5718 RESOLUTION NO 5,718
A RESOLUTION OF INTENT PERTAINING TO THE
ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE
BONDS FOR ERSHIGS, INC. ; AND FOR OTHER
PURPOSES
WHEREAS, Ershigs, Inc. is a corporation engaged in the
manufacture of industrial pipe and said corporation is presently
negotiating with the Little Rock Port Authority for the purchase
of Port land for the purpose of locating a plant in the Little
Rock area; and
WHEREAS, Ershigs, Inc. has requested a Memorandum of Intent
to issue industrial development revenue bonds from the City of
Little Rock in order to protect the tax exemption status of the
revenue bonds prior to commencement of construction; and
WHEREAS, such Memorandum of Intent is not an irrevocable
commitment to issue the proposed Industrial Development Revenue
Bonds .
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS.
SECTION 1 . The Board of Directors of the City of Little
Rock hereby adopts this Resolution as its Memorandum of Intent
to issue Industrial Development Revenue Bonds for the purpose
of allowing Ershigs , Inc. to commence construction of an
industrial pipe plant in the Little Rock Port Industrial Park.
SECTION 2 . This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: May 17, 1977
ATTEST: �/YZ.� APPROVED:
City Cler Mayor