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AN ORDINANCE APPROVING PROCEEDINGS UNDER ACT NO.468 OF THE ARKANSAS LEGISLATURE FOR THE YEAR 1949; APPROVING FORM OF BONDS, COUPONS, PLEDGE AND MORTGAGE, AND DIRECTING EXECUTION AND DELIVERY OF SAME FOR THE PURPOSE OF PROCURING FUNDS FOR THE ACQUISITION AND IMPROVEMENT OF AN AUTOMOBILE PARKING AREA AND PASSAGEWAY
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WHEREAS, in compliance with Ordinances, Resolutions and findings of the Municipal Parking Authority of Jonesboro, Arkansas, and of the City Council, and in full compliance with Statutes of the State of Arkansas, it is found that all requirements have been fulfilled for the acquisition and improvement of a parking area and passageway north of Cate Avenue between Main and Union Streets in Jonesboro, Arkansas, and that the City of Jonesboro and Municipal Parking Authority should proceed with the City of Jonesboro and Municipal Parking Authority should proceed with the borrowing of $34,000.00 for the purpose of acquiring and improving said tract; and
WHEREAS, the form of bonds, coupons and of Pledge and Mortgage securing same have been presented to the City Council and the Parking Authority and approved:
BE IT ORDAINDED 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 and mortgage of the real estate acquired or to be acquired and improved with the proceeds of or in connection with the loan herein authorized, and said Pledge and form of bond shall be substantially as set out in words and figures as follows, which shall be binding on the city, and the amounts set aside and pledged in said instrument are hereby appropriated for the purpose stated therein:
PLEDGE and MORTGAGE
KNOWN ALL MEN BY THESE PRESENTS:
THAT WHEREAS, for the purpose of providing public off-street automobile parking facilities and new passageways or streets in the City of Jonesboro, Arkansas, and in full compliance with all ordinances, all Acts of the Legislature of the State of Arkansas, and with the findings and resolutions of the Municipal Parking Authority of the City of Jonesboro, said Parking Authority and the City of Jonesboro have issued a series of bonds dated as of February 1, 1958, and maturing serially on August 1 and February 1 during the next ensuing ten years as follows:
DATE BOND NUMBER AMOUNT
(Both inclusive)
August l, 1958 1 - 5 $2,700.00
February 1, 1959 6 - 10 2,700.00
August 1, 1959 11 - 17 2,900.00
February 1 1960 18 - 24 2,900.00
August 1, 1960 25 - 31 2,900.00
February 1, 1961 32 - 35 3,100.00
August 1, 1961 36 - 39 3,100.00
February 1, 1962 40 - 44 3,200.00
August 1, 1962 45 - 50 3,300.00
February 1, 1963 51 - 57 3,400.00
August 1, 1963 58 - 64 3,400.00
February 1, 1964 65 - 69 3,600.00
August 1, 1964 70 - 74 3,600.00
February 1, 1965 75 - 80 3,700.00
August 1, 1965 81 - 87 3,800.00
February 1, 1966 88 - 91 4,000.00
August 1, 1966 92 - 95 4,000.00
February 1, 1967 96 - 100 4,100.00
August 1, 1967 101 - 106 4,200.00
February 1, 1968 107 - 112 3,300.00
The bonds totaling Sixty-eight Thousand Dollars ($68,000.00) are in denominations of One Thousand Dollars ($1,000.00), Five Hundred Dollars ($500.00, and One Hundred Dollars ($100.00), and each bears interest payable semi-annually on February 1 and August 1 of each year at the rate of five per cent (5%) per annum, as evidenced by coupons attached; the bonds and coupons are substantially in the following form, but differing as to denomination, number and maturity date:
CITY OF JONESBORO, CRAIGHEAD COUNTY, ARKANSAS
MUNICIPAL PARKING AUTHORITY OF JONESBORO, ARKANSAS
(68,000.00 BOND ISSUE OF FEBRUARY 1, 1958)
NO.__________ $______________
KNOWN ALL MEN BY THESE PRESENTS:
That the City of Jonesboro, Arkansas, and the Municipal Parking Authority of the City of Jonesboro, acknowledge to owe and, for value received, hereby promise to pay to the bearer the sum of One Thousand Dollars ($1,000.00) on or before the first day of _____________, 19___, with interest at the rate of five percent (5%) per annum, payable semi-annually according to the attached coupons, principal and interest payable at Mercantile Bank, Jonesboro, Arkansas.
