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AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE UPON THE QUESTION OF ISSUING BONDS UNDER THE PROVISIONS OF 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 FURNISHING THE PERMANENT FINANCING OF THE COST OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, the General Tire and Rubber Company, an Ohio corporation (“General”), has proposed a substantial industrial plant which will furnish employment and payrolls and otherwise result in public benefits, all in the best interest of the City of Jonesboro, Arkansas (the “City”) and its citizens and inhabitants; and
WHEREAS, the proceeds of the bonds will be used to acquire machinery, equipment and facilities (the “facilities”) to be installed and operated in an industrial plant being constructed by General for the manufacturing of such products as General shall elect to manufacture; and
WHEREAS, in order to make the necessary provision for the permanent financing of the facilities and the expenses of authorizing and issuing the bonds, the City proposes to issue not to exceed One Million Dollars ($1,000,000) in principal amount of bonds (the “bonds”) under the provisions of 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 (“Act No. 9”); and
WHEREAS, the purposes of this Ordinance is to submit the question of the issuance of the bonds to the electors of the City at a special election called for that purpose;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
Section 1: That a special election be, and the same is hereby called to be held in the City on the 9th day of July, 1974, at which election there will be submitted to the elect...
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