0992~ ~~
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RESOLUTION ~~ ~
OF THE CITY OF WEST MEb4PHIS
ARKANSAS
PREFACE
SUBJECT:
SPONSORED BY: Alderman
Alderman
Mayor
DATE OF COUNCIL MINUTES PASSED:
MONTH DAY YEAR
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RESOLUTION N0. ~ 4~'~
WHEREAS, Three Rivers Plywood Company, Inc., leases
certain business premises located at 601 East Barton,
West Memphis, Arkansas, 72301, from the City of West Memphis,
Arkansas, A Municipal Corporation; and,
WHEREAS, Three Rivers Plywood Company, Inc., has
entered into a certain financial arrangement with the
Chase Commercial Corporation; and,
WHEREAS, the Chase Commercial Corporation has a security
interest in certain personal property belonging to
Three Rivers Plywood Company, Inc., and,
WHEREAS, it is necessary for the Chase Commercial
Corporation to have the City of West Memphis, Arkansas, to
release certain "Collateral", statutory, contractual or
possessory liens, to allow Three Rivers Plywood, Inc., to
complete certain financing agreements with Chase Commercial
Corporation;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS:
That the City of West Memphis will not assert against
any of the "Collateral", statutory, contractual or possessory
liens against the Chase Commercial Corporation;
That a copy of Bond Counsel Opinion to such an arrangement
is attached hereto, marked, "Exhibit 1";
That the City Council does hereby authorize the Mayor to
sign on and in behalf of the City of West
the Landlord's Waiver and Agreement,
ADOPTED this
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ATTEST : -.~
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TY CLERK
SPONSORED BY:
s~ Arkansas ,
~98~•
MAYOR
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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
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
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Seal of said City, on this day of ~
CITY CLERK, CITY OF ti'JEST MEMPHIS
CRITTENDEN COUNTY, ARKANSAS
(SEAL)
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FRIDAY, ELDREDGE & CLARK
HERSCHEL H. FRIDAY, P. A. A PARTNERSHIP OF INDIVIDUALS AND PROFESSIONAL ASSOCIATIONS
WILLIAM A. ELDREDGE, JR.
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B. 5 CLARK, P. A. ATTORNEYS AT LAW
WILLIAM L. TERRY, P, A. ~ '. JAMES E. HARRIS, P. A.
J. PHILLIP MALCO M, P. q,
ROBERT V. LIGHT, P. A. /~
WILLIAM H. SUTTON, P. q. /~ ~ ~~ 2000 FIRST COMMERCIAL BUILDING
G JAMES M. SIM PSO N, P. q,
MEREDITH P. CATLETT, P. A.
JAMES M. SA%TON
EORGE E PIKE, JR., P. q, ~
JAMES W. MOORE
LITTLE ROCK, ARKANSAS 72EO1 ,®
WILLIAM L. PATTO N, JR., P„~
/.~ J. SHEPHERD RUSSELL III
DONALD H. BACON, P. A.
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BYRON M. EISEMAN, JR., A~ ~'_'r'lfl~`/~r'II//~f`}r+11 \
JOE O. BELL. P. A. U TELEPHONE
M
P ROBERT K. WALSH
WILLIAM THOMAS BA%TER, P.A
WALTER A. PgULSON II
P
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ICHAEL G. THOM PSO N,
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JOHN C. ECHOES, P. A. 0~} 501~376~2011
JAMES A. BUTTRY Q' ~A~ ,
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BARRY E. COPLIN
RICH AqD D. TAYLOR
JOSEPH
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FREDERICK S. URSE RY, P.(~ y
H. T. LAR2ELERE, P.A. B. HURST, JR.
ELIZABETH J, ROBBEN
CHRISTOP
OSCAR E. DAVIS, JR., P. C
JAMES C. CLAq K, JR., P. v D
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L/,U RA A, HENSLCY
ROBERT $. SHAPER
HOMAS P. LEGGETT, P.A (~
e cemlJe Y
lO, 1984
JOHN DEWEY WATSO N, P. ~Y
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fYS , MICHAEL G. SMITH
WILLIAM M
GRIFFIN I11
,
LEWIS MATHIS, P. A.
} PAUL B. BENHAM I11, P. A. .
THOMAS N. ROSE
LARRY W. BURKS. P. A. ,/~
A. WYCNLIFF NISBET, JR., P. A. ~j N MICHAEL S. MOORS
DIANE S. MACNEY
JEFF BR
W OADWATER
JERRY V. [LLIOTT
t .. _..• WALTER M. EBCL III
KEVIN A. CRASS
' WILLIAM A. WADD[LL, JR.
Mr . Robert Smith °DUN![L
City Attorney WILLIAM J. SMITH
JOHN T. WILLIAMS
City Hall
205 Redding Street WRIT[R: OIR[CT NO.
West Memphis, Arkansas 72301
Re: $1,700,000 City of West Memphis, Arkansas
Industrial Development Revenue Bonds -
Three Rivers Plywood, Inc. Project, Series
1984
Dear Mr. Smith:
This will confirm our telephone conversati"on today regard-
ing the proposed Landlord's Waiver and Agreement which has
been forwarded to you by Hansell & Post, Atlanta, Georgia.
The "Collateral" referred in the Landlord's Waiver and
Agreement does not appear to cover any of the property
constituting the leased premises under the Lease and Agree-
ment dated as of August 1, 1984, between the City of West
Memphis and Three Rivers Plywood, Inc.. (the reference to
the Lease and Agreement in the first paragraph of the
recitals should be as of August 1 instead of May 1), In
addition, the First National Bank of Hot Springs, as
Trustee for the bondholders, has agreed to the terms and
conditions of the Landlord's Waiver and Agreement. Conse-
quently, 2 do~not believe the execution of the Landlo rd's
Waiver and Agreement would be harmful to the City's interests
as set forth in the Lease and Agreement.
Please call me if you have and questions.
Sincerely
yours,
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Thomas P. Leggett
TPL:cm
cc: Hazen H. Dempster
Larry Brian