900a
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~ e 4
ORDINANCE NO. ~ v
AN ORDINANCE AUTHORIZING A LEASE AND AGREEMENT
BY AND BETWEEN THE CITY OF WEST MEMPHIS, ARKANSAS,
AS LESSOR, AND REFLEXION INDUSTRIES,INC., AS
LESSEE, IN SUBSTANTIALLY THE FORM AND 6VITH THE
CONTENTS SET FORTH AND MADE A PART OF THE ORDINANCE;
.AUTHORIZING THE EXECUTION ARID DELIVERY OF THE
LEASE AND AGREEMENT; PRESCRIBING OTHER MATTERS
RELATING THERETO; AND DECLARING AN EMERGENCY.
BE IT ORDAINED by the City Council of the City of West
Memphis, Arkansas:
Section 1. That there be, and there is hereby authorized
the execution and delivery of a Lease and Agreement (the."Lease
Agreement") wherein the City of West Memphis, Arkansas (the "City"),
is Lessor, and Reflexion Industries, Inc., an Arkansas corporation
"Reflexion"), is Lessee, in substantially the form and with
substantially the contents hereinafter set forth, and the Mayor
and City Clerk be, and they are hereby, authorized to execute,
acknowledge and deliver the Lease Agreement for and on behalf of
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the City. The form and contents of the Lease Agreement, which
are hereby approved and which are made a part hereof, shall be
substantially as follows:
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Section 2. That the Mayor and City Clerk be and they are
hereby, authorized and directed, for and on behalf of the City, to
do all things, execute all instruments and otherwise take all action
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necessary to the realization of the City's rights and to the discharge
of the City's obligations as Lessor under the Lease Agreement.
Section 3. That the provisions of this Ordinance are
hereby declared to be separable, and if any section, phrase or pro-
vision shall, for any reason be declared to be invalid, such declaration
shall not affect the validity of the remainder of the sections,
phrases or provisions.
Section 4. That all ordinances and parts of ordinances in
conflict herewith are hereby repealed to the extent of such conflict.
Section 5. That there is hereby found and declared to be
an immediate need for the securing and developing of industry at
the City in order to provide add~.tional employment and increased
payrolls, alleviate unemployment and provide other benefits incidental
to the operation of a substantial industry, and the execution and
delivery of the Lease Agreement authorized by this Ordinance are
necessary for the accomplishment 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 take effect immediately
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upon and after its passage.
PASSED: („/~-y~`G~~ ~~ 1977.
APPROVED:
ATTEST:
By .. ~.
~~~~ Ma or ///
- Y
ity Clerk
(SEAL)