HomeMy WebLinkAboutOrdinance 3151 FILED
FOR RECORD
' 85 DEC 6 Pf`1 2 `15
y/ASI" ' " T ' . I CCUNTY qR MICROFILMO`
ORDINANCE NO . 3151 ALMA KOLLNEYER
CIRr. ItIT n ,
AN ORDINANCE AUTHORIZING THE 1SSUANCDK OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE
PURPOSE OF PROVIDING FINANCING FOR
INDUSTRIAL FACILITIES ; AUTHORIZING A SECOND
SUPPLEMENTAL TRUST INDENTURE SECURING THE
BONDS ; AUTHORIZING A SECOND SUPPLEMENTAL
LEASE AND AGREEMENT BETWEEN THE CITY OF
FAYETTEVILLE , ARKANSAS , AS LESSOR , AND
HACKNEY BROS . BODY COMPANY AS LESSEE ;
AUTHORIZING THE SALE OF THE BONDS IN
CONNECTION THEREWITH ; AUTHORIZING AND
PRESCRIBING OTHER MATTERS PERTAINING
THERETO ; AND DECLARING AN EMERGENCY .
WHEREAS , the City of Fayetteville , Arkansas ( the
" City " ) , is authorized and empowered under the provisions of Act
No . 9 of the First Extraordinary Session of the Sixty- Second
General Assembly of the State of Arkansas , approved January 21 ,
1960 , as amended ( the " Act " ) , to issue revenue bonds and to
expend the proceeds thereof to finance the acquisition ,
construction and equipment of land , buildings or facilities
which can be used in securing or developing industry ; and
WHEREAS , the City has heretofore issued its Industrial
Development Revenue Bonds - Hackney Project , Series 1977 , in the
principal amount of $ 1 , 200 , 000 , and its Industrial Development
Revenue Bonds - Hackney Project , Series 1979 , in the principal
amount of $ 100 , 000 pursuant to ordinances of the City and a
Trust Indenture dated as of October 1 , 1977 , as supplemented by
a First Supplemental Trust Indenture dated as of October 1 , 1979
for the purpose of financing the acquiring , constructing ,
equipping and expansion of a manufacturing plant at the City
( the " Plant " ) and has leased the Plant pursuant to a Lease and
Agreement between the City and Hackney Bros . Body Company , a
North Carolina corporation ( the " Company " ) , dated as of
October 1 , 1977 as supplemented by a First Supplemental Lease
and Agreement dated as of October 1 , 1979 ; and
WHEREAS , it is proposed that the City provide
permanent financing , through the issuance of revenue bonds under
the Act , of the costs of acquiring , constructing and equipping
an expansion to the Plant consisting of lands , buildings ,
improvements , machinery , equipment and facilities ( the
" Project " ) and that the City lease the Project to the Company ;
and
WHEREAS , pursuant to and in accordance with the
provisions of the Act , the City is now prepared to proceed with
LIBER 1162 PAGE `'52
the issuance and sale of $ 700 , 000 in principal amount of its
Industrial Development Revenue Bonds - Hackney Project , Series
1985 ( the " Bonds " ) , to provide such financing ; and
WHEREAS , copies of the hereinafter described Second
Supplemental Trust Indenture and Second Supplemental Lease and
Agreement have been presented to and are before this meeting ;
NOW , THEREFORE , BE IT ORDAINED by the Board of
Directors of the City of Fayetteville , Arkansas :
Section 1 . That the issuance of the Bonds is hereby
approved to finance the following Project :
( a ) The Project to be financed is the construction of
approximately 23 , 000 square feet of manufacturing space ,
necessary aprons around the building , movement and installation
of Plant machinery and equipment , in addition to parking space
and related facilities , for the manufacture of refrigerated
truck bodies .
( b ) The maximum aggregate face amount of Bonds to be
issued with respect to the Project is $ 700 , 000 .
