HomeMy WebLinkAbout1978-12-27 - Minutes - •
�•.:' MINUTES OF A RESIDENTIAL HOUSING FACILITIES BOARD MEETING
A meeting of the City of Fayetteville, Arkansas, Residential Housing Facili-
ties Board was held on Wednesday, December 27, 1978, at 2:00 o'clock P.M. in the
- Board of Directors Room, City Administration Building, Fayetteville, Arkansas.
MEMBERS PRESENT: Chairman F. H. Martin, Ron Pennington and Dale Christy.
MEMBERS ABSENT: George Faucette, Jr. and John Dominick.
OTHERS PRESENT: Jim McCord, John Rauscher, III (Rauscher, Dallas) , David Smith
(Rauscher, Phoenix) , Don Grimes (Powell & Satterfield) , Gail
Biswell, Scott VanLaningham, Beth Smith and other unidentified
members of the audience.
ROLL CALL:
Roll call was made, and it being found that a quorum was present, the Chair-
man announced the meeting open for business.
MINUTES:
The Chairman asked that a reading of the minutes of the previous meeting be
waived until the next meeting of the Board. At that time the minutes of the past.
several meetings will either be read and/or approved.
NEW BUSINESS:
The Chairman reviewed the portion of the Ordinance which created this Board
with the representatives of the underwriting firm in order that they would clearly
understand that they had not been officially.hired and would not be until the
bond package and all details thereof had been approved by the City Board of Direc-
tors. John Rauscher stated that he and the other representatives understood the
restrictions which had been imposed upon this Board by the City Board and agreed
that everything they did would be "subject to final revisions."
John Rauscher outlined a tentative timetable they proposed to use in put-
ting the bond package together, i.e. :
Tuesday, January 2 - Confer with Mr. Buttry in L. R. concerning legal
documents needed and to prepare a detailed outline
of procedures which would need to be followed.
Wednesday, Jan. 3 - Meet with lending institutions individually and ob-
tain financial information from each; collect economic
data from area sources; talk with representatives of
the N.W. Ark. Planning Commission to see what perti-
nent data they may already have.
Friday, January 5 - Review legal documents and narrow down mix, types of
' r loans, etc. to preparepreliminary information for
Standard & Poor'•s.
Mon. or Tues. , Travel to N.Y. for an informal meeting with S & P to
January 8 or 9 obtain their input and take them data obtained thus far.
Residential Housing Facilities Board Meeting
December 27, 1978
C Page 2
Friday, January 12 Back to Fayetteville to put together tentative re-
view of proposals; obtain input from this Board.
Tuesday, Jan. 16 - Complete formal final proposal to submit certain
details, of package to City Board of Directors.
Friday, January 19 Make formal request for participationfrom lenders;
Complete originating and servicing documents;
Prepare basic mix of portfolios.
Thursday, Jan. 25 Receive lenders" applications.
Friday, January 26 Review applications and set allocations to various
lending institutions.
Monday, January 29 Formal meeting in New York with S & P.
(During this week hopefully will receive bond rating.)
(By first or second week of February hopefully tie package altogether
for final approval by City Board.)
Wed. , February 21 Close issue (have bonds printed, money available, "etc.) .
David Smith noted that the major element necessary to keep up with the
timetable would be obtaining all written documents during the times allotted.
He also stated that official statements and all other paper work would be drafted
and revised during the entire time period above proposed.
The Chairman commented that it was the concensus of the Board that they
would like to keep the .loan mix with as high a percentage of 90-95% financed
C loans as possible. Mr. Smith responded that this could be done by leaving the
documents "silent" as to the ratio of loans which 'should be financed at certain"
percentages. He stated that if this was done the lenders would probably let
most of the loans "go out" at 90-95% instead of 80%.
Discussions ensued concerning the advisability of extending the geographi-
cal area in which loans could be made from the limits stated in the ordinance.
The Chairman noted that he would like the rating services to comment upon the
differences in ratings, which could be obtained by staying within the limits of
the ordinance, or by extending the limits. Jim McCord stated that he felt the
Board of Directors had limited the geographical areas which they felt should be
eligible for loans because "many Directors didn't want to create a need for
extending municipal services beyond the corporate limits."
General discussions ensued concerning various details which wouldneed to
be worked out prior to completion of the bond package.
The Chairman, announced that a tentative meeting would be set for Friday,
January 12, 1978, at 3:00 o'clock P.M. in the Board of Directors Room. At this
meeting this Board willreview progress being made on the bond package with
the Rauscher representatives. .
There being no further business to come before this meeting, said meeting
adjourned at 3:50 o'clock P.M.
r
Ron Pennington, Secretary
ATTEST:
F. H. Martin, Chairman