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Ordinance No. 18,387—A
AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE AGREEMENT
BETWEEN THE CITY OF LITTLE ROCK, ARKANSAS RESIDENTIAL HOUSING AND PUBLIC
FACILITIES BOARD, AS LESSOR, AND THE CITY OF LITTLE ROCK, ARKANSAS, As LESSEE;
PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY.
Whereas, pursuant to the Constitution and the laws of the State of Arkansas, particularly
Arkansas Code Ann. Sections 14- 137 -101 to 123, inclusive, as amended (Repl. 1998; Suppl. 1999)
(the "Act "), and Ordinance No. 13,528 of the City of Little Rock, Arkansas (the "City "), as
amended and supplemented by Ordinances Nos. 13,838, 14,068, and 15,501 (called collectively
herein the "Ordinances "), the City of Little Rock, Arkansas Residential Housing and Public
Facilities Board (the "Issuer ") is duly created and authorized to carry out the public purposes
described in the Act by issuing its revenue bonds to provide financing for capital improvement
facilities, as defined in the Act, which includes the purchase of land for use as public parks,
playgrounds and other public open space; and
Whereas, the Issuer has determined to acquire approximately 617 acres of land in Pulaski
County, Arkansas (the "Project ") and to lease such property to the City solely for use as a public
park, and under conditions which, among others, would entitle the City to purchase the project for
a nominal consideration upon retirement by the Issuer of the Bonds which it proposes to issue
pursuant to the Act to finance the purchase of the Project; and
Whereas, the City is desirous of acquiring the Project for public park purposes, but does not
have funds immediately available for such purchase, and is agreeable to entering into a lease
agreement, with option to purchase, in order to utilize the Project for public park purposes;
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK,
ARKANSAS, AS FOLLOWS:
Section 1. That there be and there is hereby authorized the execution and delivery of a Lease
Agreement, dated as of December 1, 2000, by and between the Issuer as Lessor and the City as
Lessee (the "Lease Agreement "), and the Mayor and the City Clerk be, and they are hereby
authorized to execute, acknowledge and deliver the Lease Agreement for and on behalf of the
City. The Lease Agreement is hereby approved substantially in the form submitted to this meeting,
and the Mayor is hereby authorized to complete and deliver the Lease Agreement with such
changes as shall be approved by the Mayor, his execution to constitute conclusive evidence of such
approval.
(Advice is given that a copy of the Lease Agreement in substantially the form authorized to be
executed is on file with the City Clerk of the City, and is available for inspection by any interested
person during normal business hours.)
Section 2. The Mayor and the City Manager are hereby authorized and directed to carry out or
cause to be carried out, and to perform such obligations of the City and to execute such other
certificates, agreements, or documents, among other things, to evidence authority as authorized
herein and to take such other actions as they shall consider necessary or advisable in connection
with the issuance, sale, and delivery by the Issuer of the Bonds, and the leasing of the Project
authorized hereby.
Section 3. That the due creation, organization, and existence of the Issuer pursuant to the Act
and the Ordinances is hereby confirmed, and that the members of the Issuer is duly appointed and
confirmed, and the expiration of the term of office of said members are as follows: E. Ralph
Cotham, IV - November 7, 2003; Cora D. McHenry - November 7, 2004; Virgil L. Miller, Jr. -
November 7, 2002; and Michael M. Watts - November 7, 2001.
Section 4. That there is hereby found and declared to be an immediate need for the acquisition
and preservation of the Project for public park purposes within or near the City in order to provide
for the public health, safety and welfare of the City and the inhabitants thereof, and that the terms
of the contract between the Issuer and the owner of the property constituting the Project requires
that such purchase be concluded not later than December 31, 2000, and that the loss of acquisition
of the Project would be detrimental to the best interests of the inhabitants of the City and contrary
to the public interest. It is, therefore, declared that an emergency exists and this ordinance being
necessary for the immediate preservation of the public health, safety, and welfare shall be in force
and take effect immediately upon and after its passage.
PASSED AND APPROVED this 28th Day of December, 2000
Attest:
71��7ey
Nancy Wood, City Clerk J
(SEAL)
Approv d as to form: o, 11f'ffAN'
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Thomas M. Carpenter, City Ant ney
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2
APPROVED':
Dailey, Mayor
CERTIFICATE
STATE OF ARKANSAS)
COUNTY OF PULASKI) SS
CITY OF LITTLE ROCK)
I, Nancy Wood, City Clerk within and for the City aforesaid, do hereby certify
that the foregoing is a true and correct copy of Ordinance No. 18,387 of the Ordinances
of the City of Little Rock, Arkansas, entitled: "AN ORDINANCE AUTHORIZING
THE EXECUTION AND DELIVERY OF A LEASE AGREEMENT BETWEEN
THE CITY OF LITTLE ROCK, ARKANSAS RESIDENTIAL HOUSING AND
PUBLIC FACILITIES BOARD, AS LESSOR, AND THE CITY OF LITTLE
ROCK, ARKANSAS AS LESSEE; PRESCRIBING OTHER MATTERS
RELATING THERETO; AND DECLARING AN EMERGENCY. "; adopted by the
Board of Directors of said City on December 28, 2000, said Ordinance now appearing of
record in this office.
IN WITNESS WHEREOF, I have hereunto set my hand and seal of office on this
P Day of January 2001.
l Ci lerk
City of Little Rock, Arkansas
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