0948,•
RESOLUTION NO. ~'
A RESOLUTION AUTHORIZING THE CONVEYANCE OF
CERTAIN REAL PROPERTY TO MID-SOUTH FOUNDRY,
INC. PURSUANT TO A CERTAIN LEASE AGREEMENT,
DATED AS OF OCTOBER 22, 1964, AND THE RELEASE
OF OTHER SECU RITY
WHEREAS, the City of West Memphis, Arkansas (the "City")
entered into a Lease Agreement dated October 22, 1964 (the
"Lease") with Mid-South Foundry, Inc. pertaining to the
issuance and payment of certain bonds issued by the City under
Amendment 49 to the Constitution of Arkansas and Act No. 9 of
the Acts of the General Assembly of the State of Arkansas of
1960; and
WHEREAS, pursuant to the terms of the Lease, all of said
bonds having been paid in full, Mid-South Foundry, Inc., has
given notice of its desire to exercise the option to purchase
the leased premises pursuant to Paragraph 2604 of the Lease; and
WHEREAS, under the terms of the Lease the City is obligated
to deliver its special warranty deed, a bill of sale, if
required, and any other appropriate instruments necessary to
transfer good and merchantable title to the property described
in the Lease free and clear of all liens and encumbrances, upon
the payment of One Dollar ($1.00) consideration; and
WHEREAS, in order to provide further security for the
payment of said bonds there was granted to the City a mortgage
dated November 10, 1964 on certain real property located in St.
Clair County, Illinois, by East St. Louis Castings Company, the
parent corporation of Mid-South Foundry, Inc., which mortgage
should now be released;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS:
1. That the Mayor and the City Clerk be, and are hereby,
authorized to execute and deliver to Mid-South Foundry, Inc.,
an Arkansas corporation, a special warranty deed conveying the
premises described in that certain Lease Agreement dated
October 22, 1964, and, if requested a bill of sale with respect
to any personal property, and in such instruments to convey to
Mid-South Foundry, Inc., all the right, title and interest of
the City of West Memphis, Arkansas, in and to said real and
personal property for the consideration of One Dollar ($1.00) .
2. That the Mayor and the City Clerk be, and are hereby
authorized to execute and deliver a release of the Mortgage
dated November 10, 1964, given by East St. Louis Castings
Company.
3. That this Resolution shall be in orce and effect
from and after its passage.
PASSED AND APPROVEr~G~T1` day of -~~~"~~ , 1983.
ATTEST:
er
(S E A L)
CERTIFICATE
STATE OF ARKANSAS )
ss.
COUNTY OF CRITTENDEN)
The undersigned, City Clerk of the City of West Memphis,
Arkansas, HEREBY CERTIFIES that the foregoing Resolution is a
true and perfect copy of Resolution No. 94- $ passed at a
duly held meeting of the City Council of West Memphis,
Arkansas, held at the City Hall at ~ 3a o'clock ~' .M. on
the ~,o-tom„ day of ~..~~~ , 1983 , according to the records
of saTCity now in my possession.
GIVEN under my hand and seal th is ~~ Q day of l9-e.'S~o..jZ.A.i•..~ ,
1983.
(S E A L)
f
P ~ ~
CERTIFICATE
STATE OF ARKANSAS )
(SS
COUNTY OF CRITTENDEN)
The undersigned, City Clerk of the City of West Memphis,
Arkansas, hereby certifies that the above and foregoing is
a true and complete and correct copy of Resolution No. 948
n .-. ~ l
~ RP~~1 ur i nn tir~inri ~ i nth the ('('lY1VPVan("`P n f r'Ari-a i n --
Pro ert to Mid-South Foundr Inc. Pur u nt t Cert in
Lease Agreement, Dated as of October 22 1964, and he Release
of Other Security.
as the same appears in the official records of said City.
IN WITNESS WHEREOF, I have hereunto set my hand as City
Clerk of the City of West 114emphis, Arkansas, and the Official
Seal of said City, on this 20 day of October , 19 83 .
CITY CLERK, CITY OF WES MEh2PHIS
CRITTENDEN COUNTY, ARKANSAS
(SEAL)