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13404I RESOLUTION NO. 13,404 2 3 A RESOLUTION OF INTENT OF THE BOARD OF DIRECTORS OF 4 THE CITY OF LITTLE ROCK, ARKANSAS, REGARDING THE 5 ISSUANCE OF BONDS FOR THE PURPOSE OF ASSISTING IN THE 6 FINANCING OF REPLACEMENT MACHIINERY AND EQUIPMENT 7 TO BE LOCATED AT THE MANUFACTURING FACILITY OWNED 8 AND OPERATED BY CAMERON INTERNATIONAL CORPORATION 9 WITHIN THE CITY OF LITTLE ROCK, ARKANSAS; AND FOR OTHER 10 PURPOSES. 11 WHEREAS, the City of Little Rock, Arkansas (the "City "), is authorized under the 12 provisions of the municipalities and counties industrial development revenue bond law, Ark. 13 Code Ann. ยงยง 14 -164- 201 -224 (W. 204) (W. Supp. 211) (the "Act "), to own, acquire, construct, 14 reconstruct, improve, equip and lease facilities to secure and develop industry and to assist in the 15 financing thereof by the issuance of bonds payable from the revenues derived from such facilities; 16 and, 17 WHEREAS, Cameron International Corporation, a Delaware corporation (the "Company "), 18 is engaged in the business of designing and manufacturing valves, and has evidenced its interest 19 in acquiring and installing certain replacement machinery and equipment at its existing facility 20 located at 7200 Interstate 30 within the corporate boundaries of the City (the "Project ") if 21 permanent financing for the Project can be provided through the issuance of revenue bonds under 22 the authority of the Act; and, 23 WHEREAS, the City desires to provide assistance to the Company in order to secure and 24 develop industry within the City, and to aid in financing the Project under the provisions of the 25 Act; 26 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF 27 THE CITY OF LITTLE ROCK, ARKANSAS: 28 Section 1. That it is the City's present intention to assist the Company (or any affiliated 29 entity thereof) in the financing of the proposed Project through the issuance of industrial 30 development revenue bonds under the authority of the Act. It is presently estimated by the 31 Company that bonds in the aggregate principal amount of approximately $25,000,000 to be 32 issued in one or more series from time -to -time with each series having a term of approximately 33 twenty (20) years would be required for this purpose. However, the City's intent is to issue the [PAGE 1 OF 3] I bonds from time -to -time, pursuant to the terms of the Act, in such amount or amounts as shall be 2 requested by the Company for accomplishing all or any part of the Project, whether or not such 3 amount or amounts are more or less than the above estimate and whether or not the facilities and El 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 improvements finally acquired and equipped are identical to or different from the facilities and improvements presently expected to constitute the Project. Section 2. That in conjunction with any issuance of bonds to assist in the financing of the Project, the City states its intention to enter into an agreement with the Company providing for annual payments by the Company in lieu of ad valorem taxes in an aggregate amount equal to 35% of the aggregate amount of ad valorem taxes that would otherwise be due with respect to the Project facilities but for the City's issuance of the bonds over the term of the financing. It is the City's present intention that the bond financing and the agreement for payments in lieu of ad valorem taxes would have a term of approximately (20) years for each series of bonds issued pursuant hereto. Any payment made in lieu of ad valorem taxes would be distributed to the political subdivisions which would have received ad valorem tax payments with respect to the Project facilities in the proportion that the millage levied by each affected political subdivision bears to the total millage levied by all affected political subdivisions. Section 3. That this resolution shall be in full force and effect from and after its adoption. Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase or word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or adjudication shall not affect the remaining portions of the resolution which shall remain in full force and effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the resolution. Section 5. Repealer. All laws, ordinances, resolutions or parts of the same that are inconsistent with the provisions of this Resolution are hereby repealed to the extent of such inconsistency. ADOPTED: November 15, 2011 APPROVED AS TO LEGAL FORM: Thomas M. Carpenter, Cit3VAtiorney APPROVED: Mark Stodola, Mayor [PAGE 2 OF 3] I CERTIFICATE 2 3 4 COUNTY OF PULASKI) 5 6 CITY OF LITTLE ROCK) 7 8 STATE OF ARKANSAS) 9 10 I, Susan Langley, City Clerk within and for the City aforesaid, do hereby certify that the 11 foregoing is a true and correct copy of Resolution No. 13,404 of the City of Little Rock, 12 Arkansas, entitled: "A RESOLUTION OF INTENT OF THE BOARD OF DIRECTORS 13 OF THE CITY OF LITTLE ROCK, ARKANSAS, REGARDING THE ISSUANCE OF 14 BONDS FOR THE PURPOSE OF ASSISTING IN THE FINANCING OF 15 REPLACEMENT MACHINERY AND EQUIPMENT TO BE LOCATED AT THE 16 MANUFACTURING FACILITY OWNED AND OPERATED BY CAMERON 17 INTERNATIONAL CORPORATION WITHIN THE CITY OF LTITLE ROCK, 18 ARKANSAS; AND FOR OTHER PURPOSES" passed by the Board of Directors of said City 19 on November 15, 2011, as same, now appearing of record in this office. 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 IN WITNESS WHEREOF, I have hereunto set my hand and seal of office on the 15`h day of November, 2011. H H H H H H H H H H Dusan City C City O [PAGE 3 OF 31 Arkansas