14015J,
. ' r
ORDINANCE NO. 14,015
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE
PURPOSE OF PROVIDING PERMANENT FINANCING FOR
INDUSTRIAL FACILITIES; AUTHORIZING A TRUST
INDENTURE SECURING THE BONDS; AUTHORIZING A LEASE
AND AGREEMENT BETWEEN THE CITY OF LITTLE ROCK,
ARKANSAS, AND THE FLINTKOTE COMPANY; AUTHORIZING
THE SALE OF THE BONDS; 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 cost of the acquisition, construction and equipment of an
industrial plant consisting of lands, buildings, improvements,
machinery, equipment and facilities (the "Project "), and that the
"City lease the Project to The Flintkote Company, a Massachusetts
corporation (the "Company "); 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 $9,500,000 in
principal amount of its Industrial Development Revenue Bonds
(Temporary), Series 1981 (The Flintkote Company Project) (the
"Bonds "), to provide such financing; and
WHEREAS, copies of the hereinafter described Trust
Indenture and Lease and 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 mature (over a period not to exceed
thirty (30) years), shall bear interest, and shall be issued in
the forms and denominations, shall be dated, shall be numbered,
and shall be subject to redemption prior to maturity all upon the
terms and conditions set forth in the Trust Indenture securing the
Bonds (hereinafter authorized).
Section 2. That the Bonds be sold to The Commercial
National Bank of Little Rock, Little Rock, Arkansas, Bankers Trust
Company, New York, New York, and United States National Bank of
Oregon, Portland, Oregon (the "Purchasers "), for the purchase
price recommended by the Company.
Section 3. To prescribe the terms and conditions upon
which the Bonds are to be executed, authenticated, issued, ac-
cepted, held and secured, the Mayor is hereby authorized and
directed to execute and acknowledge a Trust Indenture by and
between the City and a bank or trust company which will act as
trustee thereunder, dated as of the date of the Bonds (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, and the Mayor and City Clerk are hereby
authorized and directed to cause the Indenture to be accepted,
executed and acknowledged by the Trustee. The Indenture is hereby
approved in substantially the form submitted to this meeting, and
the Mayor is hereby authorized to confer with the Trustee, the
Company and the Purchasers 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 and the Company ( 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
substantially in the form submitted to this meeting, and the Mayor
is hereby authorized to confer with the Company, the Trustee and
the Purchasers 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.
Section 5. That the Mayor and the 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 and the performance
of all obligations of the City under the Lease Agreement, the
execution and delivery of the Indenture and the performance of all
obligations of the City under and pursuant to the Indenture, the
issuance, execution, sale and delivery of the Bonds, and the
performance of all acts of whatever nature necessary to effect and
carry out the authority conferred by this Ordinance. That the
-2-
Mayor and the 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, improving 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 and
Lease 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, is hereby 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
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.
-3-
PASSED:
ATTEST:
March 17
(SEAL)
1981
APPROVED:
Mayor
-4-