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AN ORDINANCE CALLING A SPECIAL ELECTION ON THE QUESTION OF ISSUING INDUSTRIAL DEVELOPMENT REVENUE 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, FOR THE PURPOSE OF DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL UNDERTAKING IS DESCRSIBED IN THE BODY OF THE ORDINANCE); PRESCRIBING OTHER MATTERS RELATING HERETO. AND DECLARING AN EMERGENCY
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WHEREAS, Hytrol Conveyor Company, Inc., a Wisconsin Corporation, authorized to do business in Arkansas (“Hytrol”) operates an industrial project consisting of lands, buildings, improvements and facilities (herein sometimes called the “existing project”) under a Lease and Agreement with the City of Jonesboro, Arkansas (“City”); and
WHEREAS, the City has heretofore issued Industrial Development Revenue Bonds, (the “outstanding 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”), in connection with the financing of the existing project; and
WHEREAS, the progress of the manufacturing operations of Hytrol requires an expansion with resulting increased employment and other benefits to the City, its citizens and the citizens of Craighead County, Arkansas; and
WHERAS, in order to finance the expansion on favorable terms and obtain the public benefits there from, it is necessary to refund the outstanding bonds; and
WHEREAS, the City proposes to issue bonds under Act No.9 in the principal amount of not to exceed $750.000, for the purpose of accomplishing the refunding, financing the expansion and paying related expenses necessarily incurred in connection therewith and in connection with the financing, and the first step in the proceeding is to submit the question of issuing the bonds under Act No.9 to the electors at a special election called for that purpose;...
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