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ARK. INDUS. DEV. COM'N v. FABCO OF ASHDOWN, INC.

No. 92-34.

847 S.W.2d 13 (1993)

312 Ark. 26

ARKANSAS INDUSTRIAL DEVELOPMENT COMMISSION and The State First National Bank of Texarkana, Trustee, Appellants, v. FABCO OF ASHDOWN, INC., L.N. Yates, Jr., Frances Yates, James A. Gunter, Jr., Marguerite Gunter, Lacy Harris and Lois Harris, Appellees.

Supreme Court of Arkansas.

February 8, 1993.

Attorney(s) appearing for the Case

Herschel H. Friday, Elizabeth J. Robben, Robert S. Shafer, James C. Baker, Little Rock, for appellants.

W. Jackson Williams, David F. Menz, James E. Hathaway, III, Little Rock, for amicus curiae of Stephens, Inc.

LeRoy Autrey, L. Wren Autrey, Texarkana. for appellees.

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...

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