ORD NO 48-1976 y
ORDINANCE NO. 7
AN ORDINANCE AUTHORIZING A SALE AGREEMENT BY AND
BETWEEN THE CITY OF `IAN BUREN, ARKANSAS, AND
DIAMOND SHAMROCK CORPORATION IN CONNECTION
WITH THE ISSUANCE OF CERTAIN INDUSTRIAL DEVELOP-
MENT REVENUE BONDS OF THE CITY DESIGNATED CITY OF
VAN BUREN, ARKANSAS INDUSTRIAL DEVELOPMENT REVENUE
BONDS (DIAMOND SHAMROCK PROJECT), SERIES 1976, IN
SUBSTANTIALLY THE CONTENTS SET FORTH IN AND MADE A
PART OF THIS ORDINANCE; AUTHORIZING THE EXECUTION AND
DELIVERY OF THE SALE AGREEMENT; PRESCRIBING OTHER
MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY.
BE IT ORDAINED by the City Council of the City of Van Buren,
Arkansas:
Section 1. That there be, and there is hereby authorized the
execution and delivery of a Sale Agreement in connection with the issuance
of certain Industrial Development Revenue Bonds of the City designated City
of Van Buren, Arkansas Industrial Development Revenue Bonds (Diamond
Shamrock Project), Series 1976 (the "Industrial Sale Agreement between the
City of Van Buren, Arkansas (the "City and Diamond Shamrock Corporation, a
Delaware corporation "Diamond Shamrock in substantially the form and
with substantially the contents hereinafter set forth, and the Mayor and
City Clerk he, and they are hereby authorized to execute, acknowledge and
deliver the Industrial Sale Agreement for and on behalf of the City. The form
and contents of the Industrial Sale Agreement, which are hereby approved and
which are made a part hereof, shall be substantially as follows:
Section 2. That the Mayor and City Clerk be, and they are hereby,
authorized and directed, for and on behalf of the City, to do all things,
execute all instruments and otherwise take all action' necessary to the
realization of the City's rights and to the discharge of the City's obligation
under the Industrial Sale Agreement.
Section 3. That the provisions of this Ordinance are hereby declared
to be severable, 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 4. That all ordinances and parts thereof in conflict here-
with are hereby repealed to the extent of such conflict.
Section 5. That there is hereby found and declared to be an
immediate need for the securing and developing of industry in order to provide
additional employment and increased payrolls, alleviate unemployment
and provide other benefits incidental to the operation of a substantial industry,
and the execution and delivery of the Industrial Sale Agreement authorized by
this Ordinance are necessary•for the accomplishment of these public benefits
and purposes. It is, therefore, declared that an emergency exists, and
this Ordinance, being necessary for the immediate preservation of the public
health, safety and welfare, shall be in force and take effect immediately
upon and after its passage.
PASSED: November 15 1976.
APPROVED:
ATTEST: /atl
V1ce- M ayor
2p,
City.0 lert:
(SEAL)
CERTIFICATE
The undersigned, City Clerk of Van Buren, Arkansas, hereby
certifies that the foregoing pages are a true, correct and compared copy of
Ordinance No. 48- 1976of the City of Van Buren, Arkansas, passed at a
special session of the City Council of Van Buren, Arkansas, held
at the regular meeting place of the Council at 7:30 o'clock p .m., on
the 15th day of November 1976, and that the Ordinance is of
record in Ordinance Record Book No. at Page now
in my possession.
GIVEN under my hand and the seal of the City this 15th day of
Nnvemher 1976
City Clerk
(SEAL)