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AN ORDINANCE APPROVING PROCEEDINGS UNDER ACT NO. 468 OF ARKANSAS LEGISLATURE FOR THE YEAR 1949; APPROVING FORM OF BONDS, COUPONS, DEED OF TRUST AND PLEDGE, AND DIRECTING EXECUTION AND DELIVERY OF SAME FOR THE PURPOSE OF PROCURING FUNDS FOR THE RENTAL OF PARKING AREA: DECLARING AN EMERGENCY, AND FOR OTHER PURPOSES
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WHEREAS, in compliance with Ordinances Nos.840 and 929, the City Council of the City of Jonesboro, Craighead County, Arkansas, has heard all objections and suggestions at the time and place as set out in Ordinance No.929. after due and proper publication of said Ordinance, and it is found that the statements and findings contained in said two ordinances are true and correct and that all things required therein have been done and performed and all requirements of Act No.468 of the Arkansas Legislature for the year 1949 have been met and that the City of Jonesboro should proceed with the borrowing of Sixty Thousand Dollars ($60,000.00) for the purposes setout in said ordinances, and for the leasing of improved off-street parking sites on the lands described in Ordinance No.929; and
WHEREAS, the form of bonds, coupons and pledge securing such bonds which shall mature as described in form of Deed of Trust appearing below, with interest at the rate of five and one-half percent (5 ½ %) payable semi-annually and evidenced by interest coupons are approved; therefore.
BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
SECTION 1: The Mayor and the City Clerk and the Chairman and Secretary of the Jonesboro Parking Authority shall execute a Pledge, Mortgage and Assignment of payments and of mortgage of real estate acquired or to be acquired with the proceeds or in connection with the loan herein authorized and said Pledge and from of bond being substantially as set out in words and figures as follows:
PLEDGE AND MORTGAGE
KNOW ALL MEN BY THEST PRESENTS:
That, WHEREAS, for the purpose of providing public off-street automobile parking facilities in the City of Jonesboro, and in full compliance with all ordinances of the City of Jonesboro and Acts of the Legislature of the State of Arkansas and findings and resolutions of the Municipal Parking Authority have issued a series of bonds dated as of January 1, 1957, and maturing on the last day of June and of December of each year as follows:
1957 $1000.00 June 30
1500.00 December 31
1958 1500.00 June 30
1500.00 December 31
1959 1500.00 June 30
1500.00 December 31
1960 1500.00 June 30
1500.00 December 31
1961 2000.00 June 30
1500.00 December 31
1962 2000.00 June 30
2000.00 December 31
1963 2000.00 June 30
1500.00 December 31
1964 2000.00 June 30
1500.00 December 31
1965 2000.00 June 30
2000.00 December 31
1966 2000.00 June 30
2000.00 December 31
1967 2500.00 June 30
2000.00 December 31
1968 2500.00 June 30
2000.00 December 31
1969 2500.00 June 30
3000.00 December 31
1970 2500.00 June 30
2500.00 December 31
1971 3000.00 June 30
2500.00 December 31
All such bonds are in the denomination of Five Hundred Dollars ($500.00) each and coupons bear interest payable semi-annually from date of issue until paid at Five and one-half percent (5 ½ %) per annum; the bonds and coupons are in substantially the following form:
CITY OF JONESBORO IN CRAIGHEAD COUNTY
MUNICIPAL PARKING AUTHORITY OF JONEBORO
No._________ $500.00
KNOW ALL MEN BY THEST PRESENTS:
That the City of Jonesboro, Arkansas, and the Municipal Authority of the City of Jonesboro, acknowledge to owe and for value received, hereby promise to pay to the bearer the sum of Five Hundred Dollars ($500.00) on or before the first day of July, 19_____with interest at 5 ½ % per annum, semi-annually, according to the attached coupons, principal and interest payable at Farmers State Bank, Mercantile Bank and Peoples National Bank, all of Jonesboro, Arkansas.
