143500
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ORDINANCE NO. 14,35
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AN ORDINANCE AUTHORIZING THE ISSUANCE OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE
PURPOSE OF PROVIDING FINANCING FOR
INDUSTRIAL FACILITIES; AUTHORIZING AN
INDENTURE SECURING THE BONDS; AUTHORIZING A
LEASE AND AGREEMENT BETWEEN THE CITY, AS
LESSOR, AND OTTER CREEK PARK, AS LESSEE;
AUTHORIZING THE SALE OF THE BONDS;
AUTHORIZING AND PRESCRIBING OTHER MATTERS
PERTAINING THERETO; AND DECLARING AN
EMERGENCY.
WHEREAS, the City of Little Rock, Arkansas (the
"City "), is authorized and empowered under the provisions of Act
No. 9 of the First Extraordinary Session of the Sixty- Second
General Assembly of the State of Arkansas approved January 21,
1960, as amended (the "Act "), to issue revenue bonds and to expend
the proceeds thereof to finance the acquisition, construction and
equipment of land, buildings or facilities which can be used in
securing or developing industry; and
WHEREAS, there presently is located in the City an
industrial park, subdivided, platted and dedicated as, and known
as, "Otter Creek Industrial Park" (the "Existing Park "); and
WHEREAS, the Existing Park is located in the area of the
City which has in recent years enjoyed the most rapid development
of new and expanding industry; and
WHEREAS, as is typical of industrial parks like the
Existing Park, there is need for office facilities to serve
occupants of the Existing Park, particularly those occupants
which are undertaking or planning expansions and expected or
proposed occupants of the Existing Park; and
WHEREAS, as is also typical of industrial parks like the
Existing Park, there is a need for lodging and conference facili-
ties to serve customers and suppliers of occupants of the Existing
Park and for eating facilities to serve occupants of the Existing
Park and to serve customers and suppliers of occupants of the Ex-
isting Park. Further, there is a like need for such facilities to
serve industrial concerns which are not located in the Existing
Park but are located in the area of the Existing Park. Present
facilities are not adequate to meet these needs and the needs are
urgent; and
WHEREAS, the needs described above have been documented
by written requests and recommendations received from occupants
of the Existing Park and other industries in the area; and
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WHEREAS, because of the needs described above, it is
greatly in the interest of the City that an industrial service
park be developed, adjacent to the Existing Park, in order that
the full potentiality of the development of the Existing Park may
be realized and in order that the industrial development of the
City and the surrounding area may continue and, if possible,
accelerate; and
WHEREAS, it is proposed that such an industrial service
park (the "Project ") be developed, adjacent to the Existing Park,
in order that the needs described above may be met and the benefits
to be derived from continued industrial development may be
realized; and
WHEREAS, the earlier stages of development and
operation of an industrial service park are the most difficult,
and it is essential to the development of the Project on a basis
consistent with the objectives referred to above that temporary
financing of that development be provided by the use of industrial
development revenue bonds; and
WHEREAS, pursuant to and in accordance with the
provisions of the Act, the City is now prepared to proceed with
financing of the Project and to issue and sell $9,500,000 in
principal amount of its Industrial Development Revenue Bonds -
Otter Creek Park Project (the "Bonds "), to provide such financing;
and
WHEREAS, copies of the hereinafter described Indenture
of Mortgage and Security Agreement and Lease and Agreement have
been presented to and are before this meeting;
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. That the issuance of the Bonds is hereby
authorized. The Bonds shall be issued in the forms and denomina-
tions, shall be dated, shall be numbered, shall mature (over a
period not to exceed thirty (30) years), shall bear interest and
shall be subject to redemption prior to maturity all upon the
terms and conditions to be set forth in the Indenture (hereinafter
authorized) securing the Bonds.
Section 2. That the Bonds be sold to RepublicBank
Dallas, N. A. (the "Purchaser "), for the purchase price
recommended by Otter Creek Park, a Texas partnership (the
"Partnership ").
Section 3. To prescribe the terms and conditions upon
which the Bonds are to be executed, authenticated, issued,
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accepted, held and secured, the Mayor is hereby authorized and
diected to execute and acknowledge an Indenture of Mortgage and
Security Agreement by and between the City and Partnership, 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. The Indenture
is hereby approved in substantially the form submitted to this
meeting, and the Mayor is hereby authorized to confer with the
Partnership and the Purchaser 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 execution to constitute conclusive evidence of
such approval.
Section 4. That there be, and there is hereby
authorized the execution and delivery of a Lease and Agreement by
and between the City as Lessor, and the Partnership as Lessee (the
"Lease Agreement "), and the Mayor and City Clerk be, and they are
hereby, authorized to execute, acknowledge and deliver the Lease
Agreement for and on behalf of the City. The Lease Agreement is
hereby approved in substantially the form submitted to this
meeting, and the Mayor is hereby authorized to confer with the
Partnership and the Purchaser in order to complete the Lease
Agreement 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.
Section S. That the Mayor and 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 Agreement, the performance of
all obligations of the City under the Lease Agreement, 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 City Clerk be, and they are hereby, further authorized
and directed, for and on behalf of the City, to execute all papers,
documents, certificates and other instruments that may be
required for the carrying out of such authority or to evidence the
exercise thereof.
Section 6. That the City is hereby involved with the
acquiring, constructing and equipping of industrial facilities,
and pursuant to applicable laws of the State of Arkansas, includ-
ing particularly the Act, competitive bidding is waived.
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Section 7. 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
jnspection by any interested person a copy of the Indenture and
the Lease Agreement and such documents shall be on file for in-
spection by any interested person.
Section S. That the law firm of Friday, Eldredge &
Clark, Little Rock, Arkansas, be appointed to act as Bond Counsel
on behalf of the City in connection with the issuance and sale of
the Bonds.
Section 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.
Section 10. That all ordinances, resolutions and parts
thereof in conflict herewith are hereby repealed to the extent of
such conflict.
Section 11. That there is hereby found and declared to
be an immediate need for the securing and developing of industry
in order to provide employment and payrolls, alleviate unemploy-
ment and otherwise benefit the public 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 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.
ATTEST:
City lerk
(SEAL)
PASSED: November 23 1982.