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AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE UPON THE QUESTION OF ISSUING BONDS UNDER THE PROVISIONS OF ACT NO. 9 OF THE FIRST EXTRAORDINARY SESSION OF THE SIXTY-SECOND GENERAL ASSEMBLY OF THE STATE OF ARKANSAS, APPROVED JANURY 21, 1960, AS AMENDED, FOR THE PUROSE OF FURNISHING THE PERMANENT FINANCING OF ALL OR A PORTION OF THE COST OF DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, Delta, Inc of Arkansas, an Arkansas corporation (“Delta”), operates a substantial industrial plant furnishing employment, payrolls and other benefits to the citizens and inhabitants of the City of Jonesboro, Arkansas (the “City”); and
WHEREAS, it is proposed that the plant be improved and expanded and additional machinery and equipment installed (the “Project”); and
WHEREAS. in order to make the necessary provision for permanent financing of all or a portion of all or the Project costs and the expenses of authorizing and issuing bonds, it is proposed that there be authorized One Million Dollars ($1,000,000.) in principal amount of bonds (the “Bonds”) under the provisions of Act No. 9 of the First Extraordinary Session of the Sixty-Second General Assembly of the State of Arkansas, approved January 21, 1960, as amended (“Act No. 9”), which may be issued in series from time to time; and
WHEREAS, the purpose of this Ordinance is to submit the question of authorizing the Bonds to the electors of the City at a special election called for that purpose;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
Section 1: That a special election be, and the same is hereby, called to be held in the City on the 11th day of November, 1975, at which election there will be submitted to the electors of the City the question of authorizing One Million Dollars ($1,000,000.) in principal amount of Industrial Development Revenue Bonds for the propose of furnishing all or a portion of the permanent financing of the cost of developing industry (the particular project is described above). The Bonds will be dated, will hear interest at the rate or rates, the interest will be payable on such dates, the Bonds will mature on such date or dates, the Bonds will be subject to redemption prior to maturity in such date or dates, the Bonds will be subject to redemption prior to maturity in such manner as upon such terms, and the Bonds may be issued in series from time to time, all as the City Council shall subsequently determine and specify in the ordinance or ordinances authorizing the issuance of the Bonds.
Section 2: That the question shall be placed on the ballot for the election in substantially the following form: Vote on measure by placing an “X” in the square above the measure either FOR or AGAINST:
FOR the issuance of Industrial Development Revenue Bonds by the City of Jonesboro, Arkansas in the aggregate principal amount of up to $1,000,000……………………./___/
AGAINST the issuance of Industrial Development Revenue Bonds by the City of Jonesboro, Arkansas in the aggregate principal amount of up to $1,000,000………./___/
It is proposed to authorize City of Jonesboro, Arkansas (the “City”) Industrial Development Revenue Bonds (the “Bonds”) under Act No. 9 of the First Extraordinary Session of the Sixty-Second General Assembly of the State of Arkansas, approved January 21, 1960, as amended (“Act No. 9”), in the aggregate principal amount of $1,000,000 for the purpose of furnishing all or a portion of the permanent financing of the cost of developing industry. The Bonds will be dated, the Bonds will bear interest at such rate or rates, the interest will be payable on such dated, the Bonds will mature on such date or dates, the Bonds will be subject to redemption prior to maturity in such manner and upon such terms, and the Bonds may be issued in series from time to time, all as the City Council shall subsequently determine and specify in the ordinance or ordinances authorizing their issuance. The proceeds of the Bonds that are issued will be applied to all or any part of the costs incurred in connection with improving and expanding the industrial plant presently operated by Delta, Inc. of Arkansas, an Arkansas corporation (“Delta”), in the City and acquiring and installing additional machinery and equipment therein (the “Project”), and to the payment of the expenses of issuing the Bonds. The Project will be owned by the City and leased or sold to Delta for lease rentals or payments sufficient to provide for the payment of the principal of and interest on the Bonds that are issued. The Bonds will not be general obligations of the City but will be special obligations payable solely from revenues derived from the Project, including particularly lease rentals or payments under the Lease of Sale agreement with Delta, which will be specifically pledged to the payment of the principal of and interest on the Bonds, and the Bonds may be secured by a lien on and security interest in the Project as authorized by Act No. 9.
Section 3: That the election shall be held and conducted and the vote canvassed and the results declared under the law and in the manner provided for municipal elections, so far as the same may be applicable, and the Mayor of the City shall give notice of the election by an advertisement published once a week for four consecutive weeks in a newspaper having a bona fide circulation in the City, with the last publication to be not less than ten days prior to the date of the election, and only qualified electors of the City shall have the right to vote at the election.
Section 4: That the results of the election shall be proclaimed by the Mayor and his proclamation shall be published one time in a newspaper having a bona fide circulation in the City, which proclamation shall advise that the results as proclaimed shall be conclusive unless attacked in the courts within thirty days after the date of the proclamation.
Section 5: That, a copy of this Ordinance shall be furnished to the Craighead County Board of Election Commissioners so that the necessary election officials and supplies may be provided.
Section 6: That there is hereby found and declared to be an immediate need for the securing and developing of industry in order to provide employment and payrolls, and the authorization of the Bonds refereed tot in this Ordinance is essential to accomplishing those public benefits. It is, therefore, declared that an emergency exists and this Ordinance being necessary for the immediate preservation of the public health, safety and welfare shall be in force and take effect immediately upon and after its passage.
PASSED and ADOPTED this 6th day of October, 1975.