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AN ORDINANCE CONFIRMING MATTERS PERTAINING TO INDUSTRIAL DEVELOPMENT REVENUE BONDS PREVIOUSLY AUTHORIZED; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, the City of Jonesboro, Arkansas (the "City") adopted Ordinance No. 3329, passed and approved on the 5th day of November, 2001, which authorized (i) the issuance and sale of not to exceed $225,000,000 aggregate principal amount of the City's Taxable Industrial Development Revenue Bonds (Nestlé USA Project), Series 2001 (the "Bonds"), pursuant to the provisions of Title 14, Chapters 164, Subchapter 2 of the Arkansas Code of 1987 Annotated, for the purpose of financing certain industrial facilities (the "Project"), and (ii) the leasing of the Project to Nestlé USA - Prepared Foods Division, Inc., a Pennsylvania corporation (the "Company"); and
WHEREAS, it has been determined that the Bonds will bear interest at the rate of 6% per annum, that the Bonds will mature in the year 2032, and that the Trustee will be Bank One Trust Company, N.A., Chicago, Illinois;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
SECTION 1: The authorization to issue the Bonds in the aggregate principal amount of not to exceed $225,000,000, and all matters pertaining thereto, are hereby confirmed and ratified in all respects. The Bonds shall be designated "City of Jonesboro, Arkansas Taxable Industrial Development Revenue Bonds (Nestlé USA Project), Series 2002."
SECTION 2: Ordinance No. 3329, as supplemented hereby, is continued in full force and effect. All other ordinances, resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict.
SECTION 3: There is hereby found and declared to be an immediate need, as expressed by the Company, for the issuance of the Bonds authorized by Ordinance No. 3329, and this Ordinance is necessary for such issuance. It is, therefore, declared that an emergency ...
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