996. ,;.
ORDINANCE NO. ~ ~ ~/
AN ORDINANCE AMENDING ORDINANCE NO. 990 OF THE
CITY COUNCIL OF TIIE CITY OF WEST MI~MPIiI5, 71RY.11NSA5;
AND DECLARING AN EMERGENCY.
WHEREAS, the City Council o£ the City of. West Memphis,
`' Arkansas, by Ordinance No. 990, adopted January 3, 1980,
~, authorized the issuance of its Industrial Development Revenue
Bonds (Arkansas Distributing Project), in the principal
amount of $685,000 (the "bonds"); and
WHEREAS, general economic conditions have altered
since January 3, 1980, in such a way as to make the bonds
unable to be sold at the interest rates provided in Ordinance
No. 990;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF WEST MEMPHIS, ARKANSAS:
Section 1. Section 2 of Ordinance No. 990 is hereby
amended to provide that the bonds shall mature in the amounts
and years and shall bear interest at the rates as follows:
Year Amount Rate Price Year Amount Rate Price
1982 $20,000 7.75 100 1992 $35,000 8.80 100
1983 20,000 7.90 100 1993 35,000 8.900 100
1984 20,000 8.00$ 100 1994 40,000 9.00$ 100
1985 20,000 8.10$ 100 1995 45,000 9.10 100
1986 25,000 8.20$ 100 1996 50,000 9.200 100
1987 25,000 8.30$ 100 1997 50,000 9.30 100
1988 25,000 8.40°s 100 1998 60,000 9.400 100
"~,,, 1989 25,000 8.50$ 100 1999 60,000 9.50 100
1990 30,000 8.60 100 2000 70,000 9.50 100
1991 30,000 8.708
Section 2. All other sections, phrases and provisions of
Ordinance No. 990 are he reby reaffirmed, approved and ratified.
Section 3. There is hereby found and declared to be an
.immediate need for the amendment of interest rates on the bonds
in order to facilitate their sale, which will, result in the
.~
securing and developing of substantial industrial operations
in order to provide additional employment, 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 in Ordinance No. 990, as
amended herein, is immediately necessary in connection
with the securing and developing of substantial industrial
operations and deriving the public benefits referred to above.
It is, therefore, declared. that an emergency exists and this
j„~,,,, Ordinance, being necessary for the immediate Preservation of
the public health, safety and welf~~re, shall be in force and
take effect immediatel upon and after its passage.
Adopted . uar~.-~~ 19 ~ 0 .
APPROVED:
P![AY
ATTEST:
C E
(S E A L)