Section 11 - War Memorial Stadium, Remission of Trust Funds - Acts 1985, No. 393SECTION 1. The trustee of the trust estate established by the War Memorial Stadium Commission under the trust agreement entered into pursuant to the authority of Act 3 of the Second Extraordinary Session of 1968, approved May 24, 1968, for the purpose of securing the payment of, and of paying, its outstanding War Memorial Stadium revenue bonds, authorized and issued under the provisions of Act 249 of the Acts of the General Assembly, approved March 18, 1947, referred to in said Act 3 as "2-1/4% bonds," and its outstanding War Memorial Stadium Revenue Refunding Bonds, authorized and issued under the provisions of Act 5 of the Acts of the General Assembly, approved August 31, 1961, referred to in Act 3 as "refunding bonds," is hereby authorized and directed to convert the assets of such trust estate into cash and to remit the entire balance of funds remaining in said trust estate, to the War Memorial Stadium Commission, to be deposited in the War Memorial Stadium Commission Fund in one or more banks in this State, to be used by said Commission for the construction, reconstruction, repair, improvement, maintenance, and operation of the War Memorial Stadium in the manner provided by law.SECTION 2. After receiving from the trustee the balance remaining in the trust fund established under the authority of Act 3 of the Second Extraordinary Session of 1968, the War Memorial Stadium Commission shall, from funds available to the Commission, indemnify the trustee of such trust estate against any and all liability with respect to War Memorial Stadium revenue bonds or War Memorial Stadium Revenue Refunding Bonds, including any accrued interest thereon, which may be presented for payment by the trustee subsequent to the transfer of the balance of funds to the War Memorial Stadium Commission, as provided in this Act.SECTION 3. This Act shall repeal only such laws or parts of laws as are specifically in conflict herewith.SECTION 4. EMERGENCY. It is hereby found and determined by the General Assembly that: (a) the War Memorial Stadium Commission is in need of additional funds to make expansions, improvements, and repairs to the War Memorial Stadium and is in need of additional operating funds to provide for the protection and safety of the people attending the various attractions held at the Stadium, and that said needs should be met at the earliest possible moment;(b) the balance of funds now being held by the trustee of the trust estate established pursuant to the trust agreement entered into by the War Memorial Stadium Commission pursuant to Act 3 of the Second Extraordinary Session of 1968 is needed to relieve said conditions;(c) the owners of outstanding War Memorial Stadium revenue bonds and/or Refunding Bonds have had reasonable and ample opportunity to present the same for payment, and that it is no longer necessary to tie up said funds in accordance with the trust agreement, thereby depriving the War Memorial Stadium Commission of the use of said funds for improving and operating the War Memorial Stadium;(d) by authorizing and directing the Stadium Commission to indemnify the trustee for any obligations presented for payment in accordance with the trust agreement, said trustee will be held harmless from liability, and the Commission will be authorized to meet the obligations of such payment from monies available to the Commission; and(e) that the immediate passage of this Act is necessary to accomplish said purposes. Therefore, an emergency is hereby declared to exist and this Act, being immediately necessary for the preservation of the public peace, health, and safety, shall be in full force and effect from and after its passage and approval. APPROVED: March 18, 1985.
Ark. Code app TITLE 19 § 11
Acts 1985, No. 393
APPROVED: 3/18/1985.