Legal Opinion
Arkansas Industrial Development Commission v. FABCO of Ashdown, Inc.
Supreme Court of Arkansas
Decided February 8, 1993No. 92-34PublishedCited by 4 opinions
1Opinion of the Court
Tom Glaze, Justice.
On December 1, 1982, the City of Ashdown (pursuant to Act 9 of 1960 (Ark. Code Ann. §§ 14-164-201 to -224)) issued $700,000 in Industrial Development Revenue Bonds without an election by the voters of Ashdown. Proceeds of the bonds were used to purchase a trailer manufacturing enterprise in the city from Ashdown Manufacturing Company. The city then leased the manufacturing facility to FABCO of Ashdown under a lease agreement dated November 1, 1982. The city planned to use the lease payments to pay off the bonds.
In order to secure the insurance of the bonds, the State First…
2Cases cited4 opinions
- Natl. Bank of Eastern Ark. v. CollinsSupreme Court of Arkansas · 1963
- Inter-Sport, Inc. v. WilsonSupreme Court of Arkansas · 1983
- Lee v. VaughnSupreme Court of Arkansas · 1976
- Gulf Refining Co. v. Williams Roofing Co.Supreme Court of Arkansas · 1945
3Cited by4 opinions
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- Center 48 Ltd. v. May Dept. StoresNew Jersey Superior Court Appellate Division · 2002
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- Southern Wine and Spirits, etc v. Mountain Valley Spring CompanyCourt of Appeals for the Eighth Circuit · 2013