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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 Carl Bajohr Company, a Missouri corporation (“Bajohr”) presently operates a substantial industrial project at the City of Jonesboro, Arkansas (the “City”) which has developed to the point that an expansion is needed; and
WHEREAS, the proposed expansion will consist of lands, buildings, machinery, equipment, improvements and facilities (the “Project”) and will result in additional employment and payrolls; and
WHEREAS, in order to make the necessary provision for the permanent financing of the Project costs and the expenses of authorizing and issuing bonds, the City proposes to authorize 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”) to be issued in series; and
WHEREAS the purpose of this Ordinance is to submit to the electors of the City at a special election called for that purpose the question of authorizing the issuance of the bonds;
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 April 8, 1974, at which election there will be submitted to the electors of the City the question of authorizing Industrial Development Revenue Bonds under Act No. 9 in an amount not to exceed d$1,000,000 for the pu...
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