19841I ORDINANCE NO. 19,841
2
3 AN ORDINANCE TO AMEND ORDINANCE NO. 19,838 REGARDING $50,000,000
4 CITY OF LITTLE ROCK, ARKANSAS TAXABLE INDUSTRIAL DEVELOPMENT
5 REVENUE BONDS (WELSPUN TUBULAR L.L.C. PROJECT), SERIES 2007 -B, FOR
6 THE PURPOSE OF ALTERING THE IDENTITY OF THE PURCHASER OF THE
7 BONDS; TO DECLARE AN EMERGENCY; AND FOR OTHER PURPOSES.
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9 WHEREAS, on October 16, 2007, the Board of Directors of the City of Little Rock, Arkansas adopted
10 Ordinance No. 19,838, authorizing issuance of the City's Taxable Industrial Development Revenue
11 Bonds (Welspun Tubular LLC Project), Series 2007 -13, in the principal amount of $50,000,000 (the
12 "Series 2007 -B Bonds "); and
13 WHEREAS, the City now proposes to sell the Series 2007 -B Bonds to Welspun Pipes, Inc. instead of
14 the purchaser identified in Ordinance No. 19,838 (the "Series 2007 -B Purchaser ") pursuant to a Series
15 2007 -B Bond Purchase Agreement by and between the City and the Series 2007 -B Purchaser;
16 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
17 ROCK, ARKANSAS:
18 Section 1. Ordinance No. 19,838 of the City, adopted October 16, 2007, is hereby amended by
19 substituting "Welspun Pipes, Inc." for "Export- Import Bank of India" each place it appears therein as
20 the Series 2007 -B Purchaser.
21 Section 2. Except as amended hereby, Ordinance No. 19,838 of the City shall remain in full force
22 and effect.
23 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase,
24 or word of this ordinance is declared or adjudged to be invalid or unconstitutional, such declaration or
25 adjudication shall not affect the remaining portions of this ordinance, which shall remain in full force
26 and effect as if the portion so declared or adjudged invalid or unconstitutional was not originally a part
27 of this ordinance.
28 Section 4. There is hereby found and declared to be an immediate need for the securing and
29 developing of substantial industrial operations in order to provide additional employment, alleviate
30 unemployment, and otherwise benefit the public health, safety, and welfare of the City and the
31 inhabitants thereof, and the issuance of the Bonds authorized hereby and the taking of the other action
32 authorized herein are immediately necessary in connection with the securing and developing of
33 substantial industrial operations and deriving the public benefits referred to above. It is therefore,
34 declared that an emergency exists and this Ordinance, being necessary for the immediate preservation
35 of the public health, safety, and welfare, shall be in force and take effect immediately upon and after
36 its passage.
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Ordinance
Amending 0- 19,838 regarding $50,000,000 Taxable Act 9 Bonds for
Welspun Tubular LLC
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PASSED: November 6, 2007
ATTEST:
Na cy Woo , City Clerk
APPROVED AS TO LEGAL FORM:
e:742-t�� W'4.
Thomas M. Carpenter, City Attorn
Ordinance
Amending 0- 19,838 regarding $50,000,000 Taxable Act 9 Bonds for
Welspun Tubular I,LC
[PAGE 2 OF 2]
APPROVED:
Mark Stodola, Mayor