The Jefferson County Quorum Court will be asked Monday during a special meeting to approve a resolution allowing a local company to issue revenue bonds for expansion.
Graphic Flexible Packaging L.L.C. wants to buy and install machinery, equipment and other items to expand their packaging plant and mill in Pine Bluff and needs quorum court approval to issue $24 million in revenue bonds to finance the project.
Under the proposed agreement, the county has no responsibility for payment and costs of the bonds, and all expenses are to be paid by the company, nor is the county liable if the company defaults on repaying the bonds.
A part of the resolution also says the county wants to help the company “secure and develop industry within the county.”
Under Arkansas law, the approval of the county is necessary before the revenue bonds can be issued.
Finance Committee Chairman Herman Ginger said in a memorandum to County Judge Dutch King and members of the quorum court the matter of issuing the bonds is time sensitive so an emergency meeting is necessary. That meeting is set for 5 p.m. Monday in the quorum courtroom.