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ORDINANCE N0. ~ X~
AN ORDINANCE RATIFYING AND APPROVING THE FORMATION
OF THE WEST MEMPIiIS HOUSING CORPORATION, WEST
MEMPHIS, ARKANSAS, AUTHORIZING THE VALIDATION OF
t CERTAIN MATTERS ACCORDING TO THE LAWS OF ARKANSAS,
DECLARING AN EMERGENCY AND FOR OTHER. PURPOSES.
Y
WHEREAS, the City Council of the City of West Memphis,
Arkansas, desires to provide for adequate and safe low cost housing
for the inhabitants of the City of West *~[emphis; and
WHEREAS, the City Council has determined to approve and
ratify the formation of a non-stock, not-for-profit corporation to
provide low cost housing facilities therefor and cooperate with the
West Memphis Housing Authority; and
WHEREAS, the City Council has reviewed the Charter of In-
corporation and By-Laws of the West Memphis Housing Corporation,
said Charter having been executed on the 20th day of. November, 1969,
and approved by the Circuit Court of. Crittenden County, Arkansas, on
the 21st day of November, 1969.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS, three-fourths of the members elected
thereto concurring:
SECTION 1. That it is hereby determined to be necessary
and proper to approve and ratify the creation of the West Memphis
Housing Corporation, a non-stock, not-for-profit corporation, for the
purpose of constructing, financing low cost rent supplement facilities
to be leased to the West Memphis Housing Authority with the assistance
of the federal government.
SECTION 2. That the Charter of_ Incorporation and By-Laws of
said West Memphis Housing Corporation are hereby approved.
SECTION 3. That the member-directors of said West Memphis
Housing Corporation, having been granted a certificate of Incorporation,
have been authorized to issue, sell and deliver its bonds pursuant to
Act 176 of the 1963 Acts of Arkansas, and specifically Arkansas
Statutes Annotated 64-1907, and the laws of Arkansas, and enter into
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contracts for the sale of bonds and construction of housing facilities
and lease the same to the West Memphis Housing Authority.
SECTION 4. That the providing of low cost housing in and.
ter.
for the City of West Memphis, Arkansas, is a proper public purpose and
this City desires to cooperate with the West Memphis Housing Authority
and agencies of the federal government to fulfill such purpose.
SECTION 5. It is hereby declared to be a fact that this
ordinance is necessary for the health, safety and welfare of. the
citizens of West Memphis, therefore an emergency is declared to exist
and this Ordinance shall be in full force and effect from and after its
passage, approval and publication as required by law.
Passed this ~ day of ~`. 1970.
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Mayor
Attest: /,
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City Clerk , ; ^~