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AN ORDINANCE AMENDING ORDINANCE NO.1793 OF THE ORDINANCES OF THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS, ADOPTED FEBRUARY 15, 1982; FIXING THE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER ACT NO.9 OF 1960; AS AMENDED, AUTHORIZED TO BE ISSUED BY ORDINANCE NO.1793; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, the City of Jonesboro, Arkansas (the “City”) is authorized by 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”) to acquire lands, construct and equip industrial buildings, improvements and expenditures incidental to and for the implementing and accomplishing of the conduct of industrial operations; and
WHEREAS, the City, in its Ordinance NO.1793, duly adopted by the City Council of the City of February 15, 1982 (“Ordinance 1793”), authorized the issuance of bonds under Act No.9 for the purpose of acquiring constructing, and equipping industrial facilities (the “Project”), which Project will be leased to Landco, a general partnership (the “Company”), and subleased to MDR Cartage, Inc., an Arkansas corporation (the “Guarantor”); and
WHEREAS, Ordinance No.1793 authorized the permanent financing of the Project costs, necessary costs and expenditures incidental thereto, and the cost of issuance of bonds to be furnished by the City issuing industrial development revenue bonds under the provisions of Act No.9 in the principal amount of not to exceed Five Hundred Thousand Dollars ($500,000) (the “Bonds”); and
WHEREAS, it has been determined that the initial phase of the Project may be accomplished with the issuance of industrial development revenue bonds under the provisions of Act No.9 in the principal amount of Four Hundred Twenty Thousand Dollars ($20,000); and
WHEREAS, the bonds are to be sold and delivered in the principal amount of $420,000, and are dated, bear interest, mature,...
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