135532012053671 Received: 8/2412012 9:5514 AM
Recorded: 08/24/2012 09:57:51 AM Filed &
Recorded in Official Records of Larry Crane.
PULASKI COUNTY CIRCUITICOUNTY CLERK
Fees $20.00
1 RESOLUTION NO. 13,553
2
3 A RESOLUTION TO AUTHORIZE THE ENTRY INTO AN
4 INTERCREDITOR AGREEMENT (ERW PROJECT BONDS) IN
5 CONNECTION WITH THE ISSUANCE OF $28,750,000 CITY OF LITTLE
6 ROCK, ARKANSAS TAXABLE INDUSTRIAL DEVELOPMENT
7 REVENUE BONDS (WELSPUN TUBULAR LLC PROJECT), SERIES
8 2012 -C (ERW) AND AN INTERCREDITOR AGREEMENT (SPIRAL
9 PROJECT BONDS) IN CONNECTION WITH THE ISSUANCE OF
10 $25,000,000 CITY OF LITTLE ROCK, ARKANSAS TAXABLE
11 INDUSTRIAL DEVELOPMENT REFUNDING REVENUE BONDS
12 (WELSPUN TUBULAR LLC PROJECT), SERIES 2012 -D (SPIRAL); AND
13 FOR OTHER PURPOSES.
14
15 WHEREAS, the City of Little Rock, Arkansas, passed Ordinances No. 20,592 and No. 20,593 on
16 June 12, 2012, for the purpose of authorizing the issuance of its $28,750,000 Taxable Industrial
17 Development Revenue Bonds (Welspun Tubular LLC Project), Series 2012 -C (ERW) (the "2012 -C
18 Bonds "), and $25,000,000 Taxable Industrial Development Refunding Revenue Bonds (Welspun Tubular
19 LLC Project), Series 2012 -D (Spiral) (the "2012 -D Bonds "), respectively; and,
20 WHEREAS, Welspun Tubular, LLC (the "Company "), as lessee of the projects financed and
21 refinanced with proceeds of the 2012 -C Bonds and the 2012 -D Bonds, has requested the City to
22 specifically authorize entry into an Intercreditor Agreement (ERW Project Bonds) and an Intercreditor
23 Agreement (Spiral Project Bonds) by and between the City, Bank of Baroda, Standard Chartered Bank,
24 Welspun Pipes, Inc., Regions Bank, as Trustee, and the Company in connection with the issuance of the
25 2012 -C Bonds and the 2012 -D Bonds, respectively;
26 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
27 OF LITTLE ROCK, ARKANSAS:
28 Section 1. That the Mayor, for and on behalf of the City, be, and he is hereby authorized and
29 directed to execute and deliver the Intercreditor Agreement (ERW Project Bonds) and Intercreditor
30 Agreement (Spiral Project Bonds).
31 Section 2. That this Resolution shall be in full force and effect from and after its adoption.
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1 ADOPTED: August 21, 2012
2 JAP
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5 a ley, City Clerk
6 AS �TO LEGAL FORM:
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9 Thomas M. Carpenter, City A rn y
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Page 2 of 21
APPROVED:
Mark Stodola, Mayor