669~' 4
y ORDINANCE N0. ~ C
AN ORDINANCE PROVIDING FOR THE LEASE OF CERTAIN
LANDS AND BUILDINGS TO ?~1ID-SOUTH FOUNDRY, INC.
WHEREAS, the City of West Atemphis, County of Crittenden,
and State of Arkansas, has heretofore undertaken an effort to
develop industry within or near the City of West Memphis, and to
that end has caused an election to be held to determine whether
the City of Nest Memphis shall issue X250,000.00 of Industrial
Development Revenue Bonds under the provisions of Act 9 of the
General Assembly of the State of Arkansas for 1960, said issue
of bonds to be subject to conversion and such other terms as the
City of West Memphis may find appropriate or desirable in the sale
of the bonds; and
WHEREAS, at said election the electors of the City of West
Memphis voted in favor of the issue of said bonds; and
WHEREAS, it is contemplated that the City of {Vest Memphis
shall execute and deliver to Mid-South Foundry, Inc., a corpora-
tion organized and existing under the laws of the State of Arkansas,
a lease of certain lands and buildings for the expansion of its
metal castings manufacturing plant, the industrial development
project for which the City of ~9est Memphis caused the said election
to be held;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS:
Section 1. The PTayor and City Clerk of West Memphis are
hereby authorized, for and on behalf of the City and in its name,
to execute and deliver to bid-South Foundry, Inc., a lease sub-
stantially in the form as follows:
J
a
(A true copy of the Lease authorized to .be executed, is
on file with the City Clerk of the City of West Memphis, and
is available for inspection by any interested.person. The Lease
is omitted from this publication under the authority of Arkansas
Statutes, Section 13-1605.)
,,
,,
Section 2. It is ascertained and declared that the safety
and health of the City of West Memphis are jeopardized by the
lack of sufficient industry, and that only by action made possible
by this Ordinance can the City undertake to secure and develop
industry and to promote the safety, health and welfare of its
citizens. It is, therefore, declared that an emergency exists,
that this Ordinance is necessary for the immediate preservation
of the public peace, health and safety, and that this Ordinance
shall take effect and be in force from and after its passage.
PASSED : March 4, 19 71 19 71. -
APPROVED:
Q ~1~L.~,,...
ayor
ATTEST:
ity e
(SEAL)