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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, Gilbert International, Inc., an Arkansas corporation (“Gilbert International”) has proposed a substantial industrial project which will furnish employment and payrolls and otherwise result the public benefits, all in the best interest of the City of Jonesboro, Arkansas (the “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 Gilbert International shall elect to manufacture (the “Project”); and
WHEREAS, in order to make the necessary provision for the permanent financing of the Project costs and the expenses of authorizing and issuing bonds, the City proposes to issue not to exceed One Million Dollars ($1,000,000) in principal amount of bonds (the “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 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 Jonesboro, Arkansas:
Section 1: That a special election be, and the same is hereby, called to be held in the City on the 10th day of April, 1973, at which election there will be su...
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