Loading...
1016 RESOLUTION ~ laib OF THE C I TY OF t9EST h2EbiPii I S ARKANSAS PREFACE A RESOLUTION TO PROVIDE WORKERS OF ALL SUBJECT: MUNICIPALITIES COMPENSATION COVERAGE FOR THEIR OFFICIALS AND EMPLOYEES' SPONSORED BY: DATE OF COUNCIL MINUTES PASSED: hiONTH DAY YEAR ~~ ~ J f RESOLUTION N0. ~ ,~ A RESOLUTION TO PROVIDE WORKERS OF ALL MUNICIPALITIES COMPENSATION COVERAGE FOR THEIR OFFICIALS AND EMPLOYEES WHEREAS, Arkansas municipalities are required by Act No. 866 of 1985 to provide workers' compensation coverage for their officials and employees; and, WHEREAS, the effective date of the municipal responsi- bility for funding this coverage is July 1, 1985, and. WHEREAS, the Arkansas Municipal League is proceeding to meet the requirements of Act No. 866 by forming a group of municipalities to self-fund the coverage; and, WHEREAS, it is felt that self-funding will enable us to provide this coverage in the most economical manner possible; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WEST MEMPHIS, ARKANSAS: SECTION 1. That the governing body of the City of West Memphis, Arkansas, directs its Mayor to sign and complete the Application for Membership in the Arkansas :`iunicipal League's self-funded workers' compensation program in compliance with Act No. 866 of 1985. SECTION 2. That upon receipt of the statement for this coverage, the Treasurer and/or other proper officials shall see that it is paid immediately. The Mayor shall be authorized to require reimbursement to the general fund from the independent agencies of the City for whom the coverage is provided for their pro rata share of the expenses. SECTION 3. It is hereby found and determined that the workers' compensation coverage as called for in this Resolution is essential to the continued receipt of general turnback from the state; and, therefore, an emergency is hereby declared to exist and this Resolution being necessary for the immediate preservation of the public peace, health and safety shall be in full force and effect from and after its passage. G~/r ~ 1985. ADOPTED this day of , ,, ATTES ~ __ MAYOR ~~~ ~~ 'I~~h'~ MAYOR LE 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 >,a,~o1b 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 Memphis, Arkansas, and the Official Seal of said City, on this ~-G„r day of , 19 ff 5' . .CITY CLERK, CITY OF WEST b1EfiIPHIS CRITTENDEN COUNTY, ARKANSAS (SEAL) MEP~~ORANDUr7 OF INTENT This D~EMORANDUM OF INTENT is between the CITY OF WEST MEMPHIS, ARKANSAS, party of the first part (hereinafter referred to as the "Municipality"), and WILLIAM T. BIDS and PATRICK H. TURNS, a part- nership doing business as WEST MEMPHIS FENCE COMPANY, party of the second part (hereinafter referred to as the "Company"). IN CONSIDERATION of the undertakings of the parties .set forth herein and the benefits to be derived therefrom and of other good and valuable considerations, receipt of which is hereby acknowledged by the parties, the Municipality and the Company AGREE: 1. Preliminary Statement. (a) The municipality is a duly organized and existing city o. the first class under the laws of the State of Arkansas and is authorized by the laws of the State of Arkansas, including particularly Act No. 9 of the First Extraordinary Session of the Sixty-Second General Assembly of the State of Arkan- sas, approved January 21, 1960, as amended ("Act 9"), to issue revenue bonds for financing the costs of acquiring, constructing and equipping industrial facilities (as defined in and authorized by Act ~) and to lease, sell and/or make loans to finance the same for such rentals and payments and ul,on such terms and conditions as the Municipality deems advisable. (b) In order to secure and develop industry which will furnish substantial employment and payrolls. (in furtherance of the public purpose of Act 9), it is proposed that there will be acquired, con- structed and installed industrial facilities (consisting of lands, buildings, improvements, machinery, equipment and facilities, called (the "Industrial Facilities"). (c) The Company has determined that prior to commencement of acquisition, construction and equipment of the Industrial Facilities, it must obtain a commitment from the A'Iunicipality that it will issue revenue bonds under Act 9 as the Company and the Municipality, upon advice of counsel, shall deem appropriate and make the proceeds available for the permanent financing of any part or all of the costs and expenses incurred in acquiring, constructing, and equipping the Industrial Facilities. (d) The Municipality is willing to so commit and to proceed with the issuance of such bonds as and when requested by the Company, in principal amounts necessary to furnish such permanent financing subject to compliance with all conditions set forth in Act 9. (e) The Municipality considers that the acquiring, con- structing and equipping of the Industrial Facilities, and the making of loans to finance or the leasing or sale to the Company of all such facilities as are so financed, will secure and develop industry and thereby promote the general health and economic welfare of the inhabitants of the Municipality and adjacent areas. 