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HomeMy WebLinkAbout14223e r r r■i ■ar �r r� r r r r� r� r r r 0 0 ORDINANCE NO. 14,223 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 BETWEEN THE CITY OF LITTLE ROCK, ARKANSAS, AS LESSOR, AND LAGNIAPPE IV LIMITED PARTNERHIP, AN ARKANSAS LIMITED PARTNERSHIP, 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 and developing tourism; and WHEREAS, on February 16, 1982, the City approved Resolution No. 6745 authorizing a Memorandum of Intent between Lagniappe IV Limited Partnership, an Arkansas limited partnership authorized to do business in the State of Arkansas (the "Partnership "), and the City. 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 220 r r w �■■r r r r w w r r r r r r 221 "Project"), and that the City lease the Project to the Partnership to be operated as a motel and related tourism facilities by the Partnership (or its successors or assigns) in the City; and WHEREAS, pursuant to and in accordance with the provisions of the Act, the City is now prepared to proceed with financing the Project and to issue and sell up to $1,600,000 in principal amount of its Tourism Revenue Bonds - Lagniappe Inn Project (the "Bonds "), to provide such financing; and WHEREAS, copies of the hereinafter described Trust Indenture and Lease have been presented to and are before this meeting; WHEREAS, the Bonds are to be sold and delivered in one or more series, in the principal amount of up to $1,600,000 dated, bearing interest, maturing and subject to redemption all as to be 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: 5ggtjQn_J. That the City has inspected the plans and specifications for the Project and has concluded that the Project will stimulate and enhance the economic growth and well -being of the inhabitants of the City and will thereby encourage the further securing and developing of tourism in the City. 2 M M r M M M M M M w M r M M M 0 0 222 .S99k"n_Z. 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 (40) years), shall bear interest, and shall be subject to redemption prior to maturity all upon the terms and conditions recommended by the Partnership and to be set forth in the Trust Indenture (hereinafter authorized) securing the Bonds. Zagli2n_l. That the Bonds be sold to a Purchaser or various Purchasers (the "Purchasers ") for the purchase price recommended by the Partnership and upon terms'and conditions to be set forth in the Indenture (identified hereinbelow). ,ia434�4. 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 3 M = == r == M M= M 0 0 223 to confer with the Trustee, the Partnership 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. .S_Qg_tjoD_5_. That there be, and there is hereby authorized the execution and delivery of a Lease by and between the City as Lessor, and the Partnership as Lessee (the "Lease "), and the Mayor and City Clerk be, and they are hereby, authorized to execute, acknowledge and deliver the Lease for and on behalf of the City. The Lease is hereby approved substantially in the form submitted to this meeting, and the Mayor is hereby authorized to confer with the Partnership, the Trustee and the Purchasers in order to complete the Lease 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. Sectign_jk. 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, the performance of all obligations of the City under the Lease, 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 4 M M M M r M M == M = == M M 22¢ 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. �gg14ILz• 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, including particularly the Act, competitive bidding is waived. 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, and such documents shall be on file for inspection by any interested person. .9grliQn-9 . 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. $ggti24_lil. That all ordinances, resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. 5 B_QctiQp�11. That there is hereby found and declared to be an immediate need for the securing and developing of tourism in order to stimulate and enhance the economic well -being of the inhabitants of the City and otherwise to 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 public peace, health and safety shall be in force and effect immediately upon and after its passage. PASSED: April 6 1982. ATTEST: City Cl r (SEAL) G 04,04� 225