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AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER ACT NO. 9 OF THE FIRST EXTRAORDINARY SESSION OF THE SIXTY-SECOND GENERAL ASSEMBLY OF THE STATE OF ARKANSAS, APPROVED JANUARY 21, 1960, AS AMENDED, FOR THE PURPOSE OF PROVIDING PERMANENT FINANCING OF THE COSTS OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE ); AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE SECURING THE BONDS AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING TO THE INDUSTRIAL PROJECT, THE CONSTRUCTING THEREOF AND THE FINANCING THEREOF; AND DECLARING AN EMERGENCY
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WHEREAS, the City of Jonesboro, Arkansas (the “City”), is authorized by Act No. 9 of the First Extraordinary Section of the Sixty-Second General Assembly of the State of Arkansas, approved January 21, 1960, as amended (“Act No.9”), to acquire machinery, equipment and facilities and to incur other costs and expenses and make other expenditures incidental to and for implementing and accomplishing the conduct of manufacturing operations; and
WHEREAS, the City is authorized by Act No. 9 to issue Industrial Development Revenue Bonds payable from revenues derived from the Industrial Project so acquired, constructed and equipped and secured by a lien thereon and security interest therein; and
WHEREAS, the necessary arrangements have been made with the General Tire & Rubber Company, an Ohio corporation (“General Tire” or Company”), whereby General Tire is acquiring and installing certain machinery, equipment and facilities (the “Project”) in connection with an industrial undertaking, and the Project will be owned by the City and sold to General Tire pursuant to the terms of a Sale Agreement subsequently identified herein and referred to as the “Sale Agreement”; and
WHEREAS, permanent financing of the costs of acquiring and installing the project and the expenses of authorizing and issuing bonds, is being furnished by the City iss...
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