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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 JANUARY 21, 1960, AS AMENDED, FOR THE PURPOSE OF FURNISHING THE PERMANENT FINANCING OF THE COST OF SECURING AND 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, arrangements have been made with a particular manufacturing company (“Company”) for the location of a substantial industrial project which will furnish employment, payrolls, alleviate unemployment and other wise result in public benefits, all in the best interest of the City of Jonesboro, Arkansas (“City”) and its citizens and inhabitants; and
WHEREAS, the proposed industrial project will consist of lands, buildings, improvements, machinery, equipment and facilities for an industrial plant which will be utilized for the manufacturing of such products as the Company shall elect to manufacture, together with necessary expenses and expenditures in connection with the constructing and equipping of the project and in connection with the financing (all of which will be sometimes referred to as the “Project”); and
WHEREAS, in order to make the necessary provision for the permanent financing of the Project costs, it is necessary to authorize the issuance of not to exceed Five Million Dollars ($5,000,000) in principal amount of 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”); and
WHEREAS, the purpose of this Ordinance is to submit the question of the issuance of the bonds under Act No.9 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 ...
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