13404I RESOLUTION NO. 13,404
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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
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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
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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
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I CERTIFICATE
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4 COUNTY OF PULASKI)
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6 CITY OF LITTLE ROCK)
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8 STATE OF ARKANSAS)
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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.
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IN WITNESS WHEREOF, I have hereunto set my hand and seal of office on
the 15`h day of November, 2011.
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Arkansas