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AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE PURPOSE OF PROVIDING PERMANENT FINANCING FOR INDUSTRIAL FACILITIES; AUTHORIZING A TRUST INDENTURE SECURING THE BONDS; AUTHORIZING A LEASE AND AGREEMENT BETWEEN THE CITY OF JONESBORO, ARKANSAS, AS LESSOR, AND TATE CONTAINERS OF CONWAY, INC., AS LESSEE; AUTHORIZING THE SALE OF THE BONDS; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, the City of Jonesboro, Arkansas (the “City”), is authorized and empowered under the provisions 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 (the “Act”), to issue revenue bonds and to expend the proceeds thereof to finance the acquisition, construction and equipment of land, buildings or facilities which can be used in securing or developing industry; and
WHEREAS, it is proposed that the City provide permanent financing, through the issuance of revenue bonds under the Act, of a portion of the costs of acquiring, constructing and equipping an industrial project located within the corporate limits of the City (the “Project”), and that the City lease the Project to Tate Containers of Conway, Inc., an Arkansas corporation (the “Company”), to be operated by the Company (or its successors or assigns); and
WHEREAS, pursuant to and in accordance with the provisions of the Act, the City is now prepared to proceed with financing the Project and to issue and sell $1,000,000 in aggregate principal amount of its Industrial Development Revenue Bonds - Tate Containers of Conway, Inc. Project, Series 1984 (the “Bonds”), to provide such financing; and
WHEREAS, the payment of the principal of, premium, if any, and interest on the Bonds will be guaranteed by the Company and by Tate Containers, Inc., an Arkansas corporation and an affiliate of the Company; and
WHEREAS, the payment as due of the principal...
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