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A RESOLUTION APPROVING A SUCCESSOR TRUSTEE UNDER A CERTAIN TRUST INDENTURE SECURING INDUSTRIAL DEVELOPMENT REVENUE BONDS; AND PRESCRIBING OTHER MATTERS RELATING THERETO
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WHEREAS: the City of Jonesboro, Arkansas (the “City”) and the predecessor to The Arkansas Bank, Jonesboro, Arkansas (“Arkansas Bank”) executed a Trust Indenture, dated as of September 1, 1977, (the “Indenture”), securing the City’s Industrial Development Revenue Bonds - Delta Project, Series 1977, in the aggregate principal amount of $400,000 (the “Bond”), which Bonds were issued to finance the cost of acquiring, constructing and equipping facilities for an industrial project which is leased to Delta, Inc. of Arkansas (or a successor thereto) (“Delta”, pursuant to the Lease and Agreement between Delta and the City dated as of September 1, 1977; and
WHEREAS, Arkansas Bank has resigned as Trustee under the Indenture; and
WHEREAS, Section 1108 of the Indenture vests in the City the right to designate a successor until holders of a majority in outstanding principal amount of the Bonds appoint a successor Trustee; and
WHEREAS, Worthen Bank & Trust Company, N.A., Little Rock, Arkansas (“Worthen”) has agreed to accept the duties of Trustee under the Indenture; and
WHEREAS, the appointment of Worthen as successor Trustee accords with the terms of the Indenture;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Jonesboro, Arkansas:
SECTION 1: Worthen is hereby approved to act and serve as Trustee under the Indenture and such other writings as may be incidental thereto, with all powers, rights, interests, properties, trusts and estates as may be consequent thereon.
SECTION 2: The Mayor and City Clerk are hereby authorized and directed, for and on behalf of the City, to execute and deliver such documents and writings as may be necessary or appropriate to reflect and deliver such documents and writings as may be necessary or appropriate to reflect and confirm the resignation of Arkansas Bank, the appointment of Worthen and to transfer to Worthen all the estates, properties, rights, powers and trusts under the Indenture.
SECTION 3: The Mayor and City Clerk are hereby authorized and directed, for and on behalf of the City, to take all action and execute all documents necessary to carry out the authority conferred by and the purposes of this Resolution or to evidence the exercise thereof.
SECTION 4: a vacancy exists in the Office of Trustee under the Indenture which should be filled immediately in order that here be no impairment of the rights and obligations of all parties involved and this Resolution being therefore necessary for the immediate preservation of the public peace, health and safety shall be in effect immediately upon and after its passage and approval.
PASSED and ADOPTED this 7th day of May, 1990.