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RESOLUTION NO. 8,669
A RESOLUTION EVIDENCING INTENT TO ASSIST IN
THE FINANCING OF AN INDUSTRIAL FACILITY WITHIN
THE CITY BY THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS; AND PRESCRIBING
OTHER MATTERS PERTAINING THERETO.
WHEREAS, the City of Little Rock, Arkansas (the "City "), is
authorized under the provisions of Title 14, Chapter 164,
Subchapter 2 of the Arkansas Code of 1987 Annotated (the "Act ") , to
acquire construct, and equip facilities to secure and develop
industry and to assist in the financing thereof by the issuance of
bonds payable from the revenues derived from such facilities; and
WHEREAS, R &G Sloane Manufacturing Company, Inc., a Delaware
corporation (the "Company "), has evidenced its interest in
relocating its business of manufacturing plastic pipe, fittings and
valves and, for this purpose, desires to lease from the City or the
Little Rock Port Authority (the "Authority ") (or, alternatively, to
sublease from the City's or Authority's developer - lessee) a new
industrial facility to be located at the Little Rock Port, and to
acquire and install machinery, equipment and other personal
property therein (collectively, the "project "), if the permanent
financing can be provided through the issuance of bonds under the
authority of the Act; and
WHEREAS, the Company anticipates that upon completion and
leasing of the project described above, which is scheduled for
1993, it will employ approximately 500 persons; and
WHEREAS, the transfer of the operations of the Company from
its existing locations outside of Arkansas to the Little Rock Port
will secure and develop industry and will thereby contribute to the
economic well -being of the City and its inhabitants; and
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2 WHEREAS, the City desires to assist the Company, in order to
3 secure and develop industry within the City, and to aid in the
4 financing thereof under the provisions of the Act; and
5 WHEREAS, in order to enhance the attractiveness of the Little
6 Rock Port for port - related industry and to provide access to, and
7 infrastructure for, the proposed location of the project, it is
8 desirable that additional road and rail facilities be constructed
9 and related site preparation be accomplished (the "site
10 improvements "); and
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WHEREAS, the construction of such site improvements and the
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issuance of bonds pursuant to the Act have been recommended to the
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City by the Authority; and
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15 WHEREAS, it is the intent of the City to commit $1,500,000
16 from its Economic Development Fund to the Authority for
17 construction of the site improvements at the Little Rock Port; and
18 WHEREAS, in order to accomplish the financing of the project,
19 it is estimated at this time that revenue bonds in the aggregate
20 principal amount of approximately $25,000,000 will be required to
21 be issued, which may consist of separate issues of bonds or
22 separate series within a particular issue, subject to advice of
23 counsel and the recommendation and approval of the Company;
24 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
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26 THE CITY OF LITTLE ROCK, ARKANSAS:
27 SECTION 1: That, on the basis that the project will add
28 substantial employment and payrolls at the Little Rock Port thereby
29 inuring to the economic welfare of the City and its inhabitants,
30 the City, as an inducement to the Company to undertake the transfer
31 of its operations, hereby evidences its intent to issue the bonds
32 when requested by the Company in order to finance the project, all
33 in conformity with the Act and other state and federal laws and
34 upon terms and conditions mutually satisfactory to the City, the
35 Authority and the Company. It is understood that, as specified in
36 the Act, such bonds will not be general obligations of the City,
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but will be special obligations only, and in no event will they
constitute an indebtedness of the City within the meaning of any
constitutional or statutory limitation.
Section 2. That the Mayor and City Clerk be, and they are
hereby, authorized to take such action and execute such documents
as may be necessary or desirable to carry out the authority
conferred by this Resolution or to evidence the exercise thereof,
including, without limitation, a letter of intent with the Company
and /or other interested parties.
Section 3. This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: March 3, 1992
ATTEST:
, CI
APPROVED AS TO FORM:
THOMAS M. CARPENTER, WITY ATTORNEY
APPROVED:
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