( c ) The initial owner and/or operator of the Project
will be the Company . The Project will be owned by the City and
leased to the Company for lease rentals sufficient to provide
for the payment of the principal of , premium , if any , and
interest on the Bonds , as due .
( d ) The proposed location of the Project is at 2364
Armstrong Avenue , Fayetteville , Arkansas 72701 .
Section 2 . That the issuance of the Bonds is hereby
authorized . The Bonds shall be issued in the forms and
denominations , shall be dated , shall be numbered , shall mature
( over a period not to exceed thirty ( 30 ) years ) , shall bear
interest and shall be subject to redemption prior to maturity
all upon the terms and conditions recommended by the Company and
to be set forth in the First Supplemental Trust Indenture
( hereinafter authorized ) securing the Bonds .
Section 3 . That the Bonds be sold to First Union
National Bank , Charlotte , North Carolina ( the " Purchaser " ) , for
the purchase price recommended by the Company .
Section 4 . That to prescribe the terms and conditions
upon which the Bonds are to be executed , authenticated , issued ,
accepted , held and secured , the Mayor is hereby authorized and
directed to execute and acknowledge a Second Supplemental Trust
EIBER116&E353
Indenture by and between the City and First Union National Bank ,
Charlotte , North Carolina , as Trustees , dated as of December 1 ,
1985 ( the " Second Supplemental Indenture " ) , and the City Clerk
is hereby authorized and directed to execute and acknowledge the
Second Supplemental Indenture and to affix the . seal of the City
thereto , and the Mayor and City Clerk are hereby authorized and
directed to cause the Second Supplemental Indenture to be
accepted , executed and acknowledged by the Trustee . The Second
Supplemental Indenture is hereby approved in substantially the
form submitted to this meeting , and the Mayor is hereby
authorized to confer with the Trustee , the Company and the
Purchaser in order to complete the Second Supplemental Indenture
in substantially the form submitted to this meeting with such
changes as shall be approved by such persons executing the
document , their execution to constitute conclusive evidence of
such approval .
Section 5 . That there be , and there is hereby
authorized the execution and delivery of a Second Supplemental
Lease and Agreement by and between the City and the Company ( the
" Second Supplemental Lease Agreement " ) , and the Mayor and City
Clerk be , and they are hereby , authorized to execute ,
acknowledge and deliver the Second Supplemental Lease Agreement
for and on behalf of the City . The Second Supplemental Lease
Agreement is hereby approved in substantially the form submitted
to this meeting , and the Mayor is hereby authorized to confer
with the Company , the Trustee and the Purchaser in order to
complete the Second Supplemental Lease Agreement in
substantially the form submitted to this meeting with such
changes as shall be approved by such persons executing the
document , their execution to constitute conclusive evidence of
such approval .
Section 6 . That the Mayor and City Clerk , for and on
behalf of the City , be , and they are hereby , authorized and
directed to do any and all things necessary to effect the
execution and delivery of the Second Supplemental Lease
Agreement , the performance of any obligations of the City under
the Second Supplemental Lease Agreement , the execution and
delivery of the Second Supplemental Indenture , the performance
of all obligations of the City under and pursuant to the Second
Supplemental Indenture , the issuance , execution , sale and
delivery of the Bonds , and the performance of all acts of
whatever nature necessary to effect and carry out the authority
conferred by this Ordinance . That the Mayor and City Clerk be ,
and they are hereby , further authorized and directed , for and on
behalf of the City , to execute all papers , documents ,
certificates and other instruments that may be required for the
carrying out of such authority or to evidence the exercise
thereof .
LI8fR116? PAGE 3ra4
CERTIFICATE
The undersigned , City Clerk of the City of
Fayetteville , Arkansas , hereby certifies that the foregoing
pages are a true and perfect copy of Ordinance No . 3151
adopted at a regular session of the Board of Directors of the
City of Fayetteville , Arkansas , held at the regular meeting
place in the City at 7 : 30 o ' clock p . m . , on the 19th day of
November , 1985 , and that the Ordinance is of record in Ordinance
Record Book No . X4I1I at page Y67 , now in my possession .
