title
AN ORDINANCE AUTHORIZING THE ISSUANCE OF SALES AND USE TAX REVENUE BONDS FOR THE PURPOSE OF FINANCING THE COST OF CONSTRUCTING STREET AND ROAD IMPROVEMENTS; PLEDGING A 1% SALES AND USE TAX TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. (NOTE: THIS ORDINANCE WAS AMENDED BY ORD-98:1509 ON FEBRUARY 16, 1998)
body
WHEREAS, there was submitted to the qualified electors of the City of Jonesboro, Arkansas (the "City") on February 7, 1995, pursuant to Ordinance No. 2600, adopted January 3, 1995 the question of issuing, under Amendment No. 62 to the Constitution of the State of Arkansas (the "State") and under Title 14, Chapter 164, Subchapter 3 of the Arkansas Code of 1987 Annotated (the "Authorizing Legislation"), capital improvement bonds in the maximum principal amount of $44,000,000 for the purpose of financing the cost to the City of extensions, betterments and improvements to streets and roads, with related and ancillary improvements (the "Improvements"); and
WHEREAS, at the special election held February 7, 1995, a majority of the electors voting on the question approved the issuance of such bonds; and
WHEREAS, the City has issued and retired bonds in the principal amount of $14,990,000; and
WHEREAS, the City Council has determined to proceed with the Improvements and to issue $29,010,000 in the aggregate principal amount of bonds to finance the balance of the Improvements (the "Project"); and
WHEREAS, the City has made arrangements for the sale of $29,010,000 in aggregate principal amount of bonds designated "Series 1997" (the "Bonds") to NationsBanc Montgomery Securities, Inc. (the "Purchaser"), at a price of 99.375% of par plus accrued interest plus investors' premium is the amount of $59,241.45 (the "Purchase Price"), pursuant to a Bond Purchase Agreement between the Purchaser and the City (the "Agreement"), which has been presented to and is before the meeting at which t...
Click here for full text