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AN ORDINANCE AUTHORIZING A FIRST SUPPLEMENTAL LEASE AND AGREEMENT (IN THE FORM AND WITH THE CONTESTS SET FORTH IN THE ORDINANCE) AND AUTHORIZING A FIRST SUPPLEMENTAL TRUST INDENTURE (IN THE FORM AND WITH THE CONTENTS SET FORTH IN THE ORDINANCE) BOTH, IN CONNECTION WITH THE GILBERT INDUSTRIAL PROJECT; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas (the “City”):
Section 1: That the Mayor and City Clerk be, and they are hereby, authorized and directed for and on behalf of the City to execute, acknowledge and deliver a First Supplemental Lease and Agreement to that Lease and Agreement wherein the City is Lessor and Gilbert International, Inc. is Lessee dated July 1, 1974, in substantially the form and with substantially the contents hereinafter set forth, and which form of First Supplemental Lease and Agreement is hereby made a part hereof:
Section 2: That there is hereby authorized the sale and delivery of $225,000 in principal amount of City of Jonesboro, Arkansas Industrial Development Revenue Bond-Gilbert, Series B, dated July 1, 1975 (the “Series B Bonds”). The issuance of the Series B Bonds has been heretofore authorized by the Trust Indenture dated as of July 1, 1974, by and between the City and Mercantile Bank, Jonesboro, Arkansas (Section 202 B. thereof) and in connection therewith there is herby authorized a First Supplemental Trust Indenture, in substantially the contents hereinafter set forth, which shall be executed and acknowledged by the Mayor and City Clerk for and on behalf of the City, with the seal of the City affixed thereto, and which form of First Supplemental Trust Indenture is hereby made a part hereof:
Section 3: That the Mayor and City Clerk are, and they are hereby, authorized and directed for and on behalf of the City to do all things, take all action and execute all documents necessary to carry out the authority, enforce the right...
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