17101NO. 17,101
AN ORDINANCE CONFIRMING MATTERS PERTAINING TO
AN INDUSTRIAL DEVELOPMENT REVENUE BOND
PREVIOUSLY AUTHORIZED; AMENDING ORDINANCE NO.
16,979 IN CONNECTION THEREWITH; AUTHORIZING
AND PRESCRIBING OTHER MATTERS PERTAINING
THERETO; AND DECLARING AN EMERGENCY.
WHEREAS, the City of Little Rock, Arkansas (the "City ")
adopted Ordinance No. 16,979, passed and approved on the 3rd day of
October, 1995, which authorized the issuance and sale of $3,250,000
principal amount of the City's Industrial Development Revenue Bond
(the "Bond ") , pursuant to the provisions of Title 14, Chapters 164,
Subchapter 2 of the Arkansas Code of 1987 Annotated, for the
purpose of financing the acquisition and installation of an
industrial project (the "Project ") identified in Ordinance No.
16,979, and the leasing of the Project to The Peerless Engraving
Company, an Arkansas corporation; and
WHEREAS, Ordinance No. 16,979 provided, among other
things, that the Bond will be sold to General Electric Capital
Corporation, a New York corporation (the "Purchaser "), for the
price set forth in Ordinance No. 16,979, and will bear interest at
a rate per annum equal to the 8 -year U.S. Treasury constant
maturity as published in the Wall Street Journal for the Friday
preceding the date of issuance of the Bond; and
WHEREAS, it has now been determined that the Bond will be
sold to the Purchaser or its designee, that the Bond will bear
interest at the rate set forth in Ordinance No. 16,979 plus 50
basis points, and that the Bond will be in the principal amount of
not to exceed $3,400,000;
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. The authorization to issue the Bond in the
principal amount of $3,400,000, or such lesser amount as shall be
requested by the Company, is hereby confirmed and ratified. The
Bond shall be sold to the Purchaser or its designee, and shall bear
interest at a rate per annum equal to the 8 -year U.S. Treasury
constant maturity plus 50 basis points.
Section 2. Ordinance No. 16,979, as amended hereby, is
continued in full force and effect.
Section 3. All ordinances, resolutions and parts thereof
in conflict herewith are hereby repealed to the extent of such
conflict.
Section 4. 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
9-(
0
shall not affect the validity of the remainder of the sections,
phrases and provisions.
Section 5. There is hereby found and declared to be an
immediate need for the securing and developing of industry in order
to provide substantial employment and payrolls, thereby alleviating
unemployment and otherwise benefiting the public health, safety and
welfare of the City and the inhabitants thereof, and the issuance
of the Bond 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
preservation of the public peace, health and safety shall be in
force and effect immediately upon and after its passage.
PASSED: February 6, 1996.
APPROV
ATTEST:
1
G�ca �+� [. Mayor
City c erk V Jim Dailey
Robbie Hancock
(SEAL)