01 January 2013 Regular MINUTES OF THE VAN BUREN, ARKANSAS
CITY COUNCIL MEETING JANUARY 28, 2013
The City Council of the City of Van Buren, Arkansas met at 7:00 p.m. Monday, January
28, 2013 at City Hall. The meeting was called to order by Mayor Freeman. On roll call, the
following Council members answered as their names were called: Alderman Parker, Blake,
Moore, Ragsdale, Dodd and Sagely. City Clerk- Treasurer Barbie Curtis and City Attorney
Candice Settle were present. This made a total of nine (9) present. A quorum was declared.
The invocation was given by Pastor Mike Ebert of First Church of the Nazarene.
Next, Mayor Freeman led the Pledge of Allegiance.
Mayor Bob Freeman welcomed new alderman Max Blake to the council.
Next, the council reviewed ACA 14 -43 -501 regarding the organization of the city
council. No changes were made and the organization will stay as is.
Next, Mayor Freeman gave a State of the City Report.
On the agenda next, Mayor Freeman asked to adopt the minutes of the Council Meeting
on December 17, 2012. Alderman Parker made a motion to approve the minutes. Alderman
Ragsdale seconded the motion. On roll call, the following Council members voted aye:
Alderman Moore, Ragsdale, Dodd, Sagely, Parker and Blake. The following voted nay: none.
On the agenda next was to consider A RESOLUTION TO AUTHORIZE THE
MAYOR AND CITY CLERK TO REMOVE AND DISPOSE OF CERTAIN FIXED
ASSETS FROM THE CITY OF VAN BUREN'S FIXED ASSET INVENTORY, BY
SEALED BID, AUCTION OR OTHER METHODS AUTHORIZED UNDER THE LAW,
AND FOR OTHER PURPOSES. The City Clerk read the Resolution in its entirety. Mayor
Freeman asked if there was any discussion. Mayor Freeman noted that this laptop is broken and
irreparable. Alderman Ragsdale seconded by Alderman Sagely moved that the Resolution be
adopted. On the Clerk's calling the roll, the following vote resulted: Ayes Alderman Moore,
Ragsdale, Dodd, Sagely, Parker and Blake. Nays none.
The Mayor thereupon declared the Resolution adopted and signed the Resolution, which
was attested by the City Clerk and impressed with the seal of the City.
THE RESOLUTION WAS GIVEN THE NUMBER 1 -1 -2013
CITY OF VAN BUREN, ARKANSAS
RESOLUTION NO. 1 1 2013
BE IT ENACTED BY THE CITY COUNCIL, FOR THE CITY OF VAN BUREN,
ARKANSAS, A RESOLUTION TO BE ENTITLED:
A RESOLUTION TO AUTHORIZE THE MAYOR AND CITY CLERK
TO REMOVE AND DISPOSE OF CERTAIN FIXED ASSETS FROM
THE CFFY OF VAN BUREN'S FIXED ASSET INVENTORY, BY
SEALED BID, AUCTION OR OTHER METHODS AUTHORIZED
UNDER THE LAW, AND FOR OTHER PURPOSES.
WHEREAS, the City of Van Buren has certain fixed assets on its Fixed Asset inventory list which are
obsolete, and/or beyond repair, and are no longer cost effective, so as to no longer be needed by
the City; and
WHEREAS, after an inventory of Fixed Assets, it is therefore recommended by our State Auditor that
said items or item be removed from the City's Fixed Asset Inventory and disposed of by
sealed bid, auction or as otherwise authorized under Arkansas law.
NOW, THEREFORE, BE If RESOLVED BY THE CITY COUNCIL OF VAN BUREN,
ARKANSAS THAT:
SECTION 1: 'Ile Mayor and City Clerk are hereby authorized to remove the following asset or assets
from the Fixed Asset Inventory and to dispose of same by sealed hid, auction or other such
methods authorized under the law:
Department Amount Description of Inventory Control
District Court 52,03952 Laptop Latitude D620 MC -54
SN CBF2RCI
IN WITNESS WHEREOF, the City of Van Buren, Arkansas, by its City Council, did pass,
approve, and adopt, by a vote of J for and (0 against, the foregoing Resolution at its regular
meeting held on the 28 day of January, 2013.
Ro *eft D 1-
Mayor
ATTESTED: API or L VED A TO ORM:
Barbie Curtis Candic ,Set e
City Clerk/Treasurer City Attorney
On the agenda next was to consider A RESOLUTION AUTHORIZING THE
MAYOR TO PURCHASE CERTAIN REAL PROPERTIES NECESSARY FOR THE
CONSTRUCTION AND COMPLETION OF THE NEW VAN BUREN POLICE
STATION, AND FOR OTHER PURPOSES. The City Clerk read the Resolution in its
entirety. Mayor Freeman asked if there was any discussion. Mayor Freeman reiterated that this
property has been for sale and will be purchased in conjunction with the police department
construction project. Alderman Ragsdale seconded by Alderman Moore moved that the
Resolution be adopted. On the Clerk's calling the roll, the following vote resulted: Ayes
Aldennan Moore, Ragsdale, Dodd, Sagely, Parker and Blake. Nays none.
The Mayor thereupon declared the Resolution adopted and signed the Resolution, which
was attested by the City Clerk and impressed with the seal of the City.
THE RESOLUTION WAS GIVEN THE NUMBER 1 -2 -2013
CITY OF VAN BUREN, ARKANSAS
RESOLUTION NO. A a_ 2013
BE IT ENACTED BY THE CITY COUNCIL, FOR THE CITY OF VAN BUREN,
ARKANSAS, A RESOLUTION TO BE ENTITLED:
A RESOLUTION AU'.TORIZLNG TILE MAYOR TO PURCHASE
CERTAIN REAL PROPERTIES NECESSARY FOR IHL
CONSTRUCTION AND COMPLETION OF 1HI NEW VAN
BUREN POLICE STATION, AND FOR OTHER PURPOSES.
