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AN ORDINANCE CALLING A SPECIAL ELECTION ON THE QUESTION 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 OR NEAR THE CITY OF JONESBORO, ARKANSAS (THE PARTICULAR PROJECT IS DESCRIBED IN THE ORDINANCE): PRESCRIBING OTHER MATTERS RELATING THERETO: AND DECLARING AN EMERGENCY.
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WHEREAS, the City of Jonesboro, Arkansas (“City”), is a city of the first class under the laws of the State of Arkansas and does not have outstanding any bonds under Amendment No. 49 to the Constitution of the State of Arkansas (“Amendment No. 49”); and
WHEREAS, the City is located in Craighead County, Arkansas, and Craighead County does not have outstanding any bonds under Amendment No. 49, and
WHEREAS, for some time the City has been engaged in a study of the ways and means of securing and developing industry and financing the same, in order that the City and its inhabitants may receive the public benefit flowing therefrom, including without limitation, alleviation of unemployment, obtaining of additional employment, obtaining of additional payrolls and other benefits; and
WHEREAS, it has been determined that there should be undertaken at this time a program of securing and developing industry consisting of:
(a) Acquisition of lands; installation and construction of necessary utility lines and services, roads, streets, railways, and other necessary facilities for the proposed development of the lands for securing and developing industry and other improvements, facilities and expenditures necessary or incidental to the full utilization, development and use of the lands, improvements, facilities and development for securing and developing of industry (the “Industrial Park”);
(b) Municipal airport improvements which improvements, generally stated, consist of runway construction, terminal and other building construction and related expenses (“Airport Improvements”); (c...
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