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AN ORDINANCE PROVIDING FOR THE ISSUANCE OF INDUSTRIAL REVENUE BONDS OF THE CITY OF JONESBORO, ARKANSAS; DECLARING AN EMERGENCY; AND FOR OTHER PURPOSES
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WHEREAS, the City of Jonesboro, Arkansas, is duly authorized by Act 9 of the special session of the General Assembly of the State of Arkansas for 1960, as amended by Act No. 48 of the Acts of the General Assembly of the State of Arkansas for the year 1961, to promote industrial development within or near the City of Jonesboro, to issue Industrial Revenue Bonds, and to sue the proceeds thereof for the accomplishment of the said purpose, to pledge the gross revenues derived from the lands, buildings and facilities acquired or constructed, in whole or in part, with proceeds of the said Industrial Revenue Bonds, and to secure the payment of the said Industrial Revenue Bonds by a statutory mortgage lien on the lands, buildings, and facilities so acquired or constructed; and
WHEREAS, the City of Jonesboro has undertaken to assist Frolic Footwear, Inc., a corporation organized and existing under the laws of the State of Arkansas, to establish and operate a factory for the manufacture of footwear within or near the City of Jonesboro; and
WHEREAS, by Ordinance duly passed on the 5th day of September, 1961, there was submitted to the qualified electors of the City of Jonesboro, Arkansas, the question whether it should issue Industrial Revenue Bonds under the provisions of said Act 9, as amended, to the extent of $503,000.00 for the purpose of securing and developing industry within or near the City of Jonesboro; and
WHEREAS, due notice of the election was given, as required by law, and at said election 743 votes were cast in favor of the said bond issue for industrial development and only 193 votes were cast against it; and
WHEREAS, to pay the costs of acquiring lands and the construction of buildings in the establishment of said factory, the City of Jonesboro, Arkansas has sold to First Arkansas Development Finance Corporation, of Little Rock, Arkansas, at par plus accrued interest, $250,000.00 of Industrial Revenue Bonds, bearing interest at the rate of six percent (6%) per annum from date, dated November 1, 1961, maturing serially on May 1 in each of the years 1963 to 1978, inclusive, and proposes to sell at par plus accrued interest $253,000.00 of Industrial Revenue Bonds, bearing interest at the rate of five and one-half percent (5½ %) per annum from date, dated November 1, 1961, maturing serially on November 1 in each of the years 1963 to 1978, inclusive;
NOW, THEREFORE, be it ordained by the City Council of the City of Jonesboro, Arkansas:
Section 1: That the City of Jonesboro, Arkansas, issue its Industrial Revenue Bonds, series 1961, under the provisions of Act 9 of the Acts of the General Assembly of the State of Arkansas for 1960, as amended by Act No. 48 of the Acts of the General Assembly of the State of Arkansas for the year 1961, (hereinafter sometimes referred to as Act 9, as amended), in the principal amount of $503,000.00, payable solely from the rentals derived from the lease executed by the City of Jonesboro, Arkansas, to Frolic Footwear, Inc., that the said bonds be designated "City of Jonesboro, Arkansas, 6% (5 ½ %) Industrial Revenue Bonds, Series 1961," be dated as of November 1, 1961, $250.000.00 bearing interest at the rate of 6% per annum from date, and $253,000.00 bearing interest at the rate of 5½ % per annum from date, payable semi-annually on the first day of May and November in each year, beginning May 1, 1962, evidenced by coupons attached thereto; and that the bonds be in the denominations, numbered and maturing on May l and November 1 in the amounts and years, respectively, as follows, but subject to redemption before maturity on the conditions hereinafter set out:
BOND NUMBERS DENOMINATION RATE OF INTEREST AMOUNT MATURITY
(All Inclusive) ______%
1-8 $ 1,000 6 $ 8,000 May 1, 1963
9-58 100 5 ½ 5,000 November 1, 1963
59-62 1,000 5 ½ 4,000 November 1, 1963
63-71 1,000 6 9,000 May 1, 1964