GIVEN under my hand and seal on this 19th day of
vember , 1985 .
"
CLR'rIFICATE 017 RECORD
'r=ate of Arkansas SS
CERTIFICATE OF RECORD I.ty of i'a\7ctt0v;1!0 �
Susanne C. Keane ly, City Clerk and
STATE OF ARKANSAS ISS. . -
w:zsl,ington county I Officio recorder for the City of Fayetteville,
I, Aima L. Kollmeyer, circuit Clerk and Ex-Officlo Recorder for, do hereby certify that the a:iu^xed or fore-
Washington county, do hereby certify that the annexed or fore4 „f,ia,, is of record in my office and the same ap-
going itrument was filed f r r cortdd in myyQffice on the ( day pears in Ordinance `& Resolution book
of ' 19_ 6 caeA—M, and the is xx r f f at page Y1 Witness m ;.
1 etpage- _I— Y�-
duly recorded in day of
Witness my hand and seal thi day of 19's hand and seal this 1 ,.day
_
Circuit clerk and
Ex-Offic'a Recorded City l Tl:
BY E" •l lrt
r;onnty rlrrk
LIBER 1162 PAGE 356
rooutnej ' UOCuilon to constifUtWbCon
etlo.Sa- • - clusive.evidence of such ap-
I Trust oval
Id sup- S. That -there be,
S and ah0. �tne�re ,if hereby
2 e�. Norfhwesl Ah pros- aW - zeC the execution and
fYETTEVILLE. ARKANTASR-e•tms Qe .1 cry. of a second Sup.
plant
Lease and
E�'�� tE; BE Agreement by and ,between
1 Board ine City and the, Company STATE of ARKANSAS
bntinued from page 11 City of (ton "Second Supplemental } as.
Kufion to constitute con- 'd: Leese Agreamant"), antl the J
,sive evidence Of Such ap- the Is-'. Mayor and CIN 'Clerk be, County of Washington
Jval. pasr is and, Chert . are, . nereby ,
;action S. That there he, Ilnence e`utnorliatl to ,execute, , ac' .
Id there IS hereby . knowledge' andjdellver •no`I /� ^ �) / -
thorizedtheexecutionand I be IF Second Supplemental; Leas) I ,(/L (.(,n p/S�f��t,•�-L✓LCa' hereby certify that I
livery of a Second Sup• Gilon W ' Agreement for;ana on behad
ement • I Lease and d4°are of. the City. The Second sup- am the publisher of NORTHWEST ARKAN TIMES, adallynewspaper
reement by and between 'space, vl'emental Lease Agreement having a second class mailing privilege, and being not less than four pages of
i City and the Company nd the Is hereby approved ,In
te p ntl tri- substantially the form sub- five columns each, published at a fixed place of business and at a fixed (dally)
a "Second If achin• mlfted to inls meeting, and ' intervals continuously In the City of Fayetteville, County of Washington, Arkansas
ex Agreement"),City
the addl- the . Mayor• Is hereby
Igor and city Clerk be, for more than a period of twelve months, circulated and distributed from an
h they en hereby , °' On° ' Complzedy, the Tru t", and L
rnor[zea to execute, ac r me Company, the trustee, ane , established place of business to subscribers and readers generally of all classes
ow[edge and deliver the rated the , Purchaser .In , order to In the City and County for a definite price for each copy, or a fixed price per
cone supplemental Lease complete the saaontl . sup annum, which price was fixed at what Is considered the value of the publication,
reement for and on behalf ag- plemeMal Lease Agreement
the City. The Second Sup- ^t Of , In iubatannany me. forml based uponthenews valueand service value it contains, that at least fifty percent
(mental Lease Agreement with submitted ro this , maetingi of the subscribers thereto have paid cash for their subscriptions to the newspaper
hereby approved in t h w[th;,sach changes,as Shall
ist■nnaur the form sub• be:approved by own persons or Its agents or through recognized news dealers over a period of at least six
ttetl ro this meeting, and Wand/ execu'Ing the aocumem• , months; and that the said newspaper publishes an average of more than forty
e Mayor Is Hereby rolett . their execution to constitute percent news matter.
