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AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE UPON THE QUESTION OF ISSUING 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 FURNISHING THE PERMANENT FINANCING OF THE COST OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS arrangements have been made with FMC Corporation, a Delaware corporation (“FMC”), for a substantial industrial project which will furnish employment and payrolls and otherwise result in public benefits, all in the best interest of the City of Jonesboro, Arkansas (the “City”) and its citizens and inhabitants; and
WHEREAS the proposed industrial project will consist of lands, buildings, improvements, machinery, equipment and facilities for an industrial plant which will be utilized for the manufacturing of such products as FMC shall elect to manufacture (the “Project”); and
WHEREAS in order to make the necessary provision for the permanent financing of the Project costs and the expenses of authorizing and issuing bonds, to the City proposed to issue not to exceed Five Million Dollars ($5,000,000) in principal amount of bonds (the “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 (“Act No. 9”); and
WHEREAS the purpose of this Ordinance is to submit the question of the issuance of the bonds to the electors of the City at a special election called for that purpose;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
Section 1: That a special election be, and the same is hereby, called to be held in the City on the 10th, day of October, 1972, at which election there will be submitted to the elect...
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