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AN ORDINANCE AUTHORIZING A SALE AGREEMENT BY AND BETWEEN THE CITY OF JONESBORO, ARKANSAS, AND THE GENERAL TIRE & RUBBER COMPANY, IN SUBSTANTIALLY THE CONTENTS SET FORTH IN AND MADE A PART OF THIS ORIDNANCE, AND, IN CONNECTION THREWITH, AN ESCROW AGREEMENT IN SUBSTANTIALLY THE CONTENTS SET FORTH IN AND MADE A PART OF THIS ORDINANCE; AUTHORIZING THE EXECUTION AND DELIVERY OF THE SALE AGREEMENT AND THE ESCROW AGREEMENT; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
Section 1: That there be, and there is hereby authorized the execution and delivery of a Sale Agreement (the “Sale Agreement”) between the City of Jonesboro, Arkansas (the “City” and the General Tire & Rubber Company, a Ohio corporation (the “Company”), in substantially the form and with substantially the contents hereinafter set forth, and the Mayor and City Clerk be, and there are hereby, authorized to execute, acknowledge and deliver the Sale Agreement for and on behalf of the City. The form and contents of the Sale Agreement, which are hereby approved and which are made a part hereto, shall be substantially as follows:
Section 2: That there be and there is hereby authorized the execution and delivery of an Escrow Agreement (the “Escrow Agreement”), in substantially the form and with substantially the contents hereinafter set forth, and the Mayor and City Clerk be, and they are hereby, authorized to execute, acknowledge and deliver the Escrow Agreement for and on behalf of the City. The form and contents of the Escrow Agreement, which are hereby approved and which are made a part hereof, shall be substantially as follows:
Section 3: That the Mayor and City Clerk are, 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 obligations as Seller under the Sale Agreement.
Section 4: 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 5: That, all ordinances and parts thereof in conflict herewith are hereby repealed to the extent of such conflict.
Section 6: That there is hereby found and declared to be an immediate need for the securing and developing of industrial 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 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 and ADOPTED on this 21st day of April, 1975.