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AN ORDINANCE SUBMITTING TO THE VOTERS OF THE CITY OF JONESBORO, ARKANSAS, THE QUESTION WHETHER IT WILL ISSUE INDUSTRIAL REVENUE BONDS TO THE EXTENT OF $200,000.00 FOR THE PURPOSE OF SECURING AND DEVELOPING INDUSTRY WITHIN OR NEAR THE CITY OF JONESBORO, ARKANSAS
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BE IT ORDAINED by the City Council of the City of Jonesboro:
Section 1: An election is hereby called to be held at the usual polling places in the City of Jonesboro on the 5th day of June, 1961, for the purpose of determining whether the City of Jonesboro will issue negotiable industrial revenue bonds to the extent of $200,000.00 for the purpose of securing and developing industry within or near the City of Jonesboro to be secured by a statutory mortgage on the lands and buildings acquired and constructed from the proceeds of the city industrial revenue bonds and a pledge of the revenues therefrom. Said bonds hall be payable as hereinafter set forth, bear interest at such rate as the Council may determine in the sale of the bonds, and be dated August 1, 1961, but convertible at the option of the purchaser, subject to the approval of the City, into bonds bearing a lower rate or rates of interest on such terms that the City shall receive therefore and pay thereon substantially the same amount of money as if the said bonds were not converted.
Section 2: The bonds shall mature serially February 1 and August 1 in the amounts and years as follows:
1965 - $6,000.00 1970 - $8,000.00
1966 - $6,000.00 1971 - $8,000.00
1967 - $7,000.00 1972 - $9,000.00
1968 - $8,000.00 1973 - $9,000.00
1969 - $7,000.00 1974 - $9,000.00
1975 - $10,000.00 1980 - $12,000.00
1976 - $11,000.00 1981 - $13,000.00
1977 - $10,000.00 1982 - $13,000.00
1978 - $12,000.00 1983 - $15,000.00
1979 - $12,000.00 1984 - $15,000.00
The bonds may be subject to call for redemption before maturity at the option of the City on such terms as the City may specify in the notice of the sale.
Section 3: Said election shall be conducted and the votes thereat canvassed and the results declared under the law and in the manner now provided for municipal elections, and notice of said election shall be given by the Mayor by advertisement weekly for at least four (4) times in The Jonesboro Evening Sun, the last publication to be not less than ten (10) days prior to the date of said election.
The ballots for said election shall be marked:
Vote on measure by placing an ‘X” in the square above the measure either for or against.
FOR BOND ISSUE OF $200,000.00 …………………………………………….|____|
AGAINST BOND ISSUE OF $200,000.00……………………………………….|____|
“Bond issue in the amount of $200,000.00 for the purpose of securing and developing industry within or near the City of Jonesboro, Arkansas to be secured by a statutory mortgage on the lands and buildings acquired and constructed from the proceeds of the said industrial revenue bonds and a pledge of the revenues therefrom.”
Section 4: A certified copy of this ordinance shall be given to the Craighead County Board of Election Commissioners so that they may place the question on the ballot for said election, provide the proper election officials and supplies, and canvass the vote on the question.
Section 5: At said election, only qualified voters of the City of Jonesboro will have the right to vote. The result of said election shall be proclaimed by the Mayor by publication in The Jonesboro Evening Sun and his proclamation shall advise the citizens and property owners of said City of Jonesboro that the result as proclaimed will be conclusive unless attacked in the courts within thirty (30) days after the date of such proclamation.
Section 6: 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 to 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 form and after its passage.
PASSED and ADOPTED this 1st day of May, 1961.