146790
ORDINANCE NO. 14,679
M M M M
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE
PURPOSE OF REFUNDING THE SERIES 1981 BONDS;
AUTHORIZING A BOND PURCHASE AND ASSIGNMENT
AGREEMENT SECURING THE BONDS; AUTHORIZING A
LEASE AND AGREEMENT BETWEEN THE CITY OF
LITTLE ROCK, ARKANSAS, AS LESSOR, AND THE
FLINTKOTE COMPANY, AS LESSEE; AUTHORIZING
THE SALE OF THE BONDS IN CONNECTION
THEREWITH; 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,
constructing and equipment of land, buildings or facilities
which can be used in securing or developing industry; and
WHEREAS, the City has heretofore issued its Industrial
Development Revent,e Bonds (Temporary), Series 1981, The
Flintkote Company Project, in the principal amount of
$8,400,000, dated May 14, 1981 (the "Series 1981 Bonds "), for
the purpose of providing temporary financing of the costs of the
acquisition, construction and equipment of an industrial plant
consisting of lands, buildings, improvements, machinery,
equipment and facilities (the "Project "), as part of an
industrial plant which is being leased to The Flintkote Company,
a Delaware corporation (the "Company "); and
WHEREAS, pursuant to and in accordance with the
provisions of the Act, the City is now prepared to proceed with
the issuance and sale of $8,400,000 in principal amount if its
Industrial Development Revenue Refunding Bonds, Series 1984, The
Flintkote Company Project (the "Bonds "), for the purpose of
refunding the Series 1981 Bonds; and
WHEREAS, copies of the hereinafter described Bond
Purchase and Assignment 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:
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Section 1. 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 thirty (30) years), shall bear
interest (at a rate or rates) and shall be subject to redemption
prior to maturity all upon the terms and conditions recommended
by the Company and to be set forth in the Bond Purchase and
Assignment Agreement (hereinafter authorized) securing the
Bonds.
Section 2. That 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 Bond Purchase and
Assignment Agreement by and between the City and a bank or trust
company (the "Bond Purchase Agreement "), and the City Clerk is
hereby authorized and directed to execute and acknowledge the
Bond Purchase Agreement and to affix the seal of the City
thereto, and the Mayor and City Clerk are hereby authorized and
directed to cause the Bond Purchase Agreement to be accepted,
executed and acknowledged by the bank. The Bond Purchase
Agreement is hereby approved in substantially the form submitted
to this meeting, and the Mayor is hereby authorized to confer
with the bank and the Company in order to complete the Bond
Purchase 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 3. 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 Company 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 Company and the bank 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 4. 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 any obligations of the City under the Lease Agreement, the
execution and delivery of the Bond Purchase Agreement, the
performance of any obligations of the City under and pursuant to
the Bond Purchase Agreement, 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 5. 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,
including particularly the Act, competitive bidding is waived.
Section 6. 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
Bond Purchase Agreement and Lease Agreement, and such documents
shall be on file for inspection by any interested person.
Section 7. That the law firm of Friday, Eldredge Sc
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 8. 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 9. That all ordinances, resolutions and parts
thereof in conflict herewith are hereby repealed to the extent
of such conflict.
Section 10. 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
unemployment 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 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.
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PASSED: June 5 , 1984.
APPROVED:
ATTEST: �_ O
Mayor J. W. l5ltmatieici
Cit Clerk Jank Czech
(SEAL)