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A RESOLUTION PLEDGING SURPLUS REVENUES OF THE CITY WATER AND LIGHT PLANT TO THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON CERTAIN GENERAL OBLIGATION BONDS BEING ISSUED BY THE CITY OF JONESBORO, ARKANSAS, AND PRESCRIBING OTHER MATTERS RELATING THERETO.
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WHEREAS, the electors of the City of Jonesboro, Arkansas (the “City”) at an election duly called and held pursuant to the provisions of Amendment No. 13 to the Constitution of the State of Arkansas have approved the issuance of General Obligation Bonds in the unconverted principal amount of $1,160,000. For certain public improvements; and
WHEREAS the millage under Amendment No. 13 available to the City for the bonds so approved by the electors is 2 ½ mills through 1972 (by which time outstanding General Obligation Bonds under Amendment No. 13 to the payment of the principal of and interest on which 2 ½ mills are now pledged will have been retired so that the millage so pledged will be released) and 4 mills thereafter; and
WHEREAS in an effort to sell the bonds on the most favorable terms to the City and its taxpayers, it was agreed by representatives of the City and representatives of the City Water & Light Plant that an amount of surplus revenues (as hereinafter defined in this Resolution) would be pledged to the payment of the principal of and interest on the bonds during the period that only 2 ½ mills will be available; and
WHEREAS in accordance with that agreement, the bonds were duly advertised and sold at public sale, supported by a pledge of 2/12 mills through 1972 and 4 mills thereafter and by a pledge of an amount of surplus revenues of the City Water & Light Plant and the bonds are being issued pursuant to the provisions of Ordinance No. 1213 adopted and approved on the 7/th day of November, 1968 ( which are herein referred to as the “bonds”), to which reference may be had for the details pertaining to the bonds and the nature and extent of their security; and
WHEREAS the purpose of th...
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