WHEREAS, the City has determined that it is necessary to acquire, for the public good and benefit,
certain real property located within the Van Buren city limits, to construct the new Van
Buren Police Station; and
WHEREAS, upon the City's best, information, knowledge, and belief the appraised value and the fair
market value of said property is as listed below, The City, and through its designated
agents, has offered in good faith to purchase said property for the amount listed below
plus the City's share of closing costs.
Property Address Legal Description Appraised Value Purchase Price
816 Fayetteville Road Part N/2 of the NE/4 of the NE /4, S114,000.00 $112,000.00
Section 24, Township 09 North,
Range 32 West, Van Buren,
Crawford, Arkansas.
NOW, 'THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF IHE CITY OF
VAN BUREN, ARKANSAS, THAT:
SECTION 1: The City Council hereby authorizes the Mayor to purchase the afore described real
property for the amount listed above plus the estimated closing costs as listed in Exhibit
"A" utilizing Police Station Bond Funds.
SECTION 2: The Mayor is authorized and directed to execute such docuthents and instruments as may
be necessary to proceed with and finalize the purchase of said property, and the City
Clerk is hereby authorized and directed to attest same.
Lv WITNESS WHEREOF, the City of Van Buren, Arkansas, by its City Council, did pass,
approve, and adopt, by a vote of JO for and Q against, the 'oregoing Resolution at its regular meeting
held on the 28 ofJanuary, 2013.
Robert D. Freem.
Mayor
�h
ATTTF,D: c AP PRO "sue` M„:
Barbie Curtis Candice A. Settle
City Clerk/Treasurer City Attorney
On the agenda next was to consider AN ORDINANCE AUTHORIZING THE
ISSUANCE OF SALES AND USE TAX BONDS, SERIES 2013 FOR THE
PURPOSE OF FINANCING THE COST OF CAPITAL IMPROVEMENTS;
PLEDGING COLLECTIONS OF TWO 0.50% SALES AND USE TAXES TO PAY
THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIBING
OTHER MATTERS RELATING TFIERETO; AND DECLARING AN
EMERGENCY. The City Clerk read the Ordinance in part. Alderman Ragsdale moved
that the rules be suspended and the Ordinance be placed on its second reading. The
motion was seconded by Alderman Sagely. The council followed with a unanimous
vote. The City Clerk then read the Ordinance the second time.
Aldernan Parker moved that the rules be further suspended and the Ordinance placed on
the third and final reading. The motion was seconded by Alderman Moore. The council
followed with a unanimous vote. The City Clerk then read the Ordinance the third and final
time. The Mayor asked if there was any discussion. Shep Russell with Friday, Eldredge and
Clark introduced Kevin Faught with Stephens Company. Mr: Faught went over why we chose to
split the bond issues and then reviewed the bonds with the council.
The Mayor then put the question, "Shall the Ordinance pass Motion was made by
Alderman Parker and seconded by Alderman Ragsdale to adopt the Ordinance. On the Clerk's
calling the roll, the following vote resulted: Ayes Alderman Moore, Ragsdale, Dodd, Sagely,
Parker and Blake. The Mayor declared the motion carried as there were six (6) ayes and (0)
nays. Four (4) votes being necessary for passage.
The Mayor then declared the Ordinance passed and signed same in open Council, duly
attested by the City Clerk.
THE ORDINANCE WAS GIVEN THE NUMBER 1 -2013
ORDINANCE NO. 1-2013 WHEREAS, the City has made arrangements for the sale of Series 2013 Bonds
to Stephens Inc. (the Purchase(), at a price of 51,600,358.851pnncipal amain,' plus anginal issue
AN ORDINANCEAUTHORIZING TIIE ISSUANCE OF SALES AND USE 'FAX BONDS, SERIES premium of 521.778.85 and less underwriter's discount of $21.420), plus accrued interest (the "Purchase
2013 FOR THE PURPOSE OF FINANCING THE COST OF CAPITAL IMPROVEMENTS: Price pursuant to a Bond Purchase Agreement between the Purchaser and the City (the "Agreement),
PLEDGING C0LLECTIONS OP TWO 0.509 SALES AND USE TAXES TO PAY TIIE PRINCIPAL which has been presented to and is before this meeting: and
OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO;
AND DECLARING AN EMERGENCY WHEREAS. the principal amount of the Series 2013 Bonds plus anginal issue premium 1.
(i.e., 51,701 778.85) is allocated as follows: 5385,445.64 for the Senior Center Improvements r-
WHEREAS. there was submittal to the qualified electors of the City of Van Buren, 5421,80841 for the Firefighting Impmvcmenl8: 5 254, 539 .57 for the Park and Recreational h
Arkansas (the City the questions of issuing, under Amendment No. 62 to the Constitution of the State Improvements; and 639,985.20 for the Police Improvements; and -i
of Arkansas phc'Stete) and mule% Tple(4, Chptu 164, Subchapter 3 of he Arkansas Code of 1987 r
Annotated (the Authonzin Legislation"), capital improvement bonds which are described as follows: 95HE,REAS, the Preliminary Official Statement, dated January 16, 206 offering the
s mum $2,900.000 Series 2013 Bonds for sale "Preliminary Official Statement), has been presented to and is before:
(a)bondsmlhn.n maximum principal of to finance all or ap potion of the costs of
firefighting facilities and apparatus, including particularly, without limitation, new fire station, and any this meeting; and
parking equipment, fumishn s and utility improvements therefor (the "Firefighting Improvements .I
(5)b06 in the tnaxiinam pnnapalamoudi o1 S4,4 to finance all or a portion of the costs of WHEREAS, Inc I Continuing Disclosure Agreement hetWeen the City and Cwzens Bank
police facdnes including particulailv without limitation, a new ponce station and any land acquisition,— Trust Co.: Van Buren, Arkansas, as Dissemination Agent (Met Disclosure Agreement providin
parkin equipment furnishngs and utility impovements therefor (the "Police lmprovementi): (e) the ongoing disclosure obligation of the Gly with respect to the Series 2013 Bonds has been presented
bondsn the ni%.nm'um principal amount of $1,7$.000 to finance all or a portion of the costs of park and to and is before the meeting:
recreanmalfaciluiesandanv Land acqu isition p aektng egmpmcah
t In ung ail utility improvements 11
t (the Park and Recreational Improvgr'ents and (d) bonds in Ire i n principal amount NOW THEREFORE, BE IT ORDAINED by the City Council of the City of Van Buren
of S2.650,000 m finance all or a portion of the costs of a facility to be Used primarily as a senior center Arkansas
and associated safeshetter and any demolition land acquisition parking, equipment fumishings and "r
ntiliq unpooemen6 therefor (the Senior Center Improvements") Section I. The offer of the. Purchaser for the Ourehase of the Series 2013 Bonds from
the City at the Purchase Price_ for Serves 2013 Bonds bearing interest at the rma per annum Maturing::
WHEREAS at the special election held July 10, 2011 a majority of the electors voting t and otherwise subject to the terms and prois,ms hereafter in this Ordinance'stfrth in detail be; and is,
on the questions approved the issuance of such bonds; and- hereby accepted and the Agreement, in substantially the form submitted to this meeting, is approved and
the Series 2013 Bonds are hereby sold to the Purchasei,.The Mayor is hereby authorized and directed to
WHEREAS. pursuant 0rdinance NO. 16 -2012 of the City duly adopted on August 27, execute and deliver the Agreement on behalf of the City and to take all action required on the pan of the
2012tOrdinance No. 162012 the City has issued its Sales and Use Tax Bonds. Series 2012 in the Croy to fulfill its obligations under the Agrenneot.
