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AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE UPON THE QUESTION OF ISSUING BONDS UNDER THE PROVISIONS OF ACT NO. 9 OF THE FIRST EXTRAORDINARY SESSION OF THE SIXTY-SECOND GENERAL ASSEMBLY OF THE STATE OF ARKANSAS, APPROVED JANURY 21, 1960, AS AMENDED, FOR THE PUROSE OF FURNISHING THE PERMANENT FINANCING OF ALL OR A PORTION OF THE COST OF DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, Delta, Inc of Arkansas, an Arkansas corporation (“Delta”), operates a substantial industrial plant furnishing employment, payrolls and other benefits to the citizens and inhabitants of the City of Jonesboro, Arkansas (the “City”); and
WHEREAS, it is proposed that the plant be improved and expanded and additional machinery and equipment installed (the “Project”); and
WHEREAS. in order to make the necessary provision for permanent financing of all or a portion of all or the Project costs and the expenses of authorizing and issuing bonds, it is proposed that there be authorized One Million Dollars ($1,000,000.) in principal amount of bonds (the “Bonds”) under the provisions of Act No. 9 of the First Extraordinary Session of the Sixty-Second General Assembly of the State of Arkansas, approved January 21, 1960, as amended (“Act No. 9”), which may be issued in series from time to time; and
WHEREAS, the purpose of this Ordinance is to submit the question of authorizing the Bonds to the electors of the City at a special election called for that purpose;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
Section 1: That a special election be, and the same is hereby, called to be held in the City on the 11th day of November, 1975, at which election there will be submitted to the electors of the City the question of authorizing One Million Dollars ($1,000,000.) in principal amount of Industrial Development Revenue Bonds fo...
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