2272 RESOLUTION NO.
A RESOLUTION TO AUTHORIZE THE MAYOR AND THE CITY CLERK TO
EXECUTE A DEED AND OTHER NECESSARY INSTRUMENTS OF
CONVEYANCE REGARDING TRINITY INDUSTRIES, INC., AND FOR
OTHER PURPOSES.
WHEREAS,Arkansas statutes require a written resolution of the City Council
authorizing the Mayor and City Clerk to execute deeds for the conveyance of real property; and
WHEREAS, Trinity Industries, Inc., assignee of Hackey, Inc., and the City of West
Memphis, Arkansas, entered into a Lease Agreement dated the 15t day of October, 1982, in
connection with a Bond Issue in the principal amount of$3,000,000; and
WHEREAS, Trinity Industries, Inc., has notified the City of West Memphis of its
intention to exercise its option to acquire legal title to the Project as provided in Section 2002 of
the Lease Agreement; and
WHEREAS,the bonds were redeemed in full and there are no outstanding bonds; and
WHEREAS,upon payment of the purchase price as set out in Section 2002 C of the
Lease Agreement the City of West Memphis, as Lessor, is to deliver to the Lessee a general
warranty deed and other appropriate conveyance instruments transferring good and merchantable
title to the property, as such property then exists, subject to the following: (i)those liens and
encumbrances (if any) to which title to said property was subject when conveyed to the Lessor;
(ii) those liens and encumbrances created by the Lessee or to the creation or suffering of which
the Lessee consented; (iii) those liens and encumbrances resulting from the failure of the Lessee
to perform or observe any of the agreements on its part contained in the Lease Agreement; (iv)
Permitted Encumbrances other than the Indenture and the Lease Agreement.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS,ARKANSAS, THAT upon payment of the purchase price as set
i
out in Section 2002 C of the Lease Agreement,the Mayor and the City Clerk are authorized to
execute on behalf of the City of West Memphis a general warranty deed and other appropriate
conveyance instruments transferring to Trinity Industries, Inc., good and merchantable title to the
Leased Premises free and clear of all liens and encumbrances except those as provided in the
Lease Agreement.
ADOPTED this 6- day of 72217 , 2022.
VGO ;r Cam(..e%.y'�
- _ MARCO M. McCLENDON, MAYOR
ATTEST:
J ES PULLIA , CITY CLERK
RECEIVED
Clerk's
v