principal amount of$9,8 70,000 (the "Series 2012 Bonds'); and
Section 2. The Preliminary Official Statement is hereby approved and the previous use
WHEREAS, the principal amoral of the Series 201 Bonds plus net original issue' of the Preliminary Official Statement by the Purchaser in connection with the sale of the Series 2013'-
premium(ic,59.996,539.20) was allocated as follows: 52.264,17741 for the Senior Center I Bonds is hereby in all respans approved and confined, and the Mayor be and he is hereby authorized.
Improvements: 1, 495208.85 for the Park and Recreational Improvements; 53,759,38226 for the Police and directed, for and on behalf of the City, to execute the Preliminary Official Statement and the final
Improvements: and 52, 477,774.68 for the Firefighting Improvements: and Official Statement in the name of the City as set forth in the Agreement.
WHEREAS the City Council is prepared to proceed with the issuance of the second Section 3. The Disclosure Agreement, in substantially the form submitted to this
series of bonds in aggregate principal amount of 61.680,000 designated as "City of Van Buren, Arkansas meeting, is approved. and We Mayor is hereby authorized and directed muxcute anddler the'
Sales and Use Tax Bonds, Series 2013" (the "Sera 2013 Bonds); and Disclosure Agreement on behalf of the City. The Mayor and City Clerk are each authorized and directed
to take all action required on the pan of City to fulfill the City's obligations under the Disdasure
WHEREAS. the Series 2013 Bonds are being issued pursuant to Ordinance No. 16-2012 As'emenl. Any legal fees and other administrative costs incurred by the City In connection with
as "Additional Parry Bonds" thereunder: and inking the annual report pursuant to the Disclosure Agreement (except audit fees) shall be considered
administrative charges that may be payable from moneys in the Bond Fund.
ORDINANCE NUMBER 1 -2013 CONTINUED
S motion 4. Under the authority of the Constitution and laws of the Sate. including
particularly Amendment No. 62 to the COflSiwLiorl of iEie S tale and Lhe Aijthorizi rig LcgisatOTt
h Series 2013 Bonds are hereby authorized and ordered issued in the total principal amount of (including costs of printing definitive Series 2013 Bonds) of the City or of the beneficial owners of the
51.630, 000. the proceeds of the sale of which are accessary' to provide a portion of the funds necessary Series 2013 Bonds.
for accomplishing the Senior Center Improvements, the Park and Recreational Improvements, the
Firefighting Improvements and the Police Improseinents (collectively, the "2013 Improvements Prior to issuance of the Series 2013 Bonds, the City shall have executed and delivered
paving expenses incidental thereto. funding a debt krvice reserve. and paying expenses of Issuing the to DTC a w ripen agreement (the "Represen tartan Letter) setting forth (or incorporating therein.
Series 2013 Bonds. by refmcmc) certain undcnakings and responsibilities of the City with respect to the Series 2013
Bonds so long as the Series 2013 Bonds or a ponion thereof are registered in the name of Cede
The Series 2013 Bonds shall bear interest at the rates and shall mature on October 1 in Cu-(or a substitute nominee) and held by DTC. Notwithstanding such execution and delivery of the
the amorous and in the years as follows: Representation Letter, the terns thereof shall not in any limit he provisions of this Section or in
any other way impose upon the City any obligation whatsoever with respect to persons having interests
in the Series 2013 Bonds other titan the registered owners, as shown on the registration books kept
Year Amount Interest Rate by the Trustee. The Trustee shall take all action necessary for all representations of the City in the
(October l j Representation Letter with respect to the Trustee to at all limes be complied with.
2014 S195,000 1.000%
The authorized officers of the Trustee and the City shall do or perform such acts and
2015 200,000 2.000% execute all such certificates, documents and other instruments as they or any of them deem necessary or
2016 205.000 2.000% advisable to facilitate the efficient use of a securities depository for all or any ponion of the Sedes 2013
Bonds; provided that neither the Tnmce nor the City may assume any obligations to such securities
2017 210,000 2.000% depository or beneficial owners of Series 2013 Bands that are inconsistent with their bligations to any
2015 210.000 2.000% registered owner under this Ordinance.
