15586533
ORDINANCE NO. 15,5£36
All ORDINANCE AUTHORIZING A SUPPLEMENT TO THE
LEASE AND AGREEMENT BETWEEN THE CITY OF
LITTLE ROCK, ARKANSAS AND ARKTIC ICE, INC.,
DATED AS OF FEBRUARY 1, 1979 AND A
SUPPLEMENT TO A TRUST INDENTURE BETWEEN THE
CITY AND FIRST COMMERCIAL BANK, NATIONAL
ASSOCIATION; DECLARING AN EMERGENCY; AND FOR
OTHER PURPOSES
WHEREAS, the City of Little Rock, Arkansas (the
"City ") and Arktic Ice, Inc., an Arkansas corporation (the
"Lessee ") entered into a Lease and Agreement dated as of
February 1, 1979 (the "Original Lease ") in connection with the
issuance by the City of its Industrial Development Revenue Bonds
- Arktic Ice Project, dated February 1, 1979, Series A (the
"Series A Bonds") and Series B ( the "Series B Bonds ") ; and
WHEREAS, the Series A Bonds and the Series B Bonds are
secured pursuant to a Trust Indenture (the "Original Indenture ")
between the City and First Commercial Bank, National
Association, Little Rock, Arkansas (successor to The First
National Bank in Little Rock, Little Rock, Arkansas) (the
"Trustee "); and
WHEREAS, the Series A Bonds and the Series B Bonds are
not general obligations of the City but are special obligations,
secured by a pledge of rentals payable under the Original Lease,
various covenants of the Lessee and shareholders of the Lessee
and the guaranty of the Arkansas Department of Industrial
Development; and
WHEREAS, it is appropriate that the Original Lease and
the Original Indenture be amended, subject to the approval of
the Arkansas Department of Industrial Development (successor to
the Arkansas Department of Economic Development), the Trustee
and the holders of the Series B Bonds, to authorize the
assignment of the Lessee's interest and estate to a partnership
or an individual (as well as a corporation, which is permitted
pursuant to the Original Lease) ; and
WHEREAS, the a
Lease and the Original
execution and delivery
Agreement and First
substantially the forms
the "First Supplemental
Indenture ");
ppropriate amendments to the Original
Indenture can be effected by the
of a First Supplemental Lease and
Supplemental Trust Indenture in
identified hereinbelow (respectively,
Lease" and the "First Supplemental
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NOW THEREFORE, Be It Ordained By the Board of
Directors of the City of Little Rock, Arkansas:
Section 1. The First Supplemental Lease and the First
Supplemental Indenture are hereby approved.
Section 2. The Mayor and the City Clerk are hereby
authorized and directed to execute and deliver the First
Supplemental Lease and the First Supplemental Indenture in the
forms presented to and before the meeting of the Board of
Directors at which this Ordinance is adopted, with such
insubstantial changes as the Mayor may accept, their execution
to constitute conclusive evidence of approval thereof.
Section 3. All ordinances and resolutions in conflict
herewith are hereby repealed to the extent of such conflict.
Section 4. It is essential that the purposes of this
Ordinance be carried out prior to the end of the current
calendar year. Therefore, an emergency is declared to exist
and, this Ordinance, being necessary for the public peace,
health and safety, shall be in effect upon its passage and
approval.
APPROVED this 15th day of
AT T:
CitPy Clerk Jan Czech
(SEAL)
04 ' OV VI NN
By 'N 2! t l "rn!,6�ti
City At orney Mar Stodola
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534