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RESOLUTION TO ISSUE CAPITAL NOTES NOT TO EXCEED $22,000 TO ADD A TERMINAL BUILDING AT THE JONESBORO MUNICIPAL AIRPORT
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WHEREAS, it has been considered necessary and desirable in the past to improve the Jonesboro Municipal Airport so that it may become a more effective part of the national system of public airports, and
WHEREAS, on or before July 19, 1963, the City Council of the City of Jonesboro duly authorized the Mayor of the City of Jonesboro to borrow from the Citizens Bank of Jonesboro a sum of money not to exceed $22.000.00, with interest at the rate of 4% per annum, to be used for the purpose of constructing a terminal building at Jonesboro Municipal Airport, and
WHEREAS, there was, in fact, an amount totaling $21,411.44, with interest at the rate of 4% per annum, actually borrowed from the Citizens Bank of Jonesboro, for the purpose of constructing such terminal building, and such terminal building was, in fact, constructed and is now in use as a terminal building, and
WHEREAS, certain pledges of money were made by citizens and industries of the City of Jonesboro to finance a portion of the cost of the construction of such terminal building, and such sums of money, so pledged, when received, have been used to pay the interest upon and reduce the principal amount of such loan, and
WHEREAS, there will be, on December 31, 1967, the sum of approximately $10,200.00, including accrued interest, due and owing upon such loan from the Citizens Bank of Jonesboro, taking into consideration of sums of money expected to be received during the year 1967 from such pledges, and
WHEREAS, it is considered desirable and necessary to repay such loan, plus accrued interest, to the Citizens Bank of Jonesboro, on or before December 31, 1967.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Jonesboro, that the mayor and the City Clerk authorized and directed, pursuant to the provisions of Ordinance #1123, to issue and sell Capital Notes of the City of Jonesboro in the face amount of $10,200.00. The form of such Capital Notes shall be as prescribed in Ordinance #1123, and such Capital Notes shall be subject to all terms, conditions and provisions contained in Ordinance #1123, and the payment of such Capital Notes, plus interest, shall be from the revenues as specified in Ordinance #1123. The proceeds received from the sale of such Capital Notes shall be used for the purpose of paying, on or before December 31, 1967, the full remaining balance due, including accrued interest, upon such loan made by the Citizens Bank of Jonesboro for the construction of such terminal building, and for that purpose only.
AND, WHEREAS, it is considered desirable and necessary to enlarge and make additions to such terminal building for the reason that the present use of the terminal building and the anticipated growth in the use of the terminal building require a larger and additional facilities;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Jonesboro, that the Mayor and the City Clerk are authorized and directed, pursuant to the provisions of Ordinance #1123, to issue and sell Capital Notes of the City of Jonesboro in the face amount of $25,000.00. The form of such Capital Notes shall be as prescribed in Ordinance #1123, and such Capital Notes shall be subject to all terms, conditions and provisions contained in Ordinance #1123, and the payment of such Capital Notes, plus interest, shall be from the revenues as specified in Ordinance #1123. The proceeds received from the sale of such Capital Notes shall be used for the purpose of enlarging and expanding such terminal building, furnishing and equipping same, and for the architectural, engineering, planning research, data and costs necessary, incidental or deemed to be advisable, connected with or related to such enlargement and expansion, and for those purposes only.
PASSED and ADOPTED this 30th day of January, 1967.