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RESOLUTION TO INVITE FMC CORPORATION TO LOCATE A PLANT IN THE INDUSTRIAL PARK AND TO ISSUE INDUSTRIAL DEVELOPMENT BONDS IF APPROVED BY THE VOTERS
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WHEREAS, the City of Jonesboro, Arkansas is located in an area where there is not a sound and proper balance between agriculture and industrial employment, resulting in under-employment and making it necessary for the general welfare and economy of the public to provide opportunity for permanent industrial employment: and
WHEREAS, under the provisions of the Constitution and Laws of this State of Arkansas and particularly Amendment 49 to the Arkansas Constitution, and Acts of 1960 (EX Sess) No.9 (Arkansas Stats 13-1601 through 1614, known as “Municipalities and Counties Industrial Development Revenue Bond Law, or Act 9,” the City is authorized to acquire and construct facilities for lease to industrial concerns and to finance such facilities by issuance of its industrial development bonds; and
WHEREAS, the City proposes to relieve the conditions of under-employment and to encourage the increase of industry in the State by exercising its powers under Act 9; and
WHEREAS, FMC Corporation has indicated an interest in locating an industrial plant in or near the City of Jonesboro; and
WHEREAS, the estimated cost of such facilities will not exceed Five Million Dollars (5,000,000.00); and
WHEREAS, the City has investigated the financial condition, reputation and ability of the Company to operate and maintain said facilities and pay rentals therefor in amounts sufficient to pay the principal of and interest on such industrial development bonds of the City and has further found and determined that the operation of said facilities will provide employment for a substantial number of persons in and in the vicinity of Jonesboro and thereby improve employment conditions and will promote the general welfare of Jonesboro and its citizens and inhabitants.
NOW THEREFORE, BE IT RESOLVED that the City of Jonesboro shall and does hereby invite FMC Corporation to locate an industrial plant in or near the City of Jonesboro and as an inducement, therefore, shall and does hereby offer to pass such ordinances providing for a vote of the electors and pursuant to such vote and to the statutes of Arkansas, to adopt such further resolutions and ordinances as are in accord with law and represent standard procedures thereunder as may be approved by recognized bond counsel, and in such manner to issue its industrial development bonds to finance the construction and acquisition of such facilities or lease to the Company and subject to the approval of the terms and conditions of all such undertaking by the City and by the Company.
A copy of this Resolution shall be delivered to the Company.
PASSED and ADOPTED this 1st day of June, 1970.