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AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE UPON THE QUESTION OF ISSUING BONDS 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, FOR THE PURPOSE OF FURNISHING THE PERMANENT FINANCING OF THE COST OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS arrangements have been made with Walker Manufacturing Company, a Division of Tenneco Inc., a Delaware corporation, for the location of a substantial industrial plant in the City of Jonesboro, Arkansas (“City”); and
WHEREAS the location of the industrial plant in the City will result in increased employment, will result in increased payrolls, will alleviate unemployment, and will result in other public benefits incidental to the operation of a substantial industrial plant, all of which will be in the best interests of the City and its citizens and inhabitants; and
WHEREAS in order to obtain funds for the financing of necessary lands, buildings, improvements, machinery, equipment and facilities (“Project”), essential to the location and operation of the industrial plant, the City Council of the City has determined to issue, subject to the approval of the electors of the City, Industrial Development Revenue Bonds 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 (“Act No.9”) in an amount not to exceed $5,000,000 for the purpose of financing the Project costs and necessary incidental costs and expenses, the cost of the issuance of the bonds, and making any needed provision for the payment of interest until Project revenues are available; and
WHEREAS the purpose of this Ordinance is to submit the question of the issuance of the bonds under Act N...
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