IMrlmd to confer with the � The approval.
1. aviMnce a such
mpanY. the Trust" and by the approval.
t Purchaser in order Ao I coon- Section e. Thai ion Mayor I I further certify that the legal notice hereto attached in the matter of
plplete the Second Sup- �v@I- - and City Clerk; for and on
(mental LNse Agreement Ie pay- behalf W the City, he, and
I substantially the form tal Of, they, are hereby, authorized ,7 � �
)mltted to this meeting I Inter- and directed to do any and , GWJ'L QAC. QJLi / /� � 45
m such changes as shall pp
all things nacaaary ro effect +'—!
kation the execution and delivery of
approved 0 by sato persons . the Second Supplemental i
eluting the document, A z76a I was published In the regular daily issue of sold newspaper [or
is execution ro constitute aYet- f6royo Agreement the peel P g
provaw evidence W such ` of that it u any tDliSm of consecutive insertions as follows:
grovel, a Is. W the Ylly under the Second y
)Kian6.e Clerk,
Mayor tla a Supplemental. theeLease The first insertion on they � ) da of/ � 4J� 19
l City Clark, far and or The ethe a Laos Y --
pat W the City, be, and in the and delivery W the Sec°ndl
W are hereby, authorized . tions, Supplementatlndentun, thel the second Insertion on the day of 19
d directed to do any and loll be Rerfoimancs W . alt obllgs- I
thinganecessaff
rYtoeecfhature t1Wp of 1M City under andl
texecutionantldeliverY W [xceed ' A)ursuant to the Second Sup- ' the third Insertion on the day of 19
I Second Supplemental I on bear plemehtai. Indenture, tIs-
ase Agreement the per. bfect l Suance,• exeCWien, Nle and
mance W any obligations matu- • delivery of the Bonds# and i and the fourth insertion on the
the City under the SecondSand , the. ptxfwmanci W, all acts ,
' pplemental Lease ld by W whatever, nature naces-
rNment, ion execution set ' serY•fo effect and carry cull
o delivery W. the Second .Sup. theauthority conferred byl Q
pplemental Indenture, the enure this Cordlnana. Tont iMi worn t0 and subscribed before me On this cam_
rformance W all oblige. rized) Mayor and City Clerk M, I day Of
ns of the City under and and they are hereby, further �J
rsuant to the Second Sup. Bonds authorized and directed, fort
imental Indenture, the Is• In No- - and on behalf W. the City, to ,
once, execution, sale and ifoffe>_ execute all papers, docu- 1
livery W the Bonds, and " xe
Pur, marts, certificates and,
1 performance W all actsrchase = other Instruments that may ,
whatever nature neces- y the . be required for,ihe carrying i N ary Public
•y to enact and carry out out W such authority or rot
J authority cpl and ;nenferred by t to ` there&. a the exercise
a Ordin■ncer -That meed. i My Commission Expires:
iyod CRVY §'lerk be, th me Section 7. That Me City Is
