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AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE PURPOSE OF PROVIDING PERMANENT FINANCING FOR INDUSTRIAL FACILITIES AND THE REFUNDING OF CERTAIN PRIOR BONDS; AUTHORIZING A TRUST INDENTURE SECURING THE BONDS; AUTHORIZING A LEASE AND AGREEMENT BETWEEN THE CITY OF JONESBORO, ARKANSAS AND HYTROL CONVEYOR COMPANY, INC.; 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 Title 14, Chapter 164, Subchapter 2 of the Arkansas Code of 1987 Annotated (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 desires to issue under the Act ( a ) Industrial Development Revenue Bonds ( Hytrol Conveyor Company, Inc. Project ), Series 1992A in the aggregate principal amount of $3,000,000 (the “series 1992A Bonds”) to defray the costs of acquiring an expansion, which expansion shall consist of buildings, improvements, machinery and equipment (the “Project”), and ( b ) Industrial Development Revenue Refunding Bonds (Hytrol Conveyor Company, Inc. Project), Series 1992B in the aggregate principal amount of $895,000 (the “Series 1992B Bonds”) to refund its Industrial Development Revenue Bonds - Hytrol Project, Series A and B, dated August 1, 1979 (the “Prior Bonds”) and that the City lease the Project to Hytrol Conveyor Company, Inc., a Wisconsin corporation (the “Company”); and
WHEREAS, pursuant to and in accordance with applicable provisions of Arkansas law and Section 147 (f) of the Internal Revenue Code of 1986, as amended (the “Code”), a public hearing was held prior to the passage and approval this Ordinance before...
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