HomeMy WebLinkAbout06-81 RESOLUTIONf
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RESOLUTION NO
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A RESOLUTION EXPRESSING THE POLICY OF THE BOARD OF
DIRECTORS ON AUTHORIZING THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS UNDER ACT 9 OF 1960.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
That in determining whether to authorize the issuance
of Industrial Development Revenue Bonds under Act 9 of 1960,
the Board of Directors will consider the following factors:
(1) Whether the proposed project will produce
additional employment opportunities for residents
of the City of Fayetteville.
(2) Whether the company demonstrates in writing
such financial and organizational capability that
there is no risk of default on the bonds.
(3) Whether the proposed project will secure and
develop industry rather than commercial development.
The term "industry" shall include, but is not' limited
to, manufacturing facilities, warehouses, distribution
facilities, repair and maintenance facilities, agri-
cultural facilities and corporate and management offices
for industry.
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(4) Whether the proposed project will provide
economic stimulation for the econdmyof"the'area.
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(5) Whether all or a substantial portion of the end
product or service produced locally is either consumed
elsewhere or consumed locally by visitors drawn by the
activity, rather than the end product or service being
marketed solely to retail customers in the area.
PASSED AND APPROVED thisc2O4day of , 1981.
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APPROVED:
MICROFILMED