of the
bonds (if submitted for rating).
(B) The board is expressly authorized to issue
revenue bonds for the purpose of financing
residential housing, health care and related
facilities to serve elderly persons; provided said
facilities are owned by nonprofit corporations or
associations. The issuance of such revenue
bonds shall be accomplished by resolution duly
adopted by the city Public Facilities Board and
ratified by the City Council.
(Code 1965, §2-114: Ord. No. 2485, 11-21.78; Ord. No.
2991. 3-10.84: Code 1991, §33.068)
State law referonco(s)--Powers generally -bidding and
appraisal procedure, A.C_A. §14-137-111.
33,069 Bond Proceeds; Investments
(A) Any agreements made by the facilities board with
mortgage lenders must contain a provision to the
effect that such mortgage tenders may only loan
the proceeds provided to them to finance housing
located within the city's corporate limits and to
finance housing located within the city's projected
growth area and extraterritorial planning area. A
minimum of 75% of the bond proceeds shall be
available to finance housing located within the
city's corporate limits; and a maximum of 25% of
the bond proceeds shall be available to finance
existing housing located within the city's
projected growth area and extraterritorial
planning area. The facilities board shall have the
authority, after prior approval of the City Council,
to reallocate such percentages.
(S) This section shall apply only to bonds issued for
the purpose of financing owner -occupied
housing.
(C) The facilities board shall offer bond proceeds not
otherwise required to be deposited with the
custodian to financial institutions which have their
principal place of business located within the city
and which are qualified for such investments.
This section shall apply only to the proceeds of
C D33:13
CERTIFIED
FAYETTEVILLE CODE OF ORDINANCES
TITLE III ADMINISTRATION
bonds issued for the purpose of financing owner -
occupied housing.
(Code 1965, §2.115, 2.116; Ord, No. 2485, 11-21-78: Ord
No. 2991. 3.20-84. Code 1991, §33.069)
State law referonce(s)--Use of funds and revenue -
bonds. A.C.A. § 14-137-115,
33.070 Issuance Of Revenue Bonds
(A) The facilities board is authorized and is limited to
issue this initial series of revenue bonds, in
accordance with the conditions set forth in
§33.068, and to use the proceeds, either alone or
together with other available funds and revenues,
to accomplish the purposes for which the facilities
board is created as the same relates to the
providing of decent, safe, and sanitary residential
housing facilities. Such revenue bonds shall be
obligations only of the facilities board and shall
not constitute an indebtedness for which the faith
and credit of the city or any of its revenues are
pledged, and the principal and interest on the
- olds shall be payable from and secured by a
pledge of revenues derived from residential
housing facilities financed, in whole or in part,
from bond proceeds and as authorized by, and in
accordance with the provisions of law, together
with such other collateral as may properly be
pledged under the act and as the facilities board
in its discretion may determine.
(B) This section shall apply only to the issuance of
bonds for the purpose of financing owner -
occupied housing. The board is expressly
authorized to issue bonds for the purpose of
financing housing, health care, and related
facilities to serve elderly persons, provided said
facilities are owned by nonprofit corporations or
associations.
(Code 1985. §2-117; Ord. No, 2485, 11-21-78; Ord. No.
2991. 3-20-84; Code 1991. §33.070)
'Note --It should be noted that Ord. No. 4021, adopted
Feb. 18, 1997. provided in the preamble and §3 that §9 of
Ord. No. 2485 provided for the appointment of a bond
counsel for the issuance and sate of residential housing
facility bonds. and said appointment Is only for the residential
housing facilities bonds first authorized on Ord, No. 2485
prior to the amendments thereto.
33.071 Organization; Reports
As soon as practicable after the adoption of this
article the facilities board shall meet and elect such
officers as shall be required by law. The facilities
board may adopt such bylaws and other rules and
CD33:14
regulations as shall be necessary for the conduct of
its business and consistent with the provisions of the
act. The facilities board shall cause to be filed with
the City Clerk of the city the annual report.
(Code 1965, §2-118; Ord. No. 2485, 11-21-78; Code 1991.
§33.071)
State law references) --Annual reports, A.C.A. §14-
137-123.
33.072-33.104 Reserved
ARTICLE VII
PLANNING COMMISSION
33.105 Establishment
There Is hereby created a city Planning Commissioh.
(Code 1955, §2-80; Ord. No. 956, 9-12-49)
i
state taw reference(s)--Municipal planging
Commissions generally, A.C.A., §15-56-401 at seq.
33.106 Composition
The Planning Commission ("commission") shall
consist of nine members, all of who shall be citizens
of Fayetteville, and at least two-thirds of whom shall
not hold any municipal office or appointment. No two
members of the commission ("commissioners") shall
be related by blood or marriage In the third degr6e,
nor shall any two commissioners have direct financial
involvement. All commissioners must discldse
annually all real estate holdings in Fayetteville and (he
Fayetteville planning area, and any business or
financial interest which could affect, or be affected 6y,
decisions of the commission. All commissioners shall
have a demonstrated interest, experience, or
expertise in land use planning.
i
(Code 1985. §2-81; Ord. No. 956, 9.12-49: Ord. No, 38'72,
§1, 2-21-95: Code 1991, §33.106)
State law reference(s)--Appointment of members.
A.C.A. §14-50-405.
33.107 Terms Of Members
Each commissioner, unless appointed to fill an
unexpired term, shall be appointed to serve a term' of
three years. Such terms shall be staggered, with
three commissioners being appointed each year. y 11
terms shall begin on April 1.
(Code 1965. §2-82; Ord. No. 1126. 3.25-57; Ord. No. 24Q4,
12-6-77:Ord. No. 3872. §1, 2-21-95; Code 1991. §33,107)
33.108 Compensation
CERTIFIED
14-137-120 LOCAL GOVERNMENT 368
14-137-120. Obligations on bonds.
(a) It shall be plainly stated on the face of each bond that it has been
" issued under the provisions of this chapter, that the bonds are.obliga-
tions only of the public facilities board, and that in no event shall they
constitute an indebtedness for which the faith and credit of the creating
f municipality dr county. or any of its revenues are pledged.
(b) No member of the board shall be personally liable on the bonds or
for any dafhdges susiained.by anyone in connection with any contracts
entered into in carrying out the'purpose and intent of this chapter
unless he shall have acted with a corrupt intent.
