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AN ORDINANCE PROVIDING FOR THE LEASE OF CERTAIN LANDS AND BUILDINGS TO FROLIC FOOTWEAR, INC
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WHEREAS, the City of Jonesboro, County of Craighead, and State of Arkansas, has heretofore undertaken an effort to develop industry within or near the City of Jonesboro, and to that end has caused an election to be held to determine whether the City of Jonesboro shall issue $503,000.00 of Industrial Revenue Bonds under the provision of Act 9 of the General Assembly of the State of Arkansas for 1960; and
WHEREAS, at said election the electors of the City of Jonesboro voted in favor of the said issue of bonds; and
WHEREAS, the City proposes to issue, at this time, bonds in the principal amount of $503.000.00, to provide funds with which to pay the cost of the acquisition of lands and buildings for use by Frolic Footwear, Inc., being an industrial project for which the City of Jonesboro caused the said election to be held; and
WHEREAS, it is contemplated that the City of Jonesboro shall execute and deliver to Frolic Footwear, Inc., a corporation organized and existing under the laws of the State of Arkansas, an agreement of lease of the said lands and buildings, the rentals from which lease have been, or will be, pledged to secure the payment of the said bonds according to their tenor;
NOW, THEREFORE, be it ordained by the City Council of the City of Jonesboro:
Section 1: The Mayor and City Clerk of Jonesboro are hereby authorized, for and on behalf of the City and in its name, to execute and deliver to Frolic Footwear, Inc., an agreement of lease substantially in the form as follows:
Section 2: It is ascertained and declared that the safety and health of the City of Jonesboro are jeopardized by the lack of sufficient industry, and that only by action made possible by this Ordinance can the City undertake to secure and develop industry and to promote the safety, health and welfare of its citizens. It is, therefore, declared that an emergency exists, that t...
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