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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 JANUARY 21, 1960, AS AMENDED, FOR THE PURPOSE OF FURNISHING THE PERMANENT FINANCING OF THE COST OF SECURING AND 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, arrangements have been made with the Carl Bajohr Company for the location of a substantial industrial plant in the City of Jonesboro, Arkansas (“City”); and
WHEREAS. the location of the industrial plant in the City will result in increased employment, will result in increased payrolls, will alleviate unemployment, and will result in other public benefits incidental to the operation of a substantial industrial plant, all of which will be in the best interest of the City and its citizens and inhabitants; and
WHEREAS, in order to obtain funds for the financing of necessary lands, buildings, improvements, machinery, equipment and facilities (“Project”), essential to the location and operation of the industrial plant, the City Council of the City has determined to issue, subject to the approval of the electors of the City, Industrial Development Revenue 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”) in an amount not to exceed $155,000 for the purpose of financing the Project costs and necessary costs and expenses incidental thereto, the costs of the issuance of the bonds, and providing adequately for debt service on the bonds until Project revenues are available therefore; and
WHEREAS, the purpose of this Ordinance is to submit the question of the issuance of the bonds under Act No.9 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 17th day of June, 1969, at which election there will be submitted to the electors of the City the question of issuing Industrial Development Revenue Bonds (“bonds”) under Act No.9 in an amount not to exceed One Hundred Fifty-Five Thousand Dollar ($155,000) for the purpose of furnishing permanent financing of the costs of securing and developing industry (the particular industrial project is described above). 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 will be issued at one time or in series from time to time, all as the City Council shall subsequently determine and specify in the ordinance authorizing the issuance of the bonds.
Section 2: That the question shall be placed on the ballot for the special 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 not to exceed $155,000……………………………………………………………………….|___|
AGAINST the issuance of Industrial Development Revenue Bonds by the City of Jonesboro, Arkansas in the aggregate principal amount of not to exceed $155,000………………………………………………………………………|___|
It is proposed to issue City of Jonesboro, Arkansas (“City”) Industrial Development Revenue Bonds (“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 not to exceed $155,000 for the purpose of furnishing the permanent financing of the costs of securing and developing industry. The bonds will be dated, the bonds will bear interest at such 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 manner and upon such terms and the bonds will be issued at one time or in series from time to time, all as the City Council shall subsequently determine and specify in the ordinance authorizing their issuance. The proposed industrial project will consist of lands, buildings, improvements, machinery, equipment and facilities for an industrial plant (“Project”), and the proceeds of the bonds will be sufficient to pay the Project costs and necessary incidental costs and expenses, the cost of the issuance of the bonds and to make any needed provision for the payment of interest until Project revenues are available. The Project will be owned by the City and will be leased to the Carl Bajohr Company for lease rentals sufficient to provide for the payment of the principal of and interest on the bonds. The bonds will not be general obligations of the City but will be special obligations payable solely from Project revenues, including particularly lease rentals under the Lease and Agreement referred to above, which will be specifically pledged to the payment of the principal of and interest on the bonds, and the bonds will 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 shall give notice of such 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 said 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 additional employment, increased payrolls, alleviate unemployment and provide other benefits incidental thereto, and the issuance of the bonds referred to in this Ordinance is essential to accomplishing those public benefits. It is, therefore, declared that 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 on the 5th day of May, 1969.