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AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER 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 PROVIDING PERMANENT FINANCING OF THE COST OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE SECURING THE BONDS; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING TO THE INDUSTRIAL PROJECT, THE CONSTRUCTION THEREOF AND THE FINANCING THEREOF; 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 (called “Act No. 9”), to acquire lands, construct and equip manufacturing building, improvements and facilities and to incur other costs and expenses and make other expenditures incidental to and for the implementing and accomplishing of the conduct of manufacturing operations; and
WHEREAS the City is authorized by Act No. 9 to issue Industrial Development Revenue Bonds payable from revenues derived from the industrial project so acquired and constructed and secured by a lien thereon; and
WHEREAS the necessary arrangements have been made with Alton Box Board Company, a Delaware corporation (call “Alton”) for an expansion of the industrial project presently owned by the City and leased to Alton, which over-all project (the original project as expanded) consists of lands, building, improvements, machinery, equipment and facilities for an industrial plant which will be utilized for the manufacturing of such products as Alton shall elect to manufacture (call the “Project”) and to lease the Project to Alton pursuant to the terms of a Lease and Agreement (called “Lease Agreement”) and
WHEREAS permanent financing of ...
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