r en
it they are hereby, further euted, hereby Involved with the ac- '
thorized and directed, for 1, ac• quiring, constructing and , _.. -L---..--- -.--
d an behalf W the City, to cured,Kut* all -gots blit gf'gdeyb{JpG(tfH�
Into, certificates andrad t0 ! WlA'.tuedWOD °Igl+ So I fiid
lm
ter Instruments that may idea a AaIOJd out to Jofgiado p _
required for the carrylnd 1pTwrust ' /pug Jeumo 10111111 cul 0) S 7�
I of such authority or to M Nen ; -000'oozs Fees for Printing
[dance the exercise I sl t0°IOJd auf of 10ods8J
troof• (kLotto, gylN, ponssl aq of spuog
;action 7. That the City Is Ftp' I to tunowe Sao# a+Peale Cost of Proof -- S
reby Involved with the ac- j A lees -ag wnwlxow awl (q) K
[ring, constructing and ental , 'saIPW yOnJi c=i /
Apping W industrial tacit- \City paleJaalJtaJ to °Jnaeinuaw Total _i S ----- -
H, and pursuant to ap- ' ized act Jol 1201PI1391 paf0lo! -
cable laws W the State W I and ' Jpue aoeds 0uplJgd 0f uoNlnere0t, and the issuance of
I the Bonds authorized hereby
klarior Including par- �� +wpPe 111 'ruew0lnba put AJe
y and the taking W the other
hirci ion Act, tom- - ulw0ew lugld {o uoN°ntlsuctiOn authorized herebyare
lection
n8. That
theed, I _ ' --ufpue tesuonaw •0ulpnnq
)action e. Tont authorized
City ' ` ■Vigils 6 uIjntm; a Aufjko k e41he accomplishing
necessary of
for
Irk tact a to
e I nMe of. I \ • 'a0gtls OWJnpainewixoj aaipU aC benefits
Of mese
d dlrectetl ro file in ion W �,', . auenbs ppp•cy Alalgwixo epuses ben 13, and ore,
e W the City Clerk, as a �3 to uojPnJisuo° ewi,sl;w3uiuposes. It is, therefore,
h W ion minutes W the - -itW o{ 10aleJd.-aV1; (F) Kde<lared that an emergency
a� 9 + exists and this Ordinance bo-
oting at which this Ordl- . [+ 'k- :W1ol 6ujNyWro1■Bl
tld3� ing necessary for the imme-
ace Is adopted, for Inspec• S�; aDueul/�pJ 9e�oJ dg9aJa1}diate preservanM W the
n by any Interested per- SCLC— 1 sl spuoBnteyf' to g0uensPublic peace, health and
I a copy W the Second Zl SI :a`uihrlgwl . tt,gtlf�aStt
loplemental Indenture and § sgsuexJyfatnnea&e --safety shall be in force and
:and Supplemental Lease O8 v{O�A11 4 Atm A t°afTertit passagealY upon and
reement and such docu- l 'Eul�4O3Ns PASSED: November 19,
nts Shelf be on Ills tar In. - 1995•
APPROVED:
Paul R. Noland
Mayor
ATTEST:
Suzanne C. Kennedy
ity Clerk
SEAL)
ORDINANCE NO. 2151 — neremarter described Sao rausnve evidence or sucn so.
A NO R O 1 N A N C E icon Supplemental Trust pra�al.
AUTHORIZING THE'. IS• ' : Indenture and Second Sup -Section S. That mere be,
SUANCE OF INDUSTRIAL - elemental Lease and and. ,there Is hereby
DEVELOPMENT ; REVE- Agreemenif have been prem . authorized the execution and
71UE' ' BONDS FOR THE . tinted to add are betore:tnis delivery of a Second Sup.