(c) The principal of and interest on. the bonds shall be payable from:
(1) Revenues derived from the 'p"'ublic facilities project acquired,
a constructed, reconstructed, equipped, extended, or improved, in whole
or in part, with the proceeds of the bonds;
�t (2) Obligations of:
(A) The owners of public facilities projects; or
!} (B) Any person with whom the proceeds of the bonds, or a portion
thereof, are invested by contract or otherwise;
(3) Any other funds or sources of funds of the board specifically
pledged and which are set aside as a special fund or source, other than
taxes or assessments for local improvements, for the purpose of paying
the principal of and interest on the bonds; or
(4) Any.combination of subdivisions (1), (2), and (3) of this subsec-
tion.
(d) The board is authorized to pledge those revenues, obligations,
other special funds or sources to pay the principal of and interest on the
bonds.
History. Acts 1975, .No. 142, § 10; Publisher's Notes. As to purpose of
1977, No. 446, § 4; A.S.A. 1947, § 20- Acts 1987, No. 47, see Publisher's Notes,
1710; Acts 1987, No. 47, § 4. § 14-137-111.
1
CASE NOTES
Cited: Cortez v. Independence County,
287 Ark. 279, 698 S.W.2d 291 (1985).
' 14.137-121. Mortgage liens — Enforcement.
(a) The resolution or indenture referred to lit § 14 137416 may, or,
�► may not, impose a foreclosable mortgage lien upon or securtty interest
` in all or any portion of the lands, buildings, or facllities atc_'quired,
constructed, reconstructed, extended-, equipped, or iinproyed;,in' whole
.� or in part, with the proceeds of bonds issued under. this chapter, and the,
nature and extent of the mortgage lien ors security interest -may be
controlled by the resolution -or�indenture'inclucling, without 1"initiation,
provisions pertaining to ie`release of all of part of the lands, buildings,
or facilities fr`.om_the:mortgage•lien:or"secunty interest;aiid ihe;priority
of the mortgage' lien or security,. interest in t_. a event of successive:bond
issues as.authorized by § I4-137-116.
w
RESOLUTION
RESOLUTION AUTHORIZING THE ISSUANCE OF THE ISSUER'S
REVENUE BOND (BUTTERFIELD TRAIL VILLAGE PROJECT), SERIES
2013 IN A PRINCIPAL AMOUNT NOT TO EXCEED 58,000,000 (THE
"BOND") TO PROVIDE FUNDS TO FINANCE IMPROVEMENTS TO A
RESIDENTIAL LIFE CARE RETIREMENT FACILITY IN FAYETTEVILLE,
ARKANSAS FOR ELDERLY PERSONS; AUTHORIZING A LOAN
AGREEMENT BETWEEN THE BOARD AND BUTTERFIELD TRAIL
VILLAGE, INCORPORATED; AUTHORIZING THE SALE OF THE BOND
AND THE EXECUTION OF A BOND PURCHASE AGREEMENT IN
CONNECTION THEREWITH; AND AUTHORIZING AND PRESCRIBING
OTHER MATTERS PERTAINING THERETO.
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 a public body corporate and politic duly organized and validly
existing under the Constitution and laws of the State of Arkansas (the "State"), including the
Arkansas Code Annotated §§ 14-137-101, et seq., as amended (the "Act"), and by Ordinance No.
2485, as amended (collectively, the "Ordinance"), of the City Council of the City of Fayetteville,
Arkansas (the "City"), adopted on November 21, 1978; and
WHEREAS, the Ordinance and the Act authorized the Issuer to issue revenue bonds to
finance residential housing, health care and related facilities to serve elderly persons so long as such
facilities are secured by nonprofit corporations; and
WHEREAS, for the purposes set forth in the Ordinance, the Issuer desires to issue not to
exceed $8,000,000 in principal amount of its Revenue Bond (Butterfield Trail Village Project), Series
2013 (the 'Bond") to provide funds to finance all or a portion of the costs of (a) acquiring,
constructing, equipping and furnishing an assisted living facility containing approximately 9,300
square feet, (b) acquiring, constructing, renovating, equipping and furnishing the existing Wellness
Center and acquiring, constructing, renovating, equipping and furnishing an approximately 6,700
square foot expansion to the Wellness Center and (c) acquiring, constructing, renovating, equipping
and Runishing the existing commons area located in the Main Residential Building and acquiring,
constructing, renovating, equipping and furnishing an approximately 10,000 square foot expansion to
the commons area (collectively, the "Project") for Butterfield Trail Village, Incorporated, an
Arkansas nonprofit corporation (the 'Borrower"), which operates a residential life care retirement
facility for the elderly, known as 'Butterfield Trail Village" consisting of independent living units, a
skilled nursing care center and related facilities located on approximately 48 acres at 1923 E. Joyce
Boulevard, Fayetteville, Arkansas, 72703; and
WHEREAS, the proceeds of the Bond will be loaned by the Issuer to the Borrower, pursuant
to a Loan Agreement, to be dated as of the dated date of the Bond (the "Loan Agreement"), providing
for payments by the Borrower, as a repayment of the loan in amounts sufficient to provide for the
payment of the principal of and premium, if any, and interest on the Bond as due and payable;
T FIED
WHEREAS, the Bond will be sold to Arvest Bank (the "Purchaser"), pursuant to a Bond
Purchase, Assignment and Security Agreement to be dated as of the dated date of the Bond (the
"Bond Purchase Agreement"), setting forth the terms of the Bond; and
WHEREAS, there has been presented to this meeting the form of the following instruments
which the Issuer proposes to execute to carry out the transaction described above, copies of which
instruments shall be filed with the records of the Issuer:
(a) the Bond Purchase Agreement; and
(b) the Loan Agreement; and
WHEREAS, it appears that each of the instruments above referred to, which are now before
the Issuer, are in appropriate form and are appropriate instruments for the purpose intended;
NOW, THEREFORE, BE IT RESOLVED BY THE FAYETTEVILLE PUBLIC
FACILITIES BOARD, AS FOLLOWS:
Section 1. The issuer hereby finds that the issuance of the Bond to finance all or a portion
of the costs of the Project will assist in providing residential care facilities for the elderly in the City
and, therefore, should be accomplished.
