7700RESOLUTION NO. 7,700 466
WHEREAS, the City of Little Rock, Arkansas ( "City "), has
issued its Industrial Development Revenue Bonds (National
By- Products, Inc. Project) Series 1981, in the principal amount
of $1,500,000 (the "Bonds "), the proceeds of which were used to
construct and equip a manufacturing plant for National
By- Products, Inc., ( "National "), pursuant to a Lease and
Agreement executed June 1, 1981, between the City and National;
and
WHEREAS, in order to secure payment of the Bonds, National
conveyed the land and improvements thereon, constituting the
manufacturing plant, to the City, and the City leased the land
and improvements back to National, with the rent under the Lease
and Agreement going to pay the principal and interest on the
Bonds as they became due; and
WHEREAS, the Bonds have bee fully paid, cancelled and
destroyed; and
WHEREAS, National, under Section 2002 of the Lease and
Agreement, was granted an option to repurchase the land and
improvements that were the subject of the Lease, upon the event
that the Bonds were fully paid, for the sum of $100.00; and
WHEREAS, National desires to exercise its option to
repurchase the land and improvements, and has notified the City
of its intent to do so;
NOW, THEREFORE, BE IT RESOLVED: That the City of Little
Rock execute a General Warranty Deed, conveying the land and
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improvements to National By- Products, Inc.; that the City
release National from the Lease and Agreement, the Guaranty
Agreement, and the Payment -in -li.eu of Taxes Agreement; and that
the City execute whatever other documents are reasonably needed
to convey good title to National and end all of the obligations
of both parties created by the documents under which the Bonds
were issued; and
FURTHER RESOLVED: That to accomplish the foregoing, the
Mayor and City Clerk are hereby authorized and directed on
behalf of the City of Little Rock to execute and deliver to
National a General Warranty Deed and such other certificates,
agreements, and instruments as may, with approval of counsel, be
necessary and appropriate to carry out the transactions
contemplated by these resolutions, all without further approval
or authority of this Board, and the execution and delivery of
any such instrument of the officials aforesaid shall be deemed
conclusive evidence of approval thereof by this City.
PASSED: December 16 , 1986.
APPR OVED:
Mayor Thomas A. Prince '
ATTEST:
City Clerk Jaie Czech
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467