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AN ORDINANCE CALLING A SPECIAL ELECTION ON THE QUESTION OF ISSUING INDUSTRIAL DEVELOPMENT REVENUE BONDS, 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, FOR THE PURPOSE OF DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL UNDERTAKING IS DESCRIBED IN THE BODY OF THE ORDINANCE); PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, Hytrol Conveyor Company, Inc., a Wisconsin corporation, authorized to do business in Arkansas (“Hytrol”) operates an industrial project (the “existing project”) under a Lease and Agreement with the City of Jonesboro, Arkansas (“City”); and
WHEREAS, the progress of the manufacturing operations of Hytrol requires an expansion with resulting increased employment and other benefits to the City, its citizens and the citizens of Craighead County, Arkansas; and
WHEREAS, the expansion will consist of lands, buildings, improvements, machinery, equipment and facilities (the “Project”); and
WHEREAS, in order to make the necessary provision for the permanent financing of the Project costs and the expenses of authorizing and issuing bonds, the City proposes to issue not to exceed One Million Dollars ($1,000,000) in principal amount of bonds (the “bonds”) 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 (“Act No.9”); and
WHEREAS, the propose of this Ordinance is to submit the question of the issuance of the bonds to the electors of the City at a special election called for that purpose;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
Section 1: That a special election be, and the same is hereby, called to be held in the City on the 28th day of December, 1972, at which election there will be submitted to the electors the question of i...
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