2019 215,00p 2.000% ution6. The Series 2013 Bands and the Trustee's Certificate shall be in substantially
2020 220,000 2.125% the following Conn and the Mayor and City Clerk are hetebyexpressly .authorized and directed to make
all recitals contained therein:
2021 225,000 1950
(Fora of Series 2013 Bond)
The Series 2013 Bonds shall he issunble only as fully restored bonds without coupons
in the denomination of 55,000 or any integral multiple thereof. Unless the City shall otherwise direct, REGISTERED
the Series 2013 Bonds shall be numbered from 1 upward in order of issuance. Each Series 2013 Bond REGISTERED
shall have a CUSIP number but the failure of a CUSIP number to appear on any Series 2013 Bond shall
not affect its validity. No.
Each Setter 2013 Bond shall be dated as of March 1, 2013. Interest on the Series 2013 UNITED STATES OF AMERICA
Bonds shall be payuble'on October L2013. and semiannually thereafter on April 1 and October l of STATE OF ARKANSAS
each year. Payment of each installment of interest shall be Inade to the person in whose name the Series COUNTY OF CRAWFORD
2013 Bond is registered on the registration hooks of the City maintained by Citizens Bank &Trust CITY OF VAN BUREN
Co., Van Boren, Arkansas, as Trustee and Paving Agent (the at the close of business on the SALES AND USE TAR BOND
fifteenth day ofthe month(whether or not a business day) next preceding each inlet est payment date (the SERIES 2013
"Record Date) irrespective of any transfer or exchange of any such bond subsequent to such Record
Dam and prior to such interest payment date. by check or draft netted by the Trustee to such owner at 1
-his address on such tegisamtion books: provided. however, payment of interest shall he made by wire Interest Rate: Maturity Date: October 1,
transfer if requested by a registered owner of the Series 2013 Bonds in Inc t aggregate principal amount of Dated Date: March 1.2013 CUSIP No.:
51,000,000 or mom. Principal of the Series 2013 Bonds shall be payable at the principal corporate trust
1 office of the Trustee. Registered Owner: Cede Co. I
Each Series 2013 Bond shall bear interest from the payment date next preceding the
,:date on which it is authenticated unless it is authenticated on an interest payment date, in which event it Pnneipal
'shall bear interest from such date, or unless it is authenticated odor the first inteEest payment date. in
which eremi(shall bear interest from Starch 1, 2013, or unless iris authenfiwled during the period from KNOW ALL MEN BY THESE PRESENTS:
the Record Date to the next interest payment date. in which case it shall bear interest from such interest
payment date, or unless at the time of authentication thereof interest is in default thereon, in which event That the City of Van Buren, County of Caa(ord State o(Arkansas (Ihe "City for
ti shall bear interest from the date to which interest husbeen paid_ value received, hereby pronuses to pay to the Registered Owner shown above upon the presentation.
j and surrender hereof at the principal corporate must office of Citizens Bank &Trust Co. Van Buren,
dims, or its successor or successorsas Trustee and Paying Agent (the "Trustee"), on the Mamnty
Only such Series 2013 Bondb as shall have endorsed (hereon a Certificate of
.Authentication substantially in the formse(fonh to nlid
Sen 6hereof(the Certificate duly executed by Dalc hCvvn above, Ihe Principal Amomn shown above, msuch coin or currency of the Uwted Slates o[
the Trustee shall be entitled n any right of bencht andci this Ordinance No Series 2013 Bond shall be
America as at the time of payment shall be legal tender for the payment of public and private debar and
`'valid and obligatory for any purpose and until the Certificate shall ha• been duly executed by the to par by cheek d the Registered Owner shown above interest the [con mlike corn oreunenty
Trustee, and the Certificate of the Trustee upon any such Series °_013 Bond shall be conclusive evidence fmmthe, interest commencement date described below at the Interest Rple per annum shown above,
that such bond has been authenticated and delivered under this Ordinance. The Certificate on any Series payable on October I, 2013 and on each April1 and OclobSrl thereafter until payment of such Principal
2013 Bond shall he deemed to have been executed deigned by an authorized officer of the Trustee. but S Amount or, if this bond oraportiov hereof shall be duly called for redemption, until the date fixed for
shall not be necessary that the same office start the Cenifica(e on all of the Series 2013Honda. redemption, and to pay interest on overdue principal and interest (to the extent legally enforceable) at the.
ate home by this bond. Payment of each installment of interest shall he made to the person in whose
Section 5- The Series 2013 Bonds shall be registeed inmally in the name of Cede name this bond is registered on the registration hooks of the City maintained by the Trustee at the close I
&Co., as nominee for the Depositor Trust Company DTC"), which shall be considered to be the. ofbosincssom the fifteenth day of the month (whether or not a business day) next preceding each interest
registered 0050ro(lhe Series 3013 Bonds for puryoses under this Ordinance, inducting, without payment date (the ''Record Date irrespective of any transfer or exchange of this bond subsequent
limitation. payment by the City of principal of. redemption price, premium, if any. and interest on the to such Record Dot and prior 10such interest payment dam. Notwithstanding the above, payment
Series 2013 Bonds, and receipt of notices and exercite of rights of registered owners- There shall be one- of m etshul0 be made by wire va sfe whey requested by the Registered Ownerhereof finis die
certificated, typewritten Series 2013 Bond for each grated maturity dare which shall he immobilized in re ed men of bonds of this is Oeaggregate principal amount o(SI,000,000 or more
the custody of DTC with the beneficial owners having no right to receive the Series 2013 Bonds in the Unless this bond is presented by an authorized repfeseatative of The Depository Trust
'form of physical securities or certificates. DTC and its participants shall be responsible for maintenance
of records of die ownership of beneficial imeres is in the Series 2013 Bonds by book -c nary on the system Company',a New York eorpoalron( "DTC'), the Trustee for registration of transfer, exchange or
maintained and operated by DTC and its participants. and transfers of ownership of beneficial interests payment, and any certificate issued is registered in the name of Cede Co. or in such other name as is
shall be made only by DTC and tot panicipams, by book-entry. the City having no responsibility therefor.