Section 2. The issuance of the Bond in the principal amount of not to exceed $8,000,000
is hereby authorized. The Bond shall be designated "The Fayetteville Public Facilities Board
Revenue Bond (Butterfield Trail Village Project), Series 2013" and shall be issued in the form, shall
be dated, shall be numbered, shall bear interest (provided such interest rate shall not exceed 3.75%
per annum), and shall be subject to redemption prior to maturity, upon the terms and conditions set
forth in the Bond Purchase Agreement. The principal of and interest on the Bond shall be payable in
monthly installments, as provided in the Bond Purchase Agreement, with the final installment due not
later than ten (10) years after the date of issuance of the Bond.
Section 3. To prescribe the terms and conditions upon which the Bond is to be executed,
issued, purchased, accepted, held and secured, the Chairman and Secretary of the Issuer are hereby
authorized and directed to execute and deliver the Bond Purchase Agreement to the Purchaser.
Section 4. There is hereby authorized the loaning of the proceeds of the Bond to the
Borrower in accordance with the provisions of the Loan Agreement. The Chairman and Secretary of
the Issuer are hereby authorized and directed to execute and deliver the Loan Agreement to the
Borrower.
Section 5. The Chairman and Secretary of the Issuer are hereby authorized and directed to
execute the Bond and to cause the Bond so executed and authenticated to be delivered to the
Purchaser upon payment of the purchase price.
Section 6. The Bond Purchase Agreement and the Loan Agreement shall be in
substantially the forms submitted to this meeting, which are hereby approved, with such omissions,
insertions and changes as may be approved by the officers executing them, their execution to
constitute conclusive evidence of their approval of any such omissions, insertions and changes.
PA
CERTIFIED
Section 7. The Chairman, Secretary and other officers of the Issuer, for and on behalf of
the Issuer, are hereby authorized and directed to do any and all things necessary to effect the
execution and delivery of the instruments approved by this Resolution and the performance of all
obligations of the Issuer thereunder, the issuance, execution and delivery of the Bond, and the
performance of all acts of whatever nature necessary to effect and carry out the authority conferred
by this Resolution. The Chairman, Secretary and other officers of the Issuer are hereby further
authorized and directed, for and on behalf of the Issuer, to execute all papers, documents, certificates
and other instruments that may be required for the carrying out of such authority or to evidence the
exercise thereof.
Section 8, The Secretary shall maintain, as a part of the minutes of the meeting at which
this Resolution is adopted and the permanent records of the Issuer, for inspection by any interested
person, copies of the Bond Purchase Agreement and the Loan Agreement.
Section 9. The Issuer will restrict the use of the proceeds of the Bond in such manner and
to such extent, if any, as may be.necessary, after taking into account reasonable expectations at the
time the Bond is delivered to the Purchaser, so that they will not constitute an arbitrage bond under
Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"). The Chairman or any
other officer having responsibility with respect to the issuance of the Bond, is authorized and
directed, alone or in conjunction with the Borrower or any officer, employee, consultant or agent of
the Borrower, to deliver a certificate for inclusion in the transcript of proceedings for the Bond,
setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said
Section 148 and regulations thereunder. In its performance of these covenants, and other covenants of
the Issuer pertaining to federal income tax laws, the Issuer may rely upon the written advice of
nationally recognized bond counsel which is provided to the Borrower.
Section 10. The Chairman and 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, agreements 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 collateral pledged under the Bond Purchase Agreement) as they may deem
necessary or appropriate in order to implement and carry out the intent and purposes of this
Resolution.
Section 11. The Chairman of the Issuer is hereby authorized and directed to work with
Friday, Eldredge & Clark, LLP, as Bond Counsel, and officials of the Borrower to develop, adopt and
implement written procedures to assist the Borrower in monitoring compliance with federal tax
requirements with respect to tax-exempt obligations issued by the Issuer for the benefit of the
Borrower. It is understood that the policies to be adopted and established by such written procedures
will be adopted and established by the Borrower on behalf of the Issuer for tax-exempt obligations
issued by the Issuer for the benefit of the Borrower.
Section 12. The Bond shall not be issued and delivered by the Issuer unless and until the
City Council of the City shall have adopted a resolution ratifying the adoption by the Issuer of this
Resolution.
'CERTIFIED
Section 13. 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 14. All prior resolutions or portions thereof of the Issuer which are inconsistent
with the contents hereof are hereby repealed.
Section 15. This Resolution shall become effective immediately upon its passage and
approval.
Adopted and approved this 3rd day of September, 2013.
Al
,jC 7 r N 61 Secretary
(SEAL)
4
THE FAYETTEVILLE PUBLIC FACILITIES
BOARD
Cha'rrmah
URTIFIED
RECEIVED
SEP 0 4 209
CITY OF FAYETTEVILLE
Fayetteville Public Facilities Board CITY CLERK'S OFFICE
Sepember 3, 2013
The Fayetteville Public Facilities Board (the "PFB") met on September 3,
2013 at 4:00 p.m. in the Conference Room of Suite 102 in The Fulbright Building where
the law office of Board Counsel James N. McCord is located. Present; Board members
Steve Adams, Phil Taylor and Tommy Deweese and Board Counsel James N, McCord.
Absent: Board members Steve Cosby and Steve Clark.. Also present: Dennis Hunt from
Stephens Inc., Financial Advisor to Butterfield Trail Village, Inc.
Chairman Steve Adams called the meeting to order and stated that a quorum (three PFB
members) is present. He then stated that the first item of business was the election of an
Acting Secretary, because Steve Cosby, Secretary for the PFB is absent. Tommy
Dewcese moved that Pliff Taylor be elected Acting Secretary for the PFB The motion was
seconded by Steve Adanis and passsed unanimously.
Chairman.Adams then -recognized Dennis Hunt from Stephens Inc., Financial
Advisor to Butterfield Trail Village, Inc. ("13TV"). Mr. Hunt explained that BTV is
requesting the PFB to approve a Resolution authorizing theissuance of a Bond not -to
exceed 8,000,000 to finance improvements to the BTV residential life care. facility. in the
City of. Fayetteville for elderly persons; the Bond will have a ten year maturity, will: bear
interest at approximately 3.49 % per annum and will be.purchased by At -Vest Bank,
Board -Counsel James N. McCord presented a Resolution prepared by Friday,
-Eldredge & Clark, Bond Counsel, authorizing the PFB to issue the BondL as requdsted by
°:BTV:,He had e-mailed ihe;Resolution to all PFB members before the meeting. Phil
'Taylnr'moved:approval of [he Resolution. The ,notion was seconded by Tommy Deweese
'and passed; unanimously,.