PURPOSE OF PROVIDING meeting' -' plemental Lease and
FINANCING FOR INDUS NOW: THEREFORE, BE Agreement by and between
-. IT ORDAINED by the Board the City and the Company STATE of ARKANSAS l
TRIAL f=A C P L I T I E 5 ; , of DireatOcs of the ,City of (in* "Second Supplemental Be
AUTHORIZING A SECOND . Fayatevill@@,, Arkansas: Lease Agreement"), and the 1
SUPPLEMENTAL TRUST Section t. That : the is. Mayor and City Clerk be, County Of Washington
INDENTURE SECURING suance of .the Bonds is and they are hereby ,
THE BONDS; AUTHORIZ hereby approved to finance authorized to execute, ac
ING A SECOND SUP- thefbllowina Protect: knowledge and deliver - th -
PLEMENTAL LEASE AND . Supplemental Least
AGREEMENT BETWEEN 11
(a) The Project to be fi. Second hereby certify that I
THE CITY OF FAYET ndnc*d is the construction of Agreement for and on behalf
TEVILLE, ARKANSAS, As approximately 73,000 square of the City. The Second sup. am the publisher of T NORTHWEST ARKANSAS TIMES, a daily newspaper
LESSOR, AND HACKNEY feet of manufacturing space, plemental Lease Agreement having a second class mailing privilege, and being not less than tour pages of
BROS. BODY COMPANY necessary aprons around the Is hereby approved in
AS LESSEE; AUTHORIZ- building; movement and In- substantially the form sub ' flue columns each, published at a fixed place of business and at a fixed (dally)
LNG THE SALE OF THE stallatlon of Plant machin. milted to this meeting, and ' intervals Continuously in the City of Fayetteville, County of Washington, Arkansas
BONDS IN CONNECTION ery and epulpment, In addl- the Mayor Is hereby for more than a period of twelve months, circulated and distributed from an
tion to parking space and authorized to confer with the
THEREWITH; AUTHORIZ-ON
' related facilities, for the Company, the Trustee and established place of business to subscribers and readers generally of all classes
ING AND PRESCRIBING
OTHER MATTERS RINGPER manufacture of refrigerated the Purchaser In order to in the City and County for a definite price for each copy, or a fixed price per
truck bodies: complete the Second Sup.
-TAINING THERETO; AND (b) The maximum ag - plemental Loam Agreement annum, which price was fixed at what 1s considered the value of the publication,
D E C L A R IN G A N gregate face amount of In substantially The form based upon the news value and service value it contains, that at least fiftypercent
EMERGENCY. Bonds to be Issued with submitted to this meeting
WHEREAS, the City of ; respocr to me Protect Is wffn wen changed. as sneu . of the subscribers thereto have paid cash for their subscriptions to the newspaper
Fayetteville, Arkansas (fns $700,000, be approved by swti persons or Its agents or through recognized news dealers over a period of at least six
"City"). Is authorized and (c) The Initial owner and/ executing the document, months; and that the said newspaper publishes an average of more than forty
empowered under the pmvl- or operator of the Prolect their execution to constitute
sfons of Act No. 9of the First .will be the Company. The conclusive evidence of "In percent news matter.
Extraordinary Session of the , Protect will be owned by the approval.
-Sixty - second General i City and leased to the Com. Section 6. That the Mayor
'Assembly of the State of _may for (ease-rentali;Evft1 and City Clerk, for and on 1 further certify that the legal notice hereto attached in the matter of
,Arkansas , approved . tient to provide for the pay- behalf of the CITY, be, and
-January 21, 1960, as amend ' m*nt of theprincipal of, they aro hereby, authorized -
a0 (the "Act"), to issue rev. premium, if any, and Inter and directed to do any and
*nue bonds and to expend to,
est on the Bonds, as due. all things neCOssaryto effectK'
the proceeds thereof to fl- i (d) The proposed location the execution and delivery of
-nance the acquisition, cone 'ot the Prolecl- is at 23" the Second Supplemental /
structlon and equipment of , Armstrong Avenue, FayeF Lease AgrNmenl, the par- was published In the regular daily issue of said newspaper for
'lend, buildings or facilities - teville, Arkansas 72701. foimence of any obligations consecutive insertions as follows:
which can be used in secur. Section 2. That the is. of the City under the Second f
'Ing or developing industry: suance of the Bonds is Supplemental Lease, �/ '7 1 ` ( C
'and hereby authorized. The Agreement, the execution The first insertion on they, 1'% " „ day of ��"6( r
WHEREAS, the City nes ' Bons shall be Issued in the and delivery of the Second `
trial Development
Issued Its Indus- forms and denominations, SuDplemenlal Indenture, the
Sondstrial Development Revenue shall be `dated, shall be Performance of all obllga- the second insertion On the day Of 19
Series � Hackney Project, numbered, � small mature Tions of the City under and
Series 1977, ,2 the 0,principalIts (over a period hot to exceed : •pursuant to the Second Sup
amount of $1,Deve0, and its thirty (30) years), shall bear plemental Indenture, the is- the third insertion on the day o[ 19
Re enue B ds - Hackney
interest and shall be subject suance, execution, sale and
Revenue Bonds - Hackney to redemption prior to matu- delivery of the Bonds, and
Protect Series 1979, in the rity all upon the terms and , the performance of all acts and the fourth insertion on the d y Of
Principal amount of nces of conditions recommended by of whatever nature hetes.
