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AN ORDINANCE AUTHORIZING A LEASE AND AGREEMENT BY AND BETWEEN THE CITY OF JONESBORO, ARKANSAS, AS LESSOR AND ARKANSAS AERO, INC., AS LESSEE IN SUBSTANTIALLY THE FORM AND WITH THE CONTENTS SET FORTH AND MADE A PART OF THE ORDINANCE; AUTHORIZING THE EXECUTION AND DELIVERY OF THE LEASE AND AGREEMENT; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, Ordinance No. 1517 of the ordinances of the City of Jonesboro, Arkansas, adopted and approved July 19, 1976, (“Ordinance No. 1517”) authorized the execution and delivery of a Lease and Agreement wherein the City of Jonesboro, Arkansas (the “City”) was Lessor and Arkansas Aero, Inc., an Arkansas corporation (“Arkansas Aero”) was Lessee, in substantially the form and with substantially the contents therein set forth; and
WHEREAS, the industrial undertaking involving the Lease and Agreement authorized by Ordinance No. 1517 was based upon the issuance of industrial development revenue bonds by the City in the aggregate principal amount of $225,000; and
WHEREAS, it has been determined that in connection with said industrial undertaking there will be required the issuance of industrial development revenue bonds by the City in the aggregate principal amount of $265,000; and
WHEREAS, additional authority is necessary from the City in order to accomplish the industrial undertaking and the issuance of said bonds;
NOW, THEREFORE, 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 Lease and Agreement wherein the City is Lessor, and Arkansas Aero is Lessee, 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 Lease and Agreement for and on behalf of the City. The form and contents of the Lease and Agreement, which are hereby approved and which are made a part hereof, shall be substantially as follows:
Section 2: That the Mayor and City Clerk be 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 City’s obligations as Lessor under the Lease and Agreement.
Section 3: That the provisions of this Ordinance are hereby declared to be separable, and if any section, phrase or provision shall, for any reason, be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases or provisions.
Section 4: That Ordinance No. 1517 is hereby repealed, and that all other ordinances and parts of ordinances in conflict herewith are hereby repealed to the extent of such conflict.
Section 5: That there is hereby found and declared to be an immediate need for the securing and developing of industry at the City in order to provide additional employment and increased payrolls, alleviate unemployment and provide other benefits incidental to the operation of a substantial industry, and the execution and delivery of the Lease and Agreement authorized by this Ordinance are necessary for the immediate preservation of the pubic peace, health and safety shall be in force and take effects immediately upon and after its passage.
PASSED and ADOPTED this 20th day of September, 1976.