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A RESOLUTION PLEDGING SURPLUS REVENUES OF THE CITY WATER & LIGHT PLANT TO THE PAYMENT OF BONDS TO BE ISSUED BY THE CITY; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY.
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WHEREAS, the City of Jonesboro, Arkansas (the “City”), is a city of the first class;
WHEREAS, the electors of the City, at an election duly called, conducted and proclaimed, have authorized the issuance of General Obligation Improvement Bonds (“the bonds” or “these bonds”) under Amendment No. 13 to the Constitution of the State of Arkansas in the unconverted principal amount of $1,160,000. To be dated June 1, 1968, and to be issued for various municipal purposes (“improvements”) described in detail in Ordinance No. 1198 of the Ordinances of the City, adopted April 4, 1968; and
WHEREAS, there will be pledged to the payment of the bonds a continuing annual tax of 2-1/2 mills through the year 1972 and 4 mills thereafter on the assessed valuation of all taxable real and personal property in the City (with provision for the suspension of the collection of such tax); and
WHEREAS, there is available for the payment of the bonds , surplus revenues of the City Water And Light Plant of the City of Jonesboro (“Water and Light Plant”), and it is necessary and in the interest of the City that these surplus revenues be pledged to the payment of the bonds;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Jonesboro, Arkansas:
SECTION 1. There is hereby pledged and appropriated to the payment of principal of, interest on and paying agent’s fees in connection with the bonds, for the period beginning June 1, 1968, and ending June 2, 1973, surplus revenues of the Water and Light Plant, pursuant to Act No. 208 of the Acts of Arkansas of 1939, Act No. 305 of the Acts of Arkansas of 1967, and the Decree of the Chancery Court for the Western District of Craighead County, Arkansas, in the case of W.C. Craig, et al. v. City Water and Light Plant of th...
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