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are hereby repealed.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 ('