14112ORDINANCE NO. 14,112
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE
PURPOSE OF PROVIDING PERMANENT FINANCING FOR
INDUSTRIAL FACILITIES; AUTHORIZING AN
INDENTURE SECURING THE BONDS; AUTHORIZING A
LEASE AND AGREEMENT BETWEEN THE CITY OF
LITTLE ROCK, ARKANSAS, AS LESSOR, AND DOUG
BRANDON PROPERTIES, INC., AS LESSEE;
AUTHORIZING THE SALE OF THE BONDS AND THE
EXECUTION OF A BOND PURCHASE AGREEMENT 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, construction and
equipment of land, buildings or facilities which can be used in
securing or developing industry; and
WHEREAS, it is proposed that the City provide permanent
financing, through the issuance of revenue bonds under the Act, of
the costs of acquiring, constructing and equipping certain
industrial facilities consisting of lands, buildings,
improvements, machinery, equipment and facilities (the
"Project "), and that the City lease the Project to Doug Brandon
Properties, Inc., a corporation (the "Company "), as part of an
industrial plant to be operated by the Company ( or its successors
or assigns) at the City; and
WHEREAS, pursuant to and in accordance with the
provisions of the Act, the City is now prepared to proceed with
financing the Project and to issue and sell $3,100,000 in
principal amount of its Industrial Development Revenue Bonds -
Brandon Project, (the "Bonds "), to provide such financing; and
WHEREAS, copies of the hereinafter described Indenture,
Lease and Agreement and Bond Purchase 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:
Section 1. That the issuance of the Bonds is hereby
authorized. The Bonds shall be issued in the forms and denomina-
tions, shall be dated, shall mature (over a period not to exceed
thirty (30) years), shall bear interest 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 Trust
Indenture (hereinafter authorized) securing the Bonds.
Section 2. That the Bonds be sold to National Investors
Pension Insurance Company (the "Purchaser "), for the purchase
price recommended by the Company and upon the terms and conditions
set forth in a Bond Purchase Agreement to be entered into between
the City and the Purchaser (the "Bond Purchase Agreement "). 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 Purchaser and the Company in order to complete
the Bond Purchase Agreement, and to execute and deliver the same
on behalf of the City in substantially the form presented 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. 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 an Indenture of Mortgage and
Security Agreement by and between the City and the Purchaser (the
"Indenture "), and the City Clerk is hereby authorized and directed
to execute and acknowledge the Indenture and to affix the seal of
the City thereto. The Indenture is hereby approved in
substantially the form submitted to this meeting, and the Mayor is
hereby authorized to confer with the Company and the Purchaser in
order to complete the Indenture 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 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 Purchaser 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.
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Section S. 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
all obligations of the City under the Lease Agreement, the
execution and delivery of the Indenture, the performance of all
obligations of the City under and pursuant to the Indenture, the
issuance, execution, sale and delivery of the Bonds, the execution
and delivery of the Bond Purchase Agreement, 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 6. 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 7. 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 Indenture, Lease
Agreement, and Bond Purchase Agreement, and such documents shall
be on file for inspection by any interested person.
Section 8. That the law firm of Friday, Eldredge &
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 9. 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 10. That all ordinances, resolutions and parts
thereof in conflict herewith are hereby repealed to the extent of
such conflict.
Section 11. 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
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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.
PASSED: September 15 1981.
APPRO .
ATTEST: 2
Mayor Q�
Ci Clerk
(SEAL)
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