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AN ORDINANCE PROVIDING FOR THE ISSUANCE OF INDUSTRIAL REVENUE BONDS OF THE CITY OF JONESBORO, ARKANSAS; DECLARING AN EMERGENCY; AND FOR OTHER PURPOSES
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WHEREAS, the City of Jonesboro, Arkansas, is duly authorized by Act 9 of the special session of the General Assembly of the State of Arkansas for the years 1960, as amended by Act No. 48 of the Acts of the General Assembly of the State of Arkansas for the years 1961, to promote industrial development within or near the City of Jonesboro, to issue Industrial Revenue Bonds, and to sue the proceeds thereof for the accomplishment of the said purpose, to pledge the gross revenues derived from the lands, buildings and facilities acquired or constructed, in whole or in part, with proceeds of the said Industrial Revenue Bonds, and to secure the payment of the said Industrial Revenue Bonds by a statutory mortgage lien on the lands, buildings, and facilities so acquired or constructed; and
WHEREAS, the City of Jonesboro has undertaken to assist Hytrol Conveyor Co., Inc., a corporation organized and existing under the laws of the State of Arkansas, to establish and operate a factory within or near the City of Jonesboro; and
WHEREAS, by Ordinance duly passed on the 6th day of July, 1962, there was submitted to the qualified electors of the City of Jonesboro, Arkansas the question whether it should issue Industrial Revenue Bonds under the provisions of said Act 9, as amended, to the extent of $225.000.00 for the purpose of securing and developing industry within or near the City of Jonesboro; and
WHEREAS, due notice of the election was given, as required by law, and at said election 569 votes were cast in favor of the said bond issue for industrial development and only 23 votes were cast against it; and
WHEREAS, to pay costs of acquiring lands and construction of buildings in the establishment of said factory, the City of Jonesboro, Arkansas, has sold to the Citizens Bank and to Mercantile Bank, Jonesboro, Arka...
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