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AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER ACT NO. 9 OF THE FIRST EXTRORDINARY SESSION OF THE SIXTY-SECOND GENERAL ASSEMBLY OF THE STATE OF ARKANSAS, APPROVED JANUARY 21, 1960, AS AMENDED, FOR THE PURPOSE OF PROVIDING PERMANENT FINANCING OF THE COSTS OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE SECURING THE BONDS; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING TO THE ACQUISITION, CONSTRUCTION AND EQUIPMENT OF THE INDUSTRIAL PROJECT AND THE FINANCING THEREOF; AND DECLARING AN EMERGENCY
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WHEREAS, the City of Jonesboro, Arkansas (the “City”) is authorized by 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”), to acquire lands, construct and equip manufacturing buildings, improvements and facilities and to incur other costs and expenses and make other expenditures incidental to and for the implementing and accomplishing of the conduct of manufacturing operations; and
WHEREAS, the City is authorized by Act No. 9 to issue Industrial development Revenue Bonds payable form revenues derived from the Industrial Project so acquired, constructed and equipped and secured by a lien therein and securing interest therein; and
WHEREAS, the necessary arrangements have been made with Delta of Arkansas, Inc., an Arkansas corporation (“Delta”), for the acquisition, construction and equipment of an industrial which will consist of lands, buildings, improvements, machinery, equipment and facilities (the “Industrial Plant”); and
WHEREAS, the Industrial Plant will be financed by funds furnished by Delta and by the proceeds of Industrial Development Revenue Bonds of the City issued under Act No. 9 (the “Bonds”); and
WHEREAS, there are being issued at this time $100,000 in principal amount of Bonds and the...
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