0289 / S
RESOLUTION NO. 2 8 9- 8 1
A RESOLUTION APPROVING AN INTERLOCAL COOPERATION AGREEPENT RELATING TO THE
TAX EXEMPT FINANCING OF MULTI - FAMILY RESIDENTIAL HOUSING FACILITIES.
BE IT RESOLVED by the City Council of the City of Jacksonville, Arkansas,
Section 1. That an Interlocal Cooperation Agreement among this City and
those other Arkansas counties and municipalities listed on Schedule "A" to
the attached form of Agreement, or such of those counties and municipalities
as desire to enter into such Agreement, is hereby approved, with the form and
content of such Agreement (exclusive of the signatures on such Agreement,
which shall be completed and executed as indicated therein) to be substantially
as follows:
!S
INTERLOCAL COOPERATION AGREEMENT
This Interlocal Cooperation Agreement (the "Agreement ") is entered into
among the undersigned municipal corporations (collectively, the "Municipalities"
or singly, the "Municipality ") and Counties (collectively, the "Counties ", and
singly, the "County ") of the State of Arkansas, pursuant to Act No. 430 of the
Acts of Arkansas of 1967, as amended (the " Interlocal Cooperation Act ").
W I T N E S S E T H:
WHEREAS, each of the Municipalities is an incorporated city in the State
of Arkansas, and each of the Counties is a political subdivision of the State
of Arkansas, and each Municipality and County is authroized by Act No. 142 of
the Acts of Arkansas of 1975, as amended (the "Act ") to create a public
facilities board and empower such board to assist in the financing of residen-
tial housing facilities of all kinds and types within or near the Municipality
or County by, among other things, making loans to lending institutions and
otherwise contracting concerning residential housing facilities, for the purpose
of financing or assisting in financing the acquisition, construction, development
and renovation or rehabilitation of multi - family residential rental housing
facilities (hereinafter called a "Loans -to- Lenders Program" or "Program "); and
WHEREAS, the City of Jacksonville, Arkansas ( "City of Jacksonville ") has,
in accordance with the Act, created by Ordinance of the City Council of the City
of Jacksonville, the City of Jacksonville, Arkansas Residential Housing Facilities
Board (the "Board") and has empowered the Board to undertake a Loans -to- Lenders
Program; and
WHEREAS, each of the undersigned Counties, and each of the undersigned
Municipalities other than the City of Jacksonville, has determined that it is not
econanically feasible for it to undertake its own separate Loans -to- Lenders
Program, but that it would be in the best interest of the citizens of each such
County, and each such Municipality, as the case may be, to participate in the
Program as hereinafter provided, and the City of Jacksonville has determined that
such participation by the other Municipalities and by the Counties would strengthen
its Program;
NOW, THEREFORE, in consideration of their mutual agreements and undertakings
the Counties and the Municipalities agree as follows:
( Sol
1. The Board may, but shall not be obligated to, issue revenue bonds
under the Act in the principal amount of not to exceed $75,000,000, and use
the proceeds, after payment of issuance costs and creation of necessary reserves,
for the making of secured loans through its Vans -to- Lenders Program to mortgage
lending institutions for the exact amount of funds to be provided to be in the
discretion of the Board. All such secured loans shall be made to lending
institutions participating in the Program, such loans to be secured by a pledge of
seasoned single family residential mortgages or other collateral owned or held by
such lending institutions and meeting the standards and requirements of the
Program. The funds provided shall be used to make loans to lending institutions
for the purpose of providing construction and /or permanent financing for multi -
family residential rental housing facilities (a) in the City of Jacksonville and
its Planning Area, and (b) in any of the Counties, and in any of the Municipali-
ties and their Planning Areas.
2. Each County and Municipality covenants and agrees not to engage in,
on its own, nor to participate in any similar Loans-to-Lenders Program of another
municipality or county of the State of Arkansas, prior to the earlier of,
(a) June 30, 1983, or
(b) if bonds have been issued by the Board to finance the
Loans -to- Lenders Program, eighteen (18) months after issuance of
the bonds.
3. This Agreenent shall became effective upon its execution by the City
of Jacksonville and any one other Municipality or County, and upon approval by
the Attcrney General of Arkansas. This Agreement shall terminate eighteen (18)
months after issuance of the Board's bonds to finance the Loans -to- Lenders
Program.
4, The Loans --to- Lenders Program shall be Ministered solely by the
Board. Except as herein expressly provided no County and no Municipality shall
have any control over the Program or the expenditure of funds under the Program.
5. The Program shall be financed solely from the proceeds of revenue bonds,
loan repayments from lending institutions, proceeds of sale of collateral and
other revenues of the Board derived pursuant to the Program. No Municipality
and no County shall have any financial obligation with regard to the Program or
in respect of payment of any revenue bonds issued to finance the Program.
6. All money and property acquired by the Board shall be and renain the
property of the Board and /or the City of Jacksonville subject to use and pledge
of such money and property for discharging the Board's obligations under the
Program.
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7. This Agreement is made pursuant to the authority conferred by the
Interlocal Cooperation Act, and an authorizing resolution of each of the Counties
and Municipalities executing this Agreement, and, as provided in Paragraph 3,
shall not be effective until approved by the Attorney General of Arkansas pursuant
to the Interlocal Cooperation Act.
8. Fully executed copies of this Agreement shall be filed with the County
Clerk of each County which executes this Agreement and with the County Clerk of
each County in which is located a Municipality which executes this Agreement, and
with the Secretary of State of Arkansas.
9. This Agreement may be executed one or more counterparts, each of
which shall be deemed an original, and all of which shall be considered one and
the same instrument.
IN WITNESS WHEREOF, the Counties and the Municipalities have executed and
delivered this Agreement as indicated.
On October 15 1981, by the City of Jacksonville, Arkansas.
Y y J cksonv e, Ar s.
ACYct "-----
A'PPhST:
li
City Clerk
APPROVED AS TO FORM:
h EJ. ATTORNEY
1
SCHEDULE "A" TO
FORM OF
INTERLOCAL COOPERATION AGREEMENT
COUNTIES: CITIES:
Ashley Camden
Baxter Conway
Benton Fayetteville
Clark Helena
Garland Jacksonville
Jefferson Jonesboro
Mississippi Rogers
Ouachita Sherwood
Sebastian Springdale
Union Texarkana
Washington West Helena
White West Memphis
1 8S
Resolution No.2 8 9 - 8 1
Section 2. That the Mayor is authorized and directed to execute and
deliver the aforesaid Agreement, for and on behalf of this city.
This Resolution shall be in full force and effect fran and after its •
adoption and approval.
ADOPTED: October 15 , 1981.
APPROVED:
Mayor
A'2'1'hST:
City C1etL� ✓ ' cv
APPROVED AS TO FORM:
CITY A •RNEY