4227 RESOLUTION NO . 4,227
A RESOLUTION AUTHORIZING THE LITTLE ROCK PORT AUTHORITY,
AN AGENT OF THE CITY OF LITTLE ROCK, ARKANSAS , TO ACCEPT
AN OFFER OF MURPHY OIL CORPORATION FOR THE SALE OF LAND
TO SAID CORPORATION AND AUTHORIZING THE LITTLE ROCK PORT
AUTHORITY TO EXECUTE ON BEHALF OF THE CITY OF LITTLE ROCK
AN "AGREEMENT" WITH MURPHY OIL CORPORATION FOR THE
CONSTRUCTION OF A FACILITY TO HANDLE PETROLEUM PRODUCTS
FOR THE AMOUNT OF TONNAGE OF SAID PRODUCTS TO BE SHIPPED
THROUGH SUCH A FACILITY AND THE ESTABLISHMENT OF A RATE
THEREFOR: AND FOR OTHER PURPOSES .
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS .
SECTION 1 . Little Rock Port Authority, an agent of the
City of Little Rock, is hereby authorized and directed to accept
on behalf of the City of Little Rock an offer of the Murphy Oil
Corporation to purchase land in the Little Rock Port Industrial
Park under the terms of said offer. The tract of land situated
in the County of Pulaski, State of Arkansas, is identified as
follows, to-wit:
Tract 107-A as shown by the attached site plan,
which tract shall be fully described by a licensed
surveyor prior to the date of closing.
The offer to buy said tract is in form and substance as
is attached hereto.
Section 2 . The Little Rock Port Authority is further
authorized and directed to execute an Agreement with Murphy Oil
Corporation which shall be in form and substance as is attached
hereto.
Section 3. This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: July 7, 1969
ATTEST: APPROVED:
City Cle ayor
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OFFER AND ACCEPTANCE
April 15, 1969
1. The Murphy Oil Corporation herein called the Buyer
offers to buy subject to the following special conditions from the
Little Rock Port Authority, an agency of the City of Little Rock,
the following property:
A tract of land ten (10) acres i n size designated
as tract 107-A to the Little Rock Port Authority
Industrial Park. Said property to have a front-
age of 500-600 feet on Lindsey Road and necessary
depth to arrive at the total acerage. The exact
description of said tract, 107-A , to be determin-
ed by an engineering survey pricr to the closing
of this transaction.
2 . Murphy Oil Corporation will pay to the City of Little
Rock the sum of FOUR THOUSAND DOLLARS ($4 , 000.00) per acre for thi .
described property.
3. This offer is made subject to the following special
conditions:
(a) t1-at the Seller grants to F uyer an easement for two
(2) underground pipelines along Lindsey Foad across Port Authorit' •
property to the proposed Port Authority cock facilities for hand-
ling petroleum products.
(b) tlat a separate agreement cf even date be executed ? ∎y
Murphy Oil Corperation and the Little Rock Port Authority acting ,n
behalf of the City of Little Rock pertaining to the construction ,f
a petroleum products facility by the Litile Rock Port Authority aid
the amount of petroleum products to be slipped through said facility
by Murphy Oil Ccrporation and the rate fcr handling said petroleums
products to be charged Murphy Oil Corporation by the Little Rock
Port Authority.
4. Corveyance shall be made by Warranty Deed and accept.
ance shall be subject to all recorded restrictions and easements, if
any, and it shall contain certain Proteciive Covenants for the us. : of
the said tract, 107-A, dated April 4, 19F.9.
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5 . The owner of the above property, hereinafter called
Seller, shall furnish at Seller ' s cost a complete abstract reflect-
ing merchantable title satisfactory to Euyer ' s attorney, however
Seller shall have an option to furnish Euyer in place of abstract.,
a policy of title insurance, and submission of an abstract shall
not constitute a waiver of this option. Seller shall have a
reasonable time after acceptance within which to furnish abstract
of title insurance. If objections are n ade to title, Seller shall
have a reasonable time to meet the objections or to furnish titlE
insurance.
