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ORDINANCE NO. 672 <br />AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE <br />UPON THE QUESTION OF ISSUING BONDS UNDER THE <br />PROVISIONS OF ACT NO. 9 OF THE FIRST EXTRAORDINARY <br />SESSION OF THE 62ND GENERAL ASSEMBLY OF THE STATE <br />OF ARKANSAS, APPROVED JANUARY 21, 1960, FOR THE <br />PURPOSE OF FINANCING A PORTION OF THE COST OF <br />SECURING AND DEVELOPING INDUSTRY WITHIN OR NEAR THE <br />CITY OF BATESVILLE, ARKANSAS; PRESCRIBING OTHER <br />MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. <br />WHEREAS negotiations have been under way with Seiberling <br />Rubber Company, Inc., a corporation with headquarters at Barberton, <br />Ohio (hereinafter sometimes called "Seiberling") for the location <br />of a substantial industrial plant in or near Batesville, Arkansas, <br />and one of the prerequisites to the location of the said industrial <br />plant in or near Batesville, Arkansas, is the furnishing of adequate <br />financing; and <br />WHEREAS the location of the industry in or near Batesville, <br />Arkansas, will result in increased employment, increased payrolls <br />and will be beneficial to and in the best interest of Batesville, <br />Arkansas and its inhabitants; and <br />WHEREAS it is proposed to finance the project by the <br />issuance of City of Batesville Industrial Development Revenue Bonds, <br />under the provisions of Act No. 9 of the First Extraordinary Session <br />of the 62nd General Assembly of the State of Arkansas, approved <br />January 21, 1960, in an amount not to exceed $1,000,000, and by <br />the issuance by Independence County of General Obligation Industrial <br />Development Bonds, under the provisions of Amendment 49 to the <br />Arkansas Constitution, in an amount not to exceed $500,000; and <br />WHEREAS the proposed manufacturing plant will be leased <br />to Seiberling, or an Arkansas subsidiary, and if the latter, Seiber- <br />ling will guarantee the lease. The revenue bonds will have a first <br />lien on all lease rental revenues, but lease rental revenues in ex- <br />cess of the amount necessary to insure the prompt payment of the <br />principal of and interest on the said revenue bonds and the paying <br />agent's fees and to establish and maintain a reserve for contingencies, <br />will be available for the payment of the principal of and interest <br />on the bonds to be issued under Amendment 49, and the paying agent's <br />fees in connection therewith; and <br />