title
AN ORDINANCE CALLING FOR A SPECIAL ELECTION TO VOTE UPON THE QUESTION OF ISSUING BONDS UNDER THE PROVISIONS OF AMENDMENT NO.49 TO THE CONSTITUTION OF THE STATE OF ARKANSAS FOR THE PURPOSE OF SECURING AND DEVELOPING INDUSTRY WITHIN THE CITY OF JONESBORO, ARKANSAS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
body
WHEREAS, the City of Jonesboro, Arkansas, is a city of the first class and has no outstanding bonds under Amendment No.49 to the Constitution of the State of Arkansas; and
WHEREAS, the County of Craighead, Arkansas, has no outstanding bonds under Amendment No.49 to the Constitution of the State of Arkansas; and
WHEREAS, the Jonesboro Industrial Development Corporation, organized under Act 404 of the Acts of the General Assembly of Arkansas for the year 1959, together with the City of Jonesboro, Arkansas, and Airport Commission of the City of Jonesboro, has contracted for the location of industry in Jonesboro and is engaged in procuring sites and making improvements for additional industry, including improvement of existing sites by construction of a factory building of approximately 140,000 square feet, to house manufacturing equipment for the casting, machining, assembling, packaging and storage of manufactured articles and supplies, at an estimated cost of approximately Eight Hundred Thousand Dollars ($800,000.00), including necessary expenses incidental thereto, and acquisition of and improvement of other property and items incidental to the issuance and securing of bonds to require not to exceed Two Hundred Thousand Dollars ($200,000.00); and
WHEREAS, the City Council has found and determined that the acquisition of sites and the construction of factory facilities would result in increased employment and would be in the best interest of the City of Jonesboro and its citizens and inhabitants; and
WHEREAS, contracts made or to be made with industries provide for the payment of rentals in sufficient sums to retire th...
Click here for full text