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ORDINANCE NO, y-g3
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, 19b0, AS AMENDED, FOR TNT PURPOSE OF FINANCING
THE COST OF SECURING AND DEVELOPING INDUSTRY; PRESCRIBING
OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY
WHEREAS arrangements have been made with Pidgeon-Thomas Co. , Inc. , a
Tennessee corporation (hereinafter sometimes referred to as "Pidgeon-Thomas"), for the
location of a substantial industrial plant within or near the City of West Memphis, Crittenden
County, Arkansas (hereinafter sometimes referred to as the "City"); and
WHEREAS the location of said industrial plant will result in increased employment,
will result in increased payrolls, will alleviate unemployment and will result in other public
benefits incidental to the operation of a substantial industrial plant, all of which will be in
the best interests of the City and its citizens and inhabitants; and - -_
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WHEREAS in order to obtain funds for the financing of project costs, necessary costs
and expenditures incidental thereto, the amount to provide for debt service until project re-
venues are available, and the amount necessary for a debt service reserve, the City has
determined to issue, subject to the approval of the electors of the City, City of West Memphis,
Arkansas Industrial Development Revenue 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, 19b0, as amended (herein sometimes called "Act No. 9"), in an amount not to
exceed $400, 000. ; and
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WHEREAS the industrial project will be leased to Pidgeon-Thomas for net lease
rentals sufficient to provide for the payment of the principal of and interest on the bonds,
as the same become due and payable, and the bonds will be secured by a mortgage on the
industrial project as authorized by Act No. 9.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF WEST MEMPHIS, ARKANSAS:
SECTION 1. That a special election be, and the same is hereby, called to be
held in the City on ~y~~S ~ ~~ , ~ ~Jb~ 1965, at which election there
shall be submitted to the electors the question of issuing Industrial Development Revenue
Bonds under the provisions of Act No. 9 in an amount not to exceed $400,000. for the pur-
pose of securing and developing industry (the particular industrial project is described above).
The bonds will be dated September 1, 1965 and interest on the bonds will be payable semi-
annually on September 1 and March 1 of each year commencing March 1, 196u, at a rate or
rates to be hereafter fixed. The bonds will mature serially on September 1 in each year on a
schedule to be hereafter fixed for a period not to exceed twenty-five years and will be call-
able for payment prior to maturity upon such terms as shall be set forth in the fac~of the
bonds and in the ordinance authorizing their issuance and delivery:
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YEAR AMOUNT
1966 15 , 000.00
1967 16, 000.00
1968 16, 000.00
1969 16, 000.00
1970 1 ~ , 000.00
1971 17, 000.00
1972 17, 000.00
1973 17,000.00
1974 17, 000. 00
1975 18 , 000.00
1976 18 , 000.00
1977 18 , 000. 00
1978 18, 000.00
1979 19, 000.00
1980 19, 000.00
1981 12 , 000.00
1982 12,000.00
1983 12 , 000.00
1984 13, 000.00
1985 14, 000. 00
1986 14, 000.00
1987 15 , 000.00
l9gg 16,000.00
1989 17 , 000. 00
1990 18 , 000.00
SECTION 2. That said question shall be placed on the ballot for the special
election in substantially the following form:
It is proposed to issue City of West Memphis, Arkansas Industrial Development
Revenue 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 (herein called "Act No. 9"), in an amount not to exceed $400,000.
for the purpose of financing the cost of securing and developing industry within
or near the City.
The bonds will be dated September 1, 1965 and interest thereon will be pay-
able semi-annually on September 1 and March 1 of each year commencing
March 1, 1966 at a rate or rates to be hereafter determined. The bonds will
mature serially in annual installments on September 1 in each of the years 1966
to 1990, inclusive. The particular industrial project will consist of lands and a
factory building and manufacturing facilities which industrial project will be
leased to Pidgeon-Thomas Co. , Inc. , a Tennessee corporation (hereinafter
called "Pidgeon-Thomas")and operated for the manufacturing and fabrication
of steel and iron products and such other items as Pidgeon-Thomas shall elect
to rn~anufacture or fabricate. The rentals derived from the leasing of the
ind~~strial project will be pledged to and used for the payment of the principal
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of and interest on the bonds, as the same become due and payable, and
the Lease Agreement will provide for net rentals sufficient in amount for
that purpose. The bonds will not be general obligations of the City but
will be special obligations payable solely from lease rentals and revenues
derived from the industrial project and will be secured by a mortgage on
the industrial project as authorized by Act No. 9.
Vote on measure by placing an "X" in the square below either for or
against:
For the issuance of Industrial Development Revenue Bonds
by the City of West Memphis, Arkansas in an amount not :...
to exceed $400,000.00 .............................
Against the issuance of Industrial Development Revenue
Bonds by the City of West Memphis, Arkansas in an :...
amount not to exceed $400,000.00 ...................
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 provided for municipal elections, so
far as the same may be applicable, and the Mayor shall give notice of such election by an ad-
vertisement published once a week for four consecutive weeks in a newspaper having a bona
fide circulation in the City of West Memphis, Arkansas, with the last publication to be not less
than ten days prior to the date of the election, and only qualified electors of said City shall
have the right to vote at said election on said question.
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 of West Memphis, Arkansas, which proclamation shall advise that the results as proclaimed
shall be conclusive unless attacked in the courts within thirty days after the date of such pro-
clamation.
SECTION 5. That a copy of this ordinance shall be furnished the Crittenden County
Board of Election Commissioners so that the necessary election officials and supplies may be
provided .
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SECTION 6. That there is hereby found and declared to be an immediate need for
the securing and developing of industry within the City of West Memphis, Arkansas in order t,~
provide employment, provide increased payrolls, alleviate unemployment and provide other
public benefits incidental to the securing and operation of a substantial industry, and the
issuance of the described bonds is essential to the financing and obtaining of said industry. It
is, therefore, delcared 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: ~uJ~ I~ I JbS
APPROVED:
MAYOR
ATTEST:
CITY CLERK
(SEAL)
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