This bond is one of a series of like bonds totaling Sixty-eight Thousand Dollars ($68,000.00) issued under and in full compliance with the laws of Arkansas, resolutions of the Municipal Parking Authority of the City of Jonesboro, Arkansas, and ordinances of the City Council of the City of Jonesboro, Principal and interest are payable out of the income from parking meters operated within the City of Jonesboro, Arkansas.
The City of Jonesboro, Arkansas, and the Municipal Parking Authority of the City of Jonesboro covenant that said bonds are secured by a valid pledge of real property acquired by the City with the proceeds of the bond issue and by a good, sufficient and lawful pledge of one-half of the gross proceeds or income from the operation of parking meters in the City according to terms of Deed of Trust securing same, 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, ordinance, or resolution, and that the Deed of Trust, Pledge and Assignment securing this and other bonds of this issue and the recitals in same are true, correct and binding on the City of Jonesboro, and duly recorded. This bond does not constitute an indebtedness of the City of Jonesboro within the meaning of or as prohibited by any constitutional provision or limitation.
IN WITNESS THEREOF, 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 February, 1958.
CITY OF JONESORO
By_________________________
MAYO
By_________________________
CITY CLERK
MUNICIPAL PARKING AUTHORITY OF THE CITY OF JONESBORO
By_________________________
CHAIRMAN
By_________________________
SECRETARY
COUPON PARKING AUTHORITY BOND DATED FEBRUARY 1, 1958
COUPON NO._______, BOND NO._________, DUE __________ 1, 19___, $__________
The City of Jonesboro, Arkansas, and the Municipal Parking Authority of Jonesboro promises to pay the above amount on the date above to barer at Mercantile Bank, Jonesboro, Arkansas, being six months interest then due on Bond Number shown above, dated February 1, 1958.
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, barging, sell and convey unto Mercantile Bank, of Jonesboro, Arkansas, Trustee, and unto its successors and assigns, for the benefit of the holders of the bonds aforesaid, the following lands in Jonesboro, Craighead County, Arkansas, to-wit:
Lots 5 and 6 and the South 26 feet of Lots 4 and 7 in Moore’s Sub-division of Lot 2 of Flint’s Addition to the City of Jonesboro, Arkansas;
Together, with all other lands and improvements acquired, or to be acquired with proceeds of said bond issue.
TO HAVE AND TO HOLD the same unto said Trustee and its successors and assigns forever, together with all and singular the tenements, here ditaments and appurtenances thereunto belonging or in anywise appertaining, and the rents, issues and profits therefrom after any default in meeting the obligations of this Pledge. Provided that at such times as there is no default, the makers may remove from eth premises any of the improvements or structures now existing thereon.
For the considerations recited herein and to further secure the bonds and interest described above, the prompt payment thereof, and all other obligations herein undertaken, the City of Jonesboro, Arkansas, pursuant to law and ordinance and being duly authorized by action of its City Council, hereby assigns to said Trustee the one-half of the revenues derived or to be derived from the operation of any and all parking meters now or hereafter established in the City of Jonesboro, Arkansas, so long as any of the said bonds or interest coupons shall be outstanding and unpaid, subject only to other indebtedness for acquisition of parking areas not exceeding $36,000.00.
In 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 and on behalf of the holders of the bonds of this issue at any time outstanding, that:
(1) The City will continue to follow and perform all requirements of Act No.468 of the Acts of the Legislature of Arkansas for the year 1949 and covenants 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 and that this Deed