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AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE PURPOSE OF PROVIDING PERMANENT FINANCING FOR INDUSTRIAL FACILITIES; AUTHORIZING A TRUST INDENTURE SECURING THE BONDS; AUTHORIZING A LEASE AND AGREEMENT BETWEEN THE CITY OF JONESBORO, ARKANSAS, AS LESSOR, AND HYTROL CONVEYOR COMPANY, INC., AS LESSEE; AUTHORIZING THE SALE OF THE BONDS AND THE EXECUTION OF A BOND PURCHASE AGREEMENT IN CONNECTION THEREWITH; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY (NOTE: THIS LEASE WAS AMENDED BY ORD-88:1322 ON NOVEMBER 21, 1988)
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WHEREAS, the City of Jonesboro, Arkansas (the “City”), is authorized and empowered 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 (the “Act”), to issue revenue bonds and to expend the proceeds thereof to finance the acquisition, construction and equipment of land, buildings or facilities which can be used in securing or developing industry; and
WHEREAS, it is proposed that the City provide permanent financing, through the issuance of revenue bonds under the Act, of the costs of acquiring, constructing and equipping an expansion to existing industrial facilities consisting of lands, buildings, improvements, machinery, equipment and facilities (the “Project”), and that the City lease the Project to Hytrol Conveyor Company, Inc., a Wisconsin corporation (the “Company”), as part of an industrial plant to be operated by the Company (or its successors or assigns) at the City; and
WHEREAS, pursuant to and in accordance with the provisions of the Act, the City is now prepared to proceed with financing the Project and to issue and sell $1,750.000 in principal amount of its Industrial Development Revenue Bonds - Hytrol Project, Series A and B (the “bonds”), to provide such financing; and
WHEREAS, copies of the hereinafter described Trust Indenture, Le...
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