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AN ORDINANCE AUTHORIZING THE ISSUANCE OF $500,000 INDUSTRIAL DEVELOPMENT REVENUE BONDS - FLINTROL PROJECT, SERIES C, DATED FEBRUARY 1, 1978; AUTHORIZING A SECOND SUPPLEMENTAL LEASE AND AGREEMENT AND A SECOND SUPPLEMENTAL TRUST INDENTURE IN CONNECTION WITH THE FLINTROL PROJECT; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, at an election held on April 10, 1973, in the City of Jonesboro, Arkansas (the “City”), there was authorized the issuance of not to exceed $1,000,000 of industrial development revenue bonds under the provisions of Act No.9 of the First Extraordinary Session of the Sixty-Section General Assembly of the State of Arkansas, approved January 21, 1960, as amended (“Act No.9”), for the purpose of an industrial project to assist Gilbert International, Inc., an Arkansas corporation, now named Flintrol, Inc., (“Flintrol”); and
WHEREAS, of the $1,000,000 of bonds authorized the City has previously approved the issuance of Series A Bonds in the principal amount of $225,000, date July 1, 1974, and Series B Bonds in the principal amount of $225,000, dated July 1, 1975, leaving bonds in the authorized by un-issued principal amount of $550,000; and
WHEREAS, Flintrol has requested that there now be issued additional bonds in the principal amount of $500,000, to be designated as Series C and to be dated February 1, 1978 (the “Series C Bonds”), in order to provide additional funds for the industrial project (the “Project”) heretofore approved by the electors of the City; and
WHEREAS, Flintrol, in conjunction with the City, has made application to the Arkansas Industrial Development Commission for a guaranty of the Series C Bonds; and
WHEREAS, the Series C Bonds are to be sold and delivered in the principal amount of $500,000, to be dated, bear interest, mature and be subject to redemption as hereinafter set forth in the form of Second Supplemental trust Indenture authorized by this Ordinance: and
WHEREAS, the Ci...
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