pursuant t0 Trust In of the Company and to beset nary to effect and carry out
the Clay and a Trust leen. forth In The First Sup the authority conferred by
1977 dated supplemented
of October 1, - •)
plemental Trust_ Inoenture this Ordinance- Cl at The
1977, as supplemented by a Sworn to and subscribed before me on this
Indenture
Supplemental as Trust ' Securi gther auihorizetl) Mayor and her Clerk de, day Of
tooer 1, 1 dated a Of pOc.urpose
Securing tlo ane Bonds. and they are hereby, further
ocher 1, 1979 for the purpose ' Section 3. Th First Union
Bonds and on etl and nllteC01 for ! (. ( � i, f.i ( � 9�' , )of financing the acquiring, ti sod to Bank,
C ani Na'- entl ut all of the Clty, u. ,l
constructing, equipping and tionel Bank. (the
execute all papers, decd
North Carolina (the "Pur-, monis, certificates and
ing plant
ofd a City dun �' ' ✓tom.. ��
MO Plant at the City (the chaser"), /or The purchase Other Instruments that may
"Plant") and has leased the price recommended by the be required for the carrying \ ary Public
Plant pursuant to a Lease Company. Out of such authority or t0
and Agreement between the Section z . That to - evidence the exercise
City and Hackney Bros. prescribe the terms and thereof. My Commission Expires:
conditioupon which the Section 7. That the City Is
'BOtlY Company, a Nobe n Bontls are t0 be executed, hereby involved with the ac-
Carolina corporation (the . !(
"Company'), dated as of coolauthed,
ldIssued, ed, quirequipping
constructingndtral and -- .._—___. _ .. . .._ _—._.—___—_
October 1, 1977 as sup. cePfetl, neo and secured, equipping o1 Industrial ap.
plemented by a First Sup the Mayor Is hereby -, Itles, and pursuant to ap
plemental Lease and authorized and directed to Dllcable laws of the State of
Agreement dated as of Oc- execute and acknowledge a Arkansas, Including par-
tober1, 1979; and Second Supplemental Trust ' _ titularly the Act, cpm-
WHEREAS, It la proposed Indenture by and between - petitive bidding is waived. Fars for Printing
that the City provide per-. the City and First Union Na- ' Section e. That the City
mann. financing, through tionel Bank, Charlotte, - Clerk Is hereby authorized
the Issuance of revenue North Carolina, as Trustees, - and directed toflle In the of- Cost of Prmf
bons under the Act, of the dated as of December 1, 1985 fice of the City Clerk, as a
costs of acquiring, construe (the "Second Supplemental part of the minutes Of the
ting and equipping an ex- Indenture'), and the City : rneeting at whlch, thls Ordi- Total
pension to the Plant con. Clerk is hereby authorized '^ante is adopted, for inspec.
