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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 Cit...
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