1117.•
ORDINANCE NO._~' .C_~ ~'
AN ORDINANCE ESTABLISHING SPECIFIC INTEREST RATES FC)R
CERTAIN INDUSTRIAL DEVELOPMENT REVENUE BONDS; REVISING THE SALF.
PRICE OF SUCK BONDS; AND DECLARING AN EMERGENCY.
WHERBAS, the City of West Memphis, Arkansas {t-~e "City"), has
heretofore authorised the issuance and sale of its Industrial Development P.evenue
Bands (Builders Transport, Inc. of Georgia Project), Series 1982-D, in the aggregate
principal amount of $2,250,000 (the "Bonds") by the adoption by fts City Council on
November 4, 1982, of Ordinance No. 1111; and
WHBREAS, it is now possible to establish specific interest rates for the
Bonds and to provide for the definitive sale price therefor;
NOVl, THItREFORB, BE IT ORDAINED by tt,e City Cc~-mcil of the City
of West Memphis, Arkansas:
Section 1. The Bonds having a stated maturity in the hereinbelow ;,~e~srs
will bear Interest at the per annum interest rates set out opposite the said year::
Year of Stated Maturity
%% 1883
1984
1985
1986
1987
Section 2. The Bonds will be
acid Ordinance 1111 at and for a sale
interest thereon from December 1, 1982.
Per Annum
Interest Rate
8.00916
8.50%
9.0096
9.25%
9.50%
sold to the Underwriter referred to in the
price equal to $2,20ci,125, plus acnrued
Section 3. All ordinances, resolutions and parts of any thereof in
conflict herewith are hereby repealed to the extent of such conflict.
Section 4. There Ys hereby founa and declared to be an immediate need
far the securing and developing of industry in order to provide employment and
payrolls, alleviate unemployment and otherwise benefit the public health, safety and
welfare of the City and the inhabitants thereof, and the establishing of specific
interest rates for the Bonds and a definitive sale price therefor 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 th~z
public peace, health and safety, shall be in force and effect immediately upon and
after its passage.
PASSED: December 2, 1982
[SEAL 1 Approved:
Attest: .~ '~
Mayor ~, , ~_
t er RECEI~'~D C11"~ C~F°
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