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A RESOLUTION TO SET NOVEMBER 18, 2008 AS THE DATE OF A PUBLIC HEARING TO CONSIDER THE ISSUANCE OF NOT TO EXCEED $133,000,000 CITY OF JONESBORO, ARKANSAS INDUSTRIAL DEVELOPMENT REVENUE BONDS (FRITO-LAY PROJECT); AND FOR OTHER PURPOSES.
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WHEREAS, the City of Jonesboro is authorized by the Municipalities and Counties Industrial Development Revenue Bond Law, Ark. Code Ann. §§ 14-164-201 to -224 (the “Act”) to issue bonds for industrial projects to be located within the City; and
WHEREAS, Frito-Lay, Inc. has requested that the City issue industrial development revenue bonds to finance an expansion to an industrial project located within the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY BOARD OF DIRECTORS OF THE CITY OF JONESBORO, ARKANSAS:
Section 1. The hearing on the question of the issuance of industrial development revenue bonds for an industrial project to be operated by Frito-Lay, Inc. and located within the City in an amount not to exceed $133,000,000 shall be held at a meeting of the City Council at the Huntington Building at 6:15 p.m. on the 18th day of November, 2008.
Section 2. The City Clerk is hereby directed to give notice of such hearing in the manner prescribed by law by publication one time at least ten (10) days in advance in a newspaper having a general circulation in the City of Jonesboro, Arkansas.
PASSED AND ADOPTED this 6th day of November, 2008.