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AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF SECURING AND DEVELOPING INDUSTRY WITHIN THE CITY OF JONESBORO, ARKANSAS; LEVYING A SPECIAL TAX AND SETTING UP A FUND FOR THEIR PAYMENT; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, by Ordinance No.999, passed and approved January 4, 1960, there was submitted to the qualified electors of the City of Jonesboro, Arkansas, the question of whether the City should issue bonds to the amount of $1,000.000 for the purpose of securing and developing industry within the City, bearing interest at a rate acceptable to the City Council, and
WHEREAS, due notice of the election was given as required by law and at said election, which was duly held on February 9, 1960, the bond issue was approved, and the result of the election was announced by the Mayor by a proclamation issued on February 10, 1960, and duly published in the Jonesboro Evening Sun, a newspaper having a bona fide circulation in said City, and more than thirty days have elapsed since the date of said proclamation and no suit has been filed in any court to contest the result of said election as so announced, so that it is now final; and
WHEREAS, at a public sale of the $1,000,000 in bonds held at 2:00 PM April 5, 1960, in the office of Mayor Sanderson in the City Hall in said City, after more than twenty days’ advertisement in the Jonesboro Evening Sun and one publication in the Bond Buyer, a financial journal published in the City of New York and having a national circulation, the City of Jonesboro contracted to sell the bonds to Stephens, Inc. and T.J. Raney & Sons, both of Little Rock, Arkansas, who submitted the best and highest bid, namely: a price of 100 cents on the dollar face value plus accrued interest for bonds bearing interest at the rate of 4.17% per annum; and
WHEREAS, the buyers have elected to exercise the option granted by the sale notice to convert the bonds to bonds bearing a lower...
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