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AN ORDINANCE CONFIRMING THE AUTHORIZATION TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS; CONFIRMING MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, the City Council of the City of Jonesboro, Arkansas (the “City”) has heretofore adopted Ordinance No.1772, passed and approved on August 17, 1981 (“Ordinance No.1772”), authorizing the issuance by the City of $4,00,000 in principal amount of its Industrial Development Revenue Bonds - McNeil Corporation Project, Series 1981 (the “Bonds”); the execution and delivery of a Trust Indenture (the “indenture”) by and between the City and a bank or trust company which will act as Trustee hereunder, securing the Bonds; the execution and delivery of a Loan Agreement (the “Loan Agreement”) by and between the City and McNeil Corporation, an Ohio corporation (the “Company”); the sale of the Bonds to McDonald & Company, Cleveland, Ohio, and T.J. Raney & Sons, Inc., Littler Rock, Arkansas (the “Purchasers”), and the execution and delivery of a Bond Purchase Agreement (the “Bond Purchase Agreement”) in connection therewith; and authorizing and prescribing other matters pertaining thereto; and
WHEREAS, it has been determined, in each case as recommended by the Company, that the Bonds will be serial bonds maturing in each of the years 1984 to 1991, inclusive, will bear interest at a fluctuating rate per annum, will be issued in the form of registered bonds without coupons in denominations of $5,000 each or any integral multiple thereof, and will be subject to redemption or purchase prior to maturity all as more fully set forth in the Indenture; that the Bonds will be sold to the Purchasers pursuant to the terms and conditions of the Bond Purchase Agreement for a purchase price of 98.5% of the aggregate principal amount thereof, plus accrued interest thereon from the date of the Bonds to the date of Closing (defined in the Bond Purchase Agreement); and that the Trustee under the Indenture will be First Tennes...
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