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AN ORDINANCE AMENDING ORDINANCE NO. 2022-15 OF THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS; MODIFYING THE INTEREST RATE ON THE CITY’S TAXABLE ECONOMIC DEVELOPMENT REVENUE BONDS (COLSON CASTER PROJECT), SERIES 2022B ISSUED ON APRIL 19, 2022; AND PRESCRIBING OTHER MATTERS RELATING THERETO.
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WHEREAS, the City of Jonesboro, Arkansas (the “City”) is authorized under the provisions of Amendment 65 to the Arkansas Constitution and the Municipalities and Counties Industrial Development Revenue Bond Law, Ark. Code Ann. §§ 14-164-201 et seq. and Ark. Code Ann. §§ 14-164-701 et seq., each as amended from time to time (collectively, the “Act”), to own, acquire, construct, equip and lease facilities to secure and develop industry and to assist in the financing thereof by the issuance of bonds payable from revenues derived from such facilities; and
WHEREAS, the City in its Ordinance No. 2022-15, duly adopted March 15, 2022 (the “Original Ordinance”), approved the issuance of three series of taxable economic development revenue bonds under the provisions of the Act, comprising (i) not to exceed $11,000,000 Taxable Economic Development Revenue Bonds (ADFA/AEDC Guaranty Programs) (Colson Caster Project) Series 2022A, (ii) not to exceed $4,000,000 Taxable Economic Development Revenue Bonds (Colson Caster Project) Series 2022B (the “Series B Bonds”) and (iii) not to exceed $9,000,000 Taxable Economic Development Revenue Bonds (Colson Caster Project) Series 2022C, each issued pursuant to the terms of a Trust Indenture dated as of April 19, 2022, entered into between the City and First Security Bank (the “Trustee”); and
WHEREAS, the Original Ordinance included an interest rate for the Series B Bonds that was re-negotiated after the Original Ordinance was approved and the Original Ordinance needs to be amended to correctly state the interest rate for the Series B Bonds.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS:
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