sisting of lens, buildings, and dlrected to execute and tion by any Interested par- tnereot, and the issuance of
Improvements, machinery, acknowledge the Second son, a' copy of the Second the Bonds authorized hereby
equipment and facilities Supplemental Indenture and Supplemental Indenture and and the taking of the other
(the "Project') and that the to affix the Mal of the City_ Second Supplemental Lease action authorized hereby are
City lease the Project to the (thereto, and the Mayor and Agreement an such docu- Immediately necessary for
Company; end •City Clerk are hereby - monis shall be on file for In. the accomplishing of these
WHEREAS, pursuant to ,authorized and directed to spectlon by any Interested public benefits and our-
and -in accordance with Ina cause the Second Sup- person. poses. It IS, therefore,
provisions of the Act, the Cl- plemental Indenture to be Section 9. That the law declared that an emergency
ry is now prepared to pro. accept", executed and ac. - firm of Friday, Eldredge L exists and this Ordinance be-
eeed with the Issuance and : knowledged by the Trust": Clark, Little Rock, - Arkan- ing necessary for the Imme.
sale of $700,000 In principal The Second Supplemental ses, be.appointod to act as diate preservation of the
amount of its Industrial De. Indenture is hereby approV. Bond Counsel on - behalf of public peace, health and
velopment Revenue Bonds - ed in substantially the form the City in connection with safety shall be in force and
Hackney Project, Series submitted to this me4ting, the Issuance and saloofthe effect Immediately upon and
1984 (the "Bonds"), to pro. end the Mayor Is hereby Bons. after its passage.
vide such f financing; and authorized to comer with the Section 10. That the provi. PASSED: November 19,
Trustee, the Company an sions of this Orelfilance .are 1985.
the Purchaser In order to hereby doctored to be sspe- APPROVED:
complete the Second Sup- table,. and if any secrioa, Paul R. Nolan
plemental Indenture In phrase air provision shall for. Mayor
substantially the form sub- any reason be declared to be.ATTEST :
mitted to this meeting with - Invalid, such % declaration• Suzanne C. Kennedy
such changes as shall be ap- shall not affect the validity City Clerk
proved by such persons ex- of the remainder of the sac- (SEAL)
ecuting the document. Tndr tions, phrases an proirl-
6ritinwHf on page'T7 aid".
Section 11. That all ordi-
notices, resolutions and
parts thereof In conflict
herewith are hereby repeal-
ed to the extent of such con-
flict.
Stolon 12. That there Is
hereby found an declared
to be an Immediate need for
' the securing and developing
of industry In order to pro-
vide employment and
payrolls , alleviate
unemployment and Other-
wise benefit the public
health, Safety and welfare of
The City and the inhabitants
Section 7 . That the City is hereby involved with the
acquiring , constructing and equipping of industrial facilities ,
and pursuant to applicable laws of the State of Arkansas ,
including particularly the Act , competitive bidding is waived .
Section 8 . That the City Clerk is hereby authorized
and directed to file in the office of the City Clerk , as a part
of the minutes of the meeting at which this Ordinance is
adopted , for inspection by any interested person a copy of the
Second Supplemental Indenture and Second Supplemental Lease
Agreement and such documents shall be on file for inspection by
any interested person .
Section 9 . That the law firm of Friday , Eldredge &
Clark , Little Rock , Arkansas , be appointed to act as Bond
Counsel on behalf of the City in connection with the issuance
and sale of the Bonds .
Section 10 . 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 11 . That all ordinances , resolutions and
parts thereof in conflict herewith are hereby repealed to the
extent of such conflict .
Section 12 . That there is hereby found and declared
to be an immediate need for the securing and developing of
industry in order to provide employment and payrolls , alleviate
unemployment and otherwise benefit 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 immediate preservation of the public
peace , health and safety shall be in force and effect
immediately upon and after its passage .
PASSED : November 19 1985 .
/ , PPC
ATTEST- �-
, r i . 1.
1 A
Mayor
¢ C {yy Jerk
CVt-INV uafR1162rAc� 35
Ay`