2. Undertakings on the Part o_f the Municipality. The Municipality agrees as ollows: (a) That when requested by the Company, it will authorize and take, or cause to be taken, the necessary steps to issue revenue bonds under Act 9, in the aggregate principal amount necessary to furnish the permanent financing of all or any part of the costs of acquiring, constructing and equipping of the Industrial Facilities. In this regard, it is estimated at this time that the cost of accom- plishing the Industrial Facilities will be in the amount of approxi- mately $250,000, but bonds will be issued in such amount as shall be requested by the Company whether that amount is more or less than. $250,000 (the "Bonds"). (b) That it will, at the proper time and subject in all respects to the recommendation and approval of the Company, have the Bonds underwritten and will adopt, or cause to be adopted, such proceedings and authorize the execution of such documents as may be necessary and advisable for the authorization, sale and issuance of the Bonds, the acquiring, constructing and equipping of the Indus- trial Facilities, the loan to the proceeds of the Bonds to the Company for that purpose or the leasing or sale of the Industrial Facilities to the Company (it being understood that the form of the transaction will be subsequently determined), all in conformity with Act 9 and any other applicable federal state laws and upon terms and conditions mutually satisfactory to the Municipality and the Company. (c) That the aggregate basic rents or payments (i.e., the rents or payments to be used to pay the principal of, premium, if any, and interest on the Bonds) payable under lease, loan agreement or sale agreement (whichever is applicable) between the 1`~Iunicipality and the Company, shall be sufficient to pay the principal of, premium, if any, and interest on the Bonds when due. (d) That it will take or cause to be taken such.. other action and adopt such further proceedings as may be required to implement the aforesaid undertakings or as it may deem appropriate in pursuance thereof. L .~ 3. Undertakings on the Part of the Company. The Company agrees as follows: (a) That it will cooperate with. the runicipality in the sale and issuance of the Bonds to the end of achieving timely and favorable marketing thereof. (b) That it will enter into such lease, loan agreement, sale agreement or other appropriate agreement with the Municipality as the Compay will obligate itself to pay to the Municipality rents or payments sufficient to pay the principal of, premium, if any, and interest on the Bonds when due. (c) That it will take such further action and adopt such further proceedings as may be required to implement the aforesaid undertakings or as it may deem appropriate in pursuance thereof. 4. General Provisions. (a) This Memorandum of Intent shall continue in full orce'and effect until the Industrial Facilities and its financing by Bonds, as hereinafter specified, is accomplished, and in this regard it is understood that there may be separate issues of Bonds, and separate series within a particular issue, with different maturities, interest rates, redemption provisions and other details. In the case of each issue, and of each series, the Municipality will take appropriate action by ordinance or resolution, to sell and authorize the Bonds and to authorize and execute such agreements and documents as may be determined necessary or desirable by the Municipality and the Company. (b) The P~.4unicipality and the Company will enter into an { agreement whereby the Company will make payments in lieu of ad valorem taxes on the Industrial Facilities, in amounts as agreed 'sir. upon between the Municipality and the Company. ,~ ~•: IN WITNESS WHEREOF, the A4unicipality and the Company have entered into this D4emorandum of Intent by their officers thereunto duly authorized, as of the 6th day of June, , 1985. ATTEST: CITY C ERK (SEAL) CITY OF WEST P4EMP S, ARKANSAS BY ~~~ ~! 2J MAYOR WEST r~ET~PHIS FENCE COr1PANY, A Partnership Consisting of William T. Bius and Patrick H. Turns WI LIAr~ T. BIUS PATRICK H . TURNS