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HomeMy WebLinkAbout848*%w low ORDINANCE NO. 848 AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER 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, FOR THE PURPOSE OF PROVIDING PERMA- NENT FINANCING OF THE COSTS OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE SECURING THE BONDS AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING TO THE INDUSTRIAL PROJECT, THE CONSTRUCTING THEREOF AND THE FINANCING THEREOF; AND DECLARING AN EMERGENCY. WHEREAS, the City of Batesville, Arkansas (the "City") , is authorized by 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 ("Act No. 9") , to acquire machinery, equipment and facilities and to incur other costs and expenses and make other expenditures incidental to and for implementing and accomplishing the conduct of manufacturing operations; and WHEREAS, the City is authorized by Act No. 9 to issue Industrial Development Revenue Bonds payable from revenues derived from the Industrial Project so acquired, constructed and equipped and secured by a lien thereon and security interest therein; and WHEREAS, the necessary arrangements have been made with The General Tire & Rubber Company, an Ohio corporation ("General Tire" or "Company"), whereby General Tire is acquiring, constructing and equipping an industrial plant, and certain machinery, equipment and facilities, necessary for the operation thereof (the "Project") is being acquired and installed therein and will be owned by the City and sold to General Tire pursuant to the terms of a Sale Agreement subsequently identified herein and referred to as the "Sale Agreement"; and WHEREAS, permanent financing of'the costs of acquiring and installing the Project and the expenses of authorizing and issuing bonds, is being furnished by the City issuing Industrial Development Revenue Bonds under the provisions of Act No. 9 in the principal amount of One Million Dollars ($1,000,000) (the "bonds"); and WHEREAS, the bonds will be dated, bear interest, mature and be sub - jest to redemption as hereinafter set forth in the form of Indenture authorized by this Ordinance; NOW, THEREFORE, BE IT ORDAINED BY THE City Council of the City of Batesville, Arkansas: Section I. That there be and there is hereby authorized and directed the following: (a) The sale of the Bonds; (b) The acquisition and installation of the Project, and in connection therewith, the execution of contracts and purchase orders or the acceptance of an assign- ment of contracts and purchase orders previously executed by General Tire, for the acquisition and installation of the Project; and (c) The performance of all obligations of the City under the Sale Agreement pertaining to the acquisition and installation and sale of the Project and the performance of all obligations of the City under the contracts and purchase orders referred to in (b) above. Section 2. That Industrial Development Revenue Bonds of the City under Act No. 9 in the principal amount of $1,000,000 are hereby authorized. To prescribe the terms and conditions upon which the Bonds are to be secured, executed, authenticated, accepted and held, the Mayor is hereby authorized and directed to execute and acknowledge a Trust Indenture (the "Indenture"), and the City Clerk is hereby authorized and directed to execute and acknowledge 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. The Indenture, which constitutes and is hereby made a part of this Ordinance, shall be in substantially the following form, to -wit: Section 3. 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 of the Indenture, its execution and acceptance by the Trustee, the performance of all obligations of the City under and pursuant to the hidenture, the execution and delivery of the Bonds, the execution and delivery of an Official Statement or Official Circular, and the performance of all acts of whatever nature necessary to effect and carry out the authority conferred by the Indenture and by this Ordinance. That the Mayor and the 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 existence thereof. Section 4. That the City is here involved with the acquisition and installation of complex industrial facilities, requiring highly specialized work, and, therefore, competitive bidding is waived. This action is taken by the City Council pursuant to applicable laws of the State of Arkansas, including particularly Act No. 9. Section 5. That the pfovisions of this Ordinance are hereby declared to be severable, and if any section, phrase or provision shall fr)r any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases and provisions. Section 6. That all ordinances, resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 7. 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 health, safety and welfare shall be in force and effect immediately upon and after its passage. PASSED: 1975. APPROVED: Mayor ATTEST: City Clerk (SEAL) 4'"" +.r+ CERTIFICATE • The undersigned, City Clerk of Batesville, Arkansas, hereby certifies that the foregoing pages are a true, correct and compared copy of Ordinance No. of the City of Batesville, Arkansas, passed at a . session of the City Council of Batesville, Arkansas, held at the regular meeting place of the Council at o'clock , m. , on the day of , 1975, and that the Ordinance is of record in Ordinance Record Book No. at Page now in my possession. GIVEN under my hand and the seal of the City this day of , 1975. (SEAL) City Clerk mom OOM EXCERPTS FROM MINUTES OF A MEETING OF THE BATESVILLE , ARKANSAS APRIL 22 CITY COUNCIL HELD , 1975 The City Council of the City of Batesville Arkansas met in REGIMAR session at its regular meeting place in Batesville , Arkansas at 7:Q0 o'clock _�.m., on the 22 day of APRIL 1975 The following were present: Mayor PEYTON GOLDEN City Clerk MkP77T P. SN'TTH , and Aldermen A. J. BECMAN .