11924A
ORDINANCE NO. 119 24
AN ORDINANCE AUTHORIZING A LEASE AGREEMENT AND
AN EQUIPMENT LEASE AGREEMENT BY AND BETWEEN THE
CITY OF LITTLE ROCK, ARKANSAS AS LESSOR AND THE
ARMSTRONG RUBBER COMPANY, A CONNECTICUT CORPORA-
TION, AS LESSEE, IN SUBSTANTIALLY THE FORMS AND
WITH SUBSTANTIALLY THE CONTENTS SET FORTH IN AND
MADE A PART OF THIS ORDINANCE; AUTHORIZING THE
EXECUTION AND DELIVERY OF SAID LEASE INSTRUMENTS;
PRESCRIBING OTHER MATTERS RELATING THERETO; AND
DECLARING AN EMERGENCY
BE IT ORDAINED BY TBE BOARD OF DIRECTORS OF THE CITY OF LITTLE
ROCK, ARKANSAS:
SECTION 1. That there be, and there is hereby, autho-
rized the execution and delivery of a Lease Agreement wherein
the City of LITTLE ROCK, ARKANSAS (called "City ") is Lessor,
and THE ARMSTRONG RUBBER COMPANY, a Connecticut corporation
(called "Armstrong ") is Lessee, in substantially the form and
with substantially the contents hereafter set forth, and the
Mayor and City Clerk be, and they are hereby, authorized to
execute, acknowledge and deliver said Lease Agreement for and on
behalf of the City. The form and contents of said Lease Agree-
ment, which are hereby approved and which are made a part hereof,
shall be substantially as follows:
(Advice is hereby given that a copy of the form
of Lease Agreement is on file in the office of
the City Clerk, and reference may be had thereto
by any interested person.)
SECTION 2. That there be, and there is hereby, further
authorized the execution and delivery of an Equipment Lease
Agreement wherein the City is Lessor and Armstrong is Lessee,
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in substantially the form and with substantially the contents
hereafter set forth, and the Mayor and City Clerk be, and they
are hereby, authorized to execute, acknowledge and deliver said
Equipment Lease Agreement for and on behalf of the City. The
form and contents of said Equipment Lease Agreement, which are
hereby approved and which are made a part hereof, shall be sub-
stantially as follows:
(Advice is hereby given that a copy of the form
of Equipment Lease Agreement is on file in the
office of the City Clerk, and reference may be had
thereto by any interested person.)
SECTION 3. That the Mayor and City Clerk be, and they
are hereby, authorized and directed, for and on behalf of the
City, to do all things, execute all instruments and otherwise
take all action necessary to the realization of the City's rights
and to the discharge of the City's obligations as Lessor under
said Lease instruments and each of them.
SECTION 4. 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 or provisions.
SECTION 5. That all ordinances and parts thereof in
conflict herewith are hereby repealed to the extent of such
conflict.
SECTION 6. That there is hereby found and declared to
be an immediate need for the securing and developing of industry
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within the City in order to provide additional employment and
increased payrolls, alleviate unemployment and provide other
benefits incidental to the operation of a substantial industry,
and the execution and delivery of the Lease Agreement and of the
Equipment Lease Agreement authorized by this Ordinance are neces-
sary for the accomplishment 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 health, safety and welfare, shall be in force and take
effect immediately upon and after its passage.
ATTEST:
PASSED: July 17 , 1967.
City Clerk
APPROVED:
Mayor
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