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Home My WebLink About758`10W ORDINANCE NO. 758 AN ORDINANCE CALLING AN ELECTION TO VOTE UPON THE QUESTION OF ISSUING BONDS UNDER TfIE PROVISIONS OF ACT NO. 9 OF THE FIRST EXTRAORDINARY SESSION OFTHE SIXTY-SECOND GENERAL ASSEMBLY OF THE STATE OF Ar:YAl SAS , APPROVED JANUARY 21, 1960, AS AMENDED, FOR THE PURPOSE OF FURNISHING THE PERMANENT FINANCING OF THE COST OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY it WHEREAS arrangements have been made with Stern-Slegman- Prins Company, a Missouri corporation., for the location of a substantial industrial plant in the City of Batesville, Arkansas ("City"); and WHEREAS the location of the industrial plant in the City will result in increased employment, will result in increased payrolls , will alleviate unemployment, and will result in other public benefits incidental to the operation of a substantial industrial plant, all of which will be in the best interests of the City and its citizens and inhabitants; and WHEREAS in order to obtain funds for the financing of necessary lands, building, improvements, machinery, equipment and facilities ("Project"), essential to the location and operation of the industrial plant, the City Council of the City has determined to issue, subject to the approval of the electors of the City, Industrial Development Revenue 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 21, 1960, as amended ("Act No. 9") in an amount not to exceed 8500 .000 fnr the nv_rpnGP of fin�nr-inrr the Prninrt costs and necessary costs and expenses incidental thereto, the costs of the issuance of the bonds , and providing adequately for debt service on the bonds until Proiect revenues are available therefor; and 0 Page 2 WHEREAS the purpose of this ordinance is to submit the question of the issuance of the bonds under Act No. 9 to the electors of the City at an election for that purpose to be held on November 5, 1968, the date of the General Election; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: Section 1. That an election be, and the same is hereby, called to be held in the City on the 5th day of November, 1968, at which election there will be submitted to the electors of the City the question of issuing Industrial Development Revenue Bonds ("bonds") under Act No. 9 in an amount not to exceed Five Hundred Thousand Dollars ($500,000) for the purpose of furnishing permanent financing of the costs of securing and developing industry (the particular industrial project is described above) . 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 will 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: Page 3 Vote on measure by placing an "X" in the square above the measure either for or against: For the issuance of Industrial Development Revenue Bonds by the City of Batesville, Arkansas in the aggregate principal amount of not to exceed $500,000 -------------------- Against the issuance of Industrial Development Revenue Bonds by the City of Batesville, Arkansas in the aggregate principal amount of not to exceed $500,000 --------------------- It is proposed to issue City of Batesville, Arkansas ("City") Industrial Development Revenue Bonds ("bonds") under 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") in the aggregate principal amount of not to exceed $500,000 for the purpose of furnishing the permanent financing of the 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 will 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 proposed industrial project will consist of lands, buildings, improvements, machinery, equip- ment and facilities for an industrial plant ("Project"), and the proceeds of the bonds will be sufficient to pay the Project costs and necessary incidental costs and expenses, the cost of the issuance of the bonds and to make any needed provision for the payment of interest until Project revenues are available. The Project will be owned by the City and will be leased to Stern -S legman -Prins Company, a Missouri corporation, or a subsidiary, 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 Project revenues, including particularly lease rentals under the Lease and Agreement 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 lien on and security interest in the Project as authorized by Act No. 9. En Page 4 Section 3. That the election shall be held and conducted and the vote canvassed and the results declared under the law and in the manner pro- vided 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 newspaper having a bona fide circulation in the City, with the last publication to be not less than ten (10) days prior to the date of the election, and only qualified electors of the City shall have the right to vote at the election. Section 4. 'That the results of said election shall be proclaimed �r.. 