HomeMy WebLinkAbout1979-12-27 - Minutes - qk0 S
MICROFILMED
MINUTES OF RESIDENTIAL HOUSING FACILITIES BOARD MEETING DATEja.2....280
REEL
A meeting of the Residential Housing Facilities Board
was held on Thursday, December 27 , 1979 at 4: 00 p.m. in the
Board of Directors Room of the City Administration Building,
Fayetteville, Arkansas .
Present: . F.H. Martin, Dale Christy, George Faucette,
Jr. , John Dominick and City Attorney Jim McCord.
The Chairman called the meeting to order at 4:00 p .m.
and submitted for consideration by the Board a proposed
resolution expressing the intention of the Board to issue
and sell additional single family mortgage revenue bonds in
a principal amount not to exceed $100 , 000 , 000. Following
discussion, George Faucette , Jr. moved, seconded by John
Dominick, that the resolution be adopted. The motion passed
unanimously. A copy of said resolution is attached hereto
and made a part hereof.
There being no further business for the Board's consideration
the meeting adjourned at 4: 30 p .m.
Respectfully submitted,
Ron Pennington, Secretary
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4'4,6
RESOLUTION NO.
WHEREAS, the City of Fayetteville, Arkansas Residential
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Housing Facilities Board (the "Issuer") has heretofore issued
and sold its Single Family Mortgage Revenue Bonds , Series 1979
(the "1979 Bonds") to provide financing for its Single Family 1,1
Mortgage Purchase Program (the "Program") ; and
WHEREAS , the 1979 Bonds were issued at a net interest
cost that made possible a successful Program, and the Board
has been advised that additional financing is now needed for fr
the Program, due to the continued shortage of funds for mortgage
financing in the community; and 4t•
WHEREAS , the Board desires to declare its intent to proceed
at the earliest possible date with the issuance of additional
bonds in the principal amount of not to exceed $100 , 000 , 000
(the "Additional Bonds") in order to provide additional financing
for the Program and to alleviate the shortage of mortgage loan
funds in the community;
THEREFORE, BE IT RESOLVED BY THE CITY OF FAYETTEVILLE ,
ARKANSAS RESIDENTIAL HOUSING FACILITIES BOARD :
Section 1 . That Rauscher Pierce Refsnes , Inc . is hereby
authorized and selected as Managing Underwriter to assist the
Issuer in the implementation of the Issuer 's program to finance
single family residential mortgages to be originated by financial
institutions doing business in the jurisdiction of the Issuer which
desire to participate and to be serviced in such manner as the
Issuer and Rauscher Pierce Refsnes , Inc. shall reasonably determine .
• Section 2 . That the Issuer does hereby declare its intention
to authorize the Issuance and sale of the Bonds , in one or more
series , in such an amount necessary to pay the cost of financing
the single family residential program, presently estimated to be
$100 , 000, 000 , upon such terms and conditions as may be mutually
agreed upon by the Issuer and Rauscher Pierce Refsnes , Inc. , the
issuance and sale of the Bonds to be authorized by resolution or
resolutions of the Issuer at a meeting or meetings to be held for
such purposes . The firm of Friday, Eldridge & Clark, Little Rock,
Arkansas , is hereby retained as Bond Counsel to prepare the neces-
sary legal documents , proceedings and resolutions in order to
legally effect the issuance of the Bonds in an expedious manner .
Section 3 . That in consideration of the services rendered by
Rauscher Pierce Refsnes , Inc. in assisting the Issuer in imple-
menting such program, the Issuer agrees that the Bonds shall be
sold to Rauscher Pierce Refsnes , Inc. or a group of underwriters
represented by Rauscher Pierce Refsnes , Inc. pursuant to such
terms and conditions as shall be negotiated in good faith by the
Issuer and Rauscher Pierce Refsnes , Inc. The sale of the Bonds
to Rauscher Pierce Refsnes , Inc. shall constitute the sole com-
pensation for its services . The Issuer shall be under no obligation
to use, and shall not use, any of its general funds in connection
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therewith, and shall not be liable to Rauscher Pierce Refsnes ,
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Inc. for any expenses incurred in connection therewith, except
for such expenses as are usually reimbursed from the proceeds
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of the Bonds , as , if and when such Bonds are actually sold and
delivered.
Section 4. The Chairman of the Board is hereby authorized 4
to take all action necessary to carry out the authority conferred
by this Resolution and to execute and deliver all documents N A
necessary to carry out that authority or to evidence the exercise
thereof.
Section 5 . The issuance of the Bonds pursuant to the afore-
mentioned program is subject in all respects to the approval by leo
the Fayetteville Board of Directors and is subject in all respects
to the approval by the Issuer, acting in good faith, of all
agreements and other documents reasonably necessary to* complete
such issuance.
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Section 6. This Resolution shall become effective immediately
upon its adoption and approval. •
Passed and approved by the City of Fayetteville, Arkansas
Residential Housing Facilities Board this day of
, 19 .
CITY OF FAYETTEVILLE, ARKANSAS
RESIDENTIAL HOUSING FACILITIES BOARD
Chairman
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Attest:
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Secretary
Rauscher, Pierce , Refsnes , Inc. hereby accepts the terms
of the above Resolution and agrees to purchase the bonds •
described therein pursuant to said terms .
RAUSCHER, PIERCE, REFSNES, INC.
BY:
Title
Attest:
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Title •