Chairman Adams then adjourned the meeting.
Res p ctfully submitted,
Phillip Taylor, Acting Secretary
CERTIFIED
NOTICE OF PUBLIC HEARING
Notice is hereby given that a public hearing will be conducted on September 17,
2013, at 6:00 o'clock p.m., before the City Council of the City of Fayetteville, Arkansas, in
Room 219 of the City Administration Building, 113 West Mountain Street, Fayetteville,
Arkansas 72701, on the question of the issuance of revenue bonds by The Fayetteville Public
Facilities Board (the "Board") in the principal amount of not to exceed $8,000,000 for the
purpose of financing all or a portion of the costs of the following improvements for Butterfield
Trail Village, Incorporated, an Arkansas non-profit corporation (the "Corporation") that operates
a residential life care retirement facility for the elderly: (a) acquiring, constructing, equipping
and furnishing an assisted living facility containing approximately 9,300 square feet, (b)
acquiring, constructing, renovating, equipping and furnishing the existing Wellness Center and
acquiring, constructing, renovating, equipping and furnishing an approximately 6,700 square foot
expansion to the Wellness Center and (c) acquiring, constructing, renovating, equipping and
furnishing the existing commons area located in the Main Residential Building and acquiring,
constructing, renovating, equipping and furnishing an approximately 10,000 square foot
expansion to the commons area (collectively, the "Project"). The initial owner and operator of
the Project will be the Coporation. The Project will be located on the Corporation's campus at
1923 E. Joyce Boulevard, Fayetteville, Arkansas 72703.
The bonds shall be special obligations of the Board, secured by and payable from
an assignment of the right to receive payments from the Corporation pursuant to a Loan
Agreement between the Board and the Corporation, and such other collateral as may be provided
by the Corporation. The obligations shall not constitute an indebtedness for which the faith and
credit of the City are pledged.
Dated: August 23, 2013 /s/ Lioneld Jordan
Mayor
uERTIFIED
Post -Issuance Compliance Policy Manual
of
Butterfield Trail Village, Incorporated
Dated: , 2012
/�z G�zo13
�r it ED
Section 1. Introduction
I.I. The purpose of this Post -Issuance Compliance Policy Manual (the "Manual") is to
provide assistance to Butterfield Trail Village, Incorporated (the "Corporation") in
complying with post -issuance federal tax requirements with regard to the tax-exempt
bonds and other obligations issued for the benefit of the Corloration (collectively, the
"Bonds"). In addition, this Manual will assist the Corporation in complying with its
continuing disclosure obligations pursuant to Securities and Exchange Commission Rule
15c2-12. It is the policy of the Corporation to comply with all relevant state and federal
laws with respect to the Bonds. This Manual applies to all Bonds issued for the benefit of
the Corporation.
1.2. These written procedures are intended to assist representatives of the Corporation in
monitoring compliance with federal tax requirements which will insure that the Bonds
remain tax-exempt. Because most tax-exempt Bonds will remain outstanding for many
years, it is'important to have procedures which can be understood and implemented over
time even as the responsible parties may change.
1.3. It is important that the Corporation assign responsibility for post -issuance compliance
and that sufficient information is routinely identified and maintained to allow those who
later inherit that responsibility to successfully continue the job of post -issuance
compliance.
1.4. The Corporation is responsible for insuring that the Bonds satisfy all applicable federal
tax requirements both at the time of issuance and for so long as such Bonds remain
outstanding. The Corporation agrees that it will be responsible for monitoring post -
issuance compliance and maintaining adequate records to substantiate compliance. A
failure to fulfill this responsibility may result in the Bonds losing their tax-exempt status,
1.5. Certain Bonds and taxable obligations are subject to the continuing disclosure
requirements of. Securities and.Exchange Commission Rfile 15c2-12. Failure to comply
with continuing disclosure undertakings. could negatively -affect the- marketability of the
Bonds. This Manual iSr also, intended to assist representatives of; the Corporation in
maintaining compliance with its cobtinuing,disclQsure undertakings.
Section 2. Responsible Person
2.1. The representative of the Corporation with pnmary responsibility for monitoring post -
issuance compliance of Bonds is the '_ice the Corporation (the
"Responsible Person"). Currently, rQ,l,ltJh,t_ is the person that holds the
office of the Responsible Person. Hereafter, any successor Chtr,=rr>zt!v�{t R9 lcef
shall be deemed to be the Responsible Person. Any successor Responsible Person shall
consult with bond counsel in order to insure ongoing compliance with the procedures of
this Manual.
CERTIFIED
12. It is the policy of the Corporation that the Responsible Person should be provided with
education and training on federal tax requirements applicable to tax-exempt Bonds. The
Corporation recognizes that such education and training is vital as a means of helping to
insure that the Corporation remains in compliance with those federal tax requirements in
respect of the Bonds. The Corporation will enable and encourage the Responsible Person
to attend and participate in educational and training programs with regard to the federal
tax requirements applicable to tax-exempt bonds. The Responsible Person is also
authorized to retain counsel or other parties from time to time to assist in such training
and education.
Section 3. Record-Keepin,�
3.1. All records regarding an issue of Bonds shall be retained for the life of such Bonds plus
three years. In the event that an issue of Bonds is refunded, the records from the refunded
Bonds shall be retained for the life of the refunding Bonds plus three years.
3.2. All records for each Bond issue shall be kept in a separate and distinct file to be located at
the offices of the Corporation.
3.3. The following records, as applicable, shall be maintained for each issue of Bonds for the
length of time designated in Section 3.1 of this Manual.
a. Bond transcripts;
b. Documents related to government grants associated with construction, renovation
or purchase of Bond -financed property;
C. Bank statements for Bond financings;
d. Correspondence (letters, e-mails, faxes, etc.) for Bond financings;
e. Reports of any IRS examinations of the Corporation or its Bond financings;
f. Federal tax or information returns (e.g., Form 8038 series returns);
g. Official Statements and other offering documents; and
h. Documentation evidencing use of Bond -financed property by public and private
sources.
