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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 DEVELOPMENT 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 The Colson Corporation, an Ohio corporation authorized to do business in Arkansas (called “Colson”) operates and industrial project consisting of lands, buildings, improvements and facilities (sometimes referred to as the “original project”) as Lessee under a Lease Agreement; and
Whereas the original project was financed by the City of Jonesboro, Arkansas (called “City”) issuing bonds (called “outstanding bonds”); and
Whereas the progress of the manufacturing operations of Colson justifies an expansion with resulting increased employment and other benefits to the City, its citizens and the citizens of Craighead County, Arkansas; and
Whereas in order to finance the expansion and obtain the public benefits there from it is necessary to refinance the indebtedness evidenced by the outstanding bonds ($296,000 will be required for the refinancing) so that the new money (approximately $300,000) can be obtained on a party of security, which is necessary to make the over-all financing plan feasible; and
Whereas in order to carry out the over-all financing plan it is proposed to issue not to exceed $596.000 in principal amount of Industrial Development Revenue Bonds under 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 (called “Act No.9”) and the purpose of this Ordinance is to submit the question of issuing the bonds under Act No.9 to the electors at a special election called for that purpos...
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