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AN ORDINANCE PROVIDING FOR THE LEASING OF OFF-STREET PARKING FACILITIES: BORROWING MONEY BY ISSUANCE OF BONDS AND PLEDGING OF PARKING METER REVENUE: DECLARING AN EMERGENCY: AND FOR OTHER PURPOSES
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WHEREAS, the Jonesboro Parking Authority, in compliance with Arkansas Statutes Chapter 49, Ordinance No.840, and other laws and ordinances, has in accord with the master plan of parking, agreed to acquire by lease for a period of fifteen years, an improved parking lot located on approximately the West 195 feet of Lot 10 Cobb Survey of the Northwest Quarter of Section 17, Township 14 North, Range 4 East, in the City of Jonesboro, and has by Resolution duly passed after complying with all statutory requirements, recommended to the City Council that to obtain funds to pay for the rental of said tract for fifteen years, that the City of Jonesboro and the Parking Authority of Jonesboro issue Revenue Bonds in the sum of Sixty Thousand Dollars, ($60,000.00), bearing interest at the rate of 5 ½% per annum, payable in semi-annual installments with the last maturity not over fifteen years from January 1,,1957. Principal and interest of the bonds to be paid by the Peoples Property Association, Inc., and to be secured by a pledge of not to exceed $500.00 per month from parking meter revenue of the City of Jonesboro, payable only if the Peoples Property Association defaults in the payment of said installments, and the City of Jonesboro being further secured and protected by a lien on other properties of the Peoples Property Association enforceable to recover any parking meter moneys required to be expanded by the City; and
WHEREAS, it is found and declared that all things have been done and requirements of law and fact have been met and accomplished and that it is to the interest of the City of Jonesboro and the public that Sixty Thousand Dollars ($60,000.00) should be borrowed for the aforesaid purposes, therefore
BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
SECTION 1: That the Mayor and City Clerk, together with the Chairman and Secretary of the Municipal Parking Authority of Jonesboro, are hereby authorized and directed to execute and deliver to the Peoples national Bank and Mercantile Bank of Jonesboro, Arkansas, Revenue Bonds of the City of Jonesboro, Arkansas, dated as of January 1, 1957, in the amount of Sixty Thousand Dollars ($60,000.00), with interest to be evidenced by coupons payable semi-annually at a per annum rate of 5½ %, the principal of said bonds to mature semi-annually according to a schedule so that the last shall mature not later than fifteen years form date of issue.
SECTION 2: The Mayor and the City Clerk, and the President and Secretary of the Parking Authority, are authorized and directed to lease form the Peoples Property Association of Jonesboro, Arkansas, a tract of land in Lot 10 of Cobb survey of the Northwest Quarter of Section 17, Township 14 North, Range 4 East, which is approximately the West 195 feet of said lot. The contract to provide that the lot will be made ready and maintained as an improved parking lot without any additional cost to the City of Jonesboro, and the Peoples Association shall pay not less than $500.00 per month during the term of the lease and contract to the paying agent of the bond issue described in Section 1 to apply upon the interest and principal of said bonds, and that the obligation to make said monthly payments be secured by mortgages on other property of said Peoples Property Association in said Lot 10, which shall be inferior only to other liens existing at the date of the bond issue.
Further, said officers are directed to pledge as security for the payment of principal and interest of said bond issue, $500.00 per month from the parking meter revenues of the City of Jonesboro, payable only in event of default and failure of the Peoples Property Association to pay the monthly amounts as set out above.
SECTION 3: Publication of this ordinance is ordered to give notice to all persons that the ordinance has been adopted and that the City contemplates the issuance of bonds and the making of the contracts described herein. The City Council will hear all objections or statements concerning said issue or this ordinance at 7:30 P.M. on the 3rd day of December, 1956, at the City Hall.
SECTION 4: It is ascertained and declared that excessive curb parking of motor vehicles on the streets within the City of Jonesboro and the lack of adequate off street parking facilities create congestion, obstruct the free circulation of traffic, create hazard to life, health and well-being of both operators of vehicles and pedestrians, interfere with the efficiency of operation of the police and fire departments, thus creating dangers to both 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 for the immediate protection of the public peace, health and safety and being make necessary by demands for the public welfare, an emergency is declared to exist, and this ordinance shall be in full force and effects immediately upon and after its passage.
PASSED and ADOPTED this 19th day of November, 1956.