0169 •
ORDINANCE NO. I1 /1
AN ORDINANCE CALLING A SPECIAL ELECTION TO
VOTE UPON TEE QUESTION OF ISSUING GENERAL
OBLIGATION INDUSTRIAL DEVELOPMENT BONDS
UNDER THE PROVISIONS OF AMENDMENT NO. 49
TO TEE CONSTITUTION OF THE STATE OF ARKANSAS
FOR TILE PURPOSE OF FURNISHING A PORTION OF
THE PERMANENT FINANCING OF THE COST OF SECUR-
ING AND DEVELOPING INDUSTRY (TIE PARTICULAR
PROJECT IS DESCRIBED IN THE ORDINANCE); PRE -
SCRIBING OTHER MATTERS RELATING THERETO; AND
DECLARING AN EMERGENCY
WHEREAS arrangements have been made with Controls
Company of America (called "Controls Company ") for the location
of a substantial industrial project which will furnish employment,
payrolls, alleviate unemployment, and otherwise result in public
benefits, all in the best interests of the City of Jacksonville,
Arkansas (called "City ") and its citizens and inhabitants, and
all of which will further the purposes of Amendment No. 49 to
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the Constitution of the State of Arkansas (called "Amendment No.
49 "); and
WHEREAS the proposed industrial project will consist
of the acquisition by the City of lands and 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 be operated as a manufacturing
plant for manufacturing electrical products and such other products
as Controls Company shall determine to manufacture, and the
development and utilization (including sale where necessary) of
the remaining portion of the lands and improvements for the secur-
ing 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 financing of Project costs, expenses and expenditures
in connection therewith and in connection with the financing, the
City has determined to issue, subject to the approval of its
electors, General Obligation Industrial Development Bonds under
Amendment No. 49 in the principal amount not to exceed Three
Hundred Thousand Dollars ($300,000) and Industrial Development
Bonds 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 principals
amount not to exceed Three Million Dollars ($3,000,000); and
WHEREAS the purpose of this Ordinance is to submit
the question of the issuance of the General Obligation Industrial
Development Bonds under Amendment No. 49 to the electors of the
City at a special election called for that purpose;
NOW, THEREFORE, BE IT ORDAINED by the City Council of
the City of Jacksonville, Arkansas:
Section 1. That a special election be, and the same
is hereby, called to be held in the City on the 15th day of
February, 1966, at which election there will b'e submitted to the
electors of the City the question of issuing General Obligation
Industrial Development Bonds under Amendment No. 49 in an amount
not to exceed Three Hundred Thousand Dollars ($300,000) for the
purpose of furnishing a portion of the permanent financing of the
cost of securing and developing industry (the particular industrial
project is described above). The Amendment No. 49 Bonds will be
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Page 3
dated February 1, 1966 and interest thereon will be payable semi-
annually on February 1 and August 1 of each year commencing August 1,
1966 at a rate or rates to be hereafter determined, and with the
bonds to mature on February 1 of each year as follows, but to be
callable for payment prior to maturity upon such terms as shall
be specified in the Ordinance authorizing the issuance of the
bonds and in the face of the bonds:
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Page .4
YEAR AMOUNT
1969 $ 5,000
1970 6,000
1971 6,000
1972 7,000
1973 7,000
1974 7,000
1975 8,000
1976 8,000
1977 8,000
1978 8,000
1979 9,000
1980 9,000
1981 9,000
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1982 10,000
1983 10,000
1984 11,000
1985 11,000 •
1986 12
1987 12,000
1988 13,000
1989 13,000
1990 14,000
1991 14,000
1992 15,000
1993 16,000
1994 17,000
1995 17,000
1996 18,000
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 "X" in the square
above the measure either for or against:
FOR the issuance of General Obligation Industrial
Development Bonds under Amendment No. 49 in the
- principal amount of not to exceed $300,000. . /
AGAINST the issuance of General Obligation In-
dustrial Development Bonds under Amendment No.49
in the principal amount not to exceed $300,000. .t/
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It is proposed to issue City of Jacksonville,
Arkansas (called "City ") General Obligation
Industrial Development Bonds under Amendment
No. 49 to the Constitution of the State of
Arkansas in the principal amount of not to
exceed 300 000 ( called "Amendment No. 49
Bonds ") for the purpose of furnishing a por-
tion of the permanent financing of the costs of
securing and developing industry. The Amend-
ment No. 49 Bonds will be dated February 1, 1966,
and will mature annually on February 1 in each
of the years 1969 to 1996, inclusive. The pro-
• posed Industrial Project will consist of the
acquisition by the City of lands and improvements,