3.4. The Responsible Person shall maintain such documentation as necessary to establish the
useful life of all Bond -financed property and shall insure that the average maturity of an
issue of Bonds does not exceed the useful economic life of the property financed by such
Bonds by more than 20%. Such documentation shall be maintained for the time period as
stated in Section 3.1 of this Manual.
3.5. The Responsible Person shall maintain documentation with respect to. the amount of
issuance costs that are paid by an issue of Bonds and shall insure that such costs paid
with Bond proceeds do not exceed 2% of the proceeds .of such issue. Such
documentation shall be maintained for the time period as stated in Section 3.1 of this
Manual-
2
CERTIFIED
Section 4. Investments and,Arbil rutte Compliance
4.1. The Responsible Person shall maintain documentation of allocations of investments and
investments earnings to Bond financings. Such documentation shall be maintained for the
time period as stated in Section 3.1 of this Manual.
4.2. The Responsible Person shall maintain documentation for purchases and sales of
investments made with Bond proceeds (including investment contracts, credit
enhancement transactions, financial derivatives and bidding of financial products). Such
documentation shall be maintained for the time period as stated in Section 3.1 of this
Manual,
4.3, The Responsible Person shall maintain copies of computations of Bond yield,
computation of rebate and yield reduction payments, Form 8038-Ts and Form 8038-Rs
for each issue of Bonds. Such documentation shall be maintained for the time period as
stated in Section 3.1 of this Manual.
4.4, The Responsible Person shall monitor instances where compliance with applicable yield
restriction rer3uiremerits depends on subsequent reinvestment of Bond proceeds in lower
yielding investnietits.
4.5. The Responsible Person shall, monitor,Borid.financings that are expected to comply with
the arbitrage rules as a result of the application of a temporary period exception or a
spending exception. The Responsible Person shall maintain calculations that will be
sufficient to dd=ment to the Internal Revenue Service ("IRS") upon an audit that, when
applicable, the Corporation has complied with an available spending exception with
regard to that Bond issue.
4.6. The Responsible Person shall maintain records showing that investments held in yield -
restricted advance refunding or defeasance escrows for Bonds, and investments made
with unspent Bond proceeds after the expiration of the applicable temporary period, were
not invested in higher -yielding investments. Such documentation shall be maintained for
the time period as stated in Section 3.1 of this Manual.
4.7. The Responsible Person is authorized to retain independent certified public accountants
from time to time to calculate any arbitrage rebate owed to the United States Treasury,
Section S. Expenditures and Assets
5.1. The Responsible Person shall maintain documentation of allocations of Bond -financing
proceeds to expenditures (e.g., allocation of Bond proceeds to expenditures for the
construction, renovation or purchase of facilities owned and used in the performance of
the exempt purpose). Such documentation shall be maintained for the time period as
stated in Section 3.1 of this Manual.
CERTIFIED
5.2. The Responsible Person shall maintain copies of requisitions, draw schedules, draw
requests, invoices, bills and cancelled checks related to Bond proceeds spent during the
construction period. Such documentation shall be maintained for the time period as stated
in Section 3.1 of this Manual.
5.3. The Responsible Person shall maintain copies of all contracts entered into for the
construction, renovation or purchase of Bond -financed facilities. Such documentation
shall be maintained for the time period as stated in Section 3.1 of this Manual.
5.4. The Responsible Person shall maintain records of expenditures made prior to issuing
Bonds that are reimbursed with Bond proceeds. Such documentation shall be maintained
for the time period as stated in Section 3.1 of this Manual.
5.5. The Responsible Person shall maintain a list or schedule of all Bond -financed facilities or
equipment. All such property must be owned by the Corporation or a governmental unit.
Such documentation shall be maintained for the time period as stated in Section 3.1 of
this Manual.
5.6. The Responsible Person shall maintain documentation that tracks purchases and sales of
Bond -financed properties. Such documentation shall be maintained for the time period as
stated in Section 3.1 of this Manual.
Section 6. ]Private ]Business Use.
6.1. The Responsible Person shall monitor and maintain records of all private trade or J
business activities by the Corporation allocated to Bond -financed facilities. Such
documentation shall be maintained for the time period as stated in Section 3.1 of this
Manual.
6.2. The Responsible Person shall monitor and maintain records of trade or business activities
by third parties that are allocated to Bond -financed facilities. Such documentation shall
be maintained for the tirne period as stated in Section 3.1 of this Manual.
6.3. The Responsible Person shall monitor and maintain records of the following agreements
with respect to Bond -financed property for the time period as stated in Section 3.1 of this
Manual:
a. Management and other service agreements (including agreements with doctor
groups for services);
b. Research contracts;
C. Naming rights contracts;
d. Leases;
e. Subleases;
f. Leasehold improvement contracts;
g. Joint venture arrangements;
h. Limited liability corporation arrangements;
CERTIFIED
i. Partnership arrangements; and
j. Any other agreement that grants a special entitlement for the use of Bond -
financed property to a nongovernmental entity.
6.4. The Responsible Person acknowledges that:
(a) "private business use" means use by any person other than a state or local
government unit or 501(c)(3) organization (other than the Corporation), including
business corporations, partnerships, limited liability companies, associations, water
associations, nonprofit corporations, natural persons engaged in trade or business activity,
and the United States of America and any federal agency, as a result.of ownership of the
Bond -financed property or use of the Bond -Financed property under a least, management
or service contract (except for certain "qualified" management or service contracts),
contract for the purchase of electricity or water, research contract (except for certain
"qualified" research contracts), naming rights contract, or any similar use arrangement
that provides special entitlements for the use of Bond -financed property; and
(b) the tax-exempt status of a Bond issue may be adversely affected if (i)
more than 3% of the net proceeds of such Bond 'issue (including the property financed
with the Bonds) is used for private business use and (ii) more than 5% of the net proceeds
of such Bond issue is, directly or indirectly, secured by property used as private business
use, or derived from payments related to property used as private business use.
6.5 The Responsible Person shall be responsible for monitoring management and other
service contracts entered into, or proposed to be entered into, by the Corporation to
ensure that the terms of such management and other service contracts fall within the safe -
harbors established as "Permissible Arrangements" described in Revenue Procedure 97-
13, or any subsequent authority relating to management contracts. The Responsible
Person acknowledges receipt of Revenue Procedure 97-13.
