RES NO 02-02-1987 RESOLUTION NO. 7- 7 -1 7s7
RESOLUTION APPROVING A PROJECT FOR
SOUTHWESTERN GLASS COMPANY, INC., AN
ARKANSAS CORPORATION, AND
DETERMINING THAT THE CITY OF
VAN BUJREN, ARKANSAS, WILL ISSUE ITS
REVENUE BONDS IN THE AMOUNT OF
APPROXIMATELY $750,000 TO FINANCE
THE COST OF SUCH PROJECT
WHEREAS, the City of Van Buren, Arkansas (the "City
is authorized and empowered under the provisions of Ark.
Stat. Ann. §13 -1601 to 13 -1618, as amended, inclusive (the
"Act to issue revenue bonds and to use the proceeds
thereof for the accomplishment of the purposes set forth in
the Act; and
WHEREAS, Southwestern Glass Company, Inc., an Arkansas
corporation (the "Company has requested the City to
finance certain facilities consisting of a glass lighting
fixture component manufacturing facility, including real
estate, buildings, improvements, fixtures, machinery and
equipment, and related support facilities (the "Project
at a cost of approximately $750,000, to lease or otherwise
dispose of the Project to the Company or to loan the proceeds
of such revenue bonds to the Company; and
WHEREAS, the City desires to finance the cost of purchasing,
constructing and installing the Project by the issuance of
revenue bonds under the Act in a principal amount of approximately
$750,000, said bonds to be payable solely out of rentals,
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revenues and receipts derived from the lease of the Project
by the Company from the City or from the repayment by the
Company of the Loan from the City; and
WHEREAS, the City and the Company desire that such
purchase, construction and installation of real estate,
buildings, improvements, fixtures, machinery and equipment
and related support facilities for the Project commence
immediately.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF VAN BUREN, ARKANSAS, AS FOLLOWS:
Section 1: That the City Council hereby finds and
determines that the Project will secure or develop industry
within or near the City of Van Buren, Arkansas and will be
in furtherance of the public purposes set forth in the Act.
Section 2: That the City Council herey approves the
Project and determines that the City will finance the Project
out of the proceeds of revenue bonds of the City in a principal
amount of approximately $750,000 to be issued pursuant to
the Act.
Section 3: That the City officials are hereby authorized
and directed to proceed with the necessary negotiations and
the preparation of the legal documents in relation to the
Project and the issuance of said bonds therefore for final
presentation and action by the City Council of the City of
Van Buren.
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Section 4: That it is understood that the Company may
wish to proceed immediately with the purchase of the Project,
including the entering into of necessary contracts to accomplish
the Project. The Company will be reimbursed out of bond
proceeds for all expenditures made and expenses incurred,
after the date of this Resolution, in the purchase, construction
and installation of the Project.
Section 5: That all documents whose execution and
delivery are contemplated by the provisions hereof, including,
but not limited to, the terms of the bonds and of the sale
of the bonds, must be acceptable to and approved by the
Board of Directors of the Company, the sale of the bonds
shall be the responsibility of the Company.
Section 6: That this Resolution shall become effective
immediately.
PASSED BY the City Council of the City of Van Buren,
Arkansas, this b day of l e /�Rtti?/ 1987.
APPROVED:
u' Ic A
ATTEST: 64a141:11-
City Clerk
(SEAL)
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