This bond is one of a series of like bonds totaling Sixty Thousand Dollars ($60,000.00issued under and in full compliance with the laws of Arkansas, resolutions of the Municipal Parking Authority of the City of Jonesboro, Arkansas, and of the income to be received from Peoples Property Association of Five Hundred Dollars ($500.00) per month and all rents or income received form the parking lot described in the pledge securing this bond which are irrevocably pledged to the payment hereof.
The City of Jonesboro, Arkansas, and the Municipal Parking Authority of the City of Jonesboro covenant that said bonds are secured by a good, sufficient and lawful pledge of $500.00 per month rental or payments under contract with Peoples Property Association, and by a valid pledge of real property, and further that all acts, conditions, hearings, resolutions and things necessary to the validity of this bond and of the pledge securing same have been done and performed as required by law, ordinances, or resolutions, and that deed of trust, pledge and assignment securing this and other bonds of this issue and the recitals in same are true, correct and duly recorded.
The faithful performance in apt time and manner of every act contracted to be performed to provide for the prompt payment of principal and interest of this bond, as the same mature, is warranted by the issuers. This bond does not constitute an indebtedness of the City of Jonesboro within the meaning of or as prohibited by any constitutional provisions or limitation.
IN WITNESS WHEREOF the City of Jonesboro and the Municipal Parking Authority of the City of Jonesboro has caused this bond to be signed by their respective officers, attested with the Corporate Seal of the City of Jonesboro, and has caused the interest coupons attached to be signed by the Mayor as of the First day of January, 1957.
CITY OF JONESBORO
By_________________________________
MAYOR
By_________________________________
CITY CLERK
MUNICIPAL PARKING AUTHORITY OF JONESBORO
By_________________________________
CHAIRMAN
By_________________________________
SECRETARY
COUPONS
No._________ Bond No.___________ $13.75
On ____________________1, 19_____, The City of Jonesboro, Arkansas and the Municipal Parking Authority of Jonesboro promises to pay to the bearer $13.75 at any bank in Jonesboro, Arkansas, being six month’s interest due on Bond dated January 1, 1957.
CITY OF JONESBORO and MUNICIPAL
PARKING AUTHORITY OF JONESBORO
By________________________________
MAYOR
NOW, THEREFORE, in consideration of the sum of One Dollar ($1.00) and other good and sufficient considerations, and for the purpose of securing each and all of the aforesaid bonds and interest coupons attached thereto, as they severally mature, and to secure all of the undertakings and agreements of this pledge, the City of Jonesboro, Arkansas, and the Municipal Parking Authority of Jonesboro does hereby grant, bargain, sell and convey unto Mercantile Bank, Trustee, and unto its successors and assigns, for the benefit of the holders of the bonds aforesaid, all right, title and interest in and to a contract and a mortgage or deed of trust dated as of December 15, 1956, and recorded at the office of the Recorder at Jonesboro, Arkansas, in Mortgage Record_____, page_____, wherein the Peoples Property Association pledges certain real property to secure an undertaking to pay $500.00 per month during the period that any of the bonds described herein are outstanding and unpaid.
I consideration of the acceptance and purchase of the above bond issue and for the purpose of insuring full performance of its pledge and of the deed of trust and the pledges and assignments contained therein, the City of Jonesboro covenants with the Trustee, for an on behalf of the holders of the bonds of this issue at all time outstanding that:
(1) The City will continue to follow and perform all requirements of Act No.468 of the Act of the Legislature of Arkansas for the year 1949 and convenants that the requirements of said Act and all details of same and acts required of the City or of the Municipal Parking Authority or their officers have been completed and performed only as required herein, and that this Deed of Trust and Pledge and the obligations that it secures with the ordinances and resolutions and acts of the City Council and of said Parking Authority and that the obligations as set out in this pledge are the valid and binding undertakings of the makers of this Deed of Trust;
(2) The funds received or to be received by the City or the Municipal Parking Authority have been and will be used and accounted for according to the requirements of the applicable laws and ordinances.
