0168 •
ORDINANCE NO, 168
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, 1580, AS AMENDED, FOR
THE PURPOSE OF FURNISHING A PORTION OF THE
PERMANENT FINANCING OF THE COST OF SECURING
AND DEVELOPING INDUSTRY (THE PARTICULAR INDUS*
TRIAL PROJECT IS DESCRIBED IN THE ORDINANCE);
PRESCRIBING OTHER MATTERS RELATING THERETO;
AND DECLARING AN EMERGENCY,
WHEREAS ARRANGEMENTS HAVE SEEN IIADE WITH CONTROLS
COMPANY OF ERICA (CALLED "CONTROLS COMPANY ") FOR THE LOCATION
OF A SUBSTANTIAL INDUSTRIAL PROJECT WHICH WILL FURNISH EMPLOYMIENT,
PAYROLLS, ALLEVIATE UNEMPLOYMENT, AND OTHERWISE RESULTS IN PUBLIC
BENEFITS, ALL IN TIC REST INTERESTS OF THE CITY OF JACKSONVILLE,
ARKANSAS (GALLED "CITY ") AND ITS CITIZENS AND INHABITANTS, AND
ALL OF WHICH WILL FURTHER THE PURPOSES OF ACT N0, 9 OF THE FIRST
EXTRAORDINARY SESt91nu OF THE SIXTY-SECOND GENERAL. ASSEMBLY or THE
STATE OF ARKANSAS, APPROVED JANUARY 21, 1960, AS AMENDED (CALLED
"ACT NO, Cr); AND
WHEREAS THE PROPOSED INDUSTRIAL PROJECT WILL CONSIST
OF THE ACQUISITION BY THE CITY OF LANDS ANO IMPROVEMENTS, THE
CONSTRUCTION OF BUILDINGS, IMPROVEMENTS, AND FACILITIES ON A
PORTION OF THE LAND AND THE INSTALLATION OF MACHINERY, EQUIPMENT
AND FACILITIES THEREIN, WHICH WILL RE OPERATED AS A IAANUFACTURINO
PLANT FOR MANUFACTURING ELECTRICAL PRODUCTS AND SUCH OTHER PRODUCTS
AS CONTROLS COMPANY SHALL DETERMINE Tel MANUFACTURE, AND THE
DEVELOPMENT AND UTILIZATION (INCUUDINO SALE WHERE NECESSARY) OF
THE REMAINING PORTION OF THE LANDS ANO IMPROVEMENTS FOR THE ODOUR-.
IMO AND DEVELOPING OF INDUSTRY (ALL OF WHICH WILL BE SOMETIMES
REFERRED TO AS THE "INDUSTRIAL PROJECT "); AND
PAGE 2
WHEREAS IN ORDER TO MAKE THE NECESSARY PROVISION FOR
THE PERMANENT FINANC INS OF PROJECT COSTS, EXPENSES AND EXP0ID1TUIREB
IN CONNECT IOW: THEREWITH AND 114 CONNECTION WITH THE FINANCING, THE
CITY HAS DETERMINED TO ISSUE, SUBJECT TO THE APPROVAL or ITS
ELECTORS, INDUSTRIAL DEVELOPMENT REVENUE BONDS UNDER ACT NO, 9
IN THE PRINCIPAL, AMOUNT OF NOT TO EXCEED THREE MILLION DOLLARS
($3,000,000) AND GENERAL ODL?CATION INDUSTRIAL DEVELOPMENT ROMS
UNDER WIENtIKEENT NO, 49 TO THE CONSTITUTION OF THE STATE or
ARKANSAS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED THREE HUNDRED
THOUSAND DOLLARS ($300,00); AND
WHEREAS THE PURPOSE OF 'PHIS ORDINANCE IS TO 8l1 BM VT THE
QUESTION OF THE ISSUANCE OF THE INDU STRIAL DEVELOPMENT REVENUE
BONDS UNDER ACT NO, 9 TO THE ELECTORS OF THE CITY AT A SPECAIAL
ELECTION CALLED FOR THAT PURPOSE;
NOW, THEREFORE, AE I T ORDAINED BY THE CITY COUNCIL
OF THE CITY OF JA¢KSONYILLE, ARKANSAS
SECTIQN THAT A SPECIAL ELECTION BE AND THE SAC
IS HEREBY, CALLED TO BE HELD IN THE CITY ON Tilt 15TH DAY OF
FEBRUARY, L1168, AT WHICH ELECTION THERE WILL BE SUMOITTtCD TO TILE
ELECTORS OF THIS CITY THE QUESTION OP ISSUING INDUSTRIAL
DEVELOPMENT BONDS uta3RR ACT N0, 9 IN AN AMOUNT NOT TO EXCEED
Tien; MILLION DOLLARS ($3,000,000) FOR THE PURPOSE OF FURNISHING
A PORTION OF THE PERMANENT FINANCING OF THE COST OF SECURING AND
DEVELOP INC INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT It
9ESCRIBE0 ABOVE), THE BONDS WILL BE DATED, WILL BEAR INTEREST
AT THE RATE OR RACES, WftH THE INTEREST PA TABLE ON SUCH DATES,
THE BONDS WILL MATURE ON SUCH DATE OR DATES, THE BONDS WILL BE
PAGE 3
SUBJECT TO REDEMPTION PROM TO MATURITY IN SUCH MANNER AND UPON
