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A RESOLUTION OF THE CITY COUNCIL OF JONESBORO, ARKANSAS AUTHORIZING THE EXECUTION, SALE AND DELIVERY OF THE CITY OF JONESBORO, ARKANSAS TAX INCREMENT FINANCING REVENUE REDEVELOPMENT BONDS (TURTLE CREEK REDEVELOPMENT DISTRICT PROJECT), SERIES 2005, AS AUTHORIZED BY ORDINANCE NOS. 3480, 3501 AND 3586; APPROVING THE TERMS OF THE SALE THEREOF; DECLARING AN EMERGENCY; AND PRESCRIBING OTHER MATTERS RELATING THERETO.
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WHEREAS, by Ordinance No. 3480 of the Ordinances of the City of Jonesboro, Arkansas (the “City”), passed and approved July 19, 2004 (the “Authorizing Ordinance”), by Ordinance No. 3501 of the Ordinances of the City, passed and approved December 20, 2004, (the “Supplementing Ordinance”), and by Ordinance 3586 of the City passed and approved November 1, 2005 (the “Amending Ordinance”) (the Authorizing Ordinance, the Supplementing Ordinance and Amending Ordinance are collectively referred to herein as “Ordinances”) there was authorized the issuance of the City’s Tax Increment Financing Revenue Redevelopment Bonds (Turtle Creek Redevelopment District Project), Series 2005, in total principal amount not to exceed $8,540,000 (the “Series 2005 TIF Bonds”), to be dated December 1, 2005, with interest payable semiannually on February 1 and August 1 of each year, commencing February 1, 2008, at an interest rate not to exceed 7.50% and otherwise as described in detail in the Ordinances, and
WHEREAS, pursuant to and subject to the limitations set forth in the Ordinances, the Mayor was authorized and directed to execute a Bond Purchase Agreement on behalf of the City for the sale of the Series 2005 Bonds to Crews & Associates, Inc. (the “Purchaser”).
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS:
Section 1. There is now authorized and ordered issued and delivered to the Purchaser, the Series 2005 Bonds in the aggregate principal amount not to exceed $8,540,000, designated “City of Jonesboro, Arkansas, Tax Increme...
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