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ORDINANCE NO. 13,415
AN ORDINANCE AUTHORIZING THE ISSUANCE OF PORT
FACILITIES REVENUE BONDS (FOREIGN TRADE ZONE
PROJECT) , SERIES 1978, FOR THE PURPOSE OF
FINA14CING THE ACQUIRING, CONSTRUCTING AND
EQUIPPING OF PORT FACILITIES AT THE LITTLE ROCK
PORT INDUSTRIAL PARK FOR A FOREIGN TRADE ZONE;
AUTHORIZING A TRUST INDENTURE SECURING THE
BONDS; PRESCRIBING OTHER MATTERS PERTAINING
THERETO; AND DECLARING AN EMERGENCY.
WHEREAS, pursuant to the findings and recommendations
of The Little Rock Port Authority ( the "Port Authority ") , the Board
of Directors of the City of Little Rock, Arkansas (the "City ") has
determined that a foreign trade zone should be established at the
Little Rock Port Industrial Park and that necessary facilities
should be acquired, constructed and enuinned (the "Facilities ") ,
at an estimated cost of $1,400,000, including the costs of authorizing
and issuing bonds; and
WHEREAS, in .order to finance the Facilities the City
has determined to issue and sell Port Facilities Revenue Bonds
(Foreign Trade Zone Project), Series 1978, under the provisions of
Act No. 231 of the Acts of Arkansas of 19 37 , as amended ( the "Act ") ,
in the principal amount of $1,400,000,(the "Bonds ");
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. That the acquiring, constructing and equipping
of the Facilities by the Port Authority is hereby authorized and
approved.
Section 2. That the issuance of the Bonds is hereby
authorized and approved and to prescribe the terms and conditions
upon which the Bonds are to be secured, executed, authenticated,
accepted and held, and to provide for the sale and delivery of the
Bonds, the Mayor and City Clerk of the City are hereby authorized
and directed to execute and deliver a Trust Indenture (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, with the
Indenture, which constitutes and is hereby made a part of this
Ordinance, to be in substantially the following form:
See Trust Indenture in Bond Transcript File
Section 3. That the Mayor and City Clerk for and on
behalf of the City are authorized and directed to do any and all
things necessary to effect the execution and delivery of the Bonds,
the execution and delivery of the Indenture, its execution and
acceptance by the Trustee, the performance of all obligations of
the City under the Indenture and the performance of all other acts
of whatever nature necessary to effect and carry out the authority
conferred by this Ordinance and the Indenture. The Mayor and City
Clerk are further authorized and directed for and on behalf of the
City to execute all papers, documents, certificates and other instru-
ments that may be required for the accomplishment of the authority
conferred by this Ordinance and the Indenture and to evidence that
authority and its exercise.
Section 4. That the provisions of this Ordinance are
severable. If any provisions of this Ordinance shall for any reason
be held invalid or inapplicable to any person or circumstance, such
holding shall not affect the validity or applicability of the re-
mainder of the Ordinance.
Section 5. That all Ordinances and Resolutions or parts
thereof in conflict herewith are - hereby repealed to the extent of such
conflict.
Section 6. That it has been found and it is hereby
declared that there is an immediate need for the Facilities in order
to further the economic growth and welfare of the City and its in-
habitants and that the Facilities can be made available only by the
issuance of the Bonds. Therefore, an emergency is declared to exist
and this Ordinance being immediately necessary for the preservation
of the public peace, health, safety and welfare shall take effect
and be in full force from and after its passage and approval.
PASSED this
ATTEST:
City ClVrk
(SEAL)
7th
day of March
, 19 73.
�11� 111
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CERTIFICATE
The undersigned, City Clerk of the City of Little Rock,
Arkansas, hereby certifies that the foregoing is a true and compared
copy of an Ordinance passed at a regular session of the Board of
Directors of the City of Little Rock, Arkansas, held at 7:35
o'@*ock p m., on the 7th day of March, 1978, and that the Ordinance
is now of record in the official records of the City in Book 26
Page 248 , in my possession as such City Clerk.
GIVEN under my hand and the seal of the City this 8th
day of March , 1978.
(SEAL)
City Clerk