Title
AN ORDINANCE AUTHORIZING FINANCING FOR THE MIRACLE LEAGUE FIELD PROJECT UNDER AMENDEMENT 78 WITH BANCORPSOUTH
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Whereas, the City of Jonesboro has need to proceed with the construction of the Miracle League Field Project, and
Whereas, Amendment 78 of the Arkansas Constitution authorizes short term financing obligations, and
Whereas, BancorpSouth has offered the most competitive interest rate for said short term obligation.
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas that:
Section 1: That the City of Jonesboro shall borrow up to Five Hundred Thousand Dollars ($500,000) from BanccorpSouth on a non-revolving line of credit for six months, followed by a one year date note at a fixed interest rate of 1.75% for the entire eighteen (18) month term.
Section 2: That the purpose of said obligation is to finance the completion of construction of the Miracle League Field.
Section 3: That the City Council specifically states that this obligation is being issued pursuant to Amendment 78 of the Arkansas Constitution and the provisions of ACA ยง14-78-101 et seq.
Section 4: That Mayor Harold Perrin and City Clerk Donna Jackson are hereby authorized to execute such documents as are necessary to effectuate the obligation as authorized herein.
Section 5: That there being an immediate need to complete the desired capital improvements, an emergency is declared to exist and this ordinance shall take effect immediately upon its passage and approval.
PASSED AND ADOPTED this 19th day of August, 2014.