requested by an authorized representative of DTC (and any payment is made to Cede Co. or tp such
DTC is expected to maintain records of the positions of participants in the Series 2013 Bonds. and the othe[enntyua[equire46y an authorised representative of DTC), ANY TFANSFER, PLEDGE OR
participants and persons acting dvough panieipatns are expected to maintain records of the purchasers OTHER USE HEREOF FOR VALUE, OIt OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
of beneficial interests in the Series 2013 Bonds. The Series 2013 Bonds as such shall not be inasmuch as the registered owner hereof, Cede Ca. has an interest herein.
or exchangeable; except for mnsfer m another securities depository or to another nominee of a securities
depository, without further action by the clay This bond shall bear interest from the payment date next preceding the date on which
it is authenticated unless it is authenticated on an mterest payment date, in which event it shall bear
m
It any'securides depository determines not to continue to act as securities deposing interest from such dale, or unless it authenticated dudog the period from the Record Date to the next
for the Series 2013 Bonds for use inabook -enlp sy stem, the City may establish asecurnies depository/ inures( payment date. inw hich care it shall bear interest from such lam rest payment date, or unless it is
authenticated p or In the first interest payment date, in winch
bMkentry ssrem relationship with another securitiesdeposimry. if the 6ry does not or is enable to do event h shall hear interest from the Dated
so. or upon request of the owners of all outstanding Series 2013 Bonds. the Ch} and the Trustee, after Dam shown ub,i ,or unless at therm rf Ihenucedon hereof interest its in default hereon, m which
e Trustee has made provision for notification of the beneficial owners by the then securties depository'_ evzm it shill boar interest from the date to nhicMntnerci has been paid. the
shall permit withdrawal of the Series 2013 Bonds from the securities depository, and authenticate and
deliver Series 2013 Bond certificates in fully registered form (in denominations of .55.000 or integral
multiples thereof) to the assigns of the securities depository or its nominee. all at die cost and expense
ORDINANCE NUMBER 1 -2013 CONTINUED
This bond is one of an issue of City of in Buren, Arkansas Sales and Use Tax Bonds, The City and the Trustee may deem and vent the Registered Owner shown above as the
absolute owner hereof for the purpose of receiving payment of or on account of principal hereof and
Series 201 3, aggregating One Million Six Hundred Eighty Thousand Dollars (51,680,000) in aggregate interest due hereon and for all other purposes, and neither the City nor the Trustee shall be affected by
principal amount (the bonds'). and is issued for the purpose of financing the costs of accomplishing
any n011ec to the contrary,
senior center improvements, park and recreational Improvements, firefighting improuments and police
improvements, paying necessary expenses incidental thereto. funding a debt service reserve, and paying The bonds are issuvble only as fully registered bonds in the denomination x($5,000, and
expenses of authorizing and issuing the bonds.
anyIntegralmultiplethereof. Subject to the limitations and upon payment of the charges provided in the
The bonds me issued pursuant to and in full compliance with the Constitution and laws Audmrizing Ordinance. fully registered bonds may be exchanged for a like aggregate principal amount
of the State ofAikansas (the "State). particularly Amendment No. 62 to the Constitution of the State of fully registered bonds of the same maturity of other authorized denominations.
and Title 14, Chapter 164, Subchapter 3 of the Arkansas Code of-1987 Annotated (the "Authorizing
Legislation and pursuant to Ordinance No. 16 -2012 of the City duly adopted on August 27. 2012 and IT 5 HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions
Ordinance No. of the City duly adopted on January 28, 2013 (collectively, the -Authorizing and things required to exist, happen and he performed, under the Constitution and laws of the Slate,
Ordinance"), and no election duly held on July 10, 2012uwhich the majority of the legal voters of
particularly Amendment No. 62 to the Constitution of the State and the Authorizing legislation,
the City voting on the questions appioned the issuance of the bonds. Reference is herby made to the precedent tO and in the issuance of this bond have existed, have happened and have been performed in
Authorizing Ordinance for details of the nature and extent of the security and of the rights and due time, form and manner as required by law; that the indebtedness represented by this bond and the
obligations of the City, the Trustee and the registered owners of the bonds. The bonds are special issue of which it forms a part does not exceed any constitutional or statutory limitation; and that taxes
obligations of the Cily, payable from the collections that are received by the City (the Fledged sufficient to pay the bonds and interest thereon have been duly levied under the laws of the State and
Revenues from a 0.5019 sales and use tax (the "Bond Tax levied by the City under the Authorizing receipts derived therefrom are pledged to the payment of the bonds in accordance with the Authorizing
Legislation and Ordinance No.8 -2012 of the City duly adopted on April 16, 2012, and 20.50% sales Legislation.
and use lax levied by the City under Title 26, Chapter 75, Subchapter 2 of the Arkansas Code of 1987
Annotated and Ordinance No. 6 -2012 of the City duly adopted on April 16, 2012. The City hereby This bond shall not be valid until it shall have been authenticated by the Certificate
pledges the Pledged Revenues for the payment of the bonds On a parity of savoy with the City's Sales hereon duly signed by the Trustee.
and Use Tax Bonds,'Senes 2.012 (she "Sens 2012 Bonds The City has reserved the right in the
Authorizing Ordinance to issue additional bonds under the Authorizing Ordinance on a parity of seeudty THE BONDS ARE HEREBY DESIGNATED AS QUALIFIED TAX EXEMPT
with Inc t bonds "Additional Parity Bonds OBLIGATIONS WITHIN THE MEANING OF SECTION 265(B) Of THE INTERNAL REVENUE
CODE OF 1956, AS AMENDED.
The bonds ere subject to extraordinary and optional redemption as follows:
(q The bonds shall be redeemed by the City from proceeds of the bonds not IN WITNESS \4'IIEREOP, Inc t City of Van Buren, Arkansas has caused this bond nobe
executed by its Mayor and City Clerk and its corporate seal to be' impressed or imprinted on this bond.
needed for intended purposes and Surplus Bond Tax Collections (defined below), in whole at any all as of the Dated Date shorn above
time or in pan on any interest payment date, at a redemption price equal to the pri ncipal amount being
redeemed plus accrued interest to the redemption date.
