12737I RESOLUTION NO. 12,737
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3 A RESOLUTION AUTHORIZING THE CITY OF LITTLE ROCK, ARKANSAS TO
4 RELINQUISH ITS RIGHT OF REVERSION IN CERTAIN PROPERTY PREVIOUSLY
5 GRANTED TO CENTRAL ARKANSAS WATER; AND PRESCRIBING OTHER
6 MATTERS RELATING THERETO.
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8 WHEREAS, the City of Little Rock, Arkansas (the "City ") had previously donated certain property,
9 as described in Exhibit A attached hereto (the "Property "), to Central Arkansas Water ( "CAW ") by
10 Special Warranty Deed dated June 30, 2001, and such donation included a right of reversion of the
I 1 Property to the City if CAW did not use or need the Property in the future; and
12 WHEREAS, CAW utilizes the Property for the transmission pipeline from Lake Winona to the Jack H.
13 Wilson Treatment Plant (the "Pipeline "); and
14 WHEREAS, CAW has agreed to sell its fee simple interest in the Property to Deltic Timber
15 Corporation ( "Deltic ") in exchange for $187,000 plus an easement for the Pipeline; and
16 WHEREAS, Deltic has agreed to purchase the Property if the City's right of reversion is
17 relinquished; and
18 WHEREAS, CAW has agreed to pay to the City one -half of the net funds received by CAW after all
19 costs and fees related to the sale are deducted; and
20 WHEREAS, it is determined that the payment to the City is fair and reasonable for its interest in
21 the Property, and it is in the best interests of the City to relinquish the right of reversion under the
22 conditions stated herein.
23 NOW THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK,
24 ARKANSAS:
25 Section 1. The City agrees to relinquish its right of reversion to the Property in exchange for
26 payment by CAW of one -half of the net proceeds of the sale of the Property to Deltic. If the sale of
27 the Property to Deltic is not consummated, the City will retain its right of reversion to the Property
28 Section 2. The mayor and city clerk are authorized to execute all contracts and conveyances,
29 acceptable to the City Attorney, related to the relinquishment of the right of reversion to the
30 Property.
31 Section 3. A copy of this Resolution shall be filed with the City Clerk where it will be available for
32 public inspection.
33 Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause,
34 phrase, or word of this ordinance is declared or adjudged to be invalid or unconstitutional, such
35 declaration or adjudication shall not affect the remaining portions of this ordinance, which shall
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RESOLUTION
Relinquishment of right of reversion to Deltic
I remain in full force and effect as if the portion so declared or adjudged invalid or unconstitutional was
2 not originally a part of this ordinance.
3 Section 5. Repealer. All ordinances or resolutions of the City in conflict herewith are hereby
4 repealed to the extent of such conflict.
5 PASSED: August 4, 2008
6 ATTEST: APPROVED:
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9 Nan Wood, 99 Clerk Mark Stodola, Mayor
10 APPROVED AS TO LEGAL FORM:
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13 Thomas M. Carpenter, City A orney
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[Page 2 of 3]
RESOLUTION
Relinquishment of right of reversion to Deltic
EXHIBIT A°
(legal description)
A water line easement for a 39" raw water line located in the SE1 /4 of Section 35 and
SW' /4 of Section 36, T -2 -N, R -14 -W, Pulaski County, Arkansas, more particularly
described as follows:
Commencing at the Southeast corner of said SW' /a, Section 36; thence N01 ° 10'42 "E
along the East line of said SW' /a, 326.53 ft. to the centerline of the 39" raw water line
and the point of beginning; thence S01 '10'42"W along said East line, 33.49 ft.; thence
N63 °56'03 "W, 167.09 ft.; thence N62'1 1'57"W, 152.19 ft., thence Northwesterly along
the arc of a 1430.48 ft. radius curve to the left, a chord bearing and distance of
N64 °43'23 "W, 142.82 ft., thence N68 °33'40 "W, 357.60 ft.; thence N67 °47'18 "W.
361.12 ft.; thence N82 °39'18 "W, 310.22 ft., thence N89 °38'45 "W, 192.43 ft.; thence
N87 °50'31'W, 229.70 ft.; thence N85 °37'07 "W, 92.86 ft.; thence N82 °14'13 "W, 193.77
ft.; thence N79 °42'04 "W, 163.04 ft.; thence N86 °03'03 "W, 183.78 ft.; thence
N86 °44'49'W, 516.71 ft. to a point on the East line of the West 990 ft. of the SE' /4 SE
f /4, said Section 35; thence N01 ° 18'54 "E along said East tine 50.03 ft.; thence Easterly
along a line 20 ft. North of and parallel to the existing 39" water tine the following
courses: (1) S86 °44'48 "E, 519.01 ft.; (2) S86 °03'03 "E, 182.02 ft.; (3) S84 °57'25 "E,
283.09 ft.; (4) S85 °37'12 "E, 165.40 ft.; (5) S87 °50'29 "E, 228.54 ft.; (6) S86 °40'56 "E,
193.62 ft.; (7) S83 °5847 "E, 108.87 ft.; (8) S81 °48'08 "E, 197.70 ft.; (9) S67 °47'17 "E,
385.80 ft.; (10) S68 °33'37 "E, 358.08 ft.; (11) Southeasterly along the arc of a 1490.48
ft. radius curve to the right, a chord bearing and distance of S62 °22'40 "E, 270.53 ft.
and (12) S62 °25'24 "E, 171.97 ft. to a point on the said East line of the SW' /4, Section
36; thence S01 ° 10'42 "W along said East line, 22.33 ft. to the point of beginning,
containing 185,201 sq. ft. or 4.2516 acres more or less.
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RESOLUTION
Relinquishment of right of reversion to Deltic