7189Mm MOM M M M M
RESOLUTION NO. 7,189 170
A RESOLUTION AGREEING TO AN EXTENSION OF
SIXTY DAYS FOR THE MATURITY OF CERTAIN
TEMPORARY INDUSTRIAL DEVELOPMENT REVENUE
BONDS OF THE CITY; PRESCRIBING OTHER MATTERS
PERTAINING THERETO.
WHEREAS, the City has issued and there is presently
outstanding the City's Industrial Development Revenue Bonds
(Temporary), Series 1981 - The Flintkote Company Project, in the
aggregate principal amount of $8,400,000, dated May 14, 1981,
maturing May 11, 1984 (the "Temporary Bonds "); and
WHEREAS, the Temporary Bonds were issued for the
purpose of financing the acquisition of certain manufacturing
facilities, with related facilities, located in the City, and
the acquisition, construction and equipping of improvements
thereto, and the Temporary Bonds are not general obligations of
the City, but are special obligations, secured solely by certain
"Project Revenues" and by a lien on and security interest in
certain "Mortgaged Property," as defined in and as evidenced by
and set forth in a Lease and Agreement between the City and The
Flintkote Company, a Delaware corporation, and a Trust Indenture
between the City and First Commercial Bank, National
Association, Little Rock, Arkansas; and
WHEREAS, the Temporary Bonds were issued in the form
of three fully registered bonds, and all the Temporary Bonds are
presently held and owned by Banker's Trust Company, New York,
New York; and
WHEREAS, arrangements are presently being concluded
for the sale of Industrial Development Revenue Bonds to be
issued for the purpose of refunding the Temporary Bonds,
Banker's Trust Company has agreed to an extension of the
maturity of the Temporary Bonds in order that those arrangements
may be concluded in an orderly manner, and it is appropriate
that the maturity date for the Temporary Bonds be extended;
NOW, THEREFORE, BE IT RESOLVED by the Board of
Directors of the City of Little Rock, Arkansas:
Section 1. The extension of the maturity of the
Temporary oso July 11, 1984 is hereby approved, and the
Mayor and the City Clerk are authorized and directed to enter
into such agreements with Bankers Trust Company, the Flintkote
Company and First Commercial Bank, National Association, Little
Rock, Arkansas, as may be appropriate to evidence the City's
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171
agreement to extension of maturity of the Temporary Bonds, and
to execute and deliver such writings and take such other actions
as may be appropriate to carry out the purposes of this
Resolution.
Section 2. All resolutions of the City in conflict
herewith are FereEy repealed to the extent of such conflict.
Section 3. This Resolution shall be enforced upon its
passage an approval.
PASSED: May 1 1984.
By�
Mayor
city K
(SEAL)