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AN ORDINANCE PROVIDING FOR THE ISSUANCE OF INDUSTRIAL REVENUE BONDS IN THE CITY OF JONESBORO; DECLARING AN EMERGENCY; AND FOR OTHER PURPOSES
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WHEREAS, the City of Jonesboro is duly authorized by Act 9 of the Acts of the General Assembly of the State of Arkansas for 1960 to promote industrial development within or near the City of Jonesboro, to issue Industrial Revenue Bonds, and to use the proceeds thereof for the accomplishment of the said purpose, to pledge the gross revenues derived from the lands, buildings and facilities acquired or constructed, in whole or in part, with proceeds of the said Industrial Revenue Bonds, and to secure the payment of the said Industrial Revenue Bonds by a statutory mortgage lien on the lands, buildings, and facilities so acquired or constructed; and
WHEREAS, the City of Jonesboro has undertaken to assist Alton Box Board Company, a corporation organized and existing under the laws of the State of Illinois, but qualified to do business in the State of Arkansas, to establish and operate a factory within or near the City of Jonesboro; and
WHEREAS, the City of Jonesboro has further undertaken to assist the Jonesboro Industrial Development Corporation to purchase land for the location of additional industries within or near the City of Jonesboro; and
WHEREAS, by Ordinance duly passed on the 1st day of May, 1961, there was submitted to the qualified electors of the City of Jonesboro, Arkansas, the question whether it should issue Industrial Revenue Bonds under the provisions of said Act 9 to the extent of $200,000.00 for the purpose of securing and developing industry with or near the City of Jonesboro; and
WHEREAS, due notice of the election was given, as required by law, and at said election 696 votes were cast in favor of the said bond issue for industrial development and only 16 votes were cast against it; and
WHEREAS, it is presently unnecessary to issue the entire authorized amount of $200,000.00 in Industrial Rev...
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