SUCH TERMS, AND THE 9ONOS RILL SE ISSUED AT ONE TIME OR IN
SERIES FROM TIME TO TIME ALL AS THE CITY COUNCIL SHALL SUBSEQUENTLY
DETERMINE AND SPECIFY IN THE ORDINANCE AUTHORIZING THE ISSUANCE OF
THE BONDS,
SECTION 2, THAT THE QUESTIONS SHALL BE PLACED ON
THE BALLOT FOR THE SPECIAL ELECTION IN SUBSTANTIALLY THE FOLLOWING
FORM:
VOTE ON MEASURE BY PLACING AN t o IN THE
SQUARE ABOVE THE MEASURE EITHER FOR OR
AGAINST:
FOR THE 93SUANCE OF INDUSTRIAL DEVELOPMENT
REVENUE BONDS BY THE CITY OF JACKSONVILLE,
ARKANSAS, IN THE AGGREGATE PRINCIPAL AMOUNT
OF NOT TO EXCEED $3,000,000
AGAINST TIE ISSUANCE OF INDUSTRIAL DEVELOPMENT
REVENUE BONDS BY THE CITY OF JACKSONVILLE,
ARKANSAS, IN THE AGGREGATE PRINCIPAL AMOUNT
OF NOT TO EXCEED $3,000,000
IT 1S PROPOSED TO ISSUE CITY OF JACKSONVILLE,
ARKANSAS (CALLED "CITY ") INDUSTRIAL DEVELOPMENT
REVENUE BONDS (CALLED 'Act No, 9 BONGS") UNDER
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 (CALLED "ACT NO, 9 ") IN THE AGGREGATE
PRINCIPAL AMOUNT OF NOT TO EXCEED $3,000,000
PERMANENT FINANCING OF THE COST OF SECURING AND
DEVELOPING INDUSTRY, THE ACT NO, 9 BONDS WILL.
BE DATED, WILL BEAR INTEREST AT SUCH NATE OR
RATES, INTEREST WILL RE PAYABLE ON SUCH DATES,
THE ACT No, 9 BONDS WILL MATURE ON SUCH DATE OR
DATES, THE ACT NO, 9 Somas WILL BE SUBJECT TO
REDEMPTION PRIOR TO MATURITY IN SUCH MANNER AND
UPON SUCH TERMS, AND THE ACT NO, 9 BONDS WILL BE
ISSUED AT ONE TIME OR IN SERIES FROM TIME TO TIME,
m ALL AS THE CITY COUNCIL SHALL SUBSEQUENTLY
DETERMINE AND SPECIFY IN THE ORDINANCE AUTHORIZIN9
THEIR ISSUANCE, TIE PROPOSED INDUSTRIAL PROJECT
PACE 4
WILL CONSIST or THE ACQUISITION BY THE CITY
Or LANDS AND IMPROVEMENTS; THE CONSTRUCTION
OF BUILDINGS, IMPROVEMENTS, AND FACILITIES
ON A PORTION OF SAID LANDS AND THE ACQUISITION
AND INSTALLATION OF MACHINERY, EQUIPMENT AND
FACILITIES THEREIN (CALLED 'CONTROLS PROJECT")
WHICH CONTROLS PROJECT WILL BE OPERATED AS A
mANUFACTURIWR PLANT FOR PRODUCING ELECTRICAL
PRODUCTS AND SUCH OTHER PRODUCTS AS CONTROLS
COMPANY OF AMERICA, OR A SUBSIDIARY THEROOF
(CALLED 'CONTROLS COMPANY") SHALL DETERMINE TO
MANUFACTURA; AND THE DEVELOPMENT, IMPORVEMtNT
AND UTILIZATION (INCLUDING SALE OF ALL OR
PORTIONS THEREOF FROM TIME TO TIME WHEN
NECESSARY OR DESIRABLE FOR INDUSTRIAL PURPOSES)
OF THE REMAINING PORTION OF THE LANDS AND
IMPROVEMENTS FOR THE SECURING AND DEVELOPING OF
INDUSTRY (ALL OF WHICH RILL BE SOMETIMES REFERRED
TO AS THE •INDUSTRIAL PROJECT"). THE PROCEEDS OF
THE SC/ N0, 9 BONDS WILL BE USED TOGETHER WITH
PROCEEDS OF A L-'ENERAL OBLIGATION INDUSTRIAL
DEVELOPMENT BOND ISSUE UNDER AMENDMENT I40 49
TO THE CONSTITUTION OF THE STATE or ARKANSAS
FOR THE PERMANENT FINANCING OF THE PROWJCT COSTS,
EXPENSES AND EXPENDITURES IN CONNECTION THEREWITH
AND IN CONNECTION WITH THE FINANCING. THE CONTROLS
PROJECT WILL BE LEASED TO CONTROLS COMPANY FOR
LEASE RENTALS SUFFICIENT TO PROVIDE FOR THE PAY-
RENT OF THE PRINCIPAL OF AND INTEREST ON THE AC/
NO, 9 BONDS. THE ACT No, 9 BONDS WILL NOT BE
GENERAL OBLIGATIONS OF THE CITY, BUT WILL BE
SPECIAL OBLISAT10N8 PAYABLE SOLELY FROM PROJECT
REVENUES, INCLUDING PARTICUAARLY LEASE RENTALS
FROM THE LEASE AGREEMENT WITH CONTROLS COMPANY,
WHICH WILL BE SPECIFICALLY PLEDGED TO THE PAYMENT
OF THE PRINCIPAL OF AND INTEREST ON THE ACT NO, 9
BONDS AND THE ACT NO, 9 BONDS WILL DE SECURED BY
A LIEN ON AND SECURITY INTEREST IN THE PROJECT.
