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HomeMy WebLinkAbout833ORDINANCE 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; EM -- 2 -- en NOW, 1"H1,1:hXORF;, 13),1`l' OI,1��`s]I�1)"'D by the City C;olnci_1 of the City of 13�,tesvil.le, Arkansas: Section 1. That a special cicction k and the same i's Hereby, called to be held in the City am the 'h day of 1974, at which election I there will be submitted to the clec.i:ors of the City the question of issuing not to exceed One ivrjilli_on Dollars (5;1,00C),000) in principal amount of Industrial Development Revenue Bonds for the purpose of furnishing perm�.rient financing of the cost of securing and developing industry (the industrial facilities are described above) . The bonds will be dated, will bear interest at the rate or rates, the interest will be payable on such dates, the bonds will be subject to redemption prior to maturity in such manner and upon such terms, and the bonds may be issued at one time or in series from time to time, all as the City Council shall subsequently determine and specify in the ordinance authorizing the issuance of the bonds . Section 2. That the question shall be placed on the ballot for the election in substantially the following form: *4W -3- Vote -3-. Vote on Irlcasure by placing arl "X" in tho square above the measure either FOR or AGAINST: 17OR the issuance of Lndustrial Development: Revenue Bonds by the City of Batesville, Arkarn�;as, i.n the aggregate principal ariiount. of not to exceed $1 , 000, 000 ................� AGAINST the issuance of Industrial Dcvc- 'lop ment Revenue Bonds by the City of Batesville, Arkansas, in the aggregate principal amount ol not: to exceed $I. , 000, 000 ............... Z__/ It is proposed to issue City of Batesville, Arkansas (the "City") Industrial Development Revenue Bonds (the "bonds") under Act No. 9 of the First Extraordinary Ses ion of the Sixty -Second General Assembly of the State of Arkansas, approved January 21, 1960, as amended ("Act No. 9") , in the aggregate; principal amount of not to exceed $1,000,000 for the purpose of furnishing the permanent financing of costs of securing and developing industry. The bonds will be dated, the bonds will bear interest at such rate or rates, the interest will be payable on such dates, the bonds will mature on such date or dates, the bonds will be subject to redemption prior to maturity in such manner and upon such terms, and the bonds may be issued at one time or in series from time to time, all as the City Council shall subsequently determine and specify in the ordinance authoriz- ing their issuance. 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 The General Tire & Rubber Company, an Ohio corporation ("General") and to pay the expenses of issuing the bonds. The facilities will be owned by the City and leased to General for lease rentals sufficient to provide for the payment of the principal of and interest on the bonds. The bonds will not be general obligations of the City but will be special obligations payable solely from revenues derived from the facilities, including particularly lease rentals under the Lease Agreement with General referred to above, which will be specifically pledged to the payment of the principal of and interest on the bonds, and the bonds will be secured by a security interest in the facilities as authorized by Act No. 9. r .Y 4 Sectiori That: the election shill be held and conducted and the vote canvassed, and the results declared under the law and in the: manner provided for municipal elections, so far as the same may be applicable and the Mayor shall give notice of such election by an advertisement published once a week: for four consecutive weeks in a nc%,,,spaper liaving a bona fide circulation in the City with the lest publication to be not less than ten days prior to the date of the election, and only qualified electors of the City shall have the right to vote at said election on the question. Section 4. That the results of the election shall be proclaimed by the Mayor and his proclamation shall be published one time in a newspaper having a bona fide circulation in the City, which proclamation shall advise that the results as proclaimed shall be conclusive unless attacked in the courts within thirty days after the date of such proclamation. Section 5. That a copy of this Ordinance shall be furnished to the Independence County Board of Election Commissioners so that the necessary election officials and supplies may be provided. Section 6. That the Mayor and City Clerk are hereby authorized to execute, for and on behalf of the City, a Memorandum of Intent in the usual form setting forth a general understanding of the undertakings of the parties with respect to the construction and equipment of the facilities, their operation and their financing by the issuance of the bonds referred to in this Ordinance. Section 7. That there is