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ORD NO 27-1973WHEREAS in order to make the necessary provision for the permanent financing of the costs of acquiring, constructing and equipping the Project and the expenses of authorizing and issuing bonds, the City proposes to authorize not to exceed Five Million Dollars ($5,000,000) in principal amount of bonds (the "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, 1960, as amended "Act No. 9 to be issued in series from time to time; and WHEREAS the purpose of this Ordinance -is to submit to the electors of the City at a special election called for that purpose the question of 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, 1960, AS AMENDED, FOR THE PURPOSE OF FURNISHING THE PERMANENT FINANCING OF THE COST OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. 1 i WHEREAS S H, Inc., an Arkansas corporation ("5 &.H has proposed a substantial industrial project which will furnish employment and payrolls and otherwise result in public benefits, all in the best interest of the City of Van Buren, Arkansas (the "City and its citizens and inhabitants; and WHEREAS the proposed industrial project will consist of lands, buildings, improvements, machinery, equipment and related facilities (the "Project and authorizing the issuance of the bonds; ORDINANCE NO. 17- f7 3 -2— NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Van Buren, Arkansas; Section 1 .That a special election be, and same is hereby, called to be held in the City on January 1 1974, at which election there will be submitted to the electors of the City the question of authorizing Industrial Development Revenue Bonds under Act No 9 in an amount not to exceed $5,000,000 for the purpose of furnishing permanent financing of the costs of securing and developing industry (the particular industrial project is described above) The bonds will be dated, will bear interest at the rate or rates, the interest will be payable on such dates, the bonds will mature on such date or dates, the bonds will be subject to redemption prior to maturity in such manner and upon such terms, and the bonds will be issued in series from time to time, all as the City Council shall subsequently determine ordinance or ordinances the issuance of the bonds. Section 2. That the question shall be placed on the ballot for the election in substantially the following form: authorizing L r e F 'I i1 -3- Vote on measure by placing an "X" in the square above the measure either FOR or AGAINST: FOR the issuance of Industrial Development Revenue Bonds by the City of Van Buren, Arkansas in the ag.gregate principal amount d not to exceed $5,000,000 AGAINST the issuance of Industrial Development Revenue Bonds by the City of Van Buren, Arkansas, in the aggregate principal amount of not to exceed $5,000,000 It is proposed to authorize City of Van Buren. Arkansas "City") Industrial Development Revenue Bonds "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 "Act No. 9 in the aggregate principal amount of not to exceed $5,000,000 for the purpose of furnishing the permanent financing of the costs of securing and developing industry. The bonds will be dated, the bonds will bear interest at such rate or rates, the interest will be payable on such dates, the bonds will mature on such date or dates, the bonds will be subject to redemption prior to maturity in such manner and upon such terms, and the bonds will be issued in series from time to time, all as the City Council shall subsequently determine and specify in the ordinance/or ordinances authorizing their issuance. The proposed industrial project will consist of lands, buildings, improvements, machinery, equipment and related facilities (the "Project and the proceeds of the bonds will be sufficient to pay Project costs and expenses of issuing the bonds. The Project will be owned by the City and will be leased to S H, Inc. an Arkansas corporation "5 H for lease rentals sufficient to provide for the payment of the principal of and interest on the bonds. The bonds will not be general obligations of the City but will be special obligations payable solely from Project revenues, includ- ing particularly lease rentals under the .Lease and Agreement with S H,:which will be specifically pledged to the payment of the principal of and interest on the bonds, and the bonds will be secured by a lien on and security interest in the Project as authorized by Act No. 9. ^�f 1 Sects 3 That the election shall be held and conducted and the vote canvassed and the results declared under the law and In the manner provided for municipal elections, so far as the same may be applicable, and the Mayor of the City shall give notice of such election by an advertisement published once a week for four consecutive weeks in a newspaper having a bond fide circulation in the City, with the last 'publication to be not less than ten days prior to the date of the election, and only qualified electors of the City shall have the right to vote at the it election. Section 4. That the results of the election shall be proclaimed by the Mayor and his proclamation shall be published one time in a news- paper having a bond fide circulation in the City, which proclamation shall advise that the results as proclaimed shall be conclusive unless attacked in the courts within thirty days after the date of the proclamation. Section 5• That a copy of this Ordinance shall be furnished to the election officials and supplies may be provided. Section 6. That there is hereby found and declared to e an immediate need for the securing and developing of industry in order to provide additional employment, increased payrolls, alleviate unemployment and provide other benefits incidental thereto, and the issuance of the bonds referred to in this Ordinance is essential to accomplishing those public benefits. 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. Crawford County Board of Election Commissioners so that the necessary ATTEST: City Clerk PASSED: December 10 1973. APPROVED: 4 4 of the Council in the City at 1973, and that the Ordinance at Page CERTIFICATE I, the undersigned, City Clerk of the City •hereby certify that the foregoing pages numbered 1 and compared copy of an ordinance passed at a the City Council of Van Buren, Arkansas, held at the regular meeting place of Van Buren, Arkansas, through 4: are a true session of. .7_13.2_..2_.m. on the 10th day of Dec�e_ is of record in Ordinance Record Book No. now in my possession. GIVEN under my hand the seal of the City this 11th day of Dec emer, 1973.