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July 19, 1979y MINUTES WEST MEMPHIS CITY COUNCIL JULY 19, 1979 A regular meeting of the West Memphis City Council was held on July 19, 1979 at 1:30 P.M. in West Memphis, Arkansas, at City Hall in the Council Chambers. Mayor Joyce T. Ferguson called the meeting to order. The following persons were present: Mayor Joyce T. Ferguson City Attorney Robert Smith Aldermen: James Hightower Pritchard Horton Roberta Jackson Doug Morris R. H. Ray Gary Walker Lloyd J. Woodell Vince Ange~letti Robert Bentley Leon Duvall Prayer was offered by Alderman Roberta Jackson. A Public Hearing was conducted on the Billy Johnson rezoning matter, with testimonies from the following: Willie Mae Rowe, 301 North 12th Street, representing the people whose names were expunged from the petition and also speaking in favor of putting the Billy Johnson's matter to a referendum vote. During this citizen's testimony, Mayor Ferguson appointed a committee composed of the City Clerk, Dan Craft; Alderman Jackson, and Alderman Duvall to work on the petition. Andrew Welcheck, Attorney for ACORN, testifying on the ACORN Referendum petition concernirJg the valid and invalid signatures and also asking that Ordinance No. 967 be put to a referendum vote. Attorney J. H. Spears, Attorney for Billy Johnson, asked the Mayor and City Council if any action was going to be taken against persons signing the petition who are not registered voters? The Mayor answered him by saying, the Council will take this matter under consideration. There being no other testimonies, the hearing adjourned. Alderman Horton made a motion and seconded by Alderman Jackson to review the minutes and correct them at the next council meeting. Upon voice vote, the voting was unanimous. There were no citizen request. The City Attorney read an amendment to the Ordinance levying an Attendance of 25~ on each person entering Southland Greyhound ~. ~~ , -2- Perk, except employees. Alderman Ray made a motion seconded by Alderman Morris to adopt the amendment. Upon roll call vote, the voting was as follows: AYE: Aldermen: Morris, Ray, 4,lalker, Angeletti, and Duvall N0: Aldermen: Hightower, Horton, Jackson, Woodell, and Bentley The talley of the votes was five (5) Yes and five (5) No. Mayor Ferguson broke the tie by voting Yes. The amendment passed. City Attorney Smith read the entire ordinance as amended and Alderman Ray made a motion to adopt the Ordinance as amended and seconded by Alderman Morris. There was a lengthy discussion on the Ordinance by the Council and Mr. C. B. Nance Jr., Attorney for Southland Racing Corporation, regarding the legality of the Ordinance. Upon roll call vote, the voting was as follows: AYE: ALDERMEN: Morris, Ray, Angeletti N0: ALDERMEN: Hightower, Horton, Jackson, Woodell, Bentley ABSTAINED: ALDERMEN: Walker and Bentley ~' The Ordinance was defeated on the second reading. The Council recessed for 11 minutes beginning at 2:57 P.M. to 3:08 P.M. The City Attorney read the Ordinance for the Second Time calling a Special Election to vote on the question of issuing bonds under Amendment 13. Alderman Angeletti made a motion and seconded by Alderman Morris to adopt the Ordinance on the second reading. Upon roll call vote, the voting was as follows: AYE: Aldermen: Hightower, Horton, Jackson, Morris, Ray, Walker, Woodell, Angeletti, Bentley, Duvall. N0: NONE The Ordinance passed on the Second Reading. ~~ The City Attorney read the Ordinance Authorizing the issuance of Industrial Development Revenue Bonds on the Emergency Clause for the first time. ., ~: . -3- Alderman Bentley made a motion and seconded by Alderman Duvall to suspend the rules requiring the ordinance to be read on three different days. Upon roll call vote, the voting was as follows: AYE: Aldermen: Hightower, Horton, Jackson, Morris, Ray, Walker, Woodell, Bentley, Duvall N0: None ABSTAINED: Alderman Angeletti The Ordinance passed on the first reading. The City Attorney read the Ordinance for the second time Authorizing the issuance of Industrial Development Revenue Bonds. Alderman Bentley made a motion seconded by Alderman Horton to further suspend the rules. Upon roll call vote the voting was as follows: AYE: Aldermen: N0: None Hightower, Horton, Jackson, Morris, Ray, Walker, Woodell, Angeletti, Bentley, and Duvall. The Ordinance passed on`the Second reading. The City Attorney read the Ordinance the third and final time, Authorizing the issuance of Industrial Development Revenue Bonds. Alderman Ray made a motion and seconded by Alderman Horton to adopt the Ordinance. Upon roll call vote, the voting was as follows: AYE: Aldermen: Hightower, Horton, Jackson, Morris, Ray, Walker, Woodell, Angeletti, Bentley, and Duvall. N0: None The Ordinance passed on the Third reading. Alderman Horton made a motion seconded by Alderman Bentley to adopt the Emergency Clause, Section 12. Upon roll call vote, the voting was as follows: AYE: Aldermen: Hightower, Horton, Jackson, Morris, Ray, Walker, Woodell, Bentley, and Duvall N0: None ABSTAINED: Alderman Angeletti ~ The Ordinance passed on the emergency and was assigned Ordinance No. 972. .,,,~• - , .. C • ~ • • ~ I ORDINANCE NO . ~.