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AN ORDINANCE PROVIDING FOR THE LEASE OF CERTAIN LANDS AND BUILDINGS TO HYTROL CONVEYOR COMPANY, INC
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WHEREAS, the City of Jonesboro, Craighead County, Arkansas, has heretofore under taken an effort to develop industry within or near the City to that end has caused an election to be held to determine whether the City of Jonesboro shall issue $225,000.00 of Industrial Revenue Bonds under provisions of Act 9 of the General Assembly of the State of Arkansas for 1960; and
WHEREAS, at said election the electors of the City of Jonesboro voted in favor of said issue of bonds; and
WHEREAS, the City proposed to issue bonds in the principal sum of $225,000.00 to provide funds with which to pay the cost of the acquisition of lands, building and industrial improvements for the use of Hytrol Conveyor Company, Inc., being an industrial project for which the City of Jonesboro caused the election to be held; and
WHEREAS, it is contemplated that City of Jonesboro shall execute and deliver to Hytrol Conveyor Company, Inc., an Agreement of Lease of said lands and buildings, the rentals from which lease have been or will be pledged to secure the payment of said bonds according to their tenor;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro:
Section 1: The Mayor and the City Clerk of Jonesboro are hereby authorized, for and on behalf of the City and in its name, to execute and deliver to Hytrol Conveyor Company, Inc., an agreement of Lease substantially in the form as follows:
Section 2: The rentals form said lease and the payments and undertakings therein contained shall be received by and are assigned to the Trustee for the holders of bonds issued pursuant to Ordinance No.1061, who shall apply the same to the payment of the indebtedness incurred and enforce the provisions of the pledges contained in Ordinance No.1061 and in this Lease for the benefit of the holders of such indebtedness and for the City of Jonesboro.
Section 3: 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 the 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 5th day of November, 1962.