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RESOLUTION NO. 453 ( #11 -92)
A RESOLUTION AUTHORIZING A FIRST SUPPLEMENTAL LOAN AGREEMENT
AND A FIRST SUPPLEMENTAL TRUST INDENTURE WITH RESPECT TO
INDUSTRIAL DEVELOPMENT REVENUE BONDS OF THE CITY; AND,
PRESCRIBING OTHER MATTERS RELATING THERETO.
WHEREAS, the City of Jacksonville, Arkansas (the
"City "), has issued its Convertible Rate Demand Bonds (Regal
Ware Project), Series 1985, dated August 30, 1985 (the
"Bonds "), which Bonds are not general obligations of the City
but are revenue bonds, secured by a mortgage lien on and
security interest in the facilities financed by the Bonds, as
set forth in a Loan Agreement between the City and Regal
Ware, Inc., dated as of August 1, 1985 (the "Original Loan
Agreement "), and a Trust Indenture between the City and
LaSalle National Bank, Chicago, Illinois, dated as of August
1, 1985 (the "Original Indenture "); and,
WHEREAS, the Bonds are additionally secured by a letter
of credit and a "Liquidity Facility" written by Canadian
Imperial Bank of Commerce; and,
WHEREAS, provision was made in the Original Loan
Agreement and the Original Indenture for the obtaining of an
"Alternate Credit Facility" and an "Alternate Liquidity
Facility ", as defined therein; and,
WHEREAS, the Company has taken steps to obtain an
Alternate Credit Facility and an Alternate Liquidity
Facility, and it is appropriate that the Original Loan
Agreement and the Original Indenture be supplemented and
amended for that purpose; and,
WHEREAS, copies of the First Supplemental Loan Agreement
and the First Supplemental Trust Indenture have been pre -
sented to and are before the meeting as which this Resolution
is addressed.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF JACKSONVILLE, ARKANSAS, THAT:
SECTION ONE: The First Supplemental Loan Agreement and
the First Supplemental Trust Indenture are hereby approved in
substantially the form presented, and the Mayor of the City
is authorized and directed to execute and deliver the First
Supplemental Loan Agreement and the First Supplemental Trust
Indenture on behalf of the City, with such insubstantial
changes as he may approve, his signature to constitute
conclusive proof of such approval. The City Clerk of the
City is authorized to attest the signature of the Mayor and
to take such action as may be appropriate into the consumma-
tion of the purposes of this Resolution.
SECTION TWO: The Mayor and City Clerk of the City are
authorized to execute such documents and writings and to take
such other action as may be appropriate to the execution and
delivery of the First Supplemental Loan Agreement and the
First Supplemental Trust Indenture, to the consummation of
the transactions contemplated thereby and to the accomplish-
ment to the purposes of this Resolution.
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SECTION THREE: This Resolution shall be in force upon
its adoption and approval.
SECTION FOUR: The provisions of this Resolution are
severable. If any provision of this Resolution shall be held
to be invalid or to be inapplicable to any person or circum-
stance, such holdings shall not affect the validity or
applicability of the remainder hereof.
APPROVED AND ADOPTED THIS THIRD DAY OF SEPTEMBER, 1992.
CITY OF JACKSONVILLE, ARKANSAS
—1
BY: IS • AO • i _.••
TOMMY SWAIM, MA OR
ATTEST:
• �, A .�l . Ii di
LULA M. LEONART CITY CLERK
e
ROBE' E. BAMBURG6 TY AT'T •Y
CRRTTFTCATR
The undersigned, City Clerk of the City of Jacksonville,
Arkansas (the "City "), hereby certifies that the foregoing is
a true and compared copy of a Resolution passed at a regular
session of the City Council of the City, held at the regular
meeting place of the Council at seven o'clock p.m., on the
third day of September, 1992.
LULA M. LEONARD, CITY CLERK