----- AN ORDINANCE AUTHORIZING THE ISSUP.NCE OF INDUSTRIAL DEVELOPMENT P.EVENUE BONDS FOR ~.:._, THE PURPOSE OF PROVIDING PERt•iA2IEi`IT FINANC- ~, ING FOR INDUSTRIAL FACILITIES; AUTHORIZING ~~ A TRUST INDENTURE SECURING THE BONDS; ~~ AUTHORIZING A LEASE AND AGREEtiLENT BETWEEN THE CITY OF WEST MEMPHIS, AP,KANSAS, AS LESSOR, AND TAYLOR MACHINE V?ORKS, INC., AS LESSEE; AUTHORIZING THE SALE OF THE BONDS; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the City of West Memphis, Arkansas (the "City"), is authorized and empowered under the provisions•of Act 230. 9 of the First Extraordinary Session of the Sixty-Second General Assembly of the State of Arkansas, approved January 21, 1960, as amended (the "Act"}, to issue revenue bonds and to expend the proceeds thereof to finance the acquisition, construction and equipment of land, buildings or facilities which can be used in securing or developing industry; and TrTHEREAS, it is proposed that the City provide permanent financing, through the issuance of revenue bonds under the Act, of the costs of acquiring, constructing and equipping certain industrial facilities consisting of lands, buildings, improve- ments, machinery, equipment and facilities (the "Project"), and that the City lease the Project to Taylor Machine Works, Inc., a Mississippi corporation (the "Company"), as part of an industrial plant to be operated by the Company (or its successors or assigns) at the City; and WHEREAS, pursuant to and in accordance with the provisions of the Act, the City is now prepared to proceed with financing the Project and to issue and sell $2,000,000 in principal amount of its Industrial Development Revenue Bonds - Taylor l~sachine Project, Series A (the "Bonds"), to provide such financing; and WHEREAS, copies of the hereinafter described Trust Indenture and Lease and Agreement have been presented to and are before this meeting; i30ry , THEREFOtcE , I~r. I_ s vRDAINF:D by the City Counci 1 o f t r ;~ :it1- ui vre5t riemphis, tirk a~lsas . Section 1. That the issuance of the Bonds is hereby - authorized. The Bonds shall be issued in the forms and denomina- tions, shall be dated, shall be numbered, shall mature (over a `: period not to exceed thirty ( 30 ) years) , shall bear interest (at ,~ a rate or rates not to exceed ten percent (104) per annum), and shall be subject to redemption prior to maturity all upon the terms and conditions recommended by the Company and to be set forth in the Trust Indenture securing the Bonds (herein after authorized). Section 2. That the Bonds be sold to The First National Bank in Dallas, Dallas, Texas (the "Purchaser"}, for the purchase price recommended by the Company. Section 3. That to prescribe the terms and conditions upon which the Bonds are to be executed, authenticated, issued, ~- accepted, held and secured, the Mayor is hereby authorized and ,~~ directed to execute and acknowledge a Trust Indenture by and between the City and National Bank of Commerce, riemphis, Tennessee, r'" which will act as Trustee thereunder, dated as of the date of the Bonds (the "Indenture"}, and the City Clerk is hereby authorized and directed to execute and acknowledge the Indenture and to affix the seal of the City thereto, and the Mayor and City Clerk are hereby authorized and directed to cause the Indenture to be accepted, executed and acknowledged by the Trustee. The Indenture is hereby approved in substantially the form submitted to this meeting, and the Mayor is hereby authorized to confer with tl~e Trustee, thz Company and the Purchaser in order to complete the Indenture in substantially the form submitted to this meeting with such changes as shall be approved by such persons executing ,r°'the document, their execution to constitute conclusive evidence of such approval. r Section ~ . Z' ac there be, anc: there is hereby authrj.-1:~, the execution and delivery of a Lease and Agreement by and be- tween the City as Lessor, and the Company as Lessee (the "Lease Agreement"), and the Mayor and City Cler:t be, and they are hereby, a~~thorized to execute, acknowledge and c?eliver the Lease Agreement nor and on behalf of the City. The Lease Agreement is hereby approved substantially in the form subr~,itted to this meeting, and the ~'3ayor i s hereby authorized to confer with the Company , the Trustee and the Purchaser in order to complete the Lease Agree' meat in substantially the form submitted to this meeting with such changes as shall be approved by such persons executing the document, their execution to constitute conclusive evidence of such approval. Section 5. That there be', and there is hereby, authorized the preparation and distribution to va=ious prospective and actual purchasers of the Bonds of an official statement (and preliminary ~,'~ official statement) , in the name of the City, describing the City, .