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AN ORDINANCE SUBMITTING TO THE VOTERS OF THE CITY OF JONESBORO, ARKANSAS, QUESTION OF WHETHER IT WILL ISSUE INDUSTRIAL REVENUE BONDS TO THE EXTENT OF $225,000.00 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 21st day of August, 1962, for the purpose of determining whether the City of Jonesboro will issue negotiable industrial revenue bonds to the extent of $225.000.00 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, buildings and property acquired and constructed from the proceeds of the said industrial revenue bonds and pledge of the revenues there from. Said bonds shall be payable as hereinafter set forth, bear interest at such rate as a Council may determine in the sale of the bonds, and be dated November 1, 1962, 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 therefor, and pay thereon substantially the same amount of money as if the said bonds were not converted.
Section 2: The bonds shall mature serially May 1 and November 1 in the amounts and years as follows:
YEAR AMOUNT
1963 $12,000
1964 14,000
1965 15,000
1966 20,000
1967 19,000
1968 9,000
1969 5,000
1970 5,000
1971 6,000
1972 5,000
1973 6,000
1974 6,000
1975 7,000
1976 7,000
1977 7,000
1978 8,000
1979 8,000
1980 9,000
1981 9,000
1982 10,000
1983 10,000
1984 11,000
1985 17,000
To 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 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 (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 $225,000.00………………………………………/____/
AGAINST BOND ISSUE OF $225,000.00…………………………………/____/
Bond issue in the amount of $225,000.00 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, buildings and property 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 canvas 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 be 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 on this 16th day of July, 1962.