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AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION INDUSTRIAL DEVELOPMENT BONDS UNDER THE PROVISONS OF AMENDMENT NO.49 TO THE CONSTITUTION OF THE STATE OF ARKANSAS FOR THE PURPOSE OF FINANCING THE COST OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR PROJECT BEING DESCRIBED IN THE ORDINANCE); LEVYING A TAX TO PROVIDE FOR THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, the City Council of the City of Jonesboro, Arkansas (called “City”) by Ordinance No.1199, adopted and approved on the 4th day of April, 1968, called a special election to be held on the 21st day of may, 1968, for the electors to vote upon the question of issuing bonds under the provisions of Amendment No.49 to the Constitution of the State of Arkansas in the principal amount of not to exceed $840.000 for the purpose 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”); (Collectively called “Project”); and
WHEREAS, due notice of the election was given as required by law, and at the special election the electors approved the issuance of bonds in the principal amount of not to exceed $840,000; and
WHEREAS, the results of the election were proclaimed by the Mayor in a proclamation duly published on June 3, 1968; and
WHEREAS, after due advertisement for the time and in the manner pr...
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