CITYOFVANBUREN,ARKANSAS
The Cry has covenanted in the Authorizing Ordinance Ihnl "Surplus Bond Tax
Collections being collections from the Bond Tax in excess of the amount necessary to (1) insure the
prompt payment of the principal of, interest on and Trustee's and administrative fees and expenses in By Robert Freeman
connection with the. bonds, the Series 2012 fronds and any Additional Parity Bonds as the same become Mayor
due, (2) establish and maintain the Debt Service Reserve Account in the required amount and (3) make
anyarbitragerebatepaymentduetheUnitedStates, must be used from time to time. at least annually, as ATTEST:
and to the extent mailable, to redeem outstanding bonds prior to maturity. Barbie Curtis
If there are no Series 2012 Bonds orAdditional Parity Bonds outstanding, the City shall
(SEAL
SEAL)
apply 100% of the Surplus Bond Tax Collections to the redemption of the bonds White the Series
2012 Bonds, or while any Additional Parity Bonds that are issued to refund the Series 2012 Bonds, are TRUSTEE'S CERTIFICATE OF AUTHENTICATION
outstanding, the City shall use 15% of the Surplus Bond Tax Collections to redeem the bonds and 85% of the Surpls BmdTax Collections to redeem Series 2012 Bonds or any such Additional Parity Bonds.
In the event of a redemption from Surplus Bond Tax Collections or from bond proceeds the bonds shall This bond is one of the bonds issued under the provisions of the within mentioned
Authorizing Ordinance.
be redeemed in inverse order of maturity and by lot within a maturity in such manner as the Trustee shall
determine. Date of Authentication
In the case of any defeasance of the bonds, redemption of defeased ponds shall be
scheduled on the basis of the mandaiot y redemption requirements and assuming annual Pledged CITIZENS BANK TRUST CO.
Revenues in an amount equal to Pledged Revenues for a twelvemonth period that ends not less than 30 Van Buren, Arkansas
and not more than 90 days prior to the defeasance.
TRUSTEE
(2) The bonds are subject to redemption at the option of the City, from funds
from any source, on and after April 1, 2018, in whole at any time or in pan on any interest payment B
dale, al a redemption price equal to the principal amount being redeemed plus 'accrued interest to the y
redemptioadate. If fewer thanall of the bonds shall he called for redemption, the particular mammies of Authorized Signature I
she lends to be redeemed shall be selected by the City in its discretion. If fewer than all of the bonds of
any one maturity shall be called for redemption,ihe particular bonds or portion thereof to be redeemed -(A Form ofASSSgnment eha06e atraehedrothe bonds)
hnni such maturity shall he s by lotby the'fm ecti n The City hereby e xpressly pledges and appropriates all of the avenues
In rase any outstanding bond islnadenomination gaoler than $5,000, each 55,000 of derived by the City from SEQ CHAPTER thUl(a)a0.50% sales and use tax levied by rite Cit
under the authority of Tide 26, Chapter 75,Subchapter2 of the Arkansas Code of 1987 Mnotated and
face value of such bond shall be treated 05 a separate bond of the denomination of T5.000. Ordinance No. 6-2012 adopted on ApN 16, 2012 (the "Multipurpose Tax and (b) a 0,50% sales and
Notice of steam lion identifying use tax levied by the City under the Authorizing Legislation and Ordinance No. 8-2012 adopted on April
p y the bondsmpontovs thereof (which shall be $5.000 16, 2012 (the Bond Tax to the payment of the principal of and interest on the Series 2013 Bonds on a
'oramuhiplb thereof) to be redeemed and the dart they shall be preserved for payment shall be given by parity with the Series 2012 Bonds. The Series 2013 Bonds are being issued as Additional PantyBonds
the Trustee; nbl less than 30 nor more 60 days prior to the date fixed for redemption, by mailing a under Ordinance No. 1 and shall be a parr of the bonds" within the meaning of such ordinance,
copy of the redemption notice by first days mail, postage prepaid. or by other standard means including In this regard, all provisions of Ordinance No. 16-2012 pertaining to "the bonds" shall inure and
facsimilelransmissionandelecnoniccommmnication, to all registered owners of bonds to be redeemed. appertain to the Series 2013 Bonds to the same extent and with lie force and effect as if herein set out in
Padua to mail an appropriate notice or any such noise to one or more registered owners of bonds to full. The effect of the above provisions shall be to continue the applicable provisions of Ordinance No.
be redeemed shall not effect the validity o(the proceedings for redemption of other bonds as to which 16-2012 in full force and effect after the Series 2012 Bonds are paid or provision is made therefor
nonce of redemption is duly given in proper and timely fashion. All such bonds or portions thereof
thus called for redemption and for the retirement of which funds are duly provided in accordance with Sutton 8. The Series 2013 Bonds shall be callable for payment prior to maturity in
the Authorizing Ordinance prior to the dam fined tor edemptiov will cease to hear interest on such accordance with the terms set out in the mace. of the bond form set forth in Section 6 of this Ordinance.
redemption date. The City hereby covenants to use Series 2013 Bond proceeds not necessary for the purposes intended to
This bond is transferable by the Registered Owner shown above in person or by his redeem Series 2013 Bolts on the fire available interest payment date
attnrnn- imfnet duly authorized in writing at the principal corporate trust office of the Trustee, but only
to the manner, subject to the limitations and upon payment of the charges provided in the Authorizing Section 9. Whew the Series 2013 Bonds have been executed and sealed as herein
provided, they shall he delivered to the Tat vice, which shall authenticate them and deliver them to the
Ordinance, and upon surrender and cancellation of this bond. Upon such transfer new fully registered Purchaser upon payment of the Purchase Price, The accrued interest shall be deposited in the Bond
bond or bonds of the same maturity, of authorized denomination or denominations, for the same Fund. The expenses of issuing the Series 2013 Bonds as set forth in the delivery instructions to the
aggregate principal amount. will be issued to the transferee in exchange therefor. This bond is issued
Trustee signed by the Mayor and City Clcrk (she "Delis ery Instructions) shall be paid from the Purchase
with the local that the Imes of the Stem shall govern its construction. Price. The amount necessary to be deposited into the Debt Service Resent Account as set forth in the
Delivery Instructions shall be deposited therein.
