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AN ORDINANCE AUTHORIZING THE ISSUANCE OF A GENERAL REVENUE PROMISSORY NOTE FOR THE PURCHASE AND IMPROVEMENTS OF A POLICE FACILITY LOCATED AT 1709 EAST HIGHLAND DRIVE, JONESBORO, ARKANSAS; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE NOTE; DECLARING AN EMERGENCY; AND PRESCRIBING OTHER MATTERS RELATING THERETO
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WHEREAS, the City of Jonesboro, Arkansas (the "City") is authorized and empowered under the provisions of Amendment 78 to the Arkansas Constitution and the provisions of Arkansas Code Annotated Section 14-78-1001 et seq (the "Act") to issue notes and expend the proceeds thereof to finance all or a portion of the cost of acquiring, constructing and improving real property and tangible personal property having an expected useful life of more than one year; and,
WHEREAS, the City proposes to finance the costs of the acquisition, construction, and improvement of a Police facility located at 1709 East Highland Drive, Jonesboro, Arkansas
WHEREAS, the City will issue its Promissory Note in the maximum principal amount of Three Million Dollars ($3,000,000.00) (the "Note") under the Act for the purpose of financing the purchase price and improvements of the Property to be Financed; and,
WHEREAS, the City published a notice of bids on July 16, 2026 for securing favorable financing terms for a short-term loan compliant with the Act from area financial institutions; and,
WHEREAS, Arvest Bank offered the most competitive terms for a loan compliant with the Act.
WHEREAS, the loan terms include an interest rate of 4.83%, fixed for the duration of the loan, amortized over 60 months with principal and interest paid monthly, no fees and no prepayment penalties.
NOW THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
Section 1. The City Council hereby finds that the Property to be Financed is real property and tangible personal property and will have a useful life of more than one (1)-year. The City Cou...
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