title
AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER 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 PROVIDING PERMANENT FINANCING OF THE COSTS OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIPED IN THE ORDINANCE); AUTHORIZING THE EXECUTING AND PRESCRIBING OTHER MATTERS PERTAINING TO THE ACQUISITION AND CONSTRUCTION THEREOF; AND DECLARING AN EMERGENCY
body
WHEREAS, the City of Jonesboro, Arkansas (the “City”) is authorized by Act 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), to acquire lands, construct and equip manufacturing buildings, improvements and facilities and to incur other costs and expenses and make other expenditures incidental to and for the implementing and accomplishing of the conduct of manufacturing operations; and
WHEREAS, the City is authorized by Act No. 9 to issue Industrial Development Revenue Bonds payable from revenues derived from the Industrial Project so acquired and constructed and secured by a lien thereon and security interest therein; and
WHEREAS, the necessary arrangements have been made with Delta, Inc. of Arkansas, an Arkansas Corporation (“Delta”), for the acquisition and construction of manufacturing facilities consisting of lands, buildings and improvements (the “Project”); and
WHEREAS, the Project will be financed by the proceeds of Industrial Development Revenue Bonds of the City issued under Act No. 9 and designated Series 1977 (the “Bonds”); and
WHEREAS, the Bonds are in the principal amount of $400.000; and
WHEREAS, the proceeds of the Bonds will be used to acquire lands, constructing buildings and improvements; and
WHEREAS, the properties financed by the Bonds will be owned by the City and Leased to Delta pursuant to the provis...
Click here for full text