6.6. The Responsible Person may engage bond counsel from time to time to render advice on
proposed contracts and amendrnents to existing contracts, Where necessary, the
Responsible Person may request and receive a written opinion of bond counsel that the
proposed contract or amendment to existing contract will not cause the interest on the
outstanding Bonds to lose -,its tax-exempt' atu-s for=,federal inome W purposes. If bond
counsel is unable to provide the opinion set, forth iw the preceding .sentence, -[he
Responsible Person will discuss with bond. counsofWhether'any remedial action may -.be
taken under the Internal Revenue Code -and related regtilations, jliciitding U.S. Treasury
Regulation §1.141-12, that would permit the contractto be entered -into without -adversely
affecting the tax-exempt status of the Bonds that financed the applicable property:
6.7. The Responsible Person may engage bond counsel from time to time to render advice on
proposed sales of property financed with proceeds of Bonds. It is understood that
remedial action as described in Section 6.6 of this Manual may need to take place prior to
any sale in order to maintain the tax-exempt status of interest on the Bonds for federal
income tax purposes.
CERTIFIED
Section 7. Continuing Disclosure Compliance
7.1. The Responsible Person shall insure that the Corporation complies with its continuing
disclosure obligations relating to its Bonds. The Responsible Person shall maintain a
record of all required continuing disclosure filings for the time period as stated in Section
3.1 of this Manual.
Section S. Assistance and Cooperation from other Officials and Employee
8.1. In order to meet his or her responsibilities under this Manual, the Responsible Person
may require the assistance and cooperation of other officials and employees of the
Corporation. Other officials and employees of the Corporation shall assist and cooperate
with the Responsible Person in fulfilling the policies and purposes of this Manual.
Section 9. Voluntfiry_Qosing Ag; eer lent f°raitracn
9.1. The Voluntary Closing Agreement Program of the IRS provides issuers of tax-exempt
bonds with a vehicle to resolve violations of the Internal Revenue Code and related
regulations.
9.2. Information about the Voluntary Closing Agreement Program is available on the Tax -
Exempt Band Community page at www.its.gov. The Responsible Person shall annually i
review this information.
9.3. If the Corporation idendfies a violation of federal tax law with respect to its Bonds, the
Responsible Person will notify bond counsel.
Section 10. Appendix
10.1. The Responsible Person shall attach the Tax Regulatory Agreement, or such other
certificate pertaining to compliance with federal income tax law (collectively, the "Tax
Certificates"), for each issue of Bonds as an Appendix to this Manual, The Responsible
Person shall refer to the Tax Certificates to insure that the Corporation is in compliance
with all covenants set forth in such Tax Certificates and with the policies and procedures
implemented in this Manual.
10.2. The Responsible Person is authorized to retain counsel from time to time to assist with
the interpretation of the Tax Certificates or to render advice regarding compliance with
the policies and procedures of this Manual.
CERTIFIED
DATED as of the date first written above.
04Pr�ident
T Chief Executive Officer
Chief Financial Officer
CERTIFIED
FRIDAYELDREDGE . o. Michael Meyers I Attorney 400 West Capitol Avenue
& CLAR� Direct; (501) 244-5394 Suite Rock
] LP
Fax: {sot) 244.53s4 Little Rock, Arkansas 72241.3622
E-mail: mmoyers®iridayfirm.com www.FridayFlrm.eom
RECEIVED
' ? AUG $ 0 2013
TY OFF FA IL:
August 29, 2013 TY CiER.'a OFFICE
The Honorable Lioneld Jordan
City of Fayetteville
113 W. Mountain
Fayetteville, Arkansas 72701.
Re: The Fayetteville Public Facilities Board Revenue Bond (Butterfield Trail Village
Project), Series 2013
Dear Mayor Jordan,
In connection with the above -referenced bond issue and the Fayetteville City Council
meeting to be held on September 17, 2013, 1 have enclosed a Resolution that i ask be placed on
the September 17 Council agenda 'for consideration by the Council. The purpose of the
Resolution is to ratify a resolution to be considered by The Fayetteville Public Facilities Board
on September 3, 2013 authorizing the issuance of a revenue bond to benefit Butterfield Trail
Village, Incorporated.
In addition, I have enclosed for your reference a copy of a Notice of Public Hearing with
respect to the bond issue. The Notice is scheduled for publication on August 30. 1 ask that the
public hearing referenced in the Notice be placed on the September 17 Council agenda as well.
Thank you very much for your help. Please call or email with any comments or questions
or if I can do anything further.
V eryAml y yo
D. Michael Moyers
DMM:csj
Enclosure
cc: Kit Williams
James N. McCord
CERTIFIED
NOTICE OF PUBLIC HEARING
Notice is hereby given that a public hearing will be conducted on September 17,
2013, at 6:00 o'clock p.m., before the City Council of the City of Fayetteville, Arkansas, in
Room 219 of the City Administration Building, 113 West Mountain Street, Fayetteville,
Arkansas 72701, on the question of the issuance of revenue bonds by The Fayetteville Public
Facilities Board (the "Board") in the principal amount of not to exceed $8,000,000 for the
purpose of financing all or a portion of the costs of the following improvements for Butterfield
Trail Village, Incorporated, an Arkansas non-profit corporation (the "Corporation") that operates
a residential life care retirement facility for the elderly: (a) acquiring, constructing, equipping
and furnishing an assisted living facility containing approximately 9,300 square feet, (b)
acquiring, constructing, renovating, equipping and furnishing the existing Wellness Center and
acquiring, constructing, renovating, equipping and furnishing an approximately 6,700 square foot
expansion to the Wellness Center and (c) acquiring, constructing, renovating, equipping and
furnishing the existing commons area located in the Main Residential Building and acquiring,
constructing, renovating, equipping and furnishing an approximately 10,000 square foot
expansion to the commons area (collectively, the "Project"). The initial owner and operator of
the Project will be the Corporation. The Project will be located bn the Corporation's campus at
1923 E. Joyce Boulevard, Fayetteville, Arkansas 72703.
The bonds shall be special obligations of the Board, secured by and payable from
an assignment of the right to receive payments from the Corporation pursuant to a Loan
Agreement between the Board and the Corporation, and such other collateral as may be provided
by the Corporation. The obligations shall not constitute an indebtedness for which the faith and
credit of the City are pledged.