hereby found and declared to be an immediate need for the securing and developing of industry in order to provide employment and payrolls and alleviate unemployment, and the issuance of the bonds referred to in this Ordinance is essential to accomplishing those public benefits. It is, therefore, declared that an emergency exists and this Ordinance being necessary for immediate preservation of the public health, safety and welfare shall be in force and effect immediately upon and after its passage. PASSED: —7h&I �" _ 1974. ATTEST: APPROV By Mayor /City Clerk (SEAT,) rM CERTIFICATE; I, the undersigned, City Clerk of Batesville, Arkansas, hereby certify that the foregoing pages numbered from .I to 4, inclusive, are a true and compared copy of an ordinance passed at a regular session of the City Council in the City at _—.L�—�G o'clock _f' .m. , on the day of.) _ , 1-974, and that Vat the ordinance is of record in Ordinance Book Page , now in my possession. 1974. (SEAL) GIVEN under my hand and the seal of the City this dey of Ck c r City Clerk M F2 EXCERPTS FROM MINU`T'ES OF A MEETING OF THE BATESVI.LLE, ARI':ANSAS CITY COUTJCIL HELD T,42)r--28 1974 The City Council of the City of Batesville r Arkansas met in regular..session at its regular meeting place in Batesville Arkansas at 7:00 o'clock P .m., on the 28 day of Hay 19 74 The following were present: I Mayor Peyton Golden ; City Clerk Maryin " Smith , ; and Aldermen A J 13eC!krn2n Noel a John Davi tacBobby T,Annard l Boyce "Tash, Jim Slyer -rill h Lynn 'Williams � Stan -Wood, Jr. Absent: TTone The Mayor stated that consideration should be given to an ordinance calling a special election to vote upon the issuance of Act 9 bonds This was a matter with which the Council was familiar and after a discussion, Alderman Leonard introduced an ordinance entitled: AN ORD11%1ANCE CALLING A SPECIAL ELECTION TO VOTE UPON THE QUESTION OF ISSUING BONDS UNDER THE PROVISIONS OF ACT NO. 9 OF TIIE FIRST EXTRAORDINARY SESSION Ol' TIIE SIXTY-SECOND GENERAL ASSEMBLY OF THE STATE OF ARKANSAS, APPROVED JANUARY 21, 1960, AS AMENDED, FOR THE PURPOSE OF FURNISHING TME PERMANENT FINANCING OF TIIE COST OF SECURING AND DEVELOPING INDUSTRY (TIIE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN TIIE ORDINANCE); PRESCRIBING OTHER MAT`T'ERS RELATING, THERETO; PND_ DECLARING AN EMERGENCY, and the �� P�(a�►nr read the ordinance in full. In Page 2 0 Alderman Nash seconded by Alderman Beckman , moved that the rule requiring the reading of an ordinance or resolution in full on three different days be suspended and that the ordinance be placed on its second reading. The Mayor put the question on the adoption of the motion and the roll being called, the following voted aye: All voted i,or and the following voted nay: n Thereupon the Mayor declared that at least two-thirds of all members of the Council having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was then read by the iDIIxXXbeX)C Mayor Alderman , seconded by Alderman Ilavie then moved that the rule requiring the reading of an ordinance in full on three different days be further suspended and that the ordinance be placed on its third reading. The, Mayor put the question on the adoption of the motion and the roll being called the following voted aye: All voted "0'' and the following voted nay: none The Mayor declared that at least two-thirds of all members elected to the Council having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was then read by the City ;Wgitz Mayor CM Page 3 in Alderman D seconded by Alderman Nash ,, moved that the ordinance be adopted. The question was put by the Mayor on the adoption of the motion and the roll being called, the following voted aye: All voted for and the following voted nay: none Alderman Bone seconded by Alderman Beckman moved that Section 6 the emergency clause, be adopted, and on roll call the following voted aye: All voted for and the following voted nay: The Mayor thereupon declared the ordinance and the emergency clause adopted and signed the ordinance, which was attested by the City)€ I'Tayor and impressed with the seal of the City. The ordinance was given No. _. (Matters not relating to adoption of the election ordinance There being no further business, the Council adjourned. Mayor ATTEST: City Clerk (SEA L) are omitted.) CERTIFICATE A The undersigned, City Clerl: of Batesville , Arkansas, hereby certifies that the foregoing pages numbered 1 to 3, inclusive, are a true and correct copy of excerpts of the minutes of a meeting of the City Council of the City of Batesville Arkansas, at a , session held at the regular meeting place of the Council in said City at : 00 P . m . on May 28 19 74 , and the time and place of the meeting was furnished to each person who made a request therefor in accordance with the provisions of. Act No. 63 of the Acts of Arkansas of 1967. CERTIFIED this __98 day of 14ay 19 74 CIT CLERK (SEAL) `%r 1% .