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AN ORDINANCE PROVIDING FOR THE ISSUANCE OF INDUSTRIAL REVENUE BONDS IN THE CITY OF JONESBORO, DECLARING AN EMERGENCY; AND FOR OTHER PURPOSES (NOTE: THIS ORDINANCE WAS AMENDED BY ORD-64:2721 ON JULY 6, 1964)
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WHEREAS, the City of Jonesboro is duly authorized by Act 9 of the Acts of the General assembly of the State of Arkansas for 1960 to promote industrial development within or near the City of Jonesboro, to issue Industrial Revenue Bonds, and to use the proceeds thereof for the accomplishment of the said purpose, to pledge the gross revenues derived from the lands, buildings and facilities acquired or constructed, in whole or in part, with proceeds of the said Industrial Revenue Bonds, and to secure the payment of the said Industrial Revenue Bonds by a statutory mortgage lien on the lands, buildings, and facilities so acquired or constructed; and
WHEREAS, by Ordinance duly passed on the 1st day of May, 1961, there was submitted to the qualified electors of the City of Jonesboro, Arkansas, the question whether it should issue Industrial Revenue Bonds, under the provisions of said Act 9 to the extent of $200,000.00 for the purpose of securing and developing industry within or near the City of Jonesboro, and
WHEREAS, due notice of the election was given, as required by law, and at said election 696 votes were cast in favor of the said bond issue for industrial development, and only 16 votes were cast against it; and
WHEREAS, $145,000.00 of Industrial Revenue Bonds were issued under date of August 1, 1961, and designated as “Series A.” The City of Jonesboro now determines that it is in furtherance of the expressed purpose of the law above recited and of the citizens of Jonesboro to further aid in the preparation of location of additional industries by purchase of land and that it is in the public interest to issue the remaining $55,000.00 in bonds for such purpose, which issue shall be known as “Series B.”
NOW, THEREFORE, be it ordained by the City Co...
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