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ORDINANCE NO. 14,914
AN ORDINANCE AUTHORIZING A FIRST
SUPPLEMENTAL TRUST INDENTURE BETWEEN THE
CITY OF LITTLE ROCK, ARKANSAS, AND WORTHEN
BANK & TRUST COMPANY, N.A., AS TRUSTEE;
AUTHORIZING AND PRESCRIBING OTHER MATTERS
PERTAINING THERETO; AND DECLARING AN
EMERGENCY.
WHEREAS, the City of Little Rock, Arkansas (the
"City "), has heretofore executed and delivered a Trust Indenture
dated as of January 1, 1980 (the "Original Indenture "), between
the City and Worthen Bank & Trust Company, N.A., Little Rock,
Little Rock, Arkansas, as Trustee (the "Trustee "), securing the
City's Industrial Development Revenue Bonds - Subaru South
Project, Series 1980, dated January 1, 1980, in the principal
amount of $1,200,000 (the "Bonds "); and
WHEREAS, it is proposed that the City enter into a
First Supplemental Trust Indenture between the City and the
Trustee (the "First Supplemental Indenture "), for the purpose of
amending the Original Indenture to permit the exchange of Bonds
for other denominations; and
WHEREAS, a copy of the First Supplemental Indenture
has been presented to and is before this meeting;
NOW, THEREFORE, BE IT ORDAINED by the Board of
Directors of the City of Little Rock, Arkansas:
Section 1. That there be, and there is hereby
authorized the execution and delivery of the First Supplemental
Indenture, and the Mayor and City Clerk be, and they are hereby,
authorized to execute, acknowledge and deliver the First
Supplemental Indenture for and on behalf of the City. The First
Supplemental Indenture is hereby approved in substantially the
form submitted to this meeting, and the Mayor is hereby
authorized to confer with the Trustee and others in order to
complete the First Supplemental 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.
Section 2. 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 First Supplemental Indenture and
the performance of all obligations of the City thereunder, and
the performance of all acts of whatever nature necessary to
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effect and carry out the authority conferred by this Ordinance.
That the Mayor and 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.
Section 3. 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
First Supplemental Indenture, and such document shall be on file
for inspection by any interested person.
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 and provisions.
Section 5. That all ordinances, resolutions 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 amendment of the Original Indenture
as approved by this Ordinance in order to facilitate the
transfer and negotiation of the Bonds. 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: July 2 , 1985.
ATTEST:
Ci y Clerk i-iind Czech
(SEAL)
APPROVED:
Mayor Thomas A. Prince