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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)