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AN ORDINANCE EXTENDING MATURITY OF CERTIFICATES OF INDEBTEDNESS AND DATE FOR ISSUANCE OF PARKING REVENUE BONDS TO FEBRUARY 1, 1967
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WHEREAS, Ordinance of the City of Jonesboro, Arkansas, No.998, adopted November 2, 1959, provided for issuance of Certificates of Indebtedness maturing February 1, 1962, and issuance of Parking Revenue Bonds on or before said date, and Ordinance No.1042 adopted January 15, 1962, extended said maturity to February 1, 1964; and, it now appearing that it is to the advantage of the citizens of Jonesboro and in furtherance of the plan for parking and financing same, that the due date of said Certificates and the date stipulated for issuance of bonds be extended until on or before February 1, 1967:
NOW, THEREFORE, be it ordained by the City Council of the City of Jonesboro, Arkansas:
Section 1: That the maturity date of all Certificates of Indebtedness heretofore or hereafter issued pursuant to Ordinance No.998 of City of Jonesboro be, and they are, extended to on or before February 1, 1967.
Section 2: That the Parking Revenue Bonds provided by Ordinance No.998 of the City of Jonesboro may be issued at such times as the City Council may, be resolution, direct, on or before February 1, 1967.
Section 3: That all parts and language of Ordinance No.998 referring to date of February 1, 1962, be, and they are, hereby amended to conform to this Ordinance. All other parts and provisions of Ordinance No.998 shall remain in full force and effect.
Section 4: It is found and declared that parking of motor vehicles and resulting traffic problems increase in complexity and adverse effect on the peace, health and safety of the public. Certain solutions are in process of accomplishment and additional plans and studies are currently considered, and each such involve questions of ultimate finance making it necessary to defer the immediate refunding of the City's Parking Certificates and said Certificates are made payable in less than thirty (30) days. It is, therefore, declared that an emergency exists, and this ordinance, being necessary for the preservation of the public peace, health and safety, shall be in force and shall take effect immediately upon and after its passage.
PASSED and ADOPTED this 19th day of January, 1965.