2076 •
RESOLUTION NO. 01076,
RESOLUTION OF INTENT TO ISSUE
INDUSTRIAL DEVELOPMENT REVENUE BONDS
WHEREAS, the City of West Memphis, Arkansas (the "City") is authorized by the laws
of the State of Arkansas, including particularly Title 14, Chapter 164, Subchapter 2 of the
Arkansas Code of 1987 Annotated (the "Act"), to issue revenue bonds for financing the costs of
acquiring, constructing and equipping industrial facilities; and
WHEREAS, it is proposed that the City issue its revenue bonds under the Act for the
purpose of financing an industrial project in the City (the "Project") for use by EFCO Corp., an
Iowa corporation (the "Company"), and/or any affiliate designated by the Company; and
WHEREAS, the Project will generally consist of the acquisition and renovation of an
existing facility located at 1515 S. Avalon St., West Memphis, Arkansas 72301, together with the
acquisition and installation of various machinery, equipment and other personal property, to be
used for fabrication and re-fabrication of formwork and shoring systems for concrete
construction; and
WHEREAS, in order to secure and develop industry in furtherance of the public purpose
of the Act, the City is willing to proceed with the issuance of the bonds as and when requested by
the company involved, subject to compliance with all conditions set forth in the Act;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of West
Memphis, Arkansas:
Section 1. The City hereby states its intention to assist in the accomplishment of the
Project and at such time as it may be properly called upon to do so to issue its revenue bonds to
finance the same, subject to the following:
(a) It is estimated at this time that revenue bonds in the approximate
principal amount of $2,500,000 will be issued to finance the Project. However,
the City's commitment is to issue revenue bonds under the Act in such amount for
accomplishing all or any part of the Project, whether that amount is more or less
than the above estimate.
(b) The bonds will be special obligations of the City, and in no event
will they constitute an indebtedness for which the faith and credit of the City or
any of its revenues are pledged.
(c) The City will not be called upon to pay any costs or expenses
incurred in connection with the authorization and issuance of the bonds, and all
such costs and expenses will be paid out of the proceeds of the bonds or by the
company involved.
Section 2. The City is informed and understands that the properties
comprising the Projects may be exempt from ad valorem taxes. In such case, the
City desires to enter into an agreement for the company involved to make
payments in lieu of taxes. The amount and other details concerning such
payments will be embodied in an appropriate agreement which is mutually
acceptable to the company and the City.
Section 3. This Resolution shall be effective immediately upon its passage.
PASSED: March 19, 2015.
APPROVED:
ATTEST:
05Z-L-4
`",,�.: Mayor
City Clerk
(SEAL)
RECEIVED
MAR 1 1 2015
CITY OF WE$T MEMPHIS
CITY CLERK'S OFFICE
CERTIFICATE
The undersigned, City Clerk of the City of West Memphis, Arkansas, hereby certifies that
the foregoing is a true copy of a Resolution duly passed at a regular session of the City Council
of the City of West Memphis, Arkansas, held at the regular meeting place of the Council at 1:30
o'clock p.m., on the 19th day of March, 2015. The Resolution appears in the official minutes of
the meeting which are in my custody.
CERTIFIED this day of March, 2015.
City Clerk
(SEAL)