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AN ORDINANCE TO CALL A SPECIAL ELECTION TO VOTE UPON THE QUESTION OF ISSUING BONDS UNDER AMENDEMENT NO. 13 TO THE CONSTITUTION OF THE STATE OF ARKANSAS FOR THE PURPOSE OF FINANCING THE COSTS TO THE CITY OF CONSTRUCTING AND EQUIPPING THE IMPROVEMENTS DESCRIBED IN THE ORDINANCE; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY.
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WHEREAS the City of Jonesboro, Arkansas (the “City”) is a city of the first class under the laws of the State of Arkansas; and
WHEREAS it has been determined that the following improvements are needed:
(1) The developing and improving of the municipal airport at an estimated cost to the City of $664,000 (in addition thereto, it is anticipated that grant funds will be obtained from an agency of the Government of the United States of America) of which $605,000 is proposed to be obtained from the issuance by the City of bonds under Amendment No. 49 to the Constitution of the State of Arkansas and $59,000 is to be obtained by the issuance of bonds under Amendment No. 13 to the Constitution of the State of Arkansas (“Amendment No. 13”);
(2) The acquisition and improvement of lands to provide public parking so as to relieve congestion on and thereby make more economical and effective the construction of public streets and boulevards and provide access to various municipal buildings and services at an estimated cost to the City of $841,000;
(3) The construction and equipping of hospital facilities (the proposal is for the City to participate with other governmental agencies in a medical complex known as the Arkansas Services Center, Jonesboro, which will make available multiple medical facilities and services to the public) at an estimated cost to the City of $260,000;
which above estimates include incidental expenses and expenditures in connection with accomplishing the improvements and expenses in connect with authorizing and issuing bonds; and
WHEREAS the purpose of this ordinance is to submit to the elec...
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