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A RESOLUTION AUTHORIZING THE REDEMPTION OF OUTSTANDING INDUSTRIAL DEVELOPMENT REVENUE BONDS PREVIOUSLY ISSUED BY THE CITY; AND PRESCRIBING OTHER MATTERS RELATING THERETO
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WHEREAS, the City of Jonesboro, Arkansas (the "'City") issued its 1973 Industrial Development Revenue Bonds (FMC Corporation Project), dated April 1, 1973, in the original principal amount of $3,500,000 (the "Bonds"), for the purpose of financing the cost of acquiring and constructing certain industrial facilities and leasing the same to FMC Corporation, a Delaware corporation (the "Lessee"); and
WHEREAS, the Bonds were issued under and secured by a Trust Indenture dated as April 1, 1973 (the "Indenture"), by and between the City and Commerce Union Bank (now NationsBank of Tennessee, N.A.), Nashville, Tennessee, as trustee; and
WHEREAS, pursuant to the provisions of the Indenture, the outstanding Bonds can be redeemed without penalty at a redemption price equal to the principal amount thereof plus accrued interest to the redemption date;
WHEREAS, the Lessee has requested that the Bonds be called for redemption in full on April 1, 1995, or such earlier date as may be permitted by the Indenture;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Jonesboro, Arkansas:
SECTION 1. The redemption in full of the Bonds on April 1, 1995, or such earlier date determined by the Lessee as shall be permitted by the Indenture, is hereby authorized and approved.
SECTION 2. The Mayor and City Clerk are hereby authorized and directed to execute all instruments and otherwise take all action necessary to the carrying out of this Resolution.
SECTION 3. The Resolution shall be effective immediately upon its passage
ADOPTED: November 7, 1994.