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AN ORDINANCE AUTHORIZING THE ISSUANCE OF A TEMPORARY INDUSTRIAL DEVELOPMENT REVENUE BOND UNDER ACT NO.9 OF 1960, AS AMENDED, FOR THE PURPOSE OF PROVIDING PERMANENT FINANCING FOR THE COST OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); AUTHORIZING AND PRESCRIBING CERTAIN OTHER MATTERS PERTAINING TO THE INDUSTRIAL PROJECT, THE ACQUISITION THEREOF, AND THE FINANCING THEREOF; AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST SECURING THE BOND; AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE AGREEMENT BETWEEN THE CITY OF JONESBORO, AS LESSOR, AND JONESBORO INDUSTRIAL DEVELOPMENT CORPORATION, AS LESSEE; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, the City of Jonesboro, Arkansas (the “City”) is authorized by 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 (the “Act”), to acquire lands, to acquire, construct, improve, 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 the Act to issue industrial development revenue bonds payable from revenues derived from the industrial project so acquired, improved, constructed, and equipped and secured by a lien thereon and security interest therein; and
WHEREAS, the necessary arrangements have been made with Jonesboro Industrial Development Corporation (“JIDC”), an industrial development Corporation under the provisions of Act No. 404 of the General Assembly of the State of Arkansas for the year 1955, as amended, for a substantial industrial project consisting of the purchase of facilities which will be renovated by JIDC for such manufacturing operations as JIDC shall elect (the “Project”), and to lease t...
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