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A RESOLUTION AMENDING RESOLUTION NO. 09-092 ADOPTED JULY 14, 2009 AND FOR OTHER PURPOSES
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WHEREAS, on July 14, 2009, the Jonesboro City Council adopted Resolution No. 09-092 authorizing the Mayor to enter into an Agreement to Issue Bonds and a Payment in Lieu of Tax Agreement with Nordex USA, Inc. (the “Company”); and
WHEREAS, the Resolution stated that the bonds to be issued would not exceed $100,000,000 in principal amount in one or more series; and
WHEREAS, the Company has determined that the cost of acquiring, constructing and equipping the industrial facility to be built within the City will likely exceed $100,000,000; and
WHEREAS, the bonds will be issued to finance the cost of the facility; and
WHEREAS, it is desirable that the bonds be issued in an amount to cover the full cost of the facility; and
WHEREAS, the total cost of the facility is estimated to be up to $125,000,000; and
WHEREAS, the City desires to assist the Company in order to secure and develop industry within the City, and to aid in the financing thereof; and
WHEREAS, it is desirable that the City enter into an Agreement to Issue Bonds for such purpose.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS that:
Section 1. Resolution No. 09-092 is hereby amended to change the maximum principal amount of bonds that may be issued on behalf of the Company from $100,000,000 to $125,000,000.
Section 2. All ordinances or resolutions of the City in conflict herewith are hereby repealed to the extent of such conflict.
PASSED AND ADOPTED this 18th day of August, 2009.