September 28, 1965444
_ MINUTES OF A SPECIAL MEETING OF TAE CITY COUNCIL OF THE CITY OF WEST MEMPHIS HAD AND HELD
ON THE 28TH DAY OF SEPTEMBER, 1965.
The Council of the City of Nest Memphis in the County of Orittenden, State of Arkansas,
met in special session at the City Hall in said City at 3:00 o'clock P.M. on the 28th day of
September, 1965.
The meeting vas called to order by the Mayor, and the roll being called there were:
Present: Bob Eden, Mayor, in the chair, and the following named Aldermen:
Franklin Bassett F. C. Weis
Earl Felts 0. I. Bollinger
Kirby Leggett R. C. Bowie
C. H. Rowton
Absent: Alderman Paul Matthews and City Attorney W. H. Dillahunty.
It being determined a quorum was present, the following proceedings were had to-wit:
Notice of the Special Meeting having been accepted by all Aldermen present, and
Waiver of Notice signed by Alderman Paul Matthews, the Mayor announced the Special Meeting
had been called for the purpose of adopting an ordinance Authorizing the Issuance of
Industrial Development Revenue Bonds Under Act No. 9 for the location o£ a substantial
industrial plant by Pidgeon Thomas Compar~q, authorizing the execution and delivery of a
Trust Indenture Securing the Bonds and the Execution Of A Lease Of The Industrial Project.
The Council vas informed under Act 9 it would not be necessary for the bonds to be
advertised for bids. The Mayor stated the Trust Indenture and Lease Agreement had been
approved by the City Attorney. After discussion, Alderman Rowton introduced an ordinance
entitled "An Ordinance Authorizing The Issuance Of Industrial Development Revenue Bonds
Under Act No. 9 Of The First Extraordinary Session Of The Sixty-Second General Assembly
Of The State Of Arkansas, Approved January 21, 1960, Ae Amended, For The Purpose Of
Providing The Permanent Financing Of The Cost Of Securing And Developing Industry (The
Particular Industrial Project Is Described In The Ordinance), And Necessary Costs,
Expenses And Expenditures Incidental Thereto; Authorizing The Execution And Delivery Of
A Trust Indenture Securing The Bonds; Authorizing The Execution Of A Lease Of The
Ii.duatrial Project; Authorizing And Prescribing Other Matters Pertaining To Said Industrial
Project And Its Financing; And Declaring An Emergency" which was read in full by Alderman
Weis. Alderman Bowie then moved that the rule requiring the reading in full of an ordinance
on three different days be dispensed with. The motion was seconded by Alderman Bollinger,
and on the roll being called the voting was as follows:
Yes: Aldermen: Basseht, Felts, Leggett, Rowton, Weis, Hollinger, and Bowie.
Nay: None.
The Mayor declared that more than two-thirds of the members composing the Council had
voted in favor of the motion to suspend the rule and that it was carried. Alderman Bassett
then moved that the ordinance as read be adopted. This motion was duly seconded by
Alderman Leggett, and on the roll being called the voting was as follows:
Yea: Aldermen: Bassett, Felts, Leggett, Rowton, Weis, Bollinger, and Bowie.
Nay: None.
The Mayor declared that the ordinance had been adopted, and then called attention to
the fact that Section 6, the emergency section, must be adopted upon a separate roll call
in order to be effective.
Alderman Felts then read Section 6 again. Alderman Weis moved that Section 6 be adopted.
This motion was duly seconded by Alderman Bowie, and on roll call the following voted:
Yes: Aldermen: Bassett, Felts, Leggett, Rowton, Weis, Bollinger, and Bowie.
Nay: None.
The Mayor then declared that the ordinance and the emergency section had been duly passed,
and thereupon he signed the ordinance in open Council meeting, his signature xas attested by
the City Clerk under the seal of the City.
The ordinance read as follows:
ORDINANCE N0. 485
AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTR]AL DEVELOPMENT REVENUE
BONDS UNDER ACT N0. 9 OF THE FIRST EXTRAORDINARY SESSION OF THE SIXTY-
SECOND GENERAL ASSEMBLY OF THE STATE OF ARKANSAS, APPROVED JANUARY 21,
1960, AS AMENDED, FOR THE PURPOSE OF PROVIDING THE PERMANENT FINANCING
OF THE COST OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULlIR
INDUSTRIAL. PROJECT IS DESCRIBED IN THE ORDINANCE), AND NECESSARY COSTS,
EXPENSES AND EXPENDITURES INCIDENTAL THERETO: AUTHORIZING THE EXECUTION
AND DELIVERY OF A TRUST INDENTURE SECURING THE BONDS; AUTHORIZING THE
EXECUTION OF A LEASE OF THE INDUSTRIAL PROJECT; AUTHORIZING AND PRESCRIB-
ING OTHER MATTERS PERTAINING TO SAID INDUSTRIAL PROJECT AND ITS FINANCING;
AND DECLARING. AN EMERGENCY.
