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AN ORDINANCE PROVIDING FOR THE LEASE OF CERTAIN LANDS AND BUILDINGS TO ALTON BOX BOARD COMPANY
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WHEREAS, the City of Jonesboro, County of Craighead, and State of Arkansas, has heretofore undertaken an effort to develop industry within an near the City of Jonesboro, and to develop industry within or near the City of Jonesboro, and to that end has caused an election to be held to determine whether the City of Jonesboro shall issue $200,000.00 of Industrial Revenue Bonds under the 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 the said issue of bonds; and
WHEREAS, the City proposes to issue at this time, bonds in the principal amount of $145,000.00, to provide funds with which to pay the cost of the acquisition of lands and the construction of buildings for use by Alton Box Board Company, being an industrial project for which the City of Jonesboro caused the said election to be held; and
WHEREAS, it is contemplated that the City of Jonesboro shall execute and deliver to Alton Box Board Company, a Corporation organized and existing under the laws of the State of Delaware, but qualified to do business in the State of Arkansas, an agreement of lease of the said lands and buildings, the rentals from which lease have been or will be pledged to secure the payment of the said bonds according to their tenor;
NOW, THEREFORE, be it ordained by the City of Jonesboro:
Section 1: The Mayor and City Clerk of Jonesboro are hereby authorized, for and on behalf of the City and in its name, to execute and deliver to Alton Box Board Company an agreement of lease substantially in the form as follows: (Copy of Lease Agreement filed in the City Clerk office)
Section 2: 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 Ordinanc...
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