14046ORDINANCE NO. 14,046
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
TOURISM REVENUE BONDS FOR THE PURPOSE OF
PROVIDING PERMANENT FINANCING FOR TOURISM
FACILITIES; AUTHORIZING A TRUST INDENTURE
SECURING THE BONDS; AUTHORIZING A LEASE AND
AGREEMENT BETWEEN THE CITY OF LITTLE ROCK,
ARKANSAS, AS LESSOR, AND MARKHAM INN, INC.,
AS LESSEE; 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. 380
of the Acts of Arkansas of 1971, as amended (the "Act "), to
issue revenue bonds and to expend the proceeds thereof to
finance the acquisition, construction and equipment of lands,
buildings or facilities which can be used in securing or
developing tourism; and
WHEREAS, it is proposed that the City provide permanent
financing, through the issuance of revenue bonds under the Act,
for the costs of acquiring, constructing and equipping certain
tourism facilities consisting of lands, buildings,
improvements, machinery, equipment and facilities (the
"Project "), and that the City lease the Project to Markham Inn,
Inc., an Arkansas corporation (the "Company "), as part of a
motel to be operated by the Company (or its successors or
assigns) at the City; and
WHEREAS, pursuant to and in accordance with the provisions
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of the Act, the City is now prepared to proceed with financing
the Project and to issue and sell up to $2,500,000 in principal
amount of its Tourism Revenue Bonds - Markham Inn 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;
WHEREAS, the Bonds are to be sold and delivered in one
series, Series A bonds in the principal amount of up to
$2,500,000, dated, bearing interest, maturing and subject to
redemption as hereinafter set forth in the form of Indenture
authorized by the Ordinance;
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
-Eection_i. That the issuance of the Bonds is hereby
authorized. The Bonds shall be issued in the forms and
denominations, shall be dated, shall be numbered, shall mature
(over a period not to exceed forty [ 401 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 various Purchasers
(the "Purchasers ") for the purchase price recommended by the
Company and upon the terms and conditions set forth in the
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Indenture (identified hereinbelow).
Be-Q. ion 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 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 A.. 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
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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.
Secti 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, 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, 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 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 ,-. That the City is hereby involved with the
acquiring, constructing and equipping of tourism facilities,
and pursuant to applicable laws of the State of Arkansas,
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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 B. 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 4,. That all ordinances, resolutions and parts
thereof in conflict herewith are hereby repealed to the extent
of such conflict.
ction 21. 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
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public peace, health and safety shall be in force and effect
immediately upon and after its passage.
PASSED: May 19, 1981.
ATTEST: APPROVED:
Asst. City lerk Mayor
(SEAL)
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