0608
ORDINANCE NO. 6 0 8
AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS FOR THE PURPOSE OF PROVIDING
PERMANENT FINANCING FOR INDUSTRIAL FACILITIES; AUTH-
ORIZING A FIRST SUPPLEMENTAL TRUST INDENTURE SECURING
THE BONDS; AUTHORIZING A FIRST SUPPLEMENTAL LEASE
AND AGREEMENT BETWEEN THE CITY OF JACKSONVILLE,
ARKANSAS, AS LESSOR, AND STANDEX INTERNATIONAL
CORPORATION, AS LESSEE; AUTHORIZING THE SALE OF
THE BONDS; AUTHORIZING AND PRESCRIBING OTHER MATTERS
PERTAINING THERETO; AND DECLARING AN EMERGENCY.
WHEREAS, the City of Jacksonville, Arkansas (the IICity),
is authorized and empowered under the provisions of Act No.9 of
the Fir~t 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 - Standex Project, Series 1978, in the
principal amount of $980,000 (the "Series 1978 Bondsll), secured
by a Trust Indenture dated as of April 1, 1978, by and between the
City and The First National Bank in Little Rock, Little Rock,
Arkansas, as Trustee; and
WHEREAS, the Series 1978 Bonds were issued for the purpose
of financing the costs of acquiring, constructing and equipping an
expansion to an industrial plant at the City (the IIPlantll), which
is being leased to and is operated by Standex International Corpora-
tion, ci. Delaware corporation (the "Companyll), pursuant to a Lease
and Agreement dated as of April 1,1978, by and between the City
and the Company; and
WHEREAS, it is proposed that the City provide permanent
financing, through the i'ssuance of additional revenue bonds under
the Act, of the costs of acquiring, constructing and equipping
another expansion to the Plant (the !IProject"); and
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01.(.
ORDINANCE NO. 6 0 8
PAGE TWO
WHEREAS, pursuant to and in accordance with the provisions
of the Act, a public hearing has been held on this date before the
City Council on the question of the adoption of an ordinance
authorizing the issuance of $1 ,400,000 in aggregate principal amount
of revenue bonds under the Act, and after due consideration the
City is now prepared to proceed with financing the Project and to
issue and sell $1,400,000 in aggregate principal amount of its
Industrial Development Revenue Bonds - Standex Project, Series 1980
(the "Series 1980 Bonds"), to provide such financing; and
WHEREAS, copies of the hereinafter described First
Supplemental Trust Indenture and First Supplemental Lease and Agree-
ment have been presented to and are before this meeting;
NOW, THEREFORE, BE IT ORDAINED by the City Council of
the City of Jacksonville, Arkansas:
Section 1. That the issuance of the Series 1980 Bonds is
hereby authorized. The Series 1980 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 (at a rate or rates not to exceed ten percent (10%) per
annum), 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 securing the Series
1980 Bonds (hereinafter authorized).
Section 2. That the Series 1980 Bonds be sold to Stephens
Inc., L i ttl e Rock, Arkansas (the !'Purchaser"), for the purchase
price recommended by the Company.
Section 3. To prescribe the terms and conditions upon
which the Series 1980 Bonds are to be executed, authenticated, issued,
accepted, held and secured, the Mayor is hereby authorized and
directed to execute and acknowledge a First Supplemental Trust
Indenture by and between the City and The First National Bank in
Little Rock, Little Rock, Arkansas, as Trustee, dated as of the date
~ :\ ,~~ ;;~(~t11(" :'Bl.
',..; \'^' ~._.Y " . ,\I'....
ORDINANCE NO. 6 0 8
PAGE THREE
of the Series 1980 Bonds (the "First Supplemental Indenture"), and
the City Clerk is hereby authorized and directed to execute and
acknowledge the First Supplemental Indenture and to affix the seal
of the City thereto, and the Mayor and City Clerk are hereby autho-
rized and directed to cause the First Supplemental Indenture to
be accepted, executed and acknowledged by the Trustee. The First
Supplemental Indenture is hereby approved in substantially the form
submitted to this meeting, and the Mayor is hereby authorized to
confer with the Trustee and the Company in order to complete the
First 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 4. That there be, and there is hereby authorized
the execution and delivery of a First Supplemental Lease and
Agreement by and between the City as Lessor, and the Company as
Lessee (the "First Supplemental Lease Agreement"), and the Mayor
and City Clerk be, and they are hereby, authorized to execute,
acknowledge and deliver the First Supplemental Lease Agreement for
and on behalf of the City. The First Supplemental Lease Agreement
is hereby approved substantially in the form submitted to this
meeting, and the Mayor is hereby authorized to confer with the
Company and the Trustee in order to complete the First 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 apPY1oval.
Section 5. That there be, and there is hereby, authorized
the preparation and distribution to the Purchaser of the Series 1980
Bonds of an offici'al statement in the name of the City, describing
the City, the Series 1980 Bonds, the First Supplemental Indenture,
the First Supplemental Lease Agreement, and setting forth such
other information as may be determined to be necessary or desirable.
The Mayor is authorized to execute such document on behalf of the
City.
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~JJ
ORDINANCE NO.
608
PAGE FOUR
Section 6. That the Mayor and the 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 First Supplemental Lease Agreement and the
performance of all obligations of the City thereunder, the execution
and delivery of the First Supplemental Indenture and the performance
of all obligations of the City thereunder, the issuance, execution,
sale and delivery of the Series 1980 Bonds, the execution, delivery
and distribution of an official statement, 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.
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 patt of the
minutes of the meeting at which this Ordinance is adopted, for
inspection by any interested person a copy of the First Supplemental
Indenture and First 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, is hereby appointed to act as Bond Counsel
on behalf of the City in connection with the issuance and sale of
the Series 1980 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.
(.) ()(p2~,O
~1
ORDINANCE NO.
6 0 R
PAGE FIVE
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 continued and increased 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 Series 1980 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:
SEPTEMBER 18,
, 1 980 .
APPROVED:
~~y
Mayor ,,-
ATTEST:
f!h.~
- . City Cleflk
APPROVED AS TO FORM:
J( J- fu~
City Attorney
(SEAL)
(EMERGENCY CLAUSE AFFIXED, ORDINANCE EFFECTIVE IMMEDIATELY) NANCY GERREN CITY CLERK
U0021.