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RESOLUTION TO ENTER INTO A MEMO OF INTENT WITH FARR COMPANY OF CALIFORNIA
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THIS MEMORANDUM OF INTENT is between the City of Jonesboro, Arkansas, party of the first part (herein called the “CITY”), and Farr Company, a California, corporation whose principal office is in EL Segundo, California, party of the second part (herein called the “Borrower”.)
IN CONSIDERATION of the undertakings of the parties set forth herein and the benefits to be derived therefrom and of other good and valuable considerations, receipt of which is hereby acknowledged by the parties, the City and the Borrower AGREE:
PRELIMINARY STATEMENT.
(A) The City is a duly existing municipality under the laws of the State of Arkansas and is authorized by the laws of the State of Arkansas, including particularly 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 9”), to issue revenue bonds for financing the costs of acquiring industrial facilities (as defined in and authorized by Act 9), to finance the same upon such terms and conditions as the City deems advisable.
(B) The Borrower proposes to acquire certain Industrial Facilities and has requested a commitment from the City that it issue industrial development bonds and make the proceeds available for the permanent financing of all or part of the costs and expenses incurred in acquiring the Industrial Facilities.
(C) The City is willing so to commit and to proceed with the issuance of such bonds as and when requested by the Borrower.
(D) The acquisition of the Industrial Facilities will secure and develop industry and hereby promote the general health and economic welfare of the inhabitants of the City and adjacent areas.
UNDERTAKINGS ON THE PART OF THE CITY. THE CITY AGREES AS FOLLOWS:
(A) That when requested by the Borrower, it will authorize and take, or cause to be taken, the necessary steps to issue bonds under Act 9, in t...
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