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AN ORDINANCE SUBMITTING TO THE VOTERS OF THE CITY OF JONESBORO, ARKANSAS, THE QUESTION WHETHER IT WILL ISSUE INDUSTRIAL REVENUE BONDS TO THE EXTENT OF $503,000.00 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 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 6th day of October, 1961, for the purpose of determining whether the City of Jonesboro will issue negotiable industrial revenue bonds to the extent of $503,000.00 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 and buildings acquired from the proceeds of the said industrial revenue bonds and a pledge of the revenues therefrom. Said bonds shall be payable as hereinafter set forth, bear interest at such rate as the Council may determine in the sale of the bonds, and be dated November 1, 1961, but convertible at the option of the purchaser, subject to the approval of the City, into bonds bearing a lower rat4e or rates of interest on such terms that the City shall receive therefore 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:
1963 $17,000.00
1964 17,000.00 1972 $33,500.00
1965 23,500.00 1973 35,500.00
1966 23,500.00 1974 37,500.00
1967 25,500.00 1975 39,500.00
1968 27,000.00 1976 42,000.00
1969 29,000.00 1977 44,000.00
1970 30,000.00 1978 46,500.00
1971 32,000.00
The 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 conducted and the votes thereat canvassed and the results declared under the law and in the ma...
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