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ORDINANCE NO. AN ORDII,\TANGE CJ�LIJNG, A SPECIAL ELECTION TO VOTE UPON THE QUESTION OF ISSUING BONDS UNDER TIII_; PROVISIONS 01' I,CT NO. 9 OF' THE FI;;ST EXTRAORDINARY SESSION OF T -I -1E SIXTY-SECOND GENERAL ASSEMBLY OF THE STATE OF ARKANSAS, APPROVED JANUARY 21, 1960, AS AMENDED, FOR THE PURPOSE OF FURNISHING TFIE PERMANENT IINANCING OF THE COSI' OF' SECURING AND DEVELOPING 1NIDUSI`RY (TH]� PARTICZJ],AR INDUSTRIAL PROJECT IS DESCRIBED IN T11 F` ORDINANCE); PRESCRIBING OTIIER MATTERS RELATING THERETO; PND DECLARING AN EMERG ENTCY . WHEREAS, The General Tire & Rubber Company, an Ohio corporation ("General"), has proposed a substantial industrial. plant which will furnish employment and payrolls and otherwise result in public benefits, all in the best interest of the City of Batesvilfe, Arkansas (the "City") and its citizens and inhabitants; and WHEREAS, the proceeds of the bonds will be used to acquire machinery, equipment and facilities (the "facilities'') to be installed and operated in an industrial plant being constructed by General for the manufacturing of such products as General shall elect to manufacture; and WHEREAS, in order to make the necessary provision for the permanent financing of the facilities and the expenses of authorizing and issuing the bonds, the City proposes to issue not to exceed One Million Dollars ($1 , 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 ?_l, 1960, as amended ("Act No. 9"); and WHEREAS, the purpose of this Ordinance is to submit the question of the issuance of the bonds to the electors of the City at a special election called for that purpose;