~ ~: the Bonds, the Indenture, the Lease Agreement, and setting forth such other information as may be deterriined to be necessary or desirable by the Purchaser and the Company. The Mayor is authorized to execute such official statement on behalf of the City. Section 6. That the Mayor and. the City Clerk, for and on behal~ of the City, be, and they are hereby, authorized and directed to Uo any and all things necassa?-y to affect the execution and delivery of the Lease Agreement, the performance of all obligations of _ the City under t:~e Lease Agreer.1ent, the execution and delivery of the Indenture, the performance of all obligations of the City under and pursuant to the Indenture, the `~. issuance, execution, sale and delivery of the Bonds, the execution, ` delivery and distribution of an official statement, and the per- formance of all acts of whatever nature necessary to effect and carry out the authority conferred by this Ordinance. That the 1~'iayor and the City Clerk be, and they are hereby, further authorized V ~ ~~ r ~~ ~, ~.. :~ ~. and directed, ror and on beh~z Lf of the Ca.ty, to execute a1.L papF l S r ci~c us:te.l ins , oer tii icates ana u Cher instruments that may be required for. the carrying out of such authority or to evidence the exercise thereof. . Section 7. That the City is hereby involved with the acquiring, constructinc; and equipping of industrial facilities, and pursuant to applicable lams of the State of Arkansas, including particularly the Act, competitive bidding is waived. Section 8. That the City Clerk is hereby authorized `and directed to file in the office of the City Clerk, as a part of the minutes of the meeting at which this Ordinance is adopted, for inspection by any interested person a copy of the Indenture, Lease Agreement, and such documents shall be on file for inspection by and interested person. . Section 9. That the law firm of Friday, Eldredge & Clark, Little Rock, Arkansas, be appointed to act as Bond Counsel on behalf of the City in connection with the issuance and sale of the Bonds. Section 10. 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 and provisions. Section 11. That all ordinances, resolutions and parts _____ thereof in conflict herewith are hereby repealed to the extent of such conflict . Section 12. That there is hereby found and declared to be an immediate need for the securing and developing of industry ' rder to rovide employment and payrolls, alleviate unemploy- in o P ent and otherwise benefit the public health, safety and welfare m t the Cit and the inhabitants thereof, and the issuance of the o~ Y Bonds authorized hereby and the taking of the other action rized hereb are immediately necessary fc~~r the accomplishing autho Y these ublic benefits and purposes. It is, therefore, declared of p c tr.at an emergency exists anc~ this Ordinance being necessary for the immediate preservation of the public peace, health and safety shall be in force and effect immediately upon and after its passage. PASSED: July 19, 1979. ~ . ' APPROVED: ATTEST: `~` R Mayor ,, it' lerk , ~ S EAL ) i i ~ The City Attorney read the Ordinance concerning Fire Calls Outside the City Limits for the first time. Alderman Walker made a motion seconded by Alderman Morris to adopt the ordinance. Upon roll call vote, the voting was as Y ~. follows: AYE: Aldermen: Hightower, Horton, Jackson, Morris, Ray, Walker, Woodell, Angeletti, Bentley, Duvall N0: None The Ordinance passed on the first reading. Committee Reports: Public Works Committee reported by Alderman Horton by stating he has been advised by the Committee to ask the council for input concerning the $100,000 that was appropriated for street work on North Center Drive. Alderman Bentley made a motin seconded by Alderman Horton for engineers to draw up the specifications and give out alternate bids to see what the City can afford. Upon roll call vote, the voting was as follows: AYE: Aldermen: Horton, Morris, Ray, Walker, Woodell, Angeletti, Bentley, and D~Vall. N0; Aldermen: Hightower, and Jackson The motion passed. Mayor Ferguson announced that tomorrow, July 20, 1979, Governor Bill Clinton will be here at City Hall to promote Arkansas Tourism. Alderman Duvall made a motion to adjourn. The meeting was adjourned at 3:44 P.M. PASSED APJD APPROVED thi s ~ ~~- day of ° , 1979. -~~~ I A Y 0