72-111 100 5 ½ 4,000 November 1, 1964
112-115 1,000 5 ½ 4,000 November1, 1964
-116 500 6 500 May 1, 1965
117-127 1,000 6 11,000 May 1, 1965
128-187 100 5 ½ 6,000 November 1, 1965
188-193 1,000 5 ½ 6,000 November 1, 1965
-194 500 6 500 May 1, 1966
195-205 1,000 6 11,000 May 1, 1966
206-265 100 5 ½ 6,000 November 1, 1966
266-271 1,000 5 ½ 6,000 November 1, 1966
-272 500 6 500 May 1, 1967
273-284 1,000 6 12,000 May 1, 1967
285-344 100 5 ½ 6,000 November 1, 1967
345-351 1,000 5 ½ 7,000 November 1, 1967
352-364 1,000 6 13,000 May 1, 1968
365-378 1,000 5 ½ 14,000 November 1, 1968
379-393 1,000 6 15,000 May 1, 1969
394-463 100 5 ½ 7,000 November 1, 1969
464-477 500 5 ½ 7,000 November 1, 1969
478-492 1,000 6 15,000 May 1, 1970
493-572 100 5 ½ 8,000 November 1, 1970
573-586 500 5 ½ 7,000 November 1, 1970
587-602 1,000 6 16,000 May 1, 1971
603-682 100 5 ½ 8,000 November 1, 1971
683-698 500 5 ½ 8,000 November 1, 1971
-699 500 6 500 May 1, 1972
700-715 1,000 6 16,000 May 1, 1972
716-795 100 5 ½ 8,000 November 1, 1972
796-804 1,000 5 ½ 9,000 November 1, 1972
-805 500 6 500 May 1, 1973
806-822 1,000 6 17,000 May 1, 1973
823-912 100 5 ½ 9,000 November 1, 1973
913-921 1,000 5 ½ 9,000 November 1, 1973
922 500 6 500 May 1, 1974
923-940 1,000 6 18,000 May 1, 1974
941-1030 100 5 ½ 9,000 November 1, 1974
1031-1040 1,000 5 ½ 10,000 November 1, 1974
-1041 500 6 500 May 1, 1975
1042-1060 1,000 6 19,000 May 1, 1975
1061-1160 100 5 ½ 10,000 November 1, 1975
1161-1170 1,000 5 ½ 10,000 November 1, 1975
1171-1191 1,000 6 21,000 May 1, 1976
1192-1301 100 5 ½ 11,000 November 1, 1976
1302-1311 1,000 5 ½ 10,000 November 1, 1976
1312-1333 1,000 6 22,000 May 1, 1977
1334-1443 100 5 ½ 11,000 November 1, 1977
1444-1454 1,000 5 ½ 11,000 November 1, 1977
-1455 500 6 500 May 1, 1978
1456-1478 1,000 6 23,000 May 1, 1978
1479-1588 100 5 ½ 11,000 November 1, 1978
1589-1600 1,000 5 ½ 12,000 November 1, 1978
that the bonds be signed in the name and on behalf of the City by the Mayor and City Clerk, and sealed with the corporate seal of the City, and that the interest upon the bonds be evidenced by coupons thereto attached, the coupons to be signed by the Mayor, by his facsimile signature; that said Mayor shall, by the execution of the bonds, adopt as and for his own proper signature his facsimile signature appearing on the said coupons; that the bonds and coupons be payable in lawful money of the United States of America at the office of Mercantile Bank, in Jonesboro, Arkansas; and that each bond contain a recital that it is issued pursuant to said Act 9 of the Acts of the General Assembly of Arkansas for the year 1960, as amended.
The bonds, together with interest thereon, shall be payable solely out of the Industrial Revenue Bond Fund, Series 1961, as hereinafter defined, and shall be a valid claim of the holder thereof only against such Fund, and the amount of the revenues pledged to said Fund, which amount of said revenues is hereby pledged and mortgaged for the equal and ratable payment of the bonds, and shall be used for no other purpose than to pay the principal of and interest on the said bonds.
Section 2: That said bonds and coupons be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF CRAIGHEAD
CITY OF JONESBORO
6% INDUSTRIAL REVENUE BONDS, SERIES 1961
No.____________ $_______________
KNOWN ALL MEN BY THEST PRESENTS:
That the City of Jonesboro (herein called the "City"), in the County of Craighead, and State of Arkansas, hereby acknowledges itself to owe, and for value received promises to pay to bearer, solely from the special Fund provided as hereinafter set forth, the principal sum of ____________________DOLLARS on the first day of ____________, 1961, and pay, solely from said special Fund, interest hereon at the rate of six per centum (6%) per annum from November 1, 1961, playable semiannually on the first days of May and November of each year, upon presentation and surrender of the annexed interest coupons as they severally become due. Both principal hereof and interest hereon shall be payable in lawful money of the United States of America at the office of Mercantile Bank, in Jonesboro, Arkansas.
