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ORDINANCE NO. <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 /> LOAN AGREEMENT BETWEEN THE CITY OF <br /> BATESVILLE, ARKANSAS, AND OMEGA CONTAINER <br /> BATESVILLE, INC. ; AUTHORIZING THE SALE OF <br /> THE BONDS; AUTHORIZING AND PRESCRIBING OTHER <br /> MATTERS PERTAINING THERETO; AND DECLARING AN <br /> EMERGENCY. <br /> WHEREAS, the City of Batesville, Arkansas (the <br /> "City" ) , is authorized and empowered under the provisions of Act <br /> No. 9 of the First Extraordinary Session of the Sixty-Second <br /> General Assembly of the State of Arkansas, approved January 21, <br /> 1960, as amended (the "Act" ) , to issue revenue bonds and to <br /> expend the proceeds thereof to finance the acquisition, <br /> construction and equipment of land, buildings or facilities <br /> which can be used in securing or developing industry; and <br /> WHEREAS, it is proposed that the City provide <br /> permanent financing, through the issuance of revenue bonds under <br /> the Act, of the costs of the acquisition, construction and <br /> equipment of the Project, described below (the "Project" ) , and <br /> that the City loan the proceeds of the Bonds to Omega Container <br /> Batesville, Inc . , an Arkansas corporation (the "Company" ) , to <br /> finance the Project. <br /> WHEREAS, pursuant to and in accordance with the <br /> provisions of the Act, the City is now prepared to proceed with <br /> financing the Project and to issue and sell $475, 000 in <br /> principal amount of its Industrial Development Revenue Bonds - <br /> Omega Project, Series 1984 (the "Bonds" ) , to provide such <br /> financing; and <br /> WHEREAS, copies of the hereinafter described Trust <br /> Indenture and Loan Agreement have been presented to and are <br /> before this meeting; <br /> NOW, THEREFORE, BE IT ORDAINED by the City Council of <br /> the City of Batesville, Arkansas: <br /> Section 1 . That the issuance of the Bonds is hereby <br /> approved to finance the following Project: <br /> • (a) The Project to be financed is the <br /> acquisition of approximately 4 acres of land <br />