2985 RESOLUTION NO. 2,985
A RESOLUTION AUTHORIZING THE MAYOR OF THE CITY OF LITTLE
ROCK TO TRANSMIT A LETTER ON BEHALF OF THE CITY OF LITTLE
ROCK TO JACUZZI BROS. , INC. RELATING TO INVESTMENT CREDITS
AGAINST INCOME TAXES 'NHICH MAY ACCRUE BY REASON OF THE
LEASE OF CITY PROPERTY; AND FOR OTHER PURPOSES.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
ROCK, ARKANSAS:
SECTION 1. The Mayor of the City of Little Rock is hereby
authorized and directed to transmit on behalf of the City of Little
Rock a letter to Jacuzzi Bros. , Inc. , which letter shall be in
form and words as follows :
"March 18, 1963
Jacuzzi Bros. , Inc.
5327 Jacuzzi Avenue
Richmond, California
Re: Statement of Lessor Consenting to
Use of Investment Credit by Lessee
Pursuant to Treas. Reg. §16.2-1 (d).
Gentlemen:
In accordance with the referenced provision of the Treasury
Regulations on the investment credit made available by the
Revenue Act of 1962, the City of Little Rock hereby consents
to your use of any benefit which may accrue to you by reason
of your use of the investment credit as a result of your
leasing of property next described, the final certificate of
acceptance and possession by you being issued by the architect
February 22, 1963.
1. The Lessor is the City of Little Rock; c/o Byron
Morse, Mayor; City Hall; Little Rock, Arkansas. The Lessee
is Jacuzzi Bros. , Inc. , whose new address is 11511 New Benton
Highway, Little Rock, Arkansas. The taxpayer account number
of the Lessee is
2. The Lessor files no income tax returns. The Lessee
files its income tax returns at the office of the District
Director in
3. The property with respect to which election is made
is housed in the plant of the company located at the address
first above given for the Lessee and is more particularly
described as follows, with the fair market value (cost) of
the property and the useful life of same set out in columns
opposite the description of the property involved:
PROPERTY FAIR MARKET VALUE USEFUL LIFE
(Years)
Cranes 17,000.00 8 or more
Air Compressor Equipment (Com-
plete installation except air
pumps and motors) 6,675.00 8 or more
0. 4_
- 2 -
PROPERTY FAIR MARKET VALUE USEFUL LIFE
(Years)
Scale 2,575.00 8 or more
Dock Levelers 3,175.00 8 or more
Transformers & switchgear 23, 750.00 8 or more
Freight Elevator 7,000.00 8 or more
Fencing 2,600.00 8 or more
Sprinkler system including secon-
dary tank and pump 42,100.00 8 or more
4. As first above mentioned, the date upon which possession
of the foregoing properties was transferred to Lessee was February
22, 1963.
Our purpose in executing this statement is to make available
to you as fully and completely as the law will permit the first
mentioned investment credit, and if the foregoing is inadequate
in any particular we will supply you such amendment or supple-
ment as may be indicated or needed.
Very truly yours,
CITY OF LITTLE ROCK
By
Byron Morse, Mayor"
SECTION 2. This resolution shall be in full force and effect
from and after its adoption.
ADOPTED: March 18, 1963
ATTEST`/ ff773ee.falo/lAPPROVED:
City Clerk Mayor.