Board of Directors

MINUTES RECESSED MEETING OF THE BOARD OF DIRECTORS AUGUST 14, 2003, AT 8:00 A.M. The August 13, 2003 recessed meeting of the Board of Directors reconvened on Thursday, August 14, at 8:00 a.m., Board Chambers, City Hall, with Mayor Mike Bush presiding. Mayor Bush called the meeting to order at 8:00 a.m. Roll call was as follows: Present: Directors Peggy Maruthur, Elaine Jones, Burt Newell, Carroll Weatherford, Bill Edwards, and Mike Bush, total 6. Absent: Director Bob Wheeler. NEW BUSINESS 4 Proposed Ordinance No. O-03-75 An ordinance entitled, “AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE PURPOSE OF FINANCING AND REFINANCING CERTAIN INDUSTRIAL FACILITIES; AUTHORIZING A TRUST INDENTURE; SECURING THE BONDS; AUTHORIZING A LOAN AGREEMENT BETWEEN THE CITY OF HOT SPRINGS, ARKANSAS, MAGIC SPRINGS DEVELOPMENT COMPANY, LLC.; AUTHORIZING THE SALE OF THE BONDS AND THE EXECUTION OF A BOND PURCHASE AGREEMENT IN CONNECTION THEREWITH; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY,” was taken from the agenda for consideration. A motion was made by Director Edwards, duly seconded by Director Maruthur, that the rules be suspended and the ordinance be read for the first time by title only; and upon voice vote, the motion unanimously carried. The ordinance was then read for the first time by title only; and upon the question “Shall the ordinance be passed as read?” and upon motion of Director Edwards, duly seconded by Director Weatherford, that the ordinance be passed as read; and upon roll call, the following voted “aye”: Directors Maruthur, Jones, Newell, Weatherford, Edwards, and Bush, total 6. Absent and not voting: Director Wheeler; motion unanimously carried. Whereupon the ordinance was declared passed. City Attorney David White then read the emergency clause. A motion was made by Director Jones, duly seconded by Director Maruthur, that the emergency clause be passed; and upon roll call, the following voted “aye”: Directors Maruthur, Jones, Newell, Weatherford, Edwards, and Bush, total 6. Absent and not voting: Director Wheeler; motion unanimously carried. Whereupon the emergency clause was declared passed. 5 Proposed Ordinance No. O-03-76 An ordinance entitled, “AN ORDINANCE REAPPROPRIATING FUNDS TO SECURE STATE AGENCY GUARANTIES OF INDUSTRIAL DEVELOPMENT REVENUE BONDS; AUTHORIZING AN AMENDMENT TO ESCROW AGREEMENT BETWEEN THE CITY OF HOT SPRINGS, ARKANSAS, AND REGIONS BANK; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY,” was taken from the agenda for consideration. A motion was made by Director Edwards, duly seconded by Director Maruthur, that the rules be suspended and the ordinance be read for the first time by title only; and upon voice vote, the motion unanimously carried. The ordinance was then read for the first time by title only; and upon the question “Shall the ordinance be passed as read?” and upon motion of Director Weatherford, duly seconded by Director Edwards, that the ordinance be passed as read; and upon roll call, the following voted “aye”: Directors Maruthur, Jones, Newell, Weatherford, Edwards, and Bush, total 6. Absent and not voting: Director Wheeler; motion unanimously carried. Whereupon the ordinance was declared passed. City Attorney David White then read the emergency clause. A motion was made by Director Maruthur, duly seconded by Director Edwards, that the emergency clause be passed; and upon roll call, the following voted “aye”: Directors Maruthur, Jones, Newell, Weatherford, Edwards, and Bush, total 6. Absent and not voting: Director Wheeler; motion unanimously carried. Whereupon the emergency clause was declared passed. Mr. Chesshir extended an invitation to the Board to the opening of CMC Foods, Inc. (former Red Diamond Battery Building), at 10 a.m. today, which will be approximately 20 more new jobs in the community. 6 ADJOURNMENT There being no further business to come before the Board, the meeting adjourned at 8:20 a.m., to meet again on Tuesday, September 2, 2003, at 7:00 p.m. ATTEST: _____________________ APPROVED:__________________ Lance Hudnell, City Clerk Mike Bush, Mayor