/
     
15757= = M M 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 w w w w w w w w w w �■ No. 15,757 AN ORDINANCE TO PROVIDE FOR THE CONVEYANCE OF CITY PROPERTY PREVIOUSLY OCCUPIED BY LEIRD MFG. CO. PURSUANT TO AN ACT 9 BOND ISSUE TO THE DEPARTMENT OF INDUSTRIAL DEVELOPMENT (OF THE STATE OF ARKANSAS). WHEREAS, the Leird Church Manufacturing Company defaulted on its Act 9 bond payments by filing for bankruptcy; and WHEREAS, the City and the Arkansas Industrial Development Commission ( "AIDC ") have reached an agreement to pay off the bonds and return the property to the tax rolls; and _. WHEREAS, the purpose of_this ordinance is to amend Little_ Rock, Ark., Ordinance 13,229 (Dec. 21, 1976) to provide for conveyance of property from the City to the Department of Industrial Development (of the State of Arkansas). NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS: SECTION 1. Little Rock, Ark., Ordinance 13,229 (Dec. 21, 1976), which authorized the issuance of Act 9 Industrial Development Revenue Bonds for Leird's Church Manufacturing Company, is hereby amended to add a new section at the end to read as follows: Section 9. Upon execution of an escrow agreement among the City, AIDC, and the Trustee in which AIDC will deposit a sufficient amount of U.S. Government Securities to retire the Series A Bonds as they are called for redemption on December 1, 1989, the City shall convey to the Department of Industrial Development (of the State of Arkansas) by special warranty deed all D-J40 A -8 1 2 3 4 5 6 7 8 9 10 it 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 M M M M M M rights, title, and interest to the property in satisfaction of § 5 of the Guaranty of Payments of Industrial Development Bonds Agreement entered into July 27, 1977 by the AIDC and the City. SECTION 2. The Mayor and City Clerk are hereby authorized to execute the documents necessary to effect this conveyance. SECTION 3. All ordinances in conflict with this ordinance are hereby repealed. SECTION 4. There is hereby found and declared to be an immediate need to secure a new industry for this site, return the property to the tax rolls, and otherwise benefit the public health, safety and welfare of the City and the inhabitants thereof, and the execution of this escrow agreement and conveyance are immediately necessary for the accomplishment of these public benefits and purposes. It is, therefore, declared that an emergency exists and this Ordinance being necessary for the immediate preservation of the public peace, health, and safety, shall be in-force-and take effect immediately upon and after its passage. PASSED: October 3, 1989 ATTEST: APPROVED: MARK STODOLA, CITY ATTORNEY r ) "- a MAYOR F160YD G. HBUDDY" VILLINES 3 5 ('