the construction of buildings, improvements and
facilities on a portion of the land and the
installation of machinery, equipment and facil-
ities therein, which will be operated as a manu-
facturing plant for manufacturing electrical
products and such other products as Controls
Company shall determine to manufacture, and the
development and utilization (including sale where
necessary) of the remaining portion of the lands
and improvements for the securing and developing
of industry (all of which will be sometimes re-
ferred to as the "Industrial Project "). The
proceeds of the Amendment No. 49 Bonds will be
used with the proceeds of an issue of Industrial
Development Revenue Bonds by the City 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, 1960,
as amended, for the permanent financing of the
Project costs, expenses and expenditures in con-
nection therewith and in connection with the
financing. If the electors approve the issuance
of the Amendment No. 49 Bonds, there will be levied
and collected a continuing annual tax of three and
one -half (3 -1/2) mills on the dollar of the assessed
valuation of the taxable real and personal property
in the City for the purpose of providing for the
payment of the principal of and interest on the
Amendment No. 49 Bonds, which tax will be pledged
to the payment of the Amendment No. 49 Bonds,
but provision will be made for the suspension of
the collection of all or a portion of said tax in
any year for which other revenues are available
for application to the payment of maturing principal of
and interest on the Amendment No. 49 Bonds (the
details of which suspension will be
Page 6
spelled out in the Ordinance of the City
authorizing the issuance of the Amendment
No. 49 Bonds). The Amendment No. 49 Bonds
will not be secured by a pledge of or lien
on the Industrial Project or revenues derived
therefrom. In this regard the Controls Pro-
ject will be leased to Controls Company for
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rentals sufficient to pay the principal of and
interest on the Act No. 9 Bonds and said rentals
will be used for that purpose. The Amendment
No. 49 Bonds will be sold at public sale and may
be sold with the privilege of conversion to an
issue bearing a lower rate or rates of interest.
Section 3. That the election shall be held and con-
dieted and the vote canvassed and the results declared under the
law and in the manner now or hereafter provided for municipal
elections, so far as the same 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 newspaper having a
bona fide circulation in the City, with the last publication to
be not less than ten (10) days prior to the date of the election,
and only qualified electors of the City shall have the right to
vote at said election on said question. In this regard, inas-
much as the City is calling a special election on the same day
on the question of issuing Industrial Development Revenue Bonds
under Act No. 9, the question of issuing said Amendment No. 49
Bonds and said Act No. 9 Bonds may be combined on one ballot.
Section 4. That the results of said election shall
be proclaimed by the Mayor and his proclamation shall be published
one time in a newspaper having a bona fide circulation in the
City, which proclamation shall advise that the results as pro-
claimed shall be conclusive unless attacked in the courts within
thirty (30) days after the date of such proclamation.
Page 7
Section 5. That the Mayor is authorized to advertise,
according to the terms of Amendment No. 49, the public sale of
the proposed bonds.
Section 6. That a copy of this ordinance shall be
given to the Pulaski County Board of Election Commissioners so
that the necessary election officials and supplies may be pro-
vided.
Section 7. That there is hereby found and declared
to be an immediate need for the securing and developing of in-
dustry in order to provide employment, alleviate unemployment
and supply increased payrolls and other benefits incidental to
the establishment and operation of a substantial industry, which
industry can be secured only by the issuance of the above des -
s cribed bonds. It is, 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 immediately upon and after its passage.
PASSED: .,uu, „A , 1966.
AP's -.Y D:
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City C3ixk
(SEAL)
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C E R T I F I C A T E
The undersigned, City Clerk of Jacksonville,
Arkansas, hereby certifies that the foregoing pages numbered
1 to 7, inclusive, are a true and compared copy of an Ordinance
passed at a B . session of the City Council of
Jacksonville, Arkansas, held at the regular meeting place of
the Council, in said City at 7 :30 o'clock P. on the
6 th day of January , 1966, and that said
Ordinance is of record in Ordinance Record Book 1 at
page 113 b , now in my possession.
GIVEN under my hand and seal this 7th day of
January , 1966.
Ci y Clerk
(SEAL)
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