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489T ORDINANCE N0. ~ Its C~ AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE UPON THE QUESTION OF ISSUING BONDS UNDER THE PROVISIONS OF ACT N0. 9 OF THE FIRST EXTRA- ORDINARY 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 PRO- JECT IS DESCRIBED IN THE ORDINANCE); PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY . WHEREAS arrangements have been made with Flint Steel Corporation, an Oklahoma corporation (called "Flint") 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 West Memphis, Arkansas (called "City") and its citizens and inhabitants; and WHEREAS the proposed industrial project will consist of lands, buildings, improvements, machinery, equipment and facilities for an industrial plant which will be utilized for the production of pressure tanks for storage of Liquified Petroleum Gas and Anhydrous Ammonia, specialized galvanized steel products and such other products as Flint shall elect to manufacture or produce, together with neces- sary expenses and expenditures in connection with the constructing and equipping of the project and in connection with the financing (all of which will be sometimes referred to as the "Project"); and WHEREAS in order to make the necessary provision for the permanent financing of Project costs and for interest on bonds (hereafter described) until Project revenues are available, it is Page 2 necessary to authorize the issuance of not to exceed Two Million Dollars ($2,000,000) in principal amount of bonds under the pro- visions 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 (called "Act No. 9"); and WHEREAS the purpose. of this Ordinance is to submit the question of the issuance of the bonds under Act No. 9 to the electors of the City at a special election called for that pur- pose; 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 the 8th day of February, 1966, at which election there will be submitted to the electors of the City the question of issuing Industrial Development Revenue Bonds under Act No. 9 in an amount not to exceed Two Million Dollars ($2,000,000) for the purpose of furnishing permanent financing of the cost of securing and developing industry (the particular indus- trial project is described above). The bonds will be dated, will bear interest at the rate or rates, with the interest 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 at one time or in series from time to time, all as the City Council shall subsequently deter- mine and specify in the ordinance authorizing the issuance of the bonds. Page 3 Section 2. That the question 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 Industrial Develop- ment Revenue Bonds by the City of West Memphis, Arkansas, in the aggregate prin- cipal amount of not to exceed $2,000,000 /~ Against the issuance of Industrial Develop- ment Revenue Bonds by the City of West Memphis, Arkansas, in the aggregate princi- pal amount of not to exceed $2,000,000 /~ It is proposed to issue City of West Memphis, Arkansas (called "City") Industrial Develop- ment Revenue Bonds (called "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 aggre- gate principal amount of not to exceed $2,000,000 for the purpose of furnishing the permanent financing of the cost of securing and develop- ing industry. The Bonds will be dated, will bear interest at such rate or rates, 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 at one time or in series from time to time, all as the City Council shall subse- quently determine and specify in the ordinance authorizing their issuance. The proposed in- dustrial Project will consist of lands, build- , ings, improvements, machinery, equipment and ~ facilities for an industrial plant which will be utilized for the production of pressure ~.. tanks for storage of Liquified Petroleum Gas and Anhydrous Ammonia,specialized galvanized steel products and such other products as Flint Steel Corporation, an Oklahoma corporation (called "Flint") shall elect to manufacture or produce, together with necessary expenses and expenditures in connection with the constructing and equipping of the Project and in connection with the financing (all of which will be sometimes referred to as the "Project"). The Project will Page 4 be owned by the City and will be leased to Flint 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 ob- ligations payable solely from Project revenues, including particularly lease rentals under the Lease and Agreement with Flint referred to above, 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. 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 advertisement 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 said 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 proclamation. Section 5. That a copy of this Ordinance shall be furnished to the Crittenden County Board of Election Commissioners so that the necessary election officials and supplies may be provided. Section 6. That there is hereby found and declared to be Page 5 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 the said 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. PASSED ~ ~ ~ ~ , 1966. APPROVED: By ~.. Mayor ATTEST: --~; J /~ / ~._ (~--z..~~ ,, f City Clerk `~~% (SEAL) f