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ORDINANCE NO. 784 AN ORDINANCE CALLING A SPECIAL ELrCTION TO VOTE U PON THE QUESTION OF THE CITY OF BATESVILLE, ARKANSAS ISSUING BO -NDS UNDER THE PROVISIONS OF ACI' NO. 9 OF TIIE FIRST EXTRAORDINARY SESSION OF THE SIXTY-SECOND GENERAL ASSENIBLY OF THE STATE OF ARKANSAS, APPROVED JANUARY 21, 1960, AS AMENDED, FOR THE PURPOSE OF PRO- VIDING PERMANENT FINANCING 01' THE COST OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); PRESCRIBING OTHER MA'T'TERS REINING THERETO; AND DECLARING AN EMERGENCY. WIiEREAS arrangements have been made with Emerson Electric Co. , a Missouri corporation ("Emerson") for the expansion of the industrial plant operated by the White Rodgers Division of Emerson at the City of Batesville, Arkansas ("City") which will result in the adding of additional employment and additional payrolls, all in the best interest of the City and its citizens and inhabitants and in furtherance of the public purposes embodied in 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"); and WHEREAS in order to obtain funds for financing the proposed expansion, which will consist of lands, buildings, improvements, machinery, equipment and facilities ("Project"), pay expenses and make expenditures in connection therewith and pay the expenses of the financing, the City proposes to issue Industrial Development Revenue Bonds under Act No. 9 in an amount not to exceed $5,000,000; 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 the purpose; NOW, THEREFORE, BE IT ORDAINED by the City Council of. the City of Batesville, Arkansas: