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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 $1,000,000.00 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, Arkansas:
Section 1: An election is hereby called to be held at the usual polling places in the City of Jonesboro, Arkansas, on the 13th day if October, 1964, for the purpose of determining whether the City of Jonesboro will issue negotiable Industrial Revenue Bonds to the extent of $1,000,000.00 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 from the proceeds of the said Industrial Revenue Bonds and a pledge of the revenues there from. Said bonds shall 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 October 1, 1964, 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 April 1 and October 1, or on one of said dates, in the amounts and years as follows:
Year Amount Year Amount
1966 $29,000 1978 $45,000
1967 30,000 1979 48,000
1968 31,000 1980 49,000
1969 32,000 1981 52,000
1970 33,000 1982 53,000
1971 35,000 1983 56,000
1972 36,000 1984 58,000
1973 37,000 1985 60,000
1974 38,000 1986 63,000
1975 41,000 1987 48,000
1976 42,000 1988 40,000
1977 44,000
Provided a lesser number, and maturity, may be issued.
The bonds may be made 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 voters thereat canvassed and the results declared under the law and in the manner not 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 $1,000,000.00…………………………\____\
“AGAINST” bond issue of $1,000,000.00…………………….\____\
“Bond issue in the amount of $1,000,000.00 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 from the proceeds of the said Industrial Revenue Bonds and a pledge of the revenues there from.”
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 votes 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 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 8th day of September, 1964.