0486 La
RESOLUTION NO. 486 (# I - 96)
A RESOLUTION EXPRESSING SUPPORT OF THE FORMATION OF A NON - PROFIT
PRIVATE/PUBLIC FOUNDATION TO ENCOURAGE, PROMOTE, AND PURSUE ECONOMIC
AND INDUSTRIAL DEVELOPMENT FOR THE CITY OF JACKSONVILLE, ARKANSAS; AND,
FOR OTHER PURPOSES.
WHEREAS, FRANKLIN ELECTRIC COMPANY TRANSFERRED CERTAIN BUILDINGS AND REAL
PROPERTY TO THE CITY OF JACKSONVILLE, ARKANSAS, FOR BENEFIT TO FUTURE INDUSTRIAL
DEVELOPMENT AND ECONOMIC OPPORTUNITY FOR EMPLOYMENT OF LOCAL CITIZENS;
WHEREAS, THE CITY GRACIOUSLY APPRECIATES AND ACKNOWLEDGES THE INTENT AND
PURPOSE OF FRANKLIN ELECTRIC'S TRANSFER, AND HAS EXPRESSLY SET ASIDE THE REAL
PROPERTY AND SALE PROCEEDS FROM SAID PROPERTY FOR USE IN THE DEVELOPMENT OF
FUTURE INDUSTRIAL AND ECONOMIC DEVELOPMENT WITHIN THE CITY OF JACKSONVILLE, ARKANSAS;
WHEREAS, THE MAYOR AND CITY COUNCIL, TOGETHER WITH THE JACKSONVILLE CHAMBER
OF COMMERCE AND THE JACKSONVILLE COMMERCE CORPORATION, WISH TO JOIN TOGETHER TO
CREATE A NON-PROFIT PRIVATE/PUBLIC FOUNDATION /CORPORATION, WITH REPRESENTATIVES FROM
ALL THREE ENTITIES, IN ORDER TO AGGRESSIVELY PURSUE INDUSTRIAL AND ECONOMIC
DEVELOPMENT FOR THE CITY OF JACKSONVILLE, ARKANSAS.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
JACKSONVILLE, ARKANSAS, THAT:
SECTION I : THE JACKSONVILLE CITY COUNCIL URGES ITS SUPPORT OF ECONOMIC AND
INDUSTRIAL DEVELOPMENT FOR THE CITY OF JACKSONVILLE, AND HEREBY DIRECTS THAT THE
I I
PROCEEDS FROM THE SALE OF THE FRANKLIN ELECTRIC BUILDINGS, REAL PROPERTIES, AND
REMAINING REAL PROPERTY BE UTILIZED AND INTENDED FOR THE EXCLUSIVE PURPOSES OF
ECONOMIC AND INDUSTRIAL DEVELOPMENT WITHIN JACKSONVILLE.. THESE PURPOSES CAN SE AND
ARE AUTHORIZED TO BE ACCOMPLISHED THROUGH, BUT NOT LIMITED TO, TRANSFER OF
PROPERTY, PURCHASE OF ADDITIONAL PROPERTIES, AND SOLICITATION AND ENCOURAGEMENT OF
ECONOMIC AND INDUSTRIAL DEVELOPMENT FOR THE CITY OF JACKSONVILLE.
SECTION 2: THE CITY COUNCIL HEREBY AUTHORIZE THE MAYOR AND /OR CITY CLERK TO
APPROVE AND EXECUTE ANY AND ALL DOCUMENTS NECESSARY TO AFFECT THE CREATION OF SAID
ENTITY, TO INCLUDE BUT NOT SE LIMITED TO, THE TRANSFER OF ANY AND ALL SUCH ASSETS AND
REAL PROPERTY INVOLVED TO. APPROPRIATE ENTITIES, PURSUIT OF POTENTIAL INDUSTRIAL
PROPERTIES AND DEVELOPMENTS, AND EXECUTION OF OTHER SUCH DOCUMENTS AS SHALL BE
NECESSARY TO AFFECT AND ACCOMPLISH THE PURPOSES AND PRINCIPLES OF ECONOMIC AND
INDUSTRIAL DEVELOPMENT FOR THE CITY OF JACKSONVILLE.
SECTION 3: IF AND UPON DISSOLUTION OF SAID NON PROFIT PRIVATE/PUBLIC
CORPORATION /FOUNDATION, ANY AND ALL REMAINING ASSETS OF THE CORPORATION SHALL BE
TRANSFERRED TO THE CITY OF JACKSONVILLE FOR THE PURPOSE OF FUTURE ECONOMIC AND
INDUSTRIAL DEVELOPMENT AND /OR FOR WHATEVER APPROPRIATE PURPOSES AS DETERMINED BY
THE City COUNCIL.
SECTION 4: ANY AND ALL RESOLUTIONS IN CONFLICT HEREWITH ARE HEREBY REPEALED
TO THE EXTENT OF SAID CONFLICT.
RESOLUTION No. 486
JANUARY `o , 1996
PAGE Two
SECTION 5: THIS RESOLUTION SHALL BE IN EFFECT FROM AND AFTER ITS DATE OF
PASSAGE.
SECTION 6: IF ANY PROVISION OF THIS RESOLUTION IS HELD INVALID BY A COURT OF LAW
OR SUBSEQUENT LEGISLATIVE ACTION, SUCH HOLDING SHALL IN NO WAY AFFECT THE VALIDITY OF
} THE REMAINING PROVISIONS OR SECTIONS OF THIS RESOLUTION, WHICH SHALL REMAIN IN FULL
FORCE AND EFFECT.
APPROVED AND ADOPTED THIS /a DAY OF JANUARY, 1 996.
#aaaaw i CAL
TOMMY SWAIM, MAYS -
ATTEST:
LU M. LEONARD, CLERK
APPROVED AS TO FORM:
S_
ROBE E. BAMBURG • ' ORN"
l