795
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ORDINANCE NO, -~'-~--
AN ORDINANCE AUTHORIZING A FIRST SUPPLEMENTAL LEASE
AND AGREEMENT (IN THE FORM AND WITH THE CONTENTS
SET FORTH IN THE ORDINANCE) AND AUTHORIZING A FIRST
SUPPLEMENTAL TRUST INDENTURE (IN THE FORM AND WITH
THE CONTENTS SET FORTH IN THE ORDINANCE) , BOTH IN
CONNECTION WITH THE TRINITY INDUSTRIES, INC , INDUSTP.IAL
PROJECT; PRESCRIBING OTHER MATTERS RELATING THERETO;
AND DECLARING AN EMERGENCY
BE IT ORDAINED by the City Council of the City of West Memphis,
Arkansas (the "City ") :
Section 1. That the Mayor and City Clerk be, and they are hereby,
authorized and directed for and on behalf of the City to execute, acknowledge
and deliver a First Supplemental Lease and Agreement to that Lease and Agree-
ment wherein the City is Lessor and Trinity Industries, Inc, (Flint Steel Corporation
was the originally named Lessee) is Lessee, dated March 1, 1966, in substantially
the form and with substantially the contents hereinafter set forth, which form of
First Supplemental Lease and Agreement is hereby made a part hereof:
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Section 2. That there is hereby authorized the sale and delivery of
$500, 000 in principal amount of Industrial Development Revenue Bonds, Series B,
dated February 1, 1974 (the "Series B Bonds"). The issuance of the Series B Bonds
has been heretofore authorized by the Trust Indenture dated as of March 1, 1966
by and between the City and The First National Bank of Memphis, Memphis, Tennessee
(Section 202B thereof) and in connection therewith there is hereby authorized a
First Supplemental Trust Indenture, in substantially the form and with substantially
the contents hereinafter set forth, which shall be executed and acknowledged by
the Mayor and City Clerk for and on behalf of the City, with the seal of the City
affixed thereto, and which form of First Supplemental Trust Indenture is hereby
made a part hereof;
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Section 3. 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, take all
action and execute all documents necessary to carry out the authority, enforce
the rights and discharge the obligations of the City set forth in this Ordinance
and in the First Supplemental Lease and Agreement and in the First Supplemental
Trust Indenture authorized hereby.
Section 4. That the provisions of this Ordinance are hereby declared
to be separable, and if any section, phrase or provision 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 5. That all ordinances, resolutions and parts thereof in
conflict herewith are hereby repealed to the extent of such conflict.
Section 6. That it is hereby found and declared that the action authorized
by this Ordinance is necessary in connection with construction work on and
equipment for the Trinity Industries, Inc. Industrial Project which should be
accomplished as expeditiously as possible in order that the City and its inhabitants
may derive the public benefits flowing therefrom in the form of payrolls, employment,
and other benefits flowing from the industrial project. It is therefore declared that
an emergency exists and this Ordinance being necessary for the immediate pre-
servation of the public health, safety and welfare shall be in force and take effect
immediately upon and after its passage.
PASSED: '' ~~ ~ ~(,~~1974 .
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ATTEST:
(SEAL) City Clerk
APPROVED ~•
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Mayor