Dated: August 28, 2013 Isl Lioneld Jordan
Mayor
EXHIBIT
Mayor Lioneld Jordan
City Attorney Kit Williams
City Clerk Sondra Smith
aye ev,le
Final Agenda
City of Fayetteville Arkansas
City Council Meeting
September 17, 2013
Aldermen
Ward I Position I — Adella Gray
Ward l Position 2 — Sarah Marsh
Ward 2 Position 1 —Mark Kin ion
Ward 2 Position 2 — Matthew Petty
Ward 3 Position I —Justin Tennant
Ward 3 Position 2—Martin W. Schoppmeyer, Jr.
Ward 4 Position I — Rhonda Adams
Ward 4 Position 2 — Alan T. Long
A meeting of the Fayetteville City Council will be held on September 17, 2013 at 6:00 PM in
Room 219 of the City Administration Building located at 113 West Mountain Street,
Fayetteville, Arkansas.
Call to Order
Roll Call
Pledge of Allegiance
Mayor's Announcements, Proclamations and Recognitions:
City Council Meeting Presentations, Reports and Discussion Items:
Advertising and Promotion Commission Appointment — The Commission
recommends the appointment of Tim Freeman term ending 03/31/16
APPROVED
2. Historic District Commission Appointment — The Mayor recommends the appointment
Laura Chioldi term ending 06/30/14 and Steven Kay 06/30/16
APPROVED
3. Nominating Committee Report
APPROVED
113 West Mountain Fayetteville, AR 72701 (479) 575-8323 accessfayetteville.org
Telecommunications Device for the Deaf TDDITTY (479) 521-1316
Agenda Additions: NONE
A. Consent:
1. Approval of the September 03, 2013 City Council meeting minutes.
MINUTES WERE REMOVED
2. Bid #13-46 Fochtman Enterprises, Inc.: A resolution awarding Bid # 13-46 and
authorizing a contract with Fochtman Enterprises, Inc. in the amount of $711,833.70 for
water and sewer improvements along Razorback Road from Martin Luther King Jr.
Boulevard to Nettleship Street, approving a project contingency of $75,000.00, and
approving a budget adjustment.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 189-13
3. Sprint/Nextel Property Services Amendment No. 1: A resolution approving
Amendment No. 1 to the communication site lease agreement with Sprint/Nextel
Property Services for cell antenna space on the Markham Water Tank on Sang Avenue.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 190-13
4. Bid #13-48 B & A Property Maintenance: A resolution awarding Bid #13-48 and
authorizing a contract with B & A Property Maintenance in the amount of $28,220.00 for
tree planting and maintenance, and approving a ten percent (10%) project contingency.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 191-13
5. 2nd Quarter Animal Services Donation Revenue: A resolution approving a budget
adjustment in the total amount of $21,243.00 representing donation revenue to the
Animal Services Division.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 192-13
6. 2013 Edward Byrne Memorial JAG Local Assistance Award: A resolution
authorizing acceptance of the 2013 Edward Byrne Memorial JAG Local Assistance
Award in the total amount of $69,977.00, and approving a budget adjustment.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 193-13
7. Hazmat Services Revenue: A resolution approving a budget adjustment in the total
amount of $6,610.00 to recognize hazmat services revenue through August 2013 and to
increase the related expense budget.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 194-13
113 West Mountain Fayetteville, AR 72701 (479) 575-8323 accessfayetteville.org
Telecommunications Device for the Deaf TDDITTY (479) 521-1316
8. Hazmat Services Revenue: A resolution approving a budget adjustment in the total
amount of $3,314.82 representing hazmat services revenue received through August 2013
and increasing the related expense budget.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 195-13
9. Fayetteville Fire Department Administrative Operating Procedures: A resolution to
approve and adopt the Fayetteville Fire Department Administrative Operating
Procedures.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 196-13
10. Solid Waste and Recycling Extension Agreements: A resolution to approve one year
extension agreements with Deffenbaugh Industries, Hog Box, Waste Management of
Northwest Arkansas, and Allied Waste Services of Bella Vista to haul and dispose of
solid waste and recycling in Fayetteville in exchange for a franchise fee of 10% and to
authorize or ratify Mayor Jordan's execution of such contracts.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 197-13
B. Unfinished Business: None
C. Public Hearing:
1. Public Facilities Resolution Ratification: A resolution ratifying the resolution of the
Fayetteville Public Facilities Board which approved a Revenue Bond (Butterfield Trail
Village Project), Series 2013 in a principal amount of not to exceed $8,000,000; and
prescribing other matters pertaining thereto.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 198-13
D. New Business:
RZN 13-4461 (123 E. Cleburn St./Stover): An ordinance rezoning the property
described in rezoning petition RZN 13-4461, for approximately 0.20 acres, located at 123
E. Cleburn Street from C-2, Thoroughfare Commercial, to DG, Downtown General.
PASSED AND SHALL BE RECORDED AS ORDINANCE NO. 5614
2. VAC 13-4459 (201 W Mountain St.): An ordinance approving VAC 13-4459 submitted
by William Rudasill for property located at 201 W Mountain Street, to vacate a portion of
a right-of-way and utility easement, a total of 413 square feet.
PASSED AND SHALL BE RECORDED AS ORDINANCE NO.5615
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3. VAC 13-4460 (423 Prairie Ave): An ordinance approving VAC 13-4460 submitted by
Jacobs Newell Company for property located at 423 Prairie Street, to vacate an access
easement, a total of 0.02 acres.
PASSED AND SHALL BE RECORDED AS ORDINANCE NO.5616
4. Beaver Watershed Alliance: An ordinance waiving the requirement for bids by
applying §34.23(F) Purchases and Contracts Not in Excess of $20,000.00 of the
Fayetteville Code of Ordinances and approving a contract with the Beaver Watershed
Alliance in the amount of $10,000.00 to assist in the improvement of water quality in the
Beaver Lake Watershed.
PASSED AND SHALL BE RECORDED AS ORDINANCE NO. 5617
5. Amend Chapter 34 Finance and Revenue: An ordinance amending Chapter 34:
Finance and Revenue of the Fayetteville Code to enact §34.10 Temporary Cash Transfers
Related to Reimbursable Grants to provide a cash flow mechanism for reimbursable
grants.
