HomeMy WebLinkAbout16351ORDINANCE NO. _
16,351
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4 AN ORDINANCE CONFIRMING MATTERS PERTAINING TO
5 INDUSTRIAL DEVELOPMENT REVENUE BONDS PREVIOUSLY
6 AUTHORIZED FOR R &G SLOANE MANUFACTURING COMPANY,
7 INC.; AMENDING ORDINANCE NO. 16,259 IN CONNECTION
a THEREWITH; AUTHORIZING AND PRESCRIBING OTHER MATTERS
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10 PERTAINING THERETO; AND DECLARING AN EMERGENCY.
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13 WHEREAS, the City of Little Rock, Arkansas (the "City") adopted Ordinance No.
14 16,259, passed and approved on the 4th day of August, 1992, which authorized the
15 issuance and sale of $7,500,000 principal amount of the City's Industrial Development
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17 Revenue Bonds (the "Bonds "), pursuant to the provisions of Title 14, Chapters 164,
18 Subchapter 2 of the Arkansas Code of 1987 Annotated, for the purpose of providing
19 financing for the manufacturing equipment and other personal property comprising the
20 industrial plant identified in Ordinance No. 16,259, and the leasing of such facilities as
21 are so financed to R &G Sloane Manufacturing Company, Inc., a Delaware corporation
22 (the "Company "); and
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24 WHEREAS, Ordinance No. 16,259 provided for, among other things, the sale of
25 the Bonds to Banque Nationale de Paris for the purchase price of 100 % of par, plus
26 accrued interest, if any, from the date of the Bonds to the date of delivery; and
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28 WHEREAS, it has now been determined that the Bonds will be sold to Credit
29 Lyonnais New York Branch and Credit Lyonnais Cayman Island Branch for the
30 purchase price set forth in Ordinance No. 16,259; and
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32 WHEREAS, copies of the hereinafter described Bond Purchase, Assignment and
33 Security Agreement and Lease Agreement have been presented to and are before this
34 meeting;
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° CAi
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1 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
2 THE CITY OF LITTLE ROCK, ARKANSAS:
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4 SECTION 1. That the authorization to issue the Bonds in the principal amount
5 of not to exceed $7,500,000 is hereby confirmed and ratified. The Bonds shall be
6 funded, from time to time as requested by the Company, on a revolving basis, provided
7 that the outstanding principal amount thereof shall not exceed $7,000,000 in the
a aggregate at any one time, all upon the terms and conditions set forth in the Bond
9 Purchase, Assignment and Security Agreement (authorized by Ordinance No. 16,259)
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11 securing the Bonds. The Bonds shall be sold to Credit Lyonnais New York Branch and
12 Credit Lyonnais Cayman Island Branch, which collectively shall be substituted as the
13 'Purchaser" for all purposes of Ordinance 16,259, for the purchase price set forth in
14 Ordinance No. 16,259.
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16 SECTION 2. That the Bond Purchase, Assignment and Security Agreement by
17 and between the City and the Purchaser (the "Lease Agreement "), authorized by
18 Ordinance No. 16,259, is hereby approved in substantially the form submitted to this
19 meeting, and the Mayor is hereby authorized to confer with the Purchaser and others
20 in order to complete the Bond Purchase Agreement in substantially the form submitted
21 to this meeting with such changes as shall be approved by such persons executing the
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23 document, their execution to constitute conclusive evidence of such approval.
24 SECTION 3. That the Lease Agreement by and between the City and the
25 Company (the "Lease Agreement "), authorized by Ordinance No. 16,259, is hereby
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approved in substantially the form submitted to this meeting, and the Mayor is hereby
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28 authorized to confer with the Company and others in order to complete the Lease
29 Agreement in substantially the form submitted to this meeting with such changes as shall
30 be approved by such persons executing the document, their execution to constitute
31 conclusive evidence of such approval.
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33 SECTION 4. That the City Clerk is hereby authorized and directed to file in the
34 office of the City Clerk, as a part of the minutes of the meeting at which this Ordinance
35 is adopted, for inspection by any interested person copies of the Bond Purchase
36 Agreement, the Lease Agreement, and the Payment In Lieu Of Tax Agreement by and
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between the City and the Company (authorized by Ordinance No. 16,259), and such
documents shall be on file for inspection by any interested person.
SECTION 5. That all ordinances, resolutions and parts thereof in conflict
herewith are hereby repealed to the extent of such conflict.
SECTION 6. That Ordinance No. 16,259, as amended hereby, is continued in full
force and effect.
SECTION 7. 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 S. That there is hereby found and declared to be an immediate need
for the securing and developing of industry in order to provide substantial employment
and payrolls, thereby alleviating unemployment and otherwise benefiting 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 preservation of the public peace, health and safety shall be in force and effect
immediately upon and after its passage.
PASSED: February 2, 1993
ATTEST:
'&OBB .& 1 0,
y CLERK
APPROVED AS TO FORM:
ATTORNEY CITY
APPROVED:
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