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AN ORDINANCE CONFIRMING THE AUTHORIZATION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS; AMENDING ORDINANCE NO.1864, PASSED AND APPROVED ON THE 16th DAY OF APRIL, 1984, PERTAINING TO THE ISSUANCE OF SUCH BONDS; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY (NOTE: THIS ORDINANCE WAS AMENDED BY ORD-84:1651 ON DECEMBER 17, 1984)
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WHEREAS, the City of Jonesboro, Arkansas (the “City”) adopted Ordinance No.1864, passed and approved on the 16th of day April, 1984 (“Ordinance No.1864”), which authorized the issuance and sale of $1,200,000 in principal amount of the City’s Industrial Development Revenue Bonds - Colson Caster Corporation Project, Series 1984 (the “Bonds”), pursuant to 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; and
WHEREAS, Ordinance No.1864 authorized the execution and delivery of a Trust Indenture by and between the City and a bank or trust company which will act as Trustee there under, securing the Bonds (the “Indenture”), and the execution and delivery of a Loan Agreement by and between the City and the Company (the “Loan Agreement”); and
WHEREAS, it has been determined that the payment of the principal of and premium, if any, and interest on the Bonds will not be guaranteed by the Colson Group, Inc., a Delaware corporation, as provided in Ordinance No. 1864, but will be secured by a letter of credit issued by National Westminster Bank PLC, Chicago Branch; and
WHEREAS, certain other terms of the Bonds and their issuance and sale have been revised; and
WHEREAS, revised copies of the Indenture and Loan Agreement have been presented to and are before this meeting;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
Section 1: That the authorization to issue the Bonds is hereby confirmed and ratified. The Bonds shall be issued in the forms and ...
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