Title
RESOLUTION BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS AUTHORIZING CERTAIN AMENDMENTS TO THE CITY OF JONESBORO, ARKANSAS TAX INCREMENT FINANCING REVENUE REDEVELOPMENT BONDS (TURTLE CREEK REDEVELOPMENT DISTRICT PROJECT), SERIES 2006, AND THE TRUST INDENTURE PURSUANT TO WHICH SUCH BONDS WERE ISSUED; AUTHORIZING CERTAIN AMENDMENTS TO THE MEMORANDUM OF UNDERSTANDING AGREEMENTS RELATING TO THE BONDS; AUTHORIZING THE TERMINATION OF THE PILOT AGREEMENT, THE MAJOR ACHORS PILOT AGREEMENT AND THE UNCONDITIONAL GUARANTY OF PAYMENT AND PERFORMANCE WITH RESPECT TO THE BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN ADDITIONAL DOCUMENTS RELATED TO THE AMENDMENTS TO THE BONDS; AND PRESCRIBING OTHER MATTERS RELATING THERETO
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WHEREAS, by Ordinance No. 3480 of the Ordinances of the City of Jonesboro, Arkansas (the "City"), passed and approved July 19, 2004, by Ordinance No. 3501 of the Ordinances of the City, passed and approved December 20, 2004, by Ordinance 3586 of the Ordinances of the City passed and approved November 1, 2005 and by Resolution No. 2005-130 adopted by the City on November 1, 2005, there was authorized the issuance of the City's Tax Increment Financing Revenue Redevelopment Bonds (Turtle Creek Redevelopment District Project), Series 2006, dated January 31, 2006 (the "Series 2006 TIF Bonds");
WHEREAS, the Series 2006 TIF Bonds were issued under and pursuant to the terms of a Trust Indenture dated as of January 31, 2006 (the "Trust Indenture"), between the City and Regions Bank, as trustee (the "Trustee");
WHEREAS, the proceeds of the Series 2006 TIF Bonds were used to finance the cost of a project consisting of the construction of certain public improvements and renovations within the Turtle Creek Redevelopment District (the "District"), in connection with the development of the Mall at Turtle Creek and Turtle Creek Crossing (collectively, the "Shopping Center") by Turtle Creek Partners, LLC (the "Developer");
WHEREAS, the ...
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