615n , ~ ~ ~,,,
ORDINANCE NO . r /~
AN ORDINANCE AUTHORIZING A LEASE AND AGREEMENT
BY AND BETWEEN THE CITY OF WEST MEMPHIS, ARKANSAS
AS LESSOR AND TEMPLE GYPSUM, INC . , AN ARKANSAS
CORPORATION, AS LESSEE, IN SUBSTANTIALLY THE FORM
AND WITH SUBSTANTIALLY THE CONTENTS SET FORTH IN
AND MADE A PART OF THIS ORDINANCE; AUTHORIZING
THE EXECUTION AND DELTJERY OF SAID LEASE AND AGREE-
MENT; 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 wherein the City of West
Memphis, Arkansas ("City") is Lessor and Temple Gypsum, Inc. , an
Arkansas corporation ("Gypsum") is Lessee, in substantially the form and with
substantially the contents hereafter set forth, and the Mayor and City Clerk
be, and they are hereby, azthorized to execute, acknowledge and deliver
the Lease and Agreement for and on behalf of the City. The form and contents
of the Lease and Agreement, which are hereby approved and .which are made
a part hereof, shall be substantially as follows:
. „ ~ ~"
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 necessary
to the realization of the City's rights and to the discharge of the City's
obligations as Lessor under the Lease and Agreement.
Section 3. 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 4. That all ordinances and parts thereof in conflict
herewith are hereby repealed to the extent of such conflict.
Section S . That there is hereby found and declared to be an
immediate need for the securing and developing of industry within the City
in order to provide additional employment and increased payrolls, alleviate
unem-ployment and provide other benefits incidental to the operation of a
substantial, industry, and the execution and delivery of the Lease and Agree-
ment 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 health, safety and welfare, shall be in force and
take effect immediately upon and after its passage.
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PASSED: C/CTar~C~4 ~~ =- 1969.
APPROVED;
Mayor
ATTES
ty Clerk
(SEAL)