This bond is one of a duly authorized series of one thousand and six hundred (1,600) bonds, aggregating Five Hundred Three Thousand Dollars ($503,000.00), dated November 1, 1961, numbered from 1 to 1600, inclusive, all of like tenor and effect except as to denomination, interest rate, maturity, and right of prior redemption, issued for the purpose of providing for the payment of the costs of acquisition of lands and the construction of buildings thereon in the industrial development with in or near the City of Jonesboro, Arkansas.
This bond and the series of which it forms a part are issued under and pursuant to and in full compliance with the Constitution and laws of the State of Arkansas, including particularly Act No.9 of the special session of the General Assembly of the State of Arkansas for the year 1960, as amended by Act No.48 of the Acts of the General Assembly of the State of Arkansas for the year 1961, (hereinafter sometimes referred to as "Act 9, as amended"), and pursuant to ordinances and proceedings of the City Council duly passed, and do not constitute an indebtedness of the said City within any constitutional or statutory limitations.
Both principal of and interest on said bonds are payable solely from a fixed amount of the gross revenues derived from the non-cancelable pure net rental lease of the lands and buildings acquired and constructed from the proceeds of the bonds of this issue, which amount shall be sufficient to pay the principal of and interest on the bonds as the same become due and payable. This amount has been duly set aside and pledged as a special Fund for the purpose and identified as the "Industrial Revenue Bond fund, Series 1961", created by Ordinance No.1044, duly passed by the City Council of said City of Jonesboro on the 15th day of January, 1962, under which this bond is authorized to be issued.
By virtue of the authority of said Ace No.9, as amended, there is created a statutory mortgage lien on the said lands and buildings to and in favor of the holders of the said bonds and each of them, and to and in favor of the holders of each of the coupons evidencing the interest on said bonds; and said lands and buildings shall remain subject to such statutory mortgage lien until the payment in full of all of said bonds, both principal and interest, shall have been made.
This bond is expressly made negotiable under said Act No.9, as amended, and is issued with the intent that the laws of the State of Arkansas shall govern the construction thereof.
The bonds of this issue must be called for redemption before maturity, from time to time, in inverse numerical order, in lawful money of the United States of America, at par and accrued interest, on any interest payment date from surplus rentals derived from the non-cancelable pure net rental lease of the lands and buildings acquired and constructed from the proceeds of the bonds of this issue remaining after there has been set aside a sum sufficient to service the bonds for the next twelve (12) months period, and from the proceeds from the sale of the bonds of this issue not required for the completion of the industrial improvements for which bonds are issued, and may be called for redemption before maturity, at the option of the City, from time to time, in inverse numerical order, in lawful money of the United States of America, at par and accrued interest, on any interest payment date on and after November 1, 1966, from any other available funds. Notice of the call for the redemption shall be published by the City Clerk of the City for one insertion more than thirty (30) days before the date of such redemption in a newspaper of general circulation published in the City of Little Rock, Arkansas, and having a general circulation throughout the State of Arkansas, and after the date mentioned in said call, the bond or bonds so called will cease to bear interest; provided, funds for their payment are on deposit at that time.
IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that all acts, conditions and things required by the Constitution and laws of the State of Arkansas to exist, happen and be performed precedent to and in the issuance of this bond have existed, have happened, and have been performed in due time, form and manner, as required by law, and that sufficient of the income and revenue which is deemed to be derived from the said industrial lease has been pledged to and will be set aside into said special Fund for the payment of the principal of and interest on said bonds; and that the total amount of the bonds issued by the City, including this bond, does not exceed any constitutional or statutory limitation.
This bond shall not be valid until it is shall have been authenticated by the certificate hereon, duly signed by Citizens Bank of Jonesboro.
IN WITNESS WHEREOF, the City of Jonesboro, Arkansas, by its City Council, has caused this bond to be signed by the Mayor and the City Clerk thereof, and sealed with the corporate seal of said City, and has caused the coupons hereto attached to be authenticated by the facsimile signature of its Mayor, all as of the first day of November, 1961.
