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File #: ORD-21:028    Version: 1 Name: AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS TO FINANCE CERTAIN INDUSTRIAL FACILITIES; AUTHORIZING THE LEASING OF SUCH FACILITIES TO NESTLÉ PREPARED FOODS COMPANY; AUTHORIZING A TRUST INDENTURE SECURING THE BONDS; AUTHORIZ
Type: Ordinance Status: Passed
File created: 6/28/2021 In control: City Council
On agenda: 7/20/2021 Final action: 7/20/2021
Title: AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS TO FINANCE CERTAIN INDUSTRIAL FACILITIES; AUTHORIZING THE LEASING OF SUCH FACILITIES TO NESTLÉ PREPARED FOODS COMPANY; AUTHORIZING A TRUST INDENTURE SECURING THE BONDS; AUTHORIZING THE SALE OF THE BONDS; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO
Indexes: Bonds - revenue/development
Attachments: 1. Notice-Hearing, 2. Resolution.pdf, 3. Ordinance.pdf, 4. Lease, 5. Indenture, 6. Guaranty, 7. BPA, 8. Pilot
Related files: RES-21:120
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AN ORDINANCE AUTHORIZING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS TO FINANCE CERTAIN INDUSTRIAL FACILITIES; AUTHORIZING THE LEASING OF SUCH FACILITIES TO NESTLÉ PREPARED FOODS COMPANY; AUTHORIZING A TRUST INDENTURE SECURING THE BONDS; AUTHORIZING THE SALE OF THE BONDS; AUTHORIZING AND PRESCRIBING OTHER MATTERS PERTAINING THERETO
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WHEREAS, the City of Jonesboro, Arkansas (the "City"), is authorized and empowered under the provisions of Title 14, Chapter 164, Subchapter 2 of the Arkansas Code of 1987 Annotated (the "Act"), to issue revenue bonds and to expend the proceeds thereof to finance land, buildings or facilities which can be used in securing or developing industry; and

WHEREAS, on application of Nestlé USA - Prepared Foods Division, Inc. (now Nestlé Prepared Foods Company), a Pennsylvania corporation (the "Company"), the City has heretofore issued its industrial development revenue bonds for the purpose of financing the costs of acquiring, constructing and equipping an industrial facility located at 1 Nestle Way, Jonesboro, Arkansas 72401 (the "Plant"), which is being leased by the City to the Company pursuant to a Lease and Agreement dated as of July 1, 2002; and

WHEREAS, the Company has now requested that the City issue its revenue bonds under the provisions of the Act for the purpose of financing an expansion to the Plant, including the acquisition and installation of various machinery, equipment and other personal property (the "Project"), and paying the expenses of issuing the bonds; and

WHEREAS, after due consideration the City has determined to proceed with financing the Project and to issue and sell its revenue bonds under the provisions of the Act in the aggregate principal amount of not to exceed $100,000,000 (the "Bonds"), and in connection therewith to enter into a Trust Indenture (the "Indenture"), between the City and The Bank of New York Mellon Trust Company, National Association, Pittsburgh, Pennsylvania, as Trustee...

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