The Jefferson County Quorum Court on Monday approved the issuance of $24 million in revenue-producing bonds to help a local company buy and install new equipment to expand its plant in Pine Bluff.
With no dissent, the county’s legislative body said yes to the resolution that will benefit Graphic Flexible Packaging LLC, which was formerly known as Gaylord Packaging, Mid-America Packaging and Delta Natural Kraft.
Tom Leggett, a bond attorney for the Friday, Eldridge and Clark firm in Little Rock, said that while the county actually issues the bonds, it has no liability and no indebtedness.
“We’re basically a conduit,” said Justice of the Peace Ted Harden, who chaired a meeting of the court’s finance committee that recommended the full court approve the resolution.
Leggett said the bonds are commonly known as Act Nine Industrial Development Bonds and only the bond holders are at risk if the company that the bonds were issued for is unable to pay them off.
“By doing this, we’re ensuring that the company is going to be here for a long, long time offering good jobs and hopefully, creating more jobs,” County Judge Dutch King said after the resolution was approved.
Because of the 5 p.m. start time for the meeting, Justice Herman Herman Ginger was late.
Justices Roy Agee, Melvin Caldwell, Paul Jones, Edward Spears and Delton Wright were absent.