0498 Newspaper
ORDINANCE NO. 471
6
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 PERMANENT FINANCING OF THE COSTS OF SECUR-
ING 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 ACQUISITION, CONSTRUCTION
AND EQUIPMENT OF THE INDUSTRIAL PROJECT AND THE
FINANCING THEREOF; AND DECLARING AN EMERGENCY.
WHEREAS, the City of Jacksonville, 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 lands,
construct and equip facilities and to incur other costs and expenses
and make other expensitures incidental to and for the implementing
and accomplishing of 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 and constructed and secured
by a lien thereon and security interest therein; and
WHEREAS, the necessary arrangements have been made with
Standex International Corporation, a Delaware corporation ( "Standex "),
for an expansion of its existing manufacturing plant consisting of
lands, buildings, improvements, machinery, equipment and facilities,
which will be utilized for the manufacturing of such products as
Standex shall elect to manufacture (the "Project ") and to lease the
Project to Standex pursuant to the terms of a Lease and Agreement
subsequently identified herein and referred to as the "Lease
Agreement "; and
WHEREAS, permanent financing of the Project costs, necessary
costs and expenditures incidental thereto and expenses of authorizing
and issuing Bonds, is being furnished by the City issuing Industrial
Development Revenue Bonds under the provisions of Act No. 9 (the
"Bonds "); and
WHEREAS, the Bonds are to be sold and issued in series, with
there being initially issued Series 1978 in the principal amount,
bearing interest, maturing and subject 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 Jacksonville, Arkansas:
Section 1. That there be, and there is hereby authorized
and directed the following:
(a) The sale of the Series 1978 Bonds to Stephens
Inc. and T. J. Raney & Sons, Inc., Little Rock,
Arkansas, and the execution by the Mayor and
City Clerk of a Bond Purchase Agreement with
such purchasers for the price and pursuant to
the terms recommended by Standex (a copy of
which shall be filed in the office o_f_ the City
Clerk;
(b) The acquiring, constructing and equipping of
the Project in accordance with the provisions
of the Lease Agreement; and
(c) The performance of all obligations of the City
under the Lease Agreement pertaining to the
acquiring, constructing and equipping of the
Project.
Section 2 That the issuance of the Bonds, in accordance
with the Indenture (hereinafter authorized), is hereby authorized,
and the immediate delivery of the Series 1978 Bonds is hereby
authorized. To prescribe the terms and conditions upon which the
Bonds are to be executed, authenticated, issued, accepted, held
and secured, 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:
(Advice is hereby given that a copy of the form of Trust -
Indenture is on file in the office of the City Clerk,
and reference may be had thereto by any interested person.}'
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 and
delivery of the Indenture, its execution and acceptance by the
Trustee, the performance of all obligations of the City under and
pursuant to the Indenture, the execution and delivery of the Bonds,
the execution and delivery of an Official Statement (preliminary
and final), 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 City Clerk
be, and they are hereby, further authorized and directed, for and
on behalf of the City, to execute all papers, documents, certifi-
cates and other instruments that may be required for the carrying
out of such authority or to evidence the exercise thereof.
Section 4. That the City is here involved with the - --
acquiring, constructing and equipping of industrial facilities,
and pursuant to applicable laws of the State of Arkansas, including
particularly Act No. 9, competitive bidding is waived.
Section 5. 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 effect 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 tion 7. That there is hereby found and nd declared to
be an immediate need for the securing and developing of industry
in order to provide employment and payrolls, alleviate unemploy-
ment 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 autho-
rized 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: 27 th day of A
1978.
APPROVED:
ATTEST:
Mayor James . Reid
City Caer
(SEAL)