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AN ORDINANCE CONFIRMING MATTERS PERTAINING TO AN INDUSTRIAL DEVELOPMENT REVENUE BOND PREVIOUSLY AUTHORIZED; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY
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WHEREAS, the City of Jonesboro, Arkansas (the “City”), adopted Ordinance No. 3088, passed and approved on the 19th day of October 1998, which authorized (i) the issuance and sale of not to exceed $80,000,000 principal amount of the City’s Industrial Development Revenue Bond (the “Bond”), pursuant to the provisions of Title 14, Chapters 164, Subchapter 2 of the Arkansas Code of 1987 Annotated, for the purpose of financing certain industrial facilities located in Jonesboro, Arkansas (the “Project”) and (ii) the leasing of the Project to Haworth, Inc., a Michigan corporation (the “Company”); and
WHEREAS, it has been determined that the Bond will bear interest at the rate of 6.75% per annum, that the Bond will be in the principal amount of $80,000,000 and that the Bond will mature on December 1, 2028; and
WHEREAS, a copy of the hereinafter described Trust Indenture has been presented to and is before this meeting;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas;
SECTION 1: All matters pertaining to the issuance of the Bond, including the details set forth above, are hereby confirmed and ratified in all respects.
SECTION 2: There is hereby authorized the execution and delivery of a Trust Indenture between the City and Regions Bank, Little Rock, Arkansas, as Trustee (the “Indenture”), and the Mayor and City Clerk are hereby authorized to execute, acknowledge and deliver the Indenture for and on behalf of the City. The Indenture is hereby approved in substantially the form submitted to this meeting, and the Mayor is hereby authorized to confer with the Trustee and others in order to complete the Indenture in substantially the form submitted to this meeting with such changes as shall be approved by such persons executing ...
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