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AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE PURPOSE OF PROVIDING PERMANENT FINANCING FOR INDUSTRIAL FACILITIES; AUTHORIZING A TRUST INDENTURE SECURING THE BONDS; AUTHORIZING A LOAN AGREEMENT BETWEEN THE CITY OF JONESBORO, ARKANSAS AND COLSON CASTER CORPORATION; AUTHORIZING THE SALE OF THE BONDS AND THE EXECUTION OF A BOND PURCHASE AGREEMENT IN CONNECTION THEREWITH; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY (NOTE: THIS ORDINANCE WAS AMENDED BY ORD-84:1657 ON NOVEMBER 5, 1984)
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WHEREAS, the City of Jonesboro, Arkansas (the “City”), is authorized and empowered 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 (the “Act”), to issue revenue bonds and to expand the proceeds thereof to finance the acquisition, construction and equipment of land, buildings or facilities which can be used in securing or developing industry; and
WHEREAS, it is proposed that the City issue its revenue bonds under the Act and loan the proceeds thereof to Colson Caster Corporation, a Delaware corporation (the “Company”), for the purpose of financing the cost of acquiring, constructing, and equipping certain industrial facilities (the “Project”) at the caster manufacturing plant operated by the Company at the City; and
WHEREAS, pursuant to and in accordance with the provisions of the Act and Section 103 of the Internal Revenue Code of 1954, as amended, a public hearing was held on April 2, 1984, before the City Council at a regular meeting on the question of the adoption of an ordinance authorizing the issuance of revenue bonds under the Act, such hearing having been adjourned and continued at this meeting in order to provide further opportunity for persons of differing views to be heard; and
WHEREAS, after due consideration, the City is now prepared to proceed with financi...
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