HomeMy WebLinkAbout10633ORDINANCE NO. 10,633
AN ORDINANCE AMENDING SECTION I OF ORDINANCE NO.
10,575, SAME BEING "AN ORDINANCE AUTHORIZING AND
DIRECTING THE MAYOR AND THE CLERK OF THE CITY OF
LITTLE ROCK, ARKANSAS, TO, UPON CERTAIN CONDITIONS,
EXECUTE AN INSTRUMENT CONVEYING TO THE BOARD OF
TRUSTEES OF THE UNIVERSITY OF ARKANSAS CERTAIN LANDS
AND PROPERTIES FOR THE PURPOSE OF OPERATING AND
MAINTAINING THE GRADUATE INSTITUTE OF TECHNOLOGY;
AUTHORIZING AND DIRECTING THE MAYOR AND CLERK OF THE
CITY OF LITTLE ROCK, ARKANSAS, TO, UPON CERTAIN CON-
DITIONS, EXECUTE AN INSTRUMENT RELEASING THE ARKANSAS
STATE HIGHWAY COMMISSION FROM ANY AND ALL DAMAGES BY
REASON OF THE CONSTRUCTION OF A HIGHWAY OR EXPRESSWAY
IN THE EAST PORTION OF THE CITY OF LITTLE ROCK,
ARKANSAS; AND FOR OTHER PURPOSES."
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK,
ARKANSAS:
SECTION 1. That Section 1 of Ordinance No. 10,575 is hereby
amended to read as follows:
"SECTION 1. That the Mayor and Clerk of the City of
Little Rock, Arkansas, are hereby authorized and directed
to convey on behalf of and in the name of the City of Little
Rock, Arkansas, to the Board of Trustees of the University
of Arkansas the lands and properties lying in Pulaski County,
Arkansas, to -wit:
All of Block 12, MASONIC ADDITION to the City of
Little Rock, Pulaski County, Arkansas, and a strip
of land thirty feet in width the length of, adjacent
to and South of Block 12, MASONIC ADDITION to the
City of Little Rock, Pulaski County, Arkansas;
said conveyance to be in the following form, to -wit:
' Q U I T C L A I M D E E D
KNOW ALL MEN BY THESE PRESENTS:
' That the City of Little Rock, Arkansas, by Woodrow
W. Mann and W. C. Ware, Mayor and Clerk, respectively, for
and in consideration of the Board of Trustees of the Univer-
sity of Arkansas locating within the City of Little Rock,
Arkansas, The Graduate Institute of Technology as authorized
by Act Nos. 203 and 548 of the General Assembly of the State
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of Arkansas for 1957, does hereby convey, sell, alien and
quitclaim unto the said Board of Trustees of the University
of Arkansas and unto their successors forever all of the
right, title and interest of the City of Little Rock, Arkan-
sas, subject to the reservations and restrictions hereinafter
set out, in and to the following lands lying and being situate
in the County of Pulaski, State of Arkansas, to -wit:
All of Block 12, MASONIC ADDITION to the City
of Little Rock, Pulaski County, Arkansas, and
a strip of land thirty feet in width the length
of, adjacent to and South of Block 12, MASONIC
ADDITION to the City of Little Rock, Pulaski
County, Arkansas.
' This conveyance is made, however, subject to the
Board of Trustees of the University of Arkansas, within a
reasonable period of time beginning the operation and mainte-
nance within the City of Little Rock, Arkansas, The Graduate
Institute of Technology as authorized by Act Nos. 203 and 548
of the General Assembly of the State of Arkansas for 1957.
Said property shall be used or held for use for University
of Arkansas purposes in the City of Little Rock, Arkansas, or
sold by the Board of Trustees of the University of Arkansas
pursuant to the terms as hereinafter provided. Should said
property be sold by the grantees, the net proceeds of such
sale shall be delivered to a bank located in the City of Little
Rock, Arkansas, which may be acceptable to the City of Little
Rock and the Board of Trustees, as escrow agent. Thereafter,
if, within twelve (12) months following the sale of said prop-
erty, the Board of Trustees shall furnish to the escrow agent
an agreement which commits and legally binds the grantee to
use the proceeds of such sale for University of Arkansas pur-
poses in the City of Little Rock, Arkansas, then the title to
the proceeds of such sale shall vest absolutely in the grantees
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for such use and the escrow agent shall deliver same to the
grantees. Provided, however, if the proceeds of such sale
shall not be used or committed to be used by the grantees
for University of Arkansas purposes in the City of Little
Rock, Arkansas within twelve (12) months following the sale
of said property by the grantees, then the first $240,000 of
the proceeds of such sale shall vest absolutely in the grantees
and the remaining sum shall vest absolutely in the City of
Little Rock, Arkansas. Provided further, that the party pur-
chasing the property above described from the grantees herein
shall not be required, after delivering the proceeds of such
sale to the escrow agent above named, to see to the applica-
tion of the proceeds of such sale.
' TO HAVE AND TO HOLD the same unto the said Board
of Trustees of the University of Arkansas and unto their suc-
cessors forever, together with all and singular the tenaments,
appurtenances and hereditaments thereunto belonging or in any
wise appertaining.
' IN TESTIMONY WHEREOF, we have hereunto set our hands
and seals this day of 1957.
WO OW W. MANN, MAYOR of the
City of Little Rock, Arkansas
W. C. WARE, CLERK of the
City of Little Rock, Arkansas
' A C K N O W L E D G M E N T
STATE OF ARKANSAS)
) ss
COUNTY OF PULASKI)
' On this day of , 1957, before
me, a Notary Public, duly commissioned, qualified and acting,
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within and for said County and State, appeared in person the
within named Woodrow W. Mann and W. C. Ware, Mayor and Clerk
of the City of Little Rock, Arkansas, respectively, and who
had been designated by the City Council of the City of Little
Rock, Arkansas to execute the above instrument, to me person-
ally well known, who stated that they were the Mayor and Clerk
of the City of Little Rock, Arkansas, and were duly authorized
in their respective capacities to execute the foregoing instru-
ment for and in the name and behalf of the City of Little Rock,
Arkansas, and further stated and acknowledged that they had so
signed, executed and delivered said foregoing instrument for
the consideration, uses and purposes therein mentioned and set
forth.
' IN TESTIMONY WHEREOF, I have hereunto set my hand
and official seal this day of , 1957.
My Commission expires:
I
NOTARY PUBLIC
SECTION 2. That all ordinances and parts of ordinances in
conflict herewith are hereby repealed.
SECTION 3. WHEREAS, the City of Little Rock, Arkansas, will
clearly benefit by the operation and maintenance of The Graduate
Institute of Technology in the City of Little Rock, Arkansas,
and by the construction of a highway or expressway through the
East portion of the City of Little Rock, Arkansas; and WHEREAS,
there exists an extreme need for additional graduate education
and research in the State of Arkansas; and WHEREAS, traffic con-
ditions require the construction of additional highway or ex-
pressway facilities in the City of Little Rock, Arkansas; NOW,
THEREFORE, it is hereby determined that an emergency exists and
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this ordinance, being necessary for the immediate preservation
of the public peace, health, safety and welfare, shall be in
full force and effect from and after its passage and approval.
PASSED: SEPTEMBER 30s 1957
ATTEST:
W. C. Ware
City Clerk
APPROVED:
Woodrow W. Mann
Mayor