title
AN ORDINANCE PROVIDING FOR THE USE AND INVESTMENT OF PROCEEDS OF BONDS ISSUED UNDER ORDINANCE NO.1010
body
WHEREAS, the City Council has adopted Ordinance No.999 and Ordinance No.1010, providing for the issuance and use of bonds for industrial expansion under Amendment 49 to the Constitution of the State of Arkansas, and it is necessary to provide for the orderly use of the proceeds of the bond issue described therein; now, therefore,
BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
Section 1: That the Mayor of the City of Jonesboro, Arkansas is designated as the official authorized to pay to contractor, material men, or others, amounts from the proceeds of said bond issue as shall be in accordance with the contract with the Crane Co., and as designated and approved for payment by said Company, and the Mayor may, with the concurrence of the Trustee named in said bond issue, designate some other person or official to sign checks for such payments as may be so approved.
Section 2: Upon completion of the factory building and appurtenances contemplated in said ordinances and in the contracts with Crane Co., the Mayor, with the written consent of the Trustee named in said bond issue, shall invest any amounts remaining after provision for construction and provision for investment for reserve as set out in Section 3 of this Ordinance in obligations of the United States Government or in the bonds of corporations or agencies created by the federal government and preserve the principal of said investments and interest thereon, subject to such lawful uses as the Council, by ordinance or resolution, shall hereinafter direct.
Section 3: The Mayor and the trustee named in Ordinance No.1010 shall forthwith, upon receipt of the proceeds of said bond issue, invest the sum of Sixty-five Thousand Dollars ($65,000.00) from said proceeds in securities as described in Section 8 of Ordinance No.1010.
Section 4: The Tax of five mills on each dollar of assessed valuation provided by Ordinances No.999 and No.1010 is suspended for the year 1961 and each ensuing year, until further action of this Council or other proceedings under law or as provided in said Ordinances.
Section 5: It is hereby ascertained and declared that there is immediate and urgent need for the construction of the improvements, as set out in Ordinance No.999, and for the orderly use of bond proceeds, for this purpose and for the creation of a reserve as is required by Ordinance No.1010; therefore, an emergency exists, and this Ordinance, being necessary for the public peace, health and safety, shall take effect and be in force immediately upon and after its passage.
PASSED and ADOPTED this 13th day of April, 1960.