HomeMy WebLinkAbout12523s
j
ORDINANCE NO. 12.523
AN ORDINANCE AUTHORIZING AN EQUIPMENT LEASE
AGREEMENT BY AND BETWEEN THE CITY OF LITTLE
ROCK, ARKANSAS AS LESSOR AND EASTERN ASSOCI-
ATED TERMINALS COMPANY, A DELAWARE CORPORA -
TION, AS LESSEE, IN SUBSTANTIALLY THE FORM
AND WITH SUBSTANTIALLY THE CONTENT SET FORTH
IN AND MADE A PART OF THIS ORDINANCE; AUTHO-
RIZING THE EXECUTION AND DELIVERY OF SAID
LEASE INSTRUMENT; PRESCRIBING OTHER MATTERS
RELATING THERETO; AND DECLARING AN EMERGENCY
BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITE'
ROCK, ARKANSAS:
SECTION 1. That there be, and there is hereby, autho-
rized the execution and delivery of an Equipment Lease Agreement
wherein the City of LITTLE ROCK, ARKANSAS (called "City ") is
Lessor and EASTERN ASSOCIATED TERMINALS COMPANY, a Delaware
corporation (called "EATC ") is Lessee, in substantially the form
and with substantially the content hereafter set forth, and the
Mayor and City Clerk be, and they are hereby, authorized to
execute, acknowledge and deliver said Equipment Lease Agreement
for and on behalf of the City. The form and content of said
Equipment Lease Agreement, which are hereby approved and which
are made a part hereof, shall be substantially as follows:
(Advice is hereby given that a copy of the form
of Equipment Lease Agreement is on file in the
office of the City Clerk, and reference may be
had thereto by any interested person.)
SECTION 2. That the Mayor and City Clerk be, and they
are hereby, authorized and directed, for and on behalf of the
City, to do all things, execute all instruments and otherwise
Y y ,
take all action necessary to the realization of the City's
rights and to the discharge of the City's obligations as
Lessor under said Lease instrument.
SECTION 3. 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 or provisions.
SECTION 4. That all ordinances and parts thereof in
conflict herewith are hereby repealed to the extent of such
conflict.
SECTION 5. That there is hereby found and declared to
be an immediate need for the securing and developing of industry
within the City in order to provide additional employment and
increased payrolls, alleviate unemployment and provide other
benefits incidental to the operation of a substantial industry,
and the execution and delivery of the Equipment Lease Agreement
authorized by this Ordinance are necessary for the accomplishment
of these public benefits and purposes. IT IS, THEREFORE, de-
clared that an emergency exists, and this Ordinance, being nec-
essary 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: July 19 , 1971.
APPROVED:
Vice Mayor
ATTEST:
City C1 k
(SEAL)
Page 2
z: