11441 ~ ~
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~~
ORDINANCE NO ~~
AN ORDINANCE AMENDING ORDINANCE N0. 1126
(ADOPTED D'IAY 5, 1983); AUTHORIZING CERTAIN
CHANGES TO THE SUPPLEMENTAL TRUST INDENTURE
AND THE FIP.ST AMENDMENT TO LEASE AGREEMENT
~ AUTHORIZED IN ORDINANCE N0. 1126;
~ AUTHORIZING THE SALE OF THE BONDS AUTHORIZED
TO BE ISSUED PURSUANT TO ORDINANCE N0. 1126
TO THE NATIONAL STATE BANK, ELIZABETH, N.
J.; PRESCRIBING OTHER MATTERS RELATING
THERETO; AND DECLARING AN EA'~ERGENCY.
WHEREAS, the City of West Memphis, Arkansas (the "City"} has
by Ordinance No. 1126, adopted May 5, 1983, authorized the
issuance of $2,000,000 principal amount of City of West Memphis,
Arkansas Industrial Development Revenue Bonds (CPS Chemical
Project), Series 1983 (the "Series 1983 Bonds"); and
WHEREAS, the City by Ordinance No. 1126 approved a
Supplemental Indenture and a First Amendment to Lease Agreement,
as identified in Ordinance No. 1126, in the forms submitted to
the City Council meeting held on May 5, 1983, and as filed with
the City Clerk of the City; and
WHEREAS, the City by Ordinance No. 1126 authorized the sale
of the Series 1983 Bonds to First Tennessee Bank, N.A., Memphis,
of Memphis, Tennessee ("First Tennessee"), pursuant to a Bond
Purchase Agreement, as identified in Ordinance No. 1126, in the
form submitted to the City Council meeting held on May 5, 1983;
and
WHEREAS, CPS Chemical Company of Arkansas (the "Company"),
for whose benefit the Series 1983 Bonds are proposed to be
issued, First Tennessee, and The National State Bank, Elizabeth,
N. J. ("National State ) have agreed that National State shall
purchase the Series .1983 Bonds rather than First Tennessee; and
desire that the City enter into a Bond Purchase Agreement with
National State for the sale to National State of the Series 1983
Bonds; and
WHEREAS, the Company has requested that the City approve the
Supplemental Indenture and First Amendment to Lease Agreement in
the forms submitted to this meeting of the City Council rather
than in the forms submitted at the May 5, 1983 meeting;
NOW, THEREFORE, BE IT ORDAINED BY THE .CITY COUNCIL OF
WEST MEMPHIS, ARKANSAS:
Section 1. That Ordinance No. 1126 of the City, adopted
May 5, 1983 ("Ord. No. 1126"), be and the same is hereby amended
to identify The National State Bank, Elizabeth, N. J., as
"Purchaser," and that all references herein and in Ord. No. 1126
to the "Purchaser" are hereby authorized and directed to be
references to The National State Bank, Elizabeth, N. J.
Section 2. That Ord. No. 1126 be and the same is here y
amended to change the dated date of the Supplemental Indenture
and First Amendment to Lease Agreement therein identified from
June 1, 1983 to November 1, 1983, and to approve the
Supplemental Indenture and First Amendment to Lease Agreement in
substantially the forms submitted to this meeting, rather than
the forms submitted to the meeting of the City Council held
Play 5, 1983, and to authorize the riayor to confer with the
Company, the Trustee, and the Purchaser in order to complete the
Supplemental Indenture and the First Amendment to Lease
P.greement ir. substantially the forms submitted to this meeting
with such changes as shall be approved by such persons executing
the documents, their execution to constitute conclusive evidence
of such approval; ar:.d all references in Ord. No. 1126 to the
"Supplemental Indenture" and to the "First Amendment to Lease
Agreement" are hereby authorized and directed to be references
to the Supplemental Indenture and First Amendment to Lease
Agreement in substantial~.y the forms submitted to this meeting
and approved hereby.
(Advice is given that copies of the Supplemental Indenture
and the First Amendment to Lease in the forms submitted to this
meeting and authorized herein to be executed are on file with
the City Clerk and are available for inspection by any interest
persons.)
Section 3. That Ord. No. 1126 be and the same is hereby
amended to approve the Bond Purchase Agreement in substantially
the form submitted to this meeting, rather than the form
submitted to the meeting of the City Council held May 5, 1983;
and all references in Ord. No. 1126 to the "Bond Purchase
Agreement are hereby authorized and directed to be references
to the Bond Purchase Agreement in substantially the form
submitted to this meeting and approved hereby.
Section 4. That all sections, phrases, and provisions of~
Ord. No. 1126 not herein specifically amended are ratified and
confirmed.
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1753Y
Section 5. That the provisions of this Ordinance are hereby
declared to be severable, and if any section, phrase, or
provision shall for any reason by declared to be invalid, such
declaration shall not affect the validity of the remainder of
the sections, phrases, or provisions.
Section 6. That all ordinances, resolutions, and parts
thereof in conflict herewith are hereby repealed to the extent
of such conf 1 ict .
Section 7. That there is hereby found and declared to be an
immediate need for the securing and developing of substantial
industrial operations in order to provide additional employment,
alleviate unemployment, and otherwise benefit the public health,
safety, and welfare of the City and the inhabitants thereof, and
the issuance of the Series 1983 Bonds authorized by Ord. No.
1126 and the taking of the other actions authorized therein and
herein are immediately necessary in connection with the securing
and the developing of substantial industrial operations and
deriving the public benefits referred to above. It is,
therefore, declared that an emergency exists and this Ordinance,
being necessary for the immediate preservation of the public
health, safety, and welfare, shall be in force and take effect
immediately upon and after its Tac~a~P_
ADOPTED
(SEAL)
ATTEST
RLF 111483
November 17, 19
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1753Y