HomeMy WebLinkAbout67-16 RESOLUTION113 West Mountain
Street Fayetteville,
AR 72701
(479) 575-8323
Resolution: 67-16 ARCH I d E D
File Number: 2016-0102
FAYETTEVILLE PUBLIC FACILITIES BOARD:
A RESOLUTION RATIFYING THE RESOLUTION OF THE FAYETTEVILLE PUBLIC FACILITIES
BOARD APPROVING A REFUNDING AND IMPROVEMENT REVENUE BOND (BUTTERFIELD
TRAIL VILLAGE PROJECT), SERIES 2016 IN A PRINCIPAL AMOUNT OF NOT TO EXCEED
$17,450,000; 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, and to issue refunding bonds, 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 44 acres of land at
1923 E. Joyce Boulevard in the City ('Butterfield Trail Village"); and
WHEREAS, the Board has previously issued its Refunding Revenue Bonds (Butterfield Trail Village
Project), Series 2010 (the "2010 Bonds"); and
Page 1 Printed on 3116116
File Number.' 2016-0102
Resolution: 67-16
WHEREAS, the Board has determined that the economic interest and public purpose of the Board are served
by issuing its Refunding and Improvement Revenue Bond (Butterfield Trail Village Project), Series 2016
(the "Bond") in a principal amount of not to exceed $17,450,000 for the purpose of providing moneys to (a)
refund the 2010 Bonds (the "Refunding"), and (b) finance all or a portion of the costs of improvements for
Butterfield Trail Village, including particularly, without limitation, (i) acquiring, constructing, renovating,
remodeling, equipping and furnishing common areas in the Main Residential Building, including
particularly, without limitation, improvements to the main hallways, resident hallways, elevators, the library,
meeting rooms, the game room, stairwells and atriums, (ii) acquiring, constructing, renovating, remodeling,
equipping and furnishing the Health Care Center in the Main Residential Building, including particularly,
without limitation, improvements to hallways, nursing stations, offices, meeting rooms, resident rooms, and
auxiliary spaces, and (iii) acquiring, constructing, renovating, equipping and furnishing an approximately
17,200 square foot expansion to the Main Residential Building to include particularly, without limitation, a
new lobby and entryway, a convocation room and offices (collectively, the "2016 Project"), to pay the costs
of issuing the Bond and accomplishing the Refunding 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, pursuant to the provisions of the Ordinance, resolutions adopted by the Board which authorize
the approval of bonds for financing and refinancing 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 the
issuance of such bonds; and
WHEREAS, such resolution adopted by the Board on March 1, 2016 (the "Board Resolution"), authorized
the issuance of the Bond to accomplish the Refunding and to finance the 2016 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 $17,450,000 for the purpose of
providing moneys to accomplish the Refunding, to finance all or a portion of the costs of the 2016 Project, to
pay the costs of issuing the Bond and accomplishing the Refunding, 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
Page 2 Printed on 3/16116
File Number. 2016-0102
Resolution: 67-16
City nor 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 on 3/15/2016
Attest:
Sondra E. Smith, City Clerk Treasurer
`;1"/iYETTEViLLL;
`V � f ()
Page 3 Printed on 3116116
KL
r:� ..- - City of Fayetteville, Arkansas 113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
41 Text File
File Number: 2016-0102
Agenda Date: 3/15/2016 Version: 1 Status: Passed
In Control: City Council Meeting File Type: Resolution
Agenda Number: C. 1
FAYETTEVILLE PUBLIC FACILITIES BOARD:
A RESOLUTION RATIFYING THE RESOLUTION OF THE FAYETTEVILLE PUBLIC
FACILITIES BOARD APPROVING A REFUNDING AND IMPROVEMENT REVENUE BOND
(BUTTERFIELD TRAIL VILLAGE PROJECT), SERIES 2016 IN A PRINCIPAL AMOUNT OF NOT
TO EXCEED $17,450,000; 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, and to issue refunding bonds, 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 44
acres of land at 1923 E. Joyce Boulevard in the City ('Butterfield Trail Village"); and
WHEREAS, the Board has previously issued its Refunding Revenue Bonds (Butterfield Trail Village
Project), Series 2010 (the "2010 Bonds"); and
WHEREAS, the Board has determined that the economic interest and public purpose of the Board are
served by issuing its Refunding and Improvement Revenue Bond (Butterfield Trail Village Project),
Series 2016 (the 'Bond") in a principal amount of not to exceed $17,450,000 for the purpose of
providing moneys to (a) refund the 2010 Bonds (the "Refunding"), and (b) finance all or a portion of the
costs of improvements for Butterfield Trail Village, including particularly, without limitation, (i)
acquiring, constructing, renovating, remodeling, equipping and furnishing common areas in the Main
Residential Building, including particularly, without limitation, improvements to the main hallways,
resident hallways, elevators, the library, meeting rooms, the game room, stairwells and atriums, (ii)
acquiring, constructing, renovating, remodeling, equipping and furnishing the Health Care Center in the
Main Residential Building, including particularly, without limitation, improvements to hallways,
City of Fayetteville, Arkansas Page 1 Printed on 311612016