ORDINANCE NUMBER 1 -2013 CONTINUED
The balance of the Purchase Price shall be deposited in four (4) special accounts Section 12. The City Miller covenants that it will submit to the Secretary of the
of the City in the Trustee hereby created and designated "2013 Senior Center Improvement Fund-. Treasu ry day of the United States, not later than the 15th da of the second calendar month after the close of
"2013 Park and Recreational Improvement Fund", "2013 Firefighting Improvement Fund" and the
2013 Policetin sdemeniPnod'. Mono tinitinll credited the calendar quarter in which the Series 2013 Bonds are issued, a statement concerning the Series 2013
P_ Y Y 073 Senior crlmprnd 2013 Bonds which contains We Wormailonrequired b Y Section 149e of he Code.
Fund. 2013 Park and Recreational Improvement Fund, 2013 Firefighting Improe'vement Fund and2013
Police Improvement Fund (collectively, the "2013 Construction Fund) shall be allocated among the Section 13, The Series 2013 Bonds are hereby ga desi n ied us"qualified lax- exempt
mdous funds comprising the 2013 Construction Fund in pmponion to We principal amount of Series
obligations" within the meaning of the Code. The City represents and covenants that lie a recta
013 Bonds allocated for each purpose- The amounts credited to each fund comprising the 2013
principal amount of its qualified tax-exempt activity g g'
pt obligations (excluding "private bonds" within the
Construction Fund shall be expended waccomplish the purpose for w high the account was crewed' meaning of Section 141 of the Code which are not "qualified 501(c)(3) bonds' within the meaning of
Issuance costs and other expenses not specific to any one purpose shall he joint obligations m be paid Section 145 of the Code), including those its sulwrdivateenlilies issued in calendar year 2013 are not
from each fund comprising the 2013 Construction Fund in proportion to the initial moneys credited g y
anticipated to exceed SI0,000,000.
thereto. Disbursements shall be made from the 2013 Construction Fund on the basis of reguisidous
which shat specify: 'the name of the person, firm oreorporation to whom payment u to he made; the I Section 14. The provisions of this Ordinance are separable and in the evens that any
amount of the payment: the purpose of the payment; the account from which the payment is to be made; section or part hereof shall be held to he invalid, such invalidity shall not affect the remainder of this
and that he payment is a proper charge on that account. Each requisition must be signed by the Mayor Ordinance,
and City Treasurer, The Trustee shall issue Its check upon the applicable fund that is a part of the 2013
Construction Fund to thepersan, firm or corporation designated in the requisition. The Trustee shall Section 1S. All ordinanms and resolutions and parrs thereof in conflict herewith are
keep records as to all payments made from the 2013 Construction Fund. hereby repealed to the extent of such conflict.
Moneys in die 2013 Concoction Fund shall also be used to pay the principal of and Sermon 16. ft hereby scertained and declared that the 2013Improvements are
interest on the Series 2013 Bonds when due on a pro rata basis if moneys in the Bond Fund are not
p
sufficient for that purpose immediately needed for the preservation of the public peace, health and )slaty and to remove existing
hazards thereto. The 2013 Improvements cannot be accomplished without We issuance of the Series
When all required expenses have been paid and expenditures made from the 2013 2013 Bonds, which cannot be sold at the interest rotes specified herein unless tnis Ordinance is
immediately effective. Therefore, a is declared that an emergency exists and this 0rdmance being
Construction Fund for and in connection with the accomplishment of We 2013 Improvements and the twcessary iw the presenalion of the public peace, health and safely shell be in [use and take effect
financing thercd,this tact shill, if moneys remain in the 2013 Consvuction Fund, be evidenced byre
immediately upon and firer its passage.
certificate signed by the Mayor, •ltieh certificate shall state, among other things, that all obligations
payable from the 2013 Construction Fund have been discharged. A copy of the certificate shall be filed PASSED. January 23, 2011
with the Trustee, and upon receipt thereof the "trustee shall transfer any remaining balance to the Bond
Fund for purposes of redeeming the Series 2013 Bonds,
APPROVED:
Robert Freeman
Section 10. Moneys held for the credit of the 2013 Concoction Fund shall be invested Mayor
and reinves ted in Pcmtiued Investments (defined in Section 17 of Ordinance No. 16-2012) or other investments permitted by Arkansas law which shall mature, or which shall be subject to redemption by Al 1 ES'f',
the holder thereof, at op0ea of such holder, not later than the date or dates when such money will be Barbie Curtis
required for the purposes intended.
City Clerk
Section 1 t- (a) The City covenants that it will not reimburse itself from Series 2013 (SEAL)
Bond proceeds for any costs paid prior o the date the Series 2013 Bonds are issued except in compliance with United States Treasury Regulation No. 1. 150 -2 (the Regulation'). This Ordinance shall constitute
an "official intent" for the purpose of the Regulation..
(b) The City covenants that it In compliance with the requirements of Section
148(f) of the Internal Revenue Code of 1986, as amended (the "Code'). pay with moneys in the Bond
Fund to [Inc United Sfejes Government in accodasae with the requirements of Section 148(1) of the
C ode, from time to time, an amount equal to the sum of (1) the excess of the amount earned on
all Non- purpose Investments (as therein defined) attributable to the Series 2013 Bonds, other than
investments attributable to such excess over (B) the amount which would have been rained if such Non-
purpose Investments attributable to the Series 2013 Bonds were invested at a rate equal to the Yield (as
defined in the Code) on the Series 2013 Bonds, plus (2) any income attributable to the excess described
in (I), subject to the exceptions set forth in Section 148 of the Code. The City further covenants that in
order to assure compliance with its covenants herein, it will employ a qualified consultant to advise the
City in making the determination required to comply with this subsection (1). Anything herein to the
contrary noiwithatandiog this provision may be modified or rescinded if in the opi of Bond Counsel
such modification or rescission Will not affect the In x- exempt status of the Series 2013 Bonds for federal
sv income ux purposes
Next on the agenda was Boards and Commissions. The Van Buren Municipal Utilities
Commission recommended the re- appointment of C.B. Dougan and Todd Young to another term.
