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AN ORDINANCE AUTHORIZING THE ISSUANCE OF A GENERAL REVENUE PROMISSORY NOTE (MIRACLE LEAGUE PARK PROJECT REFUNDING), SERIES 2016; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE NOTE; DECLARING AN EMERGENCY; AND PRESCRIBING OTHER MATTERS RELATING THERETO.
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WHEREAS, the City of Jonesboro, Arkansas (the "City") is authorized and empowered under the provisions of Amendment 78 to the Arkansas Constitution and the provisions of Arkansas Code Annotated Section 14-78-1001 et seq (the "Act") to issue notes and expend the proceeds thereof for purpose of acquiring, constructing, installing and renting real property; and
WHEREAS, the City is indebted to Bancorp South on a Note dated August 28, 2014 in the original principal amount of $500,000 issued pursuant to the Act (the "Bancorp South Note") the proceeds of which were utilized to make certain improvements to Miracle League Park in the City (the "Miracle League Park Project").
NOW THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
Section 1. The City Council hereby confirms that the Miracle League Park Project involved the acquisition of and construction of improvements to real property which will have a useful life of more than one (1) year and that the aggregate principal amount of the Note and the outstanding principal amount of all other obligations heretofore incurred by the City under Amendment No.78 did not exceed 5% of the assessed value of taxable property located within the City as determined by the last tax assessment at the time of the issuance of the Bancorp South Note.
WHEREAS, the City proposes to refund and satisfy in full the Bancorp South Note (the "Miracle League Park Project Refunding" by issuing its promissory note pursuant to Amendment 78 and the Act, including specifically, ACA ยง14-78-104, in the principal amount not to exceed Four Hundred Thousand and No/100ths Dollars ($400,000.00) in favor of First Security Bank, an Arkansas ban...
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