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ORDINANCE NO. 92-3-1 <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF <br /> INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE <br /> PURPOSE OF PROVIDING PERMANENT FINANCING FOR <br /> INDUSTRIAL FACILITIES; AUTHORIZING A TRUST <br /> INDENTURE SECURING THE BONDS; AUTHORIZING A <br /> LEASE AND AGREEMENT BETWEEN THE CITY OF <br /> BATESVILLE, ARKANSAS AND CONCORD SPECIALTY <br /> CORPORATION; AUTHORIZING THE SALE OF THE BONDS <br /> AND THE EXECUTION OF A BOND PURCHASE AGREEMENT <br /> IN CONNECTION THEREWITH; AUTHORIZING AND <br /> PRESCRIBING OTHER MATTERS PERTAINING THERETO; <br /> AND DECLARING AN EMERGENCY. <br /> WHEREAS, the City of Batesville, Arkansas (the "City") , <br /> is authorized and empowered under the provisions of Title 14, <br /> Chapter 164 , Subchapter 2 of the Arkansas Code of 1987 Annotated <br /> (the "Act") , to issue revenue bonds and to expend the proceeds <br /> thereof to finance the acquisition, construction and equipment of <br /> land, buildings or facilities which can be used in securing or <br /> developing industry; and <br /> • WHEREAS, it is proposed that the City issue its revenue <br /> bonds under the Act, for the purpose of financing the cost of <br /> acquiring, renovating, and equipping certain industrial facilities <br /> located within the boundaries of the City (the "Project") , and that <br /> the City lease the Project to Concord Specialty Corporation, an <br /> Arkansas corporation (the "Company") ; and <br /> WHEREAS, pursuant to and in accordance with applicable <br /> provisions of Arkansas law and Section 147 (f) of the Internal <br /> Revenue Code of 1986, as amended (the "Code") , a public hearing was <br /> held prior to the passage and approval of this Ordinance before the <br /> City Council on the question of the issuance of such revenue bonds <br /> under the Act; and <br /> WHEREAS, after due consideration, the City is now <br /> prepared to proceed with financing the Project and, at the request <br /> of the Company, to issue and sell $705, 000 in principal amount of <br /> its Industrial Development Revenue Bonds - Concord Specialty <br /> Corporation Project, Series 1992 (the "Bonds") , to provide such <br /> financing; and <br /> WHEREAS, copies of the hereinafter described Bond <br /> Purchase Agreement, Trust Indenture and Lease and Agreement have <br /> been presented to and are before this meeting; <br /> • NOW, THEREFORE, BE IT ORDAINED by the City Council of the <br /> City of Batesville, Arkansas: <br />