(3) The bonds secured hereby may be prepaid at any time before maturity at par and accrued interest by and after personal notice is given the holders. If such prepayment is of less than the entire amount outstanding, it shall be in inverse numerical order so that the latest maturing bonds are first to be prepaid.
(4) If any default occur in the payment of the bonds or coupons promptly when the same are due, or if the City shall fail to perform any other of its undertakings herein, the Trustee may proceed in law or equity in the enforcement of this pledge and collection of the amounts due and may declare the entire remaining indebtedness due forthwith. Any failure to declare all of the indebtedness due or to enforce the terms of this obligation shall not be a waiver thereof. The holders of any bond secured hereby shall have like powers to proceed on his own account or for the benefit of all in enforcing the terms of this pledge and collecting the bonds and interest secured hereby. The Trustee shall not be required to act in enforcing this pledge until requested by the holders of the bonds and until the Trustee is secured or indemnified to his satisfaction by the holders of bonds or some of them against loss or expense by reason of taking such action. The Trustee may, at any time, resign by delivering notice of such resignation to the holders of the bonds secured hereby, and the majority of said holders may then designate a new Trustee by writing filed with the Circuit Clerk and Recorder of the Western District of Craighead County, Arkansas, and said successor Trustee shall have all the powers and duties herein provided for the original Trustee.
IN WITNESS WHEREOF the City of Jonesboro, Arkansas, and the Municipal Parking Authority of Jonesboro have caused this instrument to be executed under the hands of their designated officers and under the Corporate Seal of said City this _____ day of ____________, 19___.
CITY OF JONESBORO
By_________________________________
MAYOR
By_________________________________
CITY CLERK
MUNICIPAL PARKING AUHTORITY OF JONESBORO
By_________________________________
CHAIRMAN
By_________________________________
SECRETARY
ACKNOWLEDGEMENT
STATE OF ARKANSAS )
: SS
COUNTY OF CRAIGHEAD)
BE IT REMEMBERED, that on this day came before me, the undersigned, a Notary Public within and for the County aforesaid duly commissioned and acting, Herbert Sanderson and Phyllis Stringer, to me personally well known, who stated that they were the Mayor and City Clerk, respectively, of the City of Jonesboro, Arkansas, and _____________ and _________,
who stated that they were the Chairman and Secretary, respectively, of the Municipal Parking Authority of Jonesboro and that they were duly authorized in such capacities to execute the forgoing instrument for and in the name and behalf of the City of Jonesboro, and the Municipal Parking Authority, and further stated and acknowledged that they had so signed, executed and delivered the foregoing instrument for the consideration, uses and purposes herein mentioned and set forth.
WITNESS my hand and seal as such Notary Public this ____day of ___________, _____.
________________________________
Notary Public
My Commission expires:
______________________
SECTION 2: The findings and recitals of Ordinance Nos. 840 and 929 are reaffirmed and adopted except as set out herein and the Mayor and the City Clerk and the Chairman and Secretary of the Municipal Parking Authority are authorized and directed to prepare, execute, sell and deliver the bonds and coupons, deed of trust, and pledge securing same, as above set out, and by their signatures bind the City of Jonesboro to the undertakings and obligations therein contained.
SECTION 3: It is ascertained and declared that excessive curb parking of motor vehicles on the streets within the City of Jonesboro and lack of adequate off-street parking facilities create congestion, obstruct the free circulation of traffic, create hazards to life, health and wellbeing of both operators of vehicles and pedestrians, interfere with the efficiency of operation of the police and fire department, thus creating dangers to bother persons and property, diminish property values; and this ordinance being necessary for the immediate protection of the public peace, health and safety and being made necessary by demands for the public welfare, an emergency is declared to exist, and this ordinance shall be in full force and effect immediately upon and after its passage.
PASSED and ADOPTED this 3rd day of December, 1956.