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AN ORDINANCE SUBMITTING TO THE VOTERS OF THE CITY OF JONESBORO, ARKANSAS, QUESTION OF WHETHER IT WILL ISSUE INDUSTRIAL REVENUE BONDS TO THE EXTENT OF $225,000.00 FOR THE PURPOSE OF SECURING AND DEVELOPING INDUSTRY WITHIN OR NEAR THE CITY OF JONESBORO, ARKANSAS
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BE IT ORDAINED by the City Council of the City of Jonesboro:
Section 1: An election is hereby called to be held at the usual polling places in the City of Jonesboro on the 21st day of August, 1962, for the purpose of determining whether the City of Jonesboro will issue negotiable industrial revenue bonds to the extent of $225.000.00 for the purpose of securing and developing industry within or near the City of Jonesboro, to be secured by a statutory mortgage on the lands, buildings and property acquired and constructed from the proceeds of the said industrial revenue bonds and pledge of the revenues there from. Said bonds shall be payable as hereinafter set forth, bear interest at such rate as a Council may determine in the sale of the bonds, and be dated November 1, 1962, but convertible at the option of the purchaser, subject to the approval of the City, into bonds bearing a lower rate or rates of interest on such terms that the City shall receive therefor, and pay thereon substantially the same amount of money as if the said bonds were not converted.
Section 2: The bonds shall mature serially May 1 and November 1 in the amounts and years as follows:
YEAR AMOUNT
1963 $12,000
1964 14,000
1965 15,000
1966 20,000
1967 19,000
1968 9,000
1969 5,000
1970 5,000
1971 6,000
1972 5,000
1973 6,000
1974 6,000
1975 7,000
1976 7,000
1977 7,000
1978 8,000
1979 8,000
1980 9,000
1981 9,000
1982 10,000
1983 10,000
1984 11,000
1985 17,000
To bonds may be made subject to call for redemption before maturity at the option of the City on such terms as the City may specify in the notice of the sale.
Section 3: Said election shall be...
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