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AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025 FOR THE PURPOSE OF FINANCING VARIOUS CAPITAL IMPROVEMENTS; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY.
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WHEREAS, the City Council of the City of Jonesboro, Arkansas (the "City") has determined that the City is in need of various capital improvements, including particularly, without limitation, street improvements, park trail connection improvements and the E911 Dispatch and Safety Center (collectively, the "Improvements"); and
WHEREAS, the City can finance all or a portion of the costs of the Improvements by the issuance of Capital Improvement Revenue Bonds, Series 2025 in the aggregate principal amount of $17,595,000 (the "bonds"); and
WHEREAS, the City Council, pursuant to Resolution No. 24:114, adopted September 17, 2024 (the "Resolution"), authorized the offering of the bonds; and
WHEREAS, a public hearing on the issuance of the bonds was held before the City Council on May 20, 2025, following publication of notice of such hearing in The Jonesboro Sun on May 9, 2025; and
WHEREAS, with the assistance of Crews & Associates, Inc., as financial advisor, the City has made arrangements for the sale of the bonds to Stephens Inc. (the "Purchaser") at a price of $17,652,040.70 (principal amount plus $169,648.70 of original issue premium and less $112,608 of underwriter's discount) (the "Purchase Price") pursuant to a Bond Purchase Agreement (the "Purchase Agreement") which has been presented to and is before this meeting; and
WHEREAS, the Preliminary Official Statement, dated June 10, 2025, offering the bonds for sale (the "Preliminary Official Statement") has been presented to and is before this meeting; and
WHEREAS, the Continuing Disclosure Agreement between the City and First Security Bank, Searcy, Arkansas (the "Disclosure Agreement"), pro...
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