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AN ORDINANCE AMENDING ORDINANCE NO. 3487 AND AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE PURPOSE OF PROVIDING PERMANENT FINANCING FOR INDUSTRIAL FACILITIES; AUTHORIZING A TRUST INDENTURE SECURING THE BONDS; AUTHORIZING A SUPPLEMENTAL LEASE AGREEMENT BETWEEN THE CITY OF JONESBORO, ARKANSAS, AS LESSOR, AND FRITO-LAY, INC., AS LESSEE; AUTHORIZING THE SALE OF THE BONDS; AND PRESCRIBING OTHER MATTERS RELATED THERETO; AND DECLARING AN EMERGENCY.
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WHEREAS, the City of Jonesboro, Arkansas (the “City”), is authorized and empowered under the provisions of Act No. 9 of the First Extraordinary Session of the Sixty-Second General Assembly of the State of Arkansas, approved January 21, 1960, as amended and the Economic and Industrial Development Revenue Bond Law of 1985, as amended (the “Acts”), to issue revenue bonds and to expend the proceeds thereof to finance the acquisition, construction and equipment of land, buildings or facilities which can be used in securing or developing industry; and
WHEREAS, the City has previously provided permanent financing, through the issuance of its City of Jonesboro, Arkansas Taxable Industrial Development Revenue Bonds (Frito-Lay, Inc. Project), Series 1997 and Series 1999, of the costs of acquiring, constructing and equipping that certain industrial facility consisting of land, buildings, improvements, machinery, equipment and related facilities (the “Project”), and that the City has leased the Project to Frito-Lay, Inc., a Delaware corporation (the “Company”), to be operated by the Company as an industrial plant consisting of a snack food manufacturing facility under that certain Lease Agreement dated as of December 1, 1997 as supplemented by the First Supplemental Lease Agreement dated July 1, 1999 (the “Lease”); and
WHEREAS, the Company has previously requested that the City issue additional bonds to finance additional capital improvements for the Project (“Expansion Projects”), and
WHEREAS, ...
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