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RESOLUTION TO ISSUE AND SELL CAPITAL NOTES IN THE AMOUNT OF $175,000 FOR DEVELOPMENT OF THE INDUSTRIAL PARK SITE
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WHEREAS, it is considered desirable and necessary to acquire and develop an Industrial Park Site in furtherance of the policy to encourage the establishment of industry in the City of Jonesboro, and, to this end, it is necessary to acquire a tract or tracts of land to be used for such purposes, and to finance the acquisition of such land or lands;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Jonesboro, Arkansas, that the Mayor and the City Clerk are authorized and directed, pursuant to the provisions of Ordinance #1123, to acquire, by trade or purchase, or both, a tract or tracts of land lying in Sections 26 and 27, Township 14 North, Range 4 East, Craighead County, Arkansas, not to exceed in the total amount the sum of 338 acres, to be used as such Industrial Park Site; and
BE IT FURTHER RESOLVED by the City Council of the City of Jonesboro, Arkansas, that the Mayor and the City Clerk are authorized and directed, pursuant to the provisions of Ordinance #1123 to issue and sell capital notes of the City of Jonesboro in the face amount of One Hundred Seventy Five Thousand Dollars ($175.000.00). The form of such capital notes shall be as prescribed in Ordinance #1123, such capital notes shall be subject to all terms, conditions and provisions contained in Ordinance #1123, and the payment of such capital notes, plus interest, shall be from the revenues as specified in Ordinance #1123. The proceeds received from the sale of such capital notes shall be used for the purposes of purchasing or acquiring such tract or tracts of land, including the expenses of sale, if any, and for the architectural, engineering, planning, research, and necessary and incidental costs in developing such tract or tracts of land as an Industrial Park Site, and for such purposes only.
PASSED and ADOPTED this 1st day of May, 1967.