6. Po:3session of said tract, 137-A, shall be delivered
immediately upon closing of this transaction. •
7. Buyer certifies that it has inspected the property
and it is not relying upon any warranties, representations or state-
ments of Seller as to the suitability of the land for the intended
purposes of Buyer.
8. Th..s offer shall be a bindilg contract if accepted ly
the Little Rock Port Authority pursuant to authority granted by the
Board of Direct )rs of the City of Little Rock.
Murphy ail Corporation
Buyer
By:
The above offer is accepted thi3 , 1969.
Little Lock Port Authority
Seller-
By: 77�� A _.
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1i AGREEMENT
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This Agreement dated day of , 19 69,
it by and between the LITTLE ROCK PORT AUTHORITY, an agency of the City of
I Little Rick, Arkansas, and acting on behalf of and under the authority vested
ll in it by the City of Little Rock, Arkansas, and MURPHY OIL CORPORATION,
I whose address is 200 Jefferson Avenue, El Dorado, Arkansas.
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I, WITNESSETIT as follows;
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I' The Little Rock Port Authority will construct dock facilities adjacent
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I, to the Little Rock Port terminal equipped for the handling of petroleum products.
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In consideration of the construction of the petroleum products facili-
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!4 ties herein above mentioned, Murphy Oil Corporation agrees to ship through said
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facility, petroleum products in the amount of 72, 000,000 gallons during the
1 five (5) year period next following completion of construction of Murphy Oil
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1Corporation's terminal facilities in the Port Authority Industrial Park and will
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I pay to the Little Rock Port Authority a rate of twenty cents (.20) a ton for such
petroleum products handled by the said dock facility.
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I In the event that Murphy Oil Corporation fails to ship 72,000,000
I gallons though such facility in the five (5) year period immediately following
h the completion of construction of said petroleum terminal facility, for any reason
hi whatsoever, then in that event Murphy Oil Corporation agrees to pay to the
Little Rock Port Authority a sum of money equal to the difference between the
,amount of petroleum products actually shipped in said period and the total sum
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1;I which would have been charged for the entire 72, 000,000 gallons of petroleum
;!products at the rate of twenty cents (.20) per ton.
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1 At the completion of the shipment of the 72, 000, 000 gallons, even if
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it occurs before the elapse of the five (5) year period, the Little Rock Port
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;Authority agrees to charge a rate of five cents (.05) a ton for petroleum products
;handled by the Little Rock Port Authority and Murphy Oil Corporation agrees to
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`j ship through such dock facility 36, 000, 000 gallons of petroleum products
annually so long as it uses the petroleum handling facility of the Little Rock
Port Authority.
In the event that lb!urphy Oil Corporation fails is to ship 36, 000,U00
:gallons through the Little Rock Port facility in any year for any reason whatso-
tyever, then in that event Murphy Oil Corporation agrees to pay to the Little Rock
"Port Authority a sum of money equal to the difference between the amount of
spetroleum products actually shipped in said annual period and the total sum
! which would have been charged for the entire 36, 000,000 gallons of petroleum
(products at the rate of five cents (.05) per ton.
The rate of five cents (.05) a ton herein above mentioned referred to
les commencing at the completion of the initial 72, 000, 000 gallons or the elapse
liof the five (5) year period, whichever occurs first shall commence and be
ffective beginning on the first (1st) day of the calendar month following the
of the initial 72, 000,000 gallons or the elapse of the five (5) year
!period, whichever occurs first and the year in which 36,000, 000 gallons shall
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Ipe shipped shall commence on the first (1st) day of the calendar month following
;the initial shipment of the 72, 000, 000 gallons or the elapse of the Five (5)
jar period, whichever occurs first and shall thereafter be computed on an
1 nnual basis so long as Murphy 011 Corporation, desires to use the liquid pro-
!ducts facilities of the Little Rock Port Authority.
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It is specifically agreed and understood between the parties hereto
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that the Little Rock Port Authority reserves the right to place other pipelines I
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nd unloading devices on the liquid products dock and nothing herein shall be •
Construed to give Murphy O11 Corporation exclusive rights to ship liquid products
idover and across this facility.
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MURPHY OIL CORPORATION
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LITTLE ROCK PORT A( HORITY
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