WHEREAS, the City of West Memphis, Arkansas (herein called "City") has made
arrangements with Pidgeon Thomas Compat~v, a Tennessee corporation qualified to
do business in the State of Arkansas (herein called "Company") for the location
of a substantial industrial plant; and
WHEREAS the location of said industrial plant will result in increased
employment, will result in increased payrolls, will alleviate unemployment and
will result in other benefits incidental to the operation of a substantial
industrial plant, all of which will be in the best interests of the City and its
citizens and inhabitants; and
WHEREAS the City has agreed to furnish the permanent financing of the coat
of constructing and equipping the said industrial plant, and the necessary costs
and expenditures incidental thereto, by the issuance of Industrial Development
Revenue Bonds under the provisions of Act No. 9 of the First Extraordinary
Session of the Sixty-Second General Assembly of the State of Arkansas, approved
January 21, 1960, ae amended (herein called "Act No. 9") in an amount not to exceed
$400,000.00; and
WHEREAS pursuant to its undertaking to furnish the permanent financing, as
aforesaid, the City submitted to its electors the question of issuing Industrial
Development Revenue Bonds under Act No. 9 at a special election duly called and
held on the 19th day of August, 1965, and at said election the electors of the City
approved the issuance of said bonds; and
WHEREAS the City has made the necessary arrangments for the sale of the bonds to
the First National Bank of Memphis, 8ennessee;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WEST MEMPHIS:
SECTION 1. That to provide for the authorization of and to secure Industrial
Development Revenue Bonds of the City under Act No. 9 in the aggregate principal
amount of $400,000, described in the form of Trust Indenture hereafter authorized,
and to prescribe the terms and conditions upon which the bonds are to be secured,
executed, authenticated, accepted and held, the Mayor is hereby authorized and
directed to execute and acknoxledge a Trust Indenture, and the Clerk is hereby
authorized and directed to execute the Trust Indenture and to affix the seal of the
City thereto and to attest the same, and the Mayor and Clerk are hereby authorized
and directed to cause said Trust Indenture to be accepted, executed and acknowledged
by the Trustee, The First National Bank of Memphis, Memphis, Tennessee, with the
Trust Indenture, which constitutes and is hereby made a part of this ordinance, to
be in substantially the following farm, to-wit:
(Advice is hereby given that a copy of the Trust Indenture is on file
in the office of the City Clerk for inspection by any interested person.)
SECTION 2. That the Mayor and Clerk, for and on behalf of the City, be, and they
are here-~au~horized and directed to do arty and all things necessary to effect the
execution of the Trust Indenture, its execution and acceptance by the Trustee, the
performance of all obligations of the City under and pursuant to the Trust Indenture,
the execution and delivery of the bonds, and the performance of all other acts of
whatever nature necessary to effect and carry out the authority conferred by this
ordinance and by the Trust Indenture. That the Mayor and Clerk be, and they are
hereby, further authorized and directed, for and on behalf of the City, to execute
all papers, documents, certificates and other instruments that may be required for
the carrying out of the authority conferred by this ordinance and the Trnst Indenture,
or to evidence said authority and its exercise.
SECTION 3. That the Mayor and Clerk be, and they are hereby, authorized and directed,
For and on be alf o£ the City, to execute a Lease of the Industrial Project to Pidgeon
Thomas Company and to perform all obligations thereunder, a copy of which lease will be
on file in the office of the City Clerk from and after the date hereof, and to which
reference may be made by any interested party for a detailed statement of the terms and
conditions thereof and of the covenants and obligations of the parties thereunder. A
copy of the Lease Agreement will be recorded in the office of the Circuit Clerk and
Ex Officio Recorder of Crittenden County, Arkansas. That the Mayor and Clerk be, and
they are hereby, authorized and directed, for anon behalf of the City, to execute all
papers, documents, certificates and other instruments and to do all things that may be
appropriate or necessary for the carrying out of the authority conferred by this ordinance
or to evidence said authority and its exercise.
4413
SECTION ~. That the provisians of this ordinance are hereby declared to be separable,
and i a[Ly section, phrase or provision shall for arty reason be declared to be invalid,
such declaration shall not affect the validity of the remainder of the sections, phrases and
provisions.
SECTION 5. That all ordinances, resolutions and parts thereof in conflict herewith are
hereby repearea to the extent of such conflict.
SECTION b. Hat there is hereby found and declared to bean immediate need for the
securing and developing of industry in order to provide employment, alleviate unemployment and
otherwise benefit the public health, safety and welfare of the City of West Memphis, Arkansas,
and the inhabitants thereof, and the issuance of the bonds authorized hereby and the taking
of the other action authorized herein are immediately necessary in connection with the securing
and developing of a substantial industry. 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.
~uas~tt-tt-~t
No further business being presented, the meeting was adjourned.
G~
/-"^' /~ MAYOR
ATTEST ~_<~``
" C TY .
APPROVED: OCTOBER 7, 1965