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AN ORDINANCE AUTHORIZING THE ISSUANCE OF AN INDUSTRIAL DEVELOPMENT REVENUE BOND TO FINANCE CERTAIN INDUSTRIAL FACILITIES; AUTHORIZING THE LEASING OF SUCH FACILITIES TO HAWORTH, INC.; AUTHORIZING THE SALE OF THE BOND AND THE EXECUTION OF A BOND PURCHASE AGREEMENT IN CONNECTION THEREWITH; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY.
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WHEREAS, the City of Jonesboro, Arkansas (the "City"), is authorized and empowered under the provisions of Title 14, Chapter 164, Subchapter 2 of the Arkansas Code of 1987 Annotated (the "Act"), to issue revenue bonds and to expend the proceeds thereof to finance facilities which can be used in securing or developing industry; and
WHEREAS, pursuant to and in accordance with the provisions of the Act, it is proposed that (i) the City issue its single Industrial Development Revenue Bond in the principal amount of not to exceed $80,000,000 (the "Bond") for the purpose of financing certain industrial facilities located in Jonesboro, Arkansas (the "Project"), and (ii) the City lease the Project to Haworth, Inc., a Michigan corporation (the "Company"); and
WHEREAS, pursuant to and in accordance with applicable provisions of Arkansas law, a public hearing was held on the date hereof before the City Council on the question of the issuance of the Bond; and
WHEREAS, copies of the hereinafter described Bond Purchase Agreement, Lease Agreement, and Agreement for Payments in Lieu of Taxes have been presented to and are before this meeting;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
SECTION 1: The City Council hereby finds that the accomplishment of the Project, and the issuance of the Bond to finance the same, will provide substantial employment and payrolls and will thereby secure and develop industry at the City.
SECTION 2: The issuance of the Bond in the aggregate principal amount of $80,000,000, or such lesser amount as shall be requested b...
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