HERBERT SANDERSON, MAYOR ATTEST:
PHYLLIS STRINGER, CITY CLERK
(S E A L)
(FORM OF COUPON)
No.____________ $________________
On the first day of May, and November, 19___, the City of Jonesboro, Craighead County, Arkansas, promises to pay to bearer the sum of ____________________Dollars ($______________) solely out of the special Fund specified in the bond to which this coupon appertains, at the office of Mercantile Bank, in Jonesboro, Arkansas, in lawful money of the United States of America, being six months interest then due on its 6% Industrial Revenue Bond, Series 1961, dated the first day of November 1961, and numbered __________, unless the bond to which it appertains is sooner called for payment.
CITY OF JONESBORO, ARKANSAS
By: _____________________________
(Mayor)
(The signature of the Mayor may be lithographed or engraved.)
On the back of said bonds is to appear the following:
C E R T I F I CA T E
This is one of the bonds aggregating $503,000.00 described within.
CITIZENS BANK OF JONESBORO
By: ___________________________
Authorized Signature
Jonesboro, Arkansas
____________________
Section 3: That all moneys paid as accrued interest on the bonds issued hereunder shall be deposited into the Industrial Revenue Bond Fund, Series 1961, hereinafter created, and applied to the payment of interest payable on said bonds on the next interest payment date.
Section 4: That so long as any of the principal of and interest on any of the bonds herein authorized to be issued are outstanding, the entire income and revenues from the non-cancelable pure net rental lease of the lands and buildings acquired and constructed from the proceeds of the bonds of this issue (which lease is hereinafter called the "Industrial Lease"), shall be set aside and deposited in a special Fund, hereby created, to be known as the "Industrial Revenue Fund, Series 1961", and disbursements there from shall be made as hereinafter provided for, in the following order of priority:
(a) There shall be set aside and deposited into a separate fund, hereby created, to be known as the "Industrial Revenue Bond Fund, Series 1961", the amounts necessary to provide funds for the payment of principal of and interest on the bonds as they mature, according to the following schedule, which amounts are hereby irrevocably pledged for said purposes:
INTEREST
YEAR PRINCIPAL MAY 1 NOVEMBER 1 TOTAL
1962 - - $14,457.50 $14,457.50 $28,915.00
1963 $17,000 14,457.50 14,217.50 45,675.00
1964 17,000 13,970.00 13,700.00 44,670.00
1965 23,500 13,480.00 13,135.00 50,115.00
1966 23,500 12,805.00 12,460.00 48,765.00
1967 25,500 12,130.00 11,755.00 49,385.00
1968 27,000 11,397.50 11,007.50 49,405.00
1969 29,000 10,622.50 10,172.50 49,795.00
1970 30,000 9,787.50 9,337.50 49,125.00
1971 32,000 8,925.00 8,445.00 49,370.00
1972 33,500 8,005.00 7,510.00 49,015.00
1973 35,500 7,042.50 6,517.50 49.060.00
1974 37,500 6,022.50 5,467.50 48,990.00
1975 39,500 4,945.00 4,360.00 48,805.00
1976 42,000 3,810.00 3,180.00 48,990.00
1977 44,000 2,602.50 1,942.50 48,545.00
1978 46,500 1,337.50 632.50 48,470.00
(b) After there shall have been deposited from the Industrial Revenue Fund, Series 1961 the amounts required hereunder to be deposited into the Industrial Revenue Bond Fund, Series 1961, there shall be set aside and deposited from the Industrial Revenue Fund, Series 1961, into a separate Fund hereby created, to be known as the "Industrial Revenue Bond Reserve Fund, Series 1961", such amounts of money as may be necessary to establish a reserve equal to the principal of and interest on the Industrial Revenue Bonds, Series 1961, of the City of Jonesboro, Arkansas, dated as of November 1, 1961, to mature during the next twelve (12) months' period, and the said reserve shall be used for no purpose other than to prevent a default from occurring in the payment of the principal of and interest on the said Industrial Revenue Bonds, Series 1961, and when so used, to be restored from the next available funds.
(c) After there shall have been deposited from the said Industrial Revenue Fund, Series 1961, all amounts required hereunder to be deposited therefrom, all moneys remaining in the said Industrial Revenues, Series 1961, shall be used for no purpose other than to call at the next interest payment date, in inverse numerical order, the said Industrial Revenue Bonds, Series 1961.