SECTION 3. THAT THE ELECTION SHALL BE HELD AND CONDUCTED
AND THE VOTE CANVASSED AND THE RESULTS DECLARED UNDER THE LAW AND
IN THE MANNER PROVISOS FOR MUNICIPAL ELECTIONS, SO FAR AS THE SAND
MAY BE APPLICABLE, AND THE MAYOR SHALL GIVE NOTICE OF SUCH ELECTION
BY AN ADVERTISEMENT PUBLISHED ONCE A WEEK FOR FOUR CONSECUTIVE
WEEKS IN A SEWSPAPER HAVING A BONA FIDE CIRCULATION IN THE CITY,
WITH THE LAST PUBLICATION TO RE NOT LESS THAN TEN DAYS PRIOR TO THE
PACE 5
DATE OF THE ELECTION, AND ONLY QUALIFIED ELECTORS OF THE CITY
VHAL,L HAVE THE RIGHT TO VOTE AT SA ID ELECTION ON SAID QUESTION.
SECTION 4, THAT THE RESULTS OF SAID ELECTION SHALL BE
PROCLAIMED SY THE MAYOR AND HIS PROCLAMATION SHALL BE PUBLISHED
ONE TIME 114 A NEWSPAPER HAYING A BONA FIDE CIRCULATION 114 THE
CITY WHICH PROCLAMATION SHALL ADVISE THAT THE RESULTS AS PRO-
CLAIMED SHALL BE CONCLUSIVE UNLESS ATTACKED 114 THE COURTS WITHIN
THIRTY (30) DAYS AFTER THE DATE OF SUCH PROCLAMATION,
SECTION 5 THAT A COPY OF THIS ORDINANCE SHALL 9E
FURNISHED THE PULASKI 0OUNTY BOAOD OF ELECTION COMMISSIONERS SO
THAT THE NECESSARY ELECTION OFFICIALS AND SUPPLIES MAY RE PROVIDED.
SECTION 6, THAT THERE 1S HEREBY FOUND AND DECLARED TO
BE AN IMMEDIATE NEED FOR THE SECURING AND DEVF..LOPINQ OF INDUSTRY
IN ORDER TO PROVIDE ADDITIONAL EMPLOYMENT, INCREASED PAYROLLS,
ALLEYIATE UNEMPLOYMENT AND PROVIDE OTHER BENEFITS INCIDENTAL
THERETO, AND THE ISSUANCE OF THE BONDS REFERRED TO IN THIS
OROWINCE IS ESSENTIAL TO ACCOMPLISHING THE SAID PUBLIC BENEFITS,
IT 15 THEREFORE, DECLARED THAT AN EMERGENCY EXISTS AND THIS
ORDINANCE BEING NECESSARY FOR THE IMMEDIATE PRESERVATION OF THE
PUBLIC HEALTH, SAFETY AND WELFARE SHALL BE IN FORCE AND TAKE
EFFECT IASAEDIATELY UPON AND AFTER ITS PASSARE,
PASSED ij rkrui �f , 1966.
APRROV
L4 ij'7d ' / AlI' I 5 " t ` rte /
MAYO'
ATTEST:
6 d ty Pa)
ITY CLERK
C E R T I F I C A T E
THE UNDERSI*NED, CITY CLERK OF JACKSONVILLE,
ARKANSAS, HEREBY CERTIFIES THAT THE 00REGOINC PAGES NUMBERED 1 TO
5, INCLUSIVE, ARE A TRUE AND COMPARED COPY OF AN ORDINANCE PASSED
AS A REGULAR SESSION or THE CITY COUNCIL OF JACKSONVILLE,
ARKANSAS, HELD AT THE REGULAR MEET INS PLACE OF THE COUNCIL IN SAID
CITY AT 7t30 O'CLOCK P.M, ON THE 6 TH DAY OF JANUARY
1966, AND THAT SAID ORDNANCE IS OF RECORD 114 ORDINANCE RECORD
BOOK 1 AT PAGE 436 , NOV IN MY POSSESSION,
GIVEN UNDER MY HAND AND SEAL THIS 7111 DAY OF JANUARY
1986.
(49' Pfig)
CITY LERK
(SEAL)