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AN ORDINANCE SUBMITTING TO THE VOTERS OF THE CITY OF JONESBORO, ARKANSAS, THE QUESTION WHETHER IT WILL ISSUE INDUSTRIAL REVENUE BONDS TO THE EXTENT OF $200,000.00 FOR THE PURPOSE OF SECURING AND DEVELOPING INDUSTRY WITHIN OR NEAR THE CITY OF JONESBORO, ARKANSAS
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BE IT ORDAINED by the City Council of the City of Jonesboro:
Section 1: An election is hereby called to be held at the usual polling places in the City of Jonesboro on the 5th day of June, 1961, for the purpose of determining whether the City of Jonesboro will issue negotiable industrial revenue bonds to the extent of $200,000.00 for the purpose of securing and developing industry within or near the City of Jonesboro to be secured by a statutory mortgage on the lands and buildings acquired and constructed from the proceeds of the city industrial revenue bonds and a pledge of the revenues therefrom. Said bonds hall be payable as hereinafter set forth, bear interest at such rate as the Council may determine in the sale of the bonds, and be dated August 1, 1961, but convertible at the option of the purchaser, subject to the approval of the City, into bonds bearing a lower rate or rates of interest on such terms that the City shall receive therefore and pay thereon substantially the same amount of money as if the said bonds were not converted.
Section 2: The bonds shall mature serially February 1 and August 1 in the amounts and years as follows:
1965 - $6,000.00 1970 - $8,000.00
1966 - $6,000.00 1971 - $8,000.00
1967 - $7,000.00 1972 - $9,000.00
1968 - $8,000.00 1973 - $9,000.00
1969 - $7,000.00 1974 - $9,000.00
1975 - $10,000.00 1980 - $12,000.00
1976 - $11,000.00 1981 - $13,000.00
1977 - $10,000.00 1982 - $13,000.00
1978 - $12,000.00 1983 - $15,000.00
1979 - $12,000.00 1984 - $15,000.00
The bonds may be subject to call for redemption before maturity at the option of the City on such terms as the City may specify in the notice of the sale.
Section 3: Said electi...
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