1434911
ORDINANCE NO. 14,349
0
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
TOURISM REVENUE BONDS FOR THE PURPOSE OF
PROVIDING PERMANENT FINANCING FOR TOURISM
FACILITIES; AUTHORIZING A TRUST INDENTURE
SECURING THE BONDS; AUTHORIZING A LEASE
BETWEEN THE CITY OF LITTLE ROCK, ARKANSAS,
AS LESSOR, AND LITTLE ROCK MOTELS NO. 2,
LTD., A TEXAS LIMITED PARTNERSHIP, AS
LESSEE; AUTHORIZING THE SALE OF THE BONDS;
AUTHORIZING AND PRESCRIBING OTHER MATTERS
PERTAINING THERETO; AND DECLARING AN
EMERGENCY.
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WHEREAS, the City of Little Rock, Arkansas (the "City "),
is authorized and empowered under the provisions of Act No. 380
of the Acts of Arkansas of 1971, as amended (the "Act "), to
issue revenue bonds and to expend the proceeds thereof to
finance the acquisition, construction and equipment of lands,
buildings or facilities which can be used in securing and
developing tourism; and
WHEREAS, it is proposed that the City provide permanent
financing, through the issuance of revenue bonds under the Act,
for the costs of acquiring, constructing and equipping certain
tourism facilities consisting of lands, buildings,
improvements, machinery, equipment and facilities (the
"Project ") , and that the City lease the Project to the
Partnership to be operated as a hotel and related tourism
facilities by the Partnership (or its successors or assigns) in
the City; and
WHEREAS, pursuant to and in accordance with the provisions
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of the Act, the City is now prepared to proceed with financing
the Project and to issue and sell up to $10,000,000 in
principal amount of its Tourism Revenue Bonds - Little Rock
Motels No. 2, Ltd. Project (the "Bonds "), to provide such
financing; and
WHEREAS, copies of the hereinafter described Trust
Indenture and Lease have been presented to and are before this
meeting;
WHEREAS, the Bonds are to be sold and delivered in one or
more series, in the principal amount of up to $10,000,000
dated, bearing interest, maturing and subject to redemption all
as to be set forth in the form of Indenture authorized by the
Ordinance;
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
,g,C•igrn_1. That the City has inspected the preliminary
plans and specifications for the Project and has concluded that
the Project will stimulate and enhance the economic growth and
well -being of the inhabitants of the City and will thereby
encourage the further securing and developing of tourism in the
City.
Eggf_jpn_Z. That the issuance of the Bonds is hereby
authorized. The Bonds shall be issued in the forms and
denominations, shall be dated, shall be numbered, shall mature
(over a period not to exceed forty [40] years) , shall bear
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interest, and shall be subject to redemption prior to maturity
all upon the terms and conditions recommended by the
Partnership and to be set forth in the Trust Indenture
(hereinafter authorized) securing the Bonds.
5gg .tjQn_3_ . That the Bonds be sold to a Purchaser or
various Purchasers (the "Purchasers ") for the purchase price
recommended by the Partnership and upon terms and conditions to
be set forth in the Indenture (identified hereinbelow).
�gct3Q1L4. To prescribe the terms and conditions upon
which the Bonds are to be executed, authenticated, issued,
accepted, held and secured, the Mayor is hereby authorized and
directed to execute and acknowledge a Trust Indenture by and
between the City and a bank or trust company which will act as
Trustee thereunder, dated as of the date of the Bonds (the
"Indenture ") , and the City Clerk is hereby authorized and
directed to execute and acknowledge the Indenture and to affix
the seal of the City thereto, and the Mayor and City Clerk are
hereby authorized and directed to cause the Indenture to be
accepted, executed and acknowledged by the Trustee. The
Indenture is hereby approved in substantially the form
submitted to this meeting, and the Mayor is hereby authorized
to confer with the Trustee, the Partnership and the Purchasers
in order to complete the Indenture in substantially the form
submitted to this meeting with such changes as shall be
approved by such persons executing the document, their
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execution to constitute conclusive evidence of such approval.
SecttQn 1. That there be, and there is hereby authorized
the execution and delivery of a Lease by and between the City
as Lessor, and the Partnership as Lessee (the "Lease "), and the
Mayor and City Clerk be, and they are hereby, authorized to
execute, acknowledge and deliver the Lease for and on behalf of
the City. The Lease is hereby approved substantially in the
form submitted to this meeting, and the Mayor is hereby
authorized to confer with the Partnership, the Trustee and the
Purchasers in order to complete the Lease in substantially the
form submitted to this meeting with such changes as shall be
approved by such persons executing the document, their
execution to constitute conclusive evidence of such approval.
2QctiQn_5. That the Mayor and the City Clerk, for and on
behalf of the City, be, and they are hereby, authorized and
directed to do any and all things necessary to effect the
execution and delivery of the Lease, the performance of all
obligations of the City under the Lease, the execution and
delivery of the Indenture, the performance of all obligations
of the City under and pursuant to the Indenture, the issuance,
execution, sale and delivery of the Bonds, and the performance
of all acts of whatever nature necessary to effect and carry
out the authority conferred by this Ordinance. That the Mayor
and the City Clerk be, and they are hereby, further authorized
and directed, for and on behalf of the City, to execute all
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papers, documents, certificates and other instruments that may
be required for the carrying out of such authority or to
evidence the exercise thereof.
SgctipnI. That the City is hereby involved with the
acquiring, constructing and equipping of tourism facilities,
and pursuant to applicable laws of the State of Arkansas,
including particularly the Act, competitive bidding is waived.
Bggt1an B -. That the City Clerk is hereby authorized and
directed to file in the office of the City Clerk, as a part of
the minutes of the meeting at which this Ordinance is adopted,
for inspection by any interested person, a copy of the
Indenture and Lease, and such documents shall be on file for
inspection by any interested person.
$ggton 9. That the provisions of this Ordinance are
hereby declared to be separable, and if any section, phrase or
provision shall for any reason be declared to be invalid, such
declaration shall not affect the validity of the remainder of
the sections, phrases and provisions.
,9ggtjon_LQ. That all ordinances, resolutions and parts
thereof in conflict herewith are hereby repealed to the extent
of such conflict.
Segt .j4Il_11. That there is hereby found and declared to
be an immediate need for the securing and developing of tourism
in order to stimulate and enhance the economic well -being of
the inhabitants of the City and otherwise to benefit the public
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health, safety and welfare of the City and the inhabitants
thereof, and the issuance of the Bonds authorized hereby and
the taking of the other action authorized hereby are
immediately necessary for the accomplishing of these public
benefits and purposes. It is, therefore, declared that an
emergency exists and this Ordinance being necessary for the
immediate preservation of the public peace, health and safety
shall be in force and effect immediately upon and after its
passage.
PASSED: November 16, 1982.
ATTEST:
City Cle i/
(SEAL)
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APPROVED:
Mayor
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