Section 5: That it is hereby covenanted and agreed by the City with the holder or holders of the bonds herein authorized to be issued that it will not pledge, mortgage or otherwise encumber the lands and buildings subject to the sand Industrial Lease, or any part thereof, or any revenues derived therefrom, and that it will not sell, lease or otherwise dispose of the lands and buildings subject to the said Industrial Lease, or any portion thereof, unless and until the principal of and interest on all of the bonds issued hereunder shall be paid in full, or unless and until provision shall have been made for the payment of all the bonds and interest thereon in full, and the City further covenants and agrees with the holder or holders of the bonds to cause the said lands and buildings subject to the said Industrial Lease to be maintained in a satisfactory condition and under a continuous lease.
Section 6: That there shall be, and there hereby is, as provided in said Act No.9, as amended, a statutory mortgage lien on the following described lands and the buildings and improvements thereon, in the county of Craighead, and State of Arkansas, to-wit:
All of Lot 10 of Cobb Survey of the Northwest Quarter of Section 17, Township 14 North, Range 4 East, except and not including that part of said lot described as follows: Begin at the Southeast corner of the Southwest Quarter of the Southwest Quarter of the Northwest Quarter (SW ¼ SW ¼ NW ¼) of Section 17, Township 14 North, Range 4 East; thence North 1 degrees 13 minutes East 31.2 feet to a point; thence 54.2 feet to the West right-of-way line of St. Louis & San Francisco Railway switch tract to point of beginning proper; thence West 124 feet; thence North 1 degree 13 minutes East 196.2 feet to Southwest right-of-way line of said railroad; thence South 30 degrees 14 minutes East along said right-of-way 136.5 feet; thence Southeast on an arc of a curve to left whose subtended chord is 94.4 feet, and along said right-of-way to point of beginning proper; in the City of Jonesboro, Arkansas,
which shall exist in favor of the holders of the bonds, and each of them, and to and in favor of the holders of the coupons attached to the ponds, and the said lands and buildings shall remain subject to such statutory mortgage lien until the payment in full of the interest on and principal of the said bonds. To the end that a record of the statutory mortgage lien on the said lands and buildings, the pledge of revenues, and the agreement not to mortgage the said lands and buildings, as set out in this Ordinance, may be preserved, the Mayor and City Clerk are hereby authorized and directed to file with the Recorder of Craighead County, Arkansas, a copy of this Ordinance, duly certified, with the direction that the same be recorded in the office of the Recorder, as in the case of deeds and mortgages.
Section 7: That if there be any default in the payment of either the interest on, or principal of any of the bonds, and such default shall continue for thirty (30) days thereafter, and if default shall be made in the due and punctual performance of any of the other covenants and agreements contained in the bonds or in this Ordinance, the holder, or holders, of any of the bonds may enforce the statutory mortgage lien upon the said lands and buildings in accordance with the provisions of Section 9 of said Act No.9, as amended, and may be proper suit compel the performance of the duties of the officials of the City, as set forth in said act and in this Ordinance. If there be default in the payment of the principal of or interest on the bonds, and such default shall continue for thirty (30) days thereafter, any court having jurisdiction in any proper action may appoint a receiver to administer the said lands and buildings on behalf of the City, with power to enforce the provisions of the said Industrial Lease.
Section 8: That no remedy conferred by this Ordinance upon any holder or holders of the bonds herein authorized is intended to be exclusive of any other remedy, but each such remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred by this Ordinance or said Act, or by any other law. No waiver of any default or breach of duty or contract by any holder of the bonds shall extend to or shall affect any subsequent default or breach of duty or contract or shall impair any rights or remedies thereon. No delay or omission of any bondholder to exercise any right or power accruing upon any default shall impair any such right or power or shall be constructed to be a waiver of any such default or acquiescence therein. Every substantive right and every remedy conferred upon the holder of the bonds herein authorized may be enforced and exercised from time to tome and as often as may be deemed expedient. In case any suit, action or proceeding to enforce any right or exercise any remedy shall be brought or taken and then discontinued or abandoned, or shall be determined adversely to the holder or holders of the bonds, then and in every such case the City and such holder or holders shall be restored to their former positions and rights and remedies as if no such suit, action or proceeding had been brought or taken.
Section 9: That so long as any of the bonds are outstanding, the City agrees to maintain fire, lightning and tornado insurance on the buildings, subject to the Industrial Lease, in an amount which normally would be carried by a private company engaged in a similar type of business. In the event of loss, the proceeds of such insurance shall be applied solely towards the reconstruction, replacement or repairs of the buildings damage. In such event, the City will, with reasonable promptness, cause to be commenced and completed the reconstruction, replacement and repairs. Nothing herein shall be construed as requiring the City of expend any funds for the maintenance of the said lands and buildings, or for premiums on its insurance which are derived from sources other than the Industrial Lease, but nothing herein shall be construed as preventing the City From doing so.
