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RESOLUTION NO. 7,219
A RESOLUTION COMMITTING THE CITY OF
LITTLE ROCK, ARKANSAS TO ISSUE INDUSTRIAL
DEVELOPMENT REVENUE BONDS; AUTHORIZING THE
CONVEYANCE OF LANDS; AND PRESCRIBING OTHER
MATTERS PERTAINING THERETO.
WHEREAS, negotiations have been underway for the
location of Omega Tube & Conduit Corporation, an Arkansas
Corporation (the "Industry "), within the City of Little Rock,
Arkansas (the "City ") which, if located, will furnish
substantial employment and payrolls inuring to the economic
welfare and benefit of the City and its inhabitants; and
WHEREAS, the Industry involved will be located in the
area of the Little Rock River Port and has requested a
commitment from the City that the City will make available
industrial development bond financing under the provisions of
Act No. 9 of the First Extraordinary Session of the Sixty- Second
General Assembly of Arkansas, approved January 21, 1960, as
amended ( "Act No. 9 "); and
WHEREAS, the purpose of this Resolution is to make the
requested commitment and for the City to take "official action"
toward the issuance of bonds within the meaning of the
applicable Income Tax Regulation promulgated by the United
States Treasury Department; and
NOW, THEREFORE, BE IT RESOLVED by the Board of
Directors of the City of Little Rock, Arkansas;
Section 1. That, on the basis of the information made
available to the City officials and Board of Directors, the
City, as an inducement to the Industry to locate in the City,
hereby commits to the issuance of industrial development revenue
bonds under Act No. 9 for the purpose of furnishing permanent
financing of the cost of (1) the acquisition, construction and
equipment of facilities to be used in the manufacture of steel
tubing and related products, and (2) issuing the bonds (the
"Project ") . The Project will be operated by the Industry.
Section 2. That, when requested by the Industry, it
will authorize and take, or cause to be taken, the necessary
steps to issue revenue bonds under Act No. 9, in an aggregate
principal amount necessary to furnish the permanent financing of
all or any part of the costs of accomplishing the Project, all
in conformity with Act. No. 9 and other state and federal laws
and upon terms mutually acceptable to the City and the Industry.
In this regard, it is estimated at this time that revenue bonds
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in the aggregate principal amount of $9,000,000 will be issued.
However, the City's commitment is to issue revenue bonds under
Act No. 9 in such amount as shall be requested by the Industry
involved for accomplishing the Project, whether that amount is
more or less than the above estimate. It is understood that, as
specified in Act No. 9, such bonds will not be general
obligations of the City but will be special obligations, and in
no event will they constitute an indebtedness of the City within
the meaning of any constitutional or statutory limitation.
Section 3. That the Mayor and City Clerk, and such
other officials of the City as be appropriate, are authorized to
execute such deeds and other instruments of conveyance, and to
take such other action, as may be necessary or appropriate to
convey to the Industry the land to be included in the Project,
upon the terms negotiated and arranged by the Little Rock Port
Authority.
Section 4. 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.
PASSED: June 19 , 1984.
ATTEST:
i7ty Clerk Jane Czech
(SEAL)
2
APPROVED:
By
Mayor J. W.4Bena#Field