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 (30) days after the date of the 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 there is hereby found and declared to be an immediate need for the securing and developing of industry in order to provide additional employment, increased payrolls, alleviate unemployment and provide other benefits incidental thereto, and 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 the immediate preservation of the public health, safety and welfare shall be in force and take effect immediately upon and after its passage. PASSED <2C�Z 1968. �T APPROVED: ATTEST: By Mayor ity Clerk (SEAL) 'rr CERTIFICATE EM I, the undersigned, City Clerk of Batesville, Arkansas, hereby certify that the foregoing pages numbered 1 to 4, inclusive, are a true and compared copy of an Ordinance passed at a session of the City Council of Batesville, Arkansas, held at the regular meeting place of the Council in said City at o'clock .m. , on the day of, 1968, and that said ordinance is of record in Ordinance Record Book , Page now in my possession. GIVEN under my hand and seal this c% day of October, 1968. Cit3/Clerk (SEAL) i';:CM 11 tIiJU 1'i,- Or � i"/iEh; 1,, cG OF THE BATESVILLE, ARKANSAS CITY COUNCIL HELD October 4 19 68 The City Council of the City of Batesville Arkansas met in ---special- session at its regular :r.eeting dace in Batesville Arkansas at ___ 8300______-_ o'clock p, s_, n. , on the 4th day of -----October 19 68 . The following �h' 1 C D1"eS C?nt: Mayor R. W. Sturch .—---------; City Clerk - Ploy T. Pow------ ---- -------------------------- —__ —_ __—_% and A l d e nn e n Ke i L.h Sims, , ----- — Noel Hone, Donald Hedden, R. R. Jenk:erson, Bobbi, Leonard, Lynn Lanier and Leland S. Wallis Absent: The Mayor stated that consideration should be given to an ordinance calling an election in connection with the issuance of Industrial Develop- ment Revenue Bonds in an amount not to exceed $500,000 This was a matter with which the Council was familiar and after a discussion, Alderman Jenkerson introduced an ordinance entitled: "AN ORDINANCE CALLING AN ELECTION TO VOTE UPON THE QUESTION OF ISSUING BONDS UNDER THE PRO- VISIONS OF 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, FOR THE PURPOSE OF FURNISHING THE PERMANENT FINANCING OF THE COST OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY" and the City Clerk read the ordinance in full. Page 2 Alderman - --_ �y�.o�seconded by Alderman r.zcved that ti -ie rule requiring the re�:,ding t 7 •rr , ILDe t oi an ordinance or resolution in full on thr e Ca]_L1erE_ilt aays �� s�_spenc.ed an that the ordinance be placed on its second reeding. The Mayor put the question on the adoption of the motion and the roll being called, the following voted aye: —NSI--e,r--iad-Hcden; - Nebk-vy---bearer — Lg�m-man r e ttir ;4i and the following voted nay: 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 City Clerk Alderman _ No�rian seconded by Alderman _I�one ^__ 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: and Leland Wallis and the following voted nay: , None en vow P,-�ge 3 en the wlayor dcclarcd that at least t;yo-tiliras of all me�n,�ers elected i1C11 h ving votod �n [��VOI Of '1Z0 li7Ot-'C11 'O suspend the 1L11e, the t0 thC' GO'1Ill<`i1O11 ;•,-as c�irried anu tine rule susp.�n�ied. The oicilnallce -<•,��s tner� i'cad by the City Clerk lde Alden -n soconaod by ��lannan �#+�- -----�e�.---finial ------------ moved that the ordinance be aaopted. The T the h��ayor on the adoption of the l�lotion and the roll being question %%Tas put by called, the followjli g voted aye: i a s r f a •a -Le.l�►n3---kl�slli�------ and the follo� ing voted nay: _-_-_------ Alderman - �� _ nk era---_---____--� seconded by Alderman - - •� ---_ moved that Section 6the emergency clause, be adopted, and on roll call the following voted aye: IRTUM -Ir-"Myr W-11 0 I I 1 : gap 1E M. x• • .-- •: and the following voted nay: None -- — The Mayor thereupon declared the ordinance and the emergency clause adopted and signed the ordinance, which was attested by the City and impressed with the seal of the City. 'The ordinance was given No. --75jj- (Matters not relating to the ordinance calling an election on the — issuance of Industrial Development Revenue Bonds ATTEST: are omitted.) There being no further business, the Council adjourned. G --- G it C 1k (S EAL) Batesville *.. C 6 R T I F I C A 'f E E5 The undersigned, City ____,________Clerk ----- -- _—, Ar—ansas , hereby ccrtif: es that the foregoing pages numbered 1 to 3, illclusive, are a true and correct copy of excerpts of the minutes of a meeting of the City Council of Batesville Arkansas ata —&peC Sl-- -- session Meld dt the !egular irieetil7g place Of the Council in said City at _ 81 fi r _ o'clock _&-a_.m. , on the h- day of October__, 19 68 and the time a: -,d place of the m,--e-ting was furnished to each Terson who made a request therefor in accordance with the provisions of Act No. 93 of the Acts of Arkansas of 1967. City C1 (SEAL) OW NOTICE OF AND COMENT TO MEETING OF COUNCIL. The undersigned hereby acknowledge receipt of official and timely notice of a meeting of the City Batesville, Arkansas Council of the City of to be held on iC tuber 4 , 1968, at 61O'�l o'clockJ* m. , at the regular meeting place of the Council in the City of Batesville , the purpose of the meet- ing being: the consideration of an ordinance calling an election to submit to the voters the question of issuing Industrial Development Revenue Bonds in connection with the Stern-Slegman-Prins Company industrial project and for the transaction of such other business as may properly come before the Council. The undersigned further consent to the meeting at the time and place and for the purposes herei naucve set forth and hereby ratify all action taken at said meeting for said purposes. Mayor Clerk