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BY THE CITY COUNCIL FOR THE CITY OF BATESVILLE, ARKANSAS <br /> ORDINANCE NO. "'7 <br /> BE IT ENACTED BY THE CITY COUNCIL FOR THE CITY OF <br /> BATESVILLE, STATE OF ARKANSAS, AN ORDINANCE TO BE ENTITLED: <br /> AUTHORIZATION OF AN INTERLOCAL <br /> AGREEMENT BETWEEN THE COUNTY OF INDEPENDENCE <br /> AND THE CITY OF BATESVILLE, ARKANSAS, FOR <br /> THE ESTABLISHMENT OF A JOINT INDUSTRIAL PARK <br /> 1. There has been established a Joint Industrial Park <br /> Committee to study and make plans for the establishment of an <br /> industrial park as a joint effort of the County of Independence <br /> and the City of Batesville, Arkansas. <br /> 2. The Joint Industrial Park Committee, pursuant to <br /> authority granted to it, has performed studies and done work in <br /> furtherance of its objectives. <br /> 3. The cooperation of the County of Independence and the <br /> City of Batesville is necessary and desirable in reaching the <br /> objective of establishing a joint industrial park to provide for <br /> future industrial growth of Independence County and the City of <br /> Batesville. <br /> 4. That the City of Batesville should enter into an <br /> interlocal cooperation agreement with the County of Independence, <br /> Arkansas, for the purpose of cooperatively establishing an <br /> industrial park. <br /> 5. That the period of the agreement shall be perpetual. <br /> 6. That a non-profit corporation should be formed, its <br /> membership composed solely of the two cooperating governmental <br /> entities, i.e. the City of Batesville, Arkansas, and the County <br /> of Independence, and the complete authority for the operation <br /> of said corporation should be vested in a Board of Directors con- <br /> sisting of six members; that two of the said members should be <br /> appointed by the Quorum Court of Independence County, Arkansas, <br /> that two should be appointed by the Batesville City Council, and <br /> two should be appointed by the Batesville Area Chamber of Commerce; <br /> that the terms of office for each director should be five years <br /> except that the initial Board of Directors should be made up of <br /> one member to serve for one year, one member to serve for 2 years, <br />