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AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT PROVIDING FOR THE SALE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS TO BE ISSUED UNDER ARKANSAS CODE ANNOTATED SECTIONS 14-164-201, ET SEQ. (1998 REPL., SUPP. 2005) FOR THE PURPOSE OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE SECURING THE BONDS; AUTHORIZING AND PRESCRIBING CERTAIN MATTERS PERTAINING TO THE INDUSTRIAL PROJECT, THE EQUIPPING THEREOF, AND THE FINANCING THEREOF; AUTHORIZING THE EXECUTION AND DELIVERY OF THE LEASE AGREEMENT; AUTHORIZING THE EXECUTION AND DELIVERY OF A PLACEMENT MEMORANDUM; PRESCRIBING MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. (NOTE: THE BONDS WERE TAKEN OVER BY UNILEVER IN ORD-12:008 ON MARCH 6, 2012)
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WHEREAS, the City of Jonesboro, Arkansas (the "City"), is authorized by Arkansas Code Annotated Sections 14-164-201, et seq. (1998 Repl., Supp. 2005) (the "Act") to finance the acquisition of lands, the construction and equipping of industrial buildings, improvements, and facilities, and to incur costs and expenses and to make expenditures incidental to and for the implementation and accomplishment of the conduct of industrial operations; and
WHEREAS, the City is authorized by the Act to issue industrial development revenue bonds payable from revenues derived from the industrial project so acquired and constructed and secured by a lien thereon and security interest therein; and
WHEREAS, the City, pursuant to a resolution of its City Council, adopted February 6, 2007, has entered into an Agreement to Issue Bonds with Alberto-Culver USA, Inc. (the "Company"), to issue such bonds under the Act to the extent of not to exceed $91,000,000 for the purposes hereinafter described for the benefit of the Company, such bonds to be issued in one or more series as the Company may request; and
WHEREAS, the necessary arrangements have b...
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