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AN ORDINANCE PROVIDING FOR THE EXECUTION AND DELIVERY OF AN ARKANSAS MASTER LEASE AND OPTION AGREEMENT FOR THE PURPOSE OF FUNDING THE ACQUISITION AND INSTALLATION OF MUNICIPAL EQUIPMENT AND OTHER RELATED FACILITIES IN THE CITY OF JONESBORO, ARKANSAS; PROVIDING FOR THE PAYMENT OF LEASE PAYMENTS PURSUANT TO SUCH AGREEMENT; AND PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY.
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WHEREAS, the City of Jonesboro ("City"), acting through the City Council of the City, has acknowledged the need for acquiring and installing certain police, fire, sanitary, and other equipment and related facilities (the “Equipment”) in the City; and
WHEREAS, the City is authorized and empowered under the laws of the State of Arkansas, including particularly Amendment 78 to the Constitution of the State of Arkansas, and Arkansas Code Annotated Title 14, Chapter 78, as amended (the "Act"), to issue its tax exempt lease obligations for the purpose of financing the Equipment; and
WHEREAS, in order to finance the acquisition and installation of the Equipment, the City intends to enter into an Arkansas Master Lease and Option Agreement pursuant to the provisions of the Act; and
WHEREAS, the Obligations will consist of a financing lease evidenced by an Arkansas Master Lease and Option Agreement, in a principal amount not to exceed $6,000,000, between Banc of America Leasing & Capital, LLC, as lessor (the “Lessor”), and the City, as lessee (the “Lease Agreement”).
NOW THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas that:
SECTION 1: The acquisition and installation of the Equipment are hereby authorized and approved.
SECTION 2: Under the authority of the Constitution and laws of the State of Arkansas, including particularly Arkansas Code Annotated Title 14, Chapter 78 (the “Act”), the Obligations are hereby authorized in the total principal amount of not to exceed $6,000,000. The Obligations shall be evidenced by the hereinaf...
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