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AN ORDINANCE CALLING A SPECIAL ELECTION ON THE QUESTION OF ISSUING INDUSTRIAL DEVELOPMENT REVENUE BONDS 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, FOR THE PURPOSE OF DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL UNDERTAKING IS DESCRIBED IN THE BODY OF THE ORDINANCE); PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS Hytrol Conveyor Company, Inc., a Wisconsin corporation, authorized to do business in Arkansas (called “Hytrol”) operates and industrial project consisting of lands, buildings, improvements and facilities (herein sometimes called the “Original Project”) under a Lease Agreement with the City of Jonesboro, Arkansas (called “City”); and
WHEREAS the City financed by Original Project by issuing Industrial Development Revenue Bonds 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 (called “Act No.9”), with the bonds issued in connection with the financing of the Original Project being herein referred to as the “outstanding bonds”; and
WHEREAS the progress of the manufacturing operations of Hytrol justifies an expansion with resulting increased employment and other benefits to the City, its citizens and the citizens of Craighead County, Arkansas; and
WHEREAS in order to finance the expansion and obtain the public benefits there from it is necessary to refund the outstanding bonds ($144,000 will be required for this purpose) so that the new money (approximately $121,000) can be obtained on a parity of security so as to make the overall financing feasible; and
WHEREAS the City proposed to issue bonds under Act No.9 in the principal amount of not to exceed $265,000, for the purpose of accomplishing the refunding and financing the expansion, with related expenses necessari...
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