Section 10: That all bonds, paid or called for redemption, either at or before maturity, shall be canceled when such payment of redemption is made, together with all un-matured coupons appertaining thereto, and held by the City Treasurer. All unpaid interest coupons maturing on or prior to the date of such payment or redemption shall continue to be payable to the respective bearers thereof.
Section 11: That the bonds, together with interest thereon, shall be payable solely out of the Industrial Revenue Bond Fund, Series 1961, as herein defined, and shall be a valid claim of the holders thereof only against said Fund, and the amount of the revenues pledged to said Fund, which amount of said revenues is hereby pledged for the equal and ratable payment of the bonds and shall be used for no other purpose than to pay the principal of and interest on the bonds as the same accrue.
Section 12: The City further covenants and aggress that so long as any of the Industrial Revenue Bonds, Series 1961, are outstanding and the interest thereon has not been paid in full, it will issue no additional bonds payable form the rentals from the said Industrial Lease, or secured by a lien on the lands and buildings subject to the said Industrial Lease, on a par with the said Industrial Revenue Bonds, Series 1961.
Section 13: That the bonds of this issue must be called for redemption before maturity, from time to time, in inverse numerical order, in lawful money of the United States of America, at par and accrued interest, on any interest payment date, from surplus rentals derived from the non-cancelable pure net rental lease of the lands and buildings acquired and constructed from the proceeds of the bonds of this issue remaining after there has been set aside a sum sufficient to service the bonds for the next twelve (12) months period, and from the proceeds from the sale of the bonds of this issue not required for the completion of the industrial properties for which the bonds are issued, and may be called for redemption before maturity, at the option of the City, from time to time, in inverse numerical order, in lawful money of the United State of America, at par and accrued interest, on any interest payment date on and after November 1, 1966, from any other available funds. Notice of the call for redemption shall be published by the City Clerk for one insertion more than thirty (30) days before the date of such redemption in a newspaper of general circulation published in the City of Little Rock, Arkansas, and having a general circulation throughout the State of Arkansas, and after the date mentioned in said call, the bond or bonds so called will cease to bear interest; provided, funds for their payment are on deposit at that time.
Section 14: After the bonds herein authorized to be issued have been executed by the Mayor and City Clerk, as herein provided, they shall be delivered by the Mayor to Citizens Bank of Jonesboro, which shall authenticate and deliver them to the purchasers, upon the payment of the purchase price with accrued interest.
The purchase price, less the amount of the accrued interest paid by the purchaser, shall be deposited in a depository or depositories selected by the City, in trust, secured as other trust funds are secured, and disbursed solely in payment of the costs of the acquisition of lands and construction of the buildings subject to the said Industrial Lease, including engineering, legal, and other expenses incidental to the acquisition, construction and issuance of the bonds, but only on warrants or vouchers signed by the City Treasurer, briefly specifying the disbursements or expenditures, accompanied by a certificate signed by the consulting engineer or architect of such construction that an obligation in a stated amount has been incurred on account of the costs of acquisition or construction, and to whom such obligation is owed, except that no such certificate shall be required for payment of the engineering, architect, legal, acquisition, or other incidental expenses. Any unexpended balance remaining after the final completion of the construction shall be deposited in the Industrial Revenue Bond Fund, Series 1961, defined herein.
The accrued interest paid by the purchaser of the bonds shall be deposited into the Industrial Revenue Bond Fund, Series 1961, in addition to the other amounts required to be paid into the Fund.
Section 15: That if any provision of this Ordinance shall for any reason be held illegal or invalid by the courts, it shall not affect the validity of the remainder of the Ordinance.
Section 16: That, all ordinances or resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict.
Section 17: That this Ordinance shall not create any right of any character, and no right of any character shall arise under or pursuant to it, until the bonds authorized by this Ordinance shall be issued and delivered.
Section 18: It is ascertained and declared that the safety and health of the City of Jonesboro, are jeopardized by the lack of sufficient industry and that only by action made possible by this Ordinance can the City undertake to secure and develop industry and to promote the safety, health, and welfare of its citizens. It is, therefore, declared that an emergency exists, that this Ordinance is necessary for the immediate preservation of the public peace, health and safety, and that this Ordinance shall take effect and be in force from and after its passage.
PASSED and ADOPTED this 15th day of January, 1962.