PASSED AND SHALL BE RECORDED AS ORDINANCE NO.5618
6. 2013 Millage Levy: An ordinance levying a tax on the real and personal property within
the City of Fayetteville, Arkansas, for the year 2013 fixing the rate thereof at 1.3 mills for
General Fund operations, 0.4 mills for the Firemen's Pension and Relief Fund, 0.4 mills
for the Policemen's Pension and Relief Fund and 1.0 mill for the Fayetteville Public
Library; and certifying the same to the County Clerk of Washington County, Arkansas.
THIS ITEM WAS LEFT ON THE SECOND READING
7. Sales and Use Tax Capital Improvement Bonds, Series 2013:. An ordinance
authorizing the issuance and sale of the City's Sales and Use Tax Capital Improvement
Bonds, Series 2013, for the purpose of financing a portion of the costs of certain street
improvements; authorizing the execution and delivery of a Third Supplemental Trust
Indenture pursuant to which the bonds will be issued and secured; authorizing the
execution and delivery of an official statement pursuant to which the bonds will be
offered; authorizing the execution and delivery of a bond purchase agreement providing
for the sale of the bonds; authorizing the execution and delivery of a Continuing
Disclosure Agreement; and prescribing other matters relating thereto.
PASSED AND SHALL BE RECORDED AS ORDINANCE NO.5619
8. Kum & Go, L.C.: A resolution to approve the Third Amendment to land sale agreement
with Kum & Go, L.C. to extend the closing date to no later than February 12, 2014 and to
agree to equally share the costs of a new traffic signal.
PASSED AND SHALL BE RECORDED AS RESOLUTION NO. 199-13
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9. Economic Development Contract for Services Renewal: An ordinance to waive
formal competitive bidding, to approve a two year Economic Development Services
contract with the Fayetteville Chamber of Commerce in the total amount of $330,000.00
and to approve a budget adjustment.
PASSED AND SHALL BE RECORDED AS ORDINANCE NO. 5620
10. Amend §164.11 Height and Setback Regulations; Exceptions: An ordinance to
Amend § 164.11 Height and Setback Regulations; Exceptions to enhance livability
through appropriate transitions in building scale and to protect access to air and sunlight
and to enact an emergency clause.
THIS ITEM WAS LEFT ON THE FIRST READING
11. Cleveland Street Improvements Appeal: A resolution to grant the appeal of Alderman
Alan Long concerning a recommendation of the City Council Transportation Committee
concerning Cleveland Street Improvements.
THIS ITEM WAS TABLED INDEFINITELY
E. City Council Agenda Session Presentations:
1. General Fund Budget Discussion —Paul Becker, Finance Director and Internal
Services Director
F. City Council Tour:
G. Announcements:
Adjournment: 7:55 pm
113 West Mountain Fayetteville, AR 72701 (479) 575-8323 accessfayetteville.org
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CERTIFIED
NORTHWEST ARKANSAS DEMOCRAT -GAZETTE
O Ry.-eT WE nT �� T[� A S
JI. 1Hl J �v Jn
NORTHWEST
ALE
THE MORNING NEWS OF SPRINGDERS
THE MORNING, NEWS OF ROGERS
NEWSPAPERSLLC.
NORT}i'NE5T ARKANSAS TIME5
BENTON COUNTY DAILY RECORD
212 NORTH EAST AVENUE. FAYETiEViLLE, ARKANSAS 72701 1 P.O. BOS 1607, 72702 f 479.442.1700 1 WWW.NWANEWS.CCM
AFFIDAVIT OF PUBLICATION
1, Holly Andrews, do solemnly swear that I am the Legal Clerk of the
Northwest Arkansas Newspapers, LLC, printed and published in
Washington and Benton County, Arkansas, bona fide circulation,
that from my own personal knowledge and reference to the files
of said publication, the advertisement of:
BUTTERFILED TRAIL VILLAGE =
PH notice
Was inserted in the Regular Editions on:
August 30, 2013
Publication Charges: $ 97.20
Holly A drews
Subscribed and sworn to before me
This 5 day of S%4— , 2013.
&*&., W14
Notary Public ., ! 1
My Commission Expires: 4� 12,1�
l CATH
Bentonon UGautrBtyly
My commission Expires
February 2D, 2014
**NOTE**
Please do not pay from Affidavit. Invoice will be sent.
NOTICE OF PUBLIC HEARING
Notice is hereby given that
a public hearing will be conducted on September 17,
2013, at 60 i clock p.m., before the City Council
of the City of Fayetteville, Arkansas, in Room 219
of the City Administration Building, 113 West
Mountain Street, Fayetteville, Arkansas 72701, on
the question of the issuance of revenue bonds by
The Fayetteville Public Facilities Board (the
"Beard") in the principal amount of not to exceed
$8,000,000 for the purpose of financing all or a
portion of the costs of the following improvements
for Butterfield Trail Village, Incorporated, an
Arkansas non-profit corporation (the "Corporation")
that operates a residential life care retirement
facility for the elderly: (a) acquiring, constructing,
equipping and furnishing an assisted living facility
containing approximately 9,300 square feet, (b)
acquiring, constructing, renovatinE, equipping and
furnishing the existing Wellness Center and
acquiring, constructing, renovating, equipping and
furnishing an approximately 6700 square foot
expansion to the Wellness Center and (c) acquiring,
constructing, renovating, equipping and furnishing
the existing commons area located in the Main
Residential Building and acquiring, constructing,
renovating, equipping and furnishing an
approximately 10,000 square foot expansion to the
commons -'area (collectively, Ibc, Project!) ---The
initial 6w; i and operator of the Project will be the
Corporation. The Project will be located on the
Corporation's campus at 1923 E, Joyce Boulevard,
Fayetteville, Arkansas 72703.
The bonds shall be special
obligations of the Board, secured by and payable
from an assignment of the right to receive payments
from the Corporation pursuant to a Loan Agreement
between the Board and the Corporation, and such
other collateral as may be provided by the
Corporation. The obligations shall not constitute an
indebtedness for which the faith and credit of the
City are pledged.
!s/Lioneld Jordan, Mayor
Dated: August 28, 2013
72217555 August 30. 2013