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RESOLUTION TO AUTHORIZE THE MAYOR AND CITY CLERK TO EXECUTE A FIRST SUPPLEMENTAL LEASE AND AGREEMENT AMENDING THE LEASE WITH DELTA, INC.
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WHEREAS, the City of Jonesboro, Arkansas (“City”) owns certain real property situated in Craighead County, Arkansas, which property is described in and mortgaged under two certain Trust Indentures dated as of June 1, 1976, by and between the City and Mercantile Bank, Jonesboro, Arkansas (the “Trustee”), securing, respectively, the City’s Industrial Development Revenue Bonds - Delta Project, Series A, dated June 1, 1976 and the City’s Industrial Development Revenue Bonds - Delta Project, Series B, dated June 1, 1976 (the “Bonds”) which Trust Indentures (the “Indentures”) appear of record in the office of the Circuit Clerk and Ex Officio Recorder of Craighead County, Arkansas, in, respectively, Record Book No. 194, at Page 155, and Record Book No.194, at Page 233; and
WHEREAS, the real property referred to above and the improvements thereon and facilities therein, have been leased by the City (as Lessor) to Delta, Inc. of Arkansas, an Arkansas corporation (“Delta”) by a Lease and Agreement (the “Lease”) dated as of June 1, 1976, appearing of record in the office of the Circuit Clerk and Ex Officio Recorder of Craighead County, Arkansas, in Record Book No.8 at Page 1; and
WHEREAS, the Bonds were issued under the authority of Act No.9 of the First Extraordinary Session of the Sixty-Second General Assembly of the State of Arkansas, approved January 21, 1960, as amended (“Act No.9”); and
WHEREAS, the Lease provides, in Article XXIV thereof, for the withdrawal of lands from the terms of the Lease, upon compliance with the terms of Article XXIV, for the purpose of the construction of expansion facilities, and for the financing of such expansion facilities under the authority and provisions of Act No.9; and
WHEREAS, there is an immediate need for the expansion of the existing industrial plant operated by Delta and Delta...
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