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AN ORDINANCE AUTHORIZING A FIRST SUPPLEMENTAL INDENTURE OF TRUST RELATING TO INDUSTRIAL DEVELOPMENT REVENUE BONDS PREVIOUSLY ISSUED; AUTHORIZING A FIRST SUPPLEMENTAL LOAN AGREEMENT BETWEEN THE CITY OF JONESBORO, ARKANSAS AND FARR COMPANY; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, the City of Jonesboro, Arkansas (the “City”), has theretofore executed and delivered an Indenture of Trust dated as of December 1, 1985 (the “Original Indenture”), between the City and First Commercial Bank, National Association, Little Rock, Arkansas, as Trustee (the “Trustee”), securing the City’s Variable Rate Demand Industrial Development Revenue Bonds (Farr Company Project), in the principal amount of $8,000,000 (the “Bonds”); and
WHEREAS, the City has also heretofore executed and delivered, in connection with the issuance of the Bonds, a Loan Agreement dated as of December 1, 1985 (the “Original Loan Agreement”), between the City and Farr Company, a California corporation (the “Company”); and
WHEREAS, it is proposed that the City enter into a First Supplemental Indenture of Trust between the City ant the Trustee (the “First Supplemental Indenture”), and a First Supplemental Loan Agreement between the City and the Company (the “First Supple-mental Loan Agreement”), for the purpose of amending the Original Indenture and the Original Loan Agreement, respectively, to conform the provisions thereof to the Reimbursement Agreement dated as of December 1, 1985, as amended and supplemented between the Company and Security Pacific National Bank, Los Angeles, California, relating to the Bonds; and
WHEREAS, copies of the First Supplemental Indenture and the First Supplemental Loan Agreement have been presented to and are before this meeting;
NOW, THEREFORE, 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 for the Fi...
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