0241 ORDINANCE N O . J
AN ORDINANCE MJTI-IORIZING AN AMENDMENT TO THE LEASE
AND AGREEMENT BETWEEN THE CITY AND CONTROLS COMPANY
01' AMERICA, DATED SEPTEMBER 1, 1966; AND DECLARING AN
EMERGENCY.
WHEREAS, The Singer Company, a New Jersey corporation, having
proposed to guarantee the obligations of the Lessee under the Lease and Agree-
!
m ent between the City and Controls Company of America dated September 1, 1966
(the "Lease ") , it is appropriate and in the interest of the City that the Lease be
amended to effect this result.
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of
Jacksonville, Arkansas:
Section 1. The amendment of the Lease is hereby authorized and the
Mayor and City Clerk are hereby authorized and directed to execute on behalf of
the City the amendment to the Lease in substantially the following form:
I ,
! I ORD. BOCK iPAGE.....J.9.b.�i
AMENDMENT NO. 1
TO
LEASE AND AGREEMENT DATED SEPTEMBER 1, 1966
PURSUANT TO SECTIONS 2102 AND 2207
This Amendment made as of the fa) AK of •lei!e,s�-!‘✓
1971, by and between: I -
CITY OF JACKSONVILLE, ARKANSAS, a City of the first
class duly existing under the laws of the State of Arkansas
( "Lessor "), and
CONTROLS COMPANY OF AMERICA, a Delaware corporation
( "Lessee ").
W I T N E S S E T H • •
That in consideration of amendment hereinafter set
forth in Paragraph 1, the parties hereto do hereby agree as
follows:
1. Section 2208 of the aforementioned September 1,
1966 Lease and Agreement is deleted and the following sub-
stituted:
"Lessee shall furnish to Lessor and to the Trustee
as soon as practicable, but in any event within 120 days after
the end of the preceding fiscal year, a balance sheet of
Guarantor as at the end of such fiscal year and the related
statement of income and surplus for such fiscal year, all in
reasonable detail and accompanied by a report or certificate
of independent certified public accountants of recognized
standing, who may be the accountants regularly employed by
the Guarantor."
2. At the foot of the aforementioned September 1,
1966 Lease and Agreement at page 58 thereof, the folloudng
is added:
PAGE f— -.
ORD. BOOK a-"' -"®.
"Guarantee
"THE SINGER COMPANY, a New Jersey corporation
( "Guarantor "), hereby unconditionally guarantees the performance
of Lessee's obligations hereunder upon demand of Lessor and
without requirement that Lessor first exhaust its remedies
against Lessee."
3. Except as modified and amended herein, the
aforesaid September 1, 1966 Lease and Agreement shall remain in
full force and effect and shall be performed fully and faith-
fully by the parties hereto. .
IN WITNESS WHEREOF, the parties hereto have caused this
Amendment No. 1 to be executed as of the date set forth above,
Attest: CITY OF J. 0 LE, ARKANS -
LES s!
COY Clerk
Attest: •ONTROLS COMPANY OF AMERICA
LESSEE
Al h
Assistal],S.S C tart' Vice president - i'•, zce
-- Attest — THE SINGER COMPANY
r GU AOR
, "g .0 40
'Vice Pr i ttentf Lsurer
Secretary;
CONSENTED TO:
Attest: WORTHE4 BANK & TRUST COMPANY
id / 40,
' TRUSTEE
j1 - - ..
ASSISTA Aye- -• • s - 0 ricer
q
p12O. KICK _ PAGE / ,:
2
1
0 1
Section 2. All ordinances and resolutions of the Gity and portions
thereof in conflict herewith are hereby repealed to the extent of such conflict.
Section 3. It has been found and it is hereby declared that the amend-
ment of the Lease as provided by this Ordinance is immediately necessary for
the continued economic growth and industrial development of the City. There-
fore, an emergency is declared to exist and this Ordinance being necessary for
the preservation of the public peace, health and safety shall be in full force and
effect from and after its passage and approval.
PASSED, 214 -nrj /i , 1971.
APPR'4 V
ATTEST: / Ma, or of jacks'on'i. e, Arkansas
i f
City Ole
(SEAL)
ORO. uouIt ,? _ .2 ___ _.I'ALL ;!: