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AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS 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, FOR THE PURPOSE OF SECURING AND DEVELOPING INDUSTRY (AS DESCRIBED IN THE ORDINANCE); AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE SECURING SAID BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO AND DECLARING AN EMERGENCY
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WHEREAS the City of Jonesboro, Arkansas (called “City”) is authorized by 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 (hereinafter sometimes referred to as “Act No.9”), to acquire and own lands and improvements and to construct and equip buildings and manufacturing improvements and facilities thereon for the conduct of manufacturing operations and to lease the same for the purpose of securing and developing industry within or near the City; and
WHEREAS the City is authorized by Act No.9 to issue Industrial Development Revenue Bonds payable from lease rentals and surplus utility revenues and secured by a mortgage on the lands, buildings and manufacturing improvements and facilities so leased; and
WHEREAS the City is the owner of certain lands and buildings, manufacturing improvements and facilities thereon, which lands and improvements have been heretofore leased to Crane Company, an Illinois corporation (called “Crane”) by a Lease Agreement dated January 28, 1960, wherein the City of Jonesboro and Jonesboro Airport Commission, a department of the City, and the Leaser and Crane is the Lessee; and
WHEREAS, the said Lease Agreement was executed and delivered in connection with an industrial project constructed and owned by the Leaser and, as above stated, leased to Crane, which industrial project and expense relating thereto and the financing thereof were financed by an issue o...
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