Alderman Ragsdale seconded by Alderman Moore made a motion to grant the nomination. The
Council followed with a unanimous vote.
Next on the agenda was the Financial Statement. Motion was made by Alderman Dodd
and seconded by Alderman Ragsdale to appropriate the sum of 1,214,147.80 to pay expenses
and salaries for December 2012, presented by the City Clerk. The Council followed with a
unanimous vote.
j 1 l 1 -04 2012 1 1 2 5 AN C I T Y O F V A N 0 0 8 0 4 PAGE: 1
P
AS O Tr`_ F: DECEMBER 310T, 2012 .b.-----_--AA
20 -General Fuca
I 4CFTH so OATS 1182 To DATE
.4CCT9 ACCOUNT 448. DEBITS CREDITS 01922S CREDITS
ASSETS
000 Petty Cash 0.00 200.00
1020 Cash in Bank
12,089.33 121,290.75
1020.01 Cash In Bank -Ins. Relmb. 0.00 0.00
1020.03 cash In Bank- 81P•ssaalmart 4:a 0.00 0.00 0 A
1020.04 Veterans' Memorial -Act 934 0.00 1
1 1020.05 2109 Byrne Recovery Grant 0.00 0.00
1020.06 2009 Byrne Gant 4,202..00 0.00 9 2 1 0 5 5 1' 5 8}
t 1020.07 2007 Byrne Grant 0.00 0.00 1 9 7 7 0 9
1020.03 cash In Bank- Zoom Damage 0.00 0.00 i 1 0 5 7 L 2 1 5
1020.09 District Cour Grant-Mediation 0.00 25.00
1, 598.8.
1020.10 Cash in Bank, HOC 0.00
1020.11 Cash in Bank -Ki5B 2.00 168.92 1 4 0 1 9 J 3 5
i 1020.12 Emergency Management Fund 0.00 0.00 4 1 2 !0 0
1020.13 Cash In Bank -AC: 833 0.00 72,234.23 2 0 3 11 7
1020.14 court Automation Distract 667.44 90,074.20 U 0 7
1020.15 Cash in Bank -ACT 1314 0.00 0.20
1020.16 AR Dept Of Rural Services 0.00 0.00 1 5 7 i 4 1 4 0 0
I
1020 -17 New Police Dept 750.00 32, SC0.00
1020.18 Cash in Sank _D CO Tax 8,893.01 22,867.17
1020.19 Cash in Bank FD Co Tax 7,481.51 53,092.67
1020.20 Cash In Bank Erosion Control 175.00 11,775.00
1020.21 Cash in Bank CPACademy 0.00 1.000.00
1020.24 Cash In Bank -PEG Grant 0.00 30,000.00
1020.27 Cash in Bank Levee 0.00 7,745,26
1020.20 Marina Repairs 1 97.32 10,678.07
1020.30 Field of Dreams Equipment 96.75 330.90 1
1020.31 Cash in Bank Parks 6 yen 35.08 11,338.13
1020,32 GIF -Parks d Recreation 0.00 0.00
1020.33 Cash in Bank -lard "Waste 8,025.53 124,215.19 R
1020.51 Cash in Bank Cemetery 899.02 1,886.45
1020.91 Cash in Bank Cap Imp 87,577.08 107,815.49
1040 Investments 0,00 0.00
1040.10 Investments Sales Tax City 0,00 0.00
1040.18 InvestneGats PD Co Tax 0.00 0.00 I
1040.19 Investments F0 Co Tax 0.00 0.00
1 1040.27 Investments te,se 0.00 0.00 1.
1040.31 Investments Parks s Rec 0.00 0.00
1040.51 Investments Cemetery 0.00 38,752.59 I
1040.91 Investments Cap Imp 0.00 620,653.81
1050 Fixed Assets 0.00 0.00
1051 Accumulated Depreciation 0.00 0.00
1504 one from Payroll 0.00 0.00
jl 1505 Due From Other Funds 0.00 0.00
"1 1520 Due from. Street Fund 0.80 1.25
1540 Due From Library Fund 0.00 0.00
LIABILITIES AND FUND BALANCE
II
14
Next Police, Fire, Building Inspector, Engineer, Ambulance and District Court
Reports were presented for filing. There being no further questions or changes, the
reports were filed as submitted.
Next on the agenda was Miscellaneous and General Discussion. Hilda Daugherty with
the Van Buren Farmer's Market briefly spoke before the council. The Farmer's Market had
twenty -four active growers this last season even through the extensive drought. There were a few
changes the association would like to see for the 2013 growing season. First, with permission
already granted from the Van Buren Library, they'd like to have both Saturday and Wednesday's
Farmer's Market located at the library. It seems as though visibility at the Train Depot is
hindering the popularity on Saturday's. Secondly, several growers have asked about having
home grown crafts at their booths. Ms. Daugherty suggested that no greater than 25% of their
goods be allowed to be homegrown or homemade crafts. And lastly, Ms. Daugherty introduced
the newly elected 2013 President and Market Master, Mr. Mitch Carolan, and the new secretary,
Pamela Williams. Mayor Freeman suggested a meeting possibly next week after he's had a
chance to look over the proposed changes. Jennifer will call them to set up the appointment.
Mayor Freeman mentioned that University of Arkansas at Fort Smith Archeology
students asked to do a geological survey with their equipment in Fairview Cemetery. They will
be set up and looking at the Potter's Field section of the cemetery.
Mayor's secretary, Jennifer Froud, reminded everyone that February's council meeting
will be the last Monday due to the President's Day holiday.
There being no further business, motion was made by Alderman Parker and seconded by
Alderman Ragsdale to adjourn. The Council followed with a unanimous vote. The meeting
adjourned at 8:20 p.m.
AT E� A7 R0 ED:
Cais i
CITY CLERK- TREASURER MA OR