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AN ORDINANCE CALLING FOR A SPECIAL ELECTION TO VOTE UPON THE QUESTION OF ISSUING BONDS UNDER THE PROVISIONS OF AMENDMENT NO.49 TO THE CONSTITUTION OF THE STATE OF ARKANSAS FOR THE PURPOSE OF SECURING AND DEVELOPING INDUSTRY WITHIN THE CITY OF JONESBORO, ARKANSAS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, the City of Jonesboro, Arkansas, is a city of the first class and has no outstanding bonds under Amendment No.49 to the Constitution of the State of Arkansas; and
WHEREAS, the County of Craighead, Arkansas, has no outstanding bonds under Amendment No.49 to the Constitution of the State of Arkansas; and
WHEREAS, the Jonesboro Industrial Development Corporation, organized under Act 404 of the Acts of the General Assembly of Arkansas for the year 1959, together with the City of Jonesboro, Arkansas, and Airport Commission of the City of Jonesboro, has contracted for the location of industry in Jonesboro and is engaged in procuring sites and making improvements for additional industry, including improvement of existing sites by construction of a factory building of approximately 140,000 square feet, to house manufacturing equipment for the casting, machining, assembling, packaging and storage of manufactured articles and supplies, at an estimated cost of approximately Eight Hundred Thousand Dollars ($800,000.00), including necessary expenses incidental thereto, and acquisition of and improvement of other property and items incidental to the issuance and securing of bonds to require not to exceed Two Hundred Thousand Dollars ($200,000.00); and
WHEREAS, the City Council has found and determined that the acquisition of sites and the construction of factory facilities would result in increased employment and would be in the best interest of the City of Jonesboro and its citizens and inhabitants; and
WHEREAS, contracts made or to be made with industries provide for the payment of rentals in sufficient sums to retire the indebtedness described in this ordinance with interest, but the only available method of securing the necessary financing to immediately undertake acquisition of sites and construction of buildings, as described, is through a bond issue by the City of Jonesboro under Amendment No.49 to the Constitution of the State of Arkansas; and
WHEREAS, if the electors approve the bonds under said Amendment No.49, the rentals to be received by the City of Jonesboro, the Airport Commission of Jonesboro, or the Jonesboro Industrial Development Corporation, for the premises and improvements will be applied to the payment of the principal of and interest on the bonds to the end that the collection of the tax levied for any bonds issued may be suspended for any year in which the rentals or other income are sufficient to meet the principal and interest payment on said bonds.
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 of Jonesboro, Arkansas, on the 9th day of February, 1960, at which election there shall be submitted to the electors of the City the Question of issuing One Million Dollars ($1,000,000.00) in General Obligation Bonds under the provisions of Amendment No.49 to the Constitution of the State of Arkansas, for the purpose of securing and developing industry within the City of Jonesboro, Arkansas. The bonds shall be dated as of April 1, 1960 which interest thereon payable semi-annually on April 1 and October 1 of each year, commencing October 1, 1960, at a rate accepted by the City at the public sale of the bonds, but not to exceed the maximum rate prescribed in said Amendment No.49, with the bonds to mature on April 1 of each year, as follows, but to be callable for payment prior to maturity, upon such terms as shall be specified by the City in the Notice of Public Sale of the bonds:
Year Maturing Bonds Year Maturing Bonds
1963 $22,000.00 1975 $38,000.00
1964 23,000.00 1976 40,000.00
1965 24,000.00 1977 41,000.00
1966 25,000.00 1978 43,000.00
1967 26,000.00 1979 45,000.00
1968 28,000.00 1980 48,000.00
1969 29,000.00 1981 50,000.00
1970 30,000.00 1982 52,000.00
1971 32,000.00 1983 55,000.00
1972 33,000.00 1984 57,000.00
1973 35,000.00 1985 60,000.00
1974 36,000.00 1986 62,000.00
1987 66,000.00
The bonds shall be sold at public sale after advertisement as provided in said Amendment No.49, and may be sold with the privilege of conversation to an issue bearing a lower rate or rates of interest, with any such conversion to be upon such terms that the City receive no less and pay no more than it would receive and pay if the bonds were not converted with the conversion to be subject to the approval of the City Council. The City may, at the discretion of the City Council, issue a less number of bonds than the total of $1,000.000.00 described herein, and the maturity schedule appearing above would then be reduced to lesser amounts maturing in all or in some of the years.
SECTION 2: That said 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 bonds under Amendment No.49 in the amount of $1,000,000.00 ………………………………………………………………|____|
AGAINST the issuance of bonds under Amendment No.49 in the amount of $1,000,000.00………………………………………………………………|____|
It is proposed to issue $1,000,000.00 in General Obligation Bonds under Amendment No.49 to the Constitution of the State of Arkansas, payable serially on April 1 in each of the years 1963 through not exceeding 1987, inclusive, for the purpose of securing and developing industry within the City of Jonesboro, Arkansas. The City may, at the discretion of the City Council, issue a less number of bonds with consequent reduction of either the amounts maturing in all or some of the years or by reducing the number of years. The bonds may be sold with the privilege of conversion to an issue bearing a lower rate or rates of interest. If approved by the electors, the City Council will levy a continuing annual tax for the purpose of paying the principal of and the interest on the bonds, but will provide that the collection of said tax may be suspended in any year for which income from the industrial development to which the proceeds of the bonds are applied is made available to the City insufficient amount to pay the principal of and interest on the bonds maturing for the year in which such tax would otherwise be collected.
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 now provided for municipal elections, and the Mayor of the City of Jonesboro is hereby authorized and directed to give notice of such election by an advertisement published weekly once a week for four times, in a newspaper having a bona fide circulation in the City of Jonesboro, Arkansas, with the last publication to be not less than ten (10) days prior to the date of the election, and only qualified electors of the City of Jonesboro shall have the right to vote at said elections on said question.
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 of Jonesboro, which proclamation shall advise that the results as proclaimed shall be conclusive unless attacked in the courts within thirty days after the date of such publication.
SECTION 5: That the Mayor is authorized to advertise, according to the terms of Amendment No.49 to the Constitution of the State of Arkansas, the public sale of the proposed bond issue.
SECTION 6: That a copy of this Ordinance shall be given to the Craighead County Board of Election Commissioners so that the necessary election officials and supplies may be provided.
SECTION 7: That all ordinances and parts thereof in conflict herewith are hereby repealed to the extent of such conflict.
SECTION 8: It is ascertained and declared that vacant and unimproved land within the City of Jonesboro, Arkansas, constitutes a hazard to life, health and well-being of residents of the municipality, and its improvement and use in the development of industry with additional pay rolls and employment will contribute to the economic welfare, health and well-being of citizens and the improvement of property values, and that such desirable and necessary improvements to the public welfare can be secured and developed only by the issuance of the bonds referred to in this ordinance. It is, therefore, declared that this ordinance being necessary for the immediate preservation and protection of the public peace, health and safety, and being made necessary by the demands of public welfare, an emergency is declared to exist, and this ordinance shall be in full force and effect immediately after its passage.
PASSED and ADOPTED this 4th day of January, 1960.