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143500 M M M M M r ORDINANCE NO. 14,35 M M M M 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 73 M M M M M M M M M r M M r 0 0 A 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, 0 0 75 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. i• i i i i i i i i i i i i i i 76 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.