► NOEL BONE, JOT-- I)AVIES, ROYCE *LASH, JIM SH MRILL, SETH WII LETS, LYTRT WILT IAR'S, STAN WOOD, M Absent: "TO^TE The Mayor stated that consideration should be given to an ordinance authorizing the issuance of Industrial Development Revenue Bonds under Act No. 9 authorizing the execution and delivery of a Trust Indenture and related matters This was a matter with which the Council was familiar and after a discussion, Alderman NOEL BOND, introduced an ordinance entitled: AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER 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, FOR THE PURPOSE OF PROVIDING PERMA- NENT FINANCING OF THE COSTS OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE SECURING THE BONDS j AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING TO THE INDUSTRIAL PROJECT, THE CONSTRUCTING THEREOF AND THE FINANCING THEREOF; AND DECLARING AN EMERGENCY, and the City VMWAYOR GOTDT'fead the ordinance in full. n cm Page 2 _"Oe Alderman A. J. RFGTYAN seconded by Alderman SETii Td- I LETS , moved that the rule requiring the reading of an ordinance or resolution in full on three different days be suspended and that the ordinance be placed on its second reading. The Mayor put the question on the adoption of the motion and the roll being called, the following voted aye: ALL VOTFD FOR '%W and the following voted nay: NONE Thereupon the Mayor declared that at least two-thirds of all members of the Council having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was then read by the City (T_I c MAYOR GOI,�)E i Alderman STAN WOOD, JR. seconded by_Alderman UGHN DAVTFS then moved that the rule requiring the reading of an ordinance in full on three different days be further suspended anal that the ordinance be placed on its third reading. The Mayor put the question on the adoption of the motion and the roll being called the following voted aye: ALL VOTED FOR and the following voted nay: rd�TTF The Mayor declared that at least two-thirds of all members elected to the Council having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was then read by the City MAYOR GOIDEN . Page 3 Alderman JOHNT DAITIES , seconded by Alderman NOEL SNE , moved that the ordinance be adopted. The question was put by the Mayor on the adoption of the motion and the roll being called, the following voted aye: ALL VOmFT` FOR ON ROLL kLL and the following voted nay: NONE Alderman _ A.J. BECIa!AN seconded by Alderman BOYCE N:kSTI moved that Section 7 the emergency clause, be adopted, and on roll call the following voted aye: ALT HOME) FOR. and the following voted nay: NONr The Mayor thereupon declared the ordinance and the emergency clause adopted and signed the ordinance, which was attested by the City Clerk and impressed with the seal of the City. The ordinance was given No. P48 (Matters not relating to the issuance of Industrial Development Revenue Bonds under Act No. 9 and related matters are omitted.) There being no further business, the Council adjourned. Mayor ATTEST: City Clerk (SEAL) EM CERTIFICATE The undersigned, City Clerk of Batesville , Arkansas, hereby certifies that the foregoing pages numbered 1 to 3, inclusive, are a true and correct copy of excerpts of the minutes of a meeting of the City Council of the City of Batesville , Arkansas, at a RM, 7LAP session held at the regular meeting place of the Council in said City at 7: P . M. on APRIL 22 19 75 , and the time and place of the meeting was furnished to each person who made a request therefor in accordance with the provisions of Act No. 63 of the Acts of Arkansas of 1967. CERTIFIED this 23, day of APRIL , 19 75 (SEAL) IM CITY CLERK EXCERPTS FROM MINUTES OF A MEETING OF THE BATESVILLE, ARKANSAS CITY COUNCIL HELD , 1975 The City Council of the City of Batesville Arkansas met in session at its regular meeting place in Batesville Arkansas at o'clock .m., on the day of 1975 The following were present: Mayor - City Clerk and Aldermen Absent: The Mayor stated that consideration should be given to an ordinance authorizing the issuance of Industrial Development Revenue Bonds under Act No. 9 authorizing the execution and delivery of a Trust Indenture and related matters This was a matter with which the Council was familiar and after a discussion, Alderman introduced an ordinance entitled: AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER 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, FOR THE PURPOSE OF PROVIDING PERMA- NENT FINANCING OF THE COSTS OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE SECURING THE BONDS = AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING TO THE INDUSTRIAL PROJECT, THE CONSTRUCTING THEREOF AND THE FINANCING THEREOF; AND DECLARING AN EMERGENCY. and the, ! read the ordinance in full. OEM NOW VOW Page 2 Alderman seconded by Alderman , moved that the rule requiring the reading of an ordinance or resolution in full on three different days be suspended and that the ordinance be placed on its second reading. The Mayor put the question on the adoption of the motion and the roll being called, the following voted aye: r and the following voted nay: Thereupon the Mayor declared that at least two-thirds of all members of the Council having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was then read by the GAY Alderman x seconded by Alderman 1. c then moved that the rule requiring the reading of an ordinance in full on three different days be further suspended anti that the ordinance be placed on its third reading. The Mayor put the question on the adoption of the motion and the roll being called the following voted aye: `*Ago. 1 and the following voted nay: The Mayor declared that at least two-thirds of all members elected to the Council having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was then read by the k 'i: mcm 14rr -Wp+ Page 3 Alderman seconded by Alderman + moved that the ordinance be adopted. The question was put by the Mayor on the adoption of the motion and the roll being called, the following voted aye: 1 and the following voted nay: Alderman seconded by Alderman f moved that Section 7 the emergency clause, be adopted, and on roll call the following voted aye: and the following voted nay: The Mayor thereupon declared the ordinance and the emergency clause adopted and signed the ordinance, which was attested by the City Clerk and impressed with the seal of the City. The ordinance was given No. (Matters not relating to the issuance of Industrial Development Revenue Bonds under Act No. 9 and related matters are omitted.) There being no further business, the Council adjourned. Mayor ATTEST: City Clerk (SEAL) M W �.r CERTIFICATE The undersigned, City Clerk of Batesville Arkansas, hereby certifies that the foregoing pages numbered 1 to 3, inclusive, are a true and correct copy of excerpts of the minutes of a meeting of the City Council of the City of Batesville , Arkansas, at a session held at the regular meeting place of the Council in said City at ,m, on , 19 75 , and the time and place of the meeting was furnished to each person who made a request therefor in accordance with the provisions of Act No. 63 of the Acts of Arkansas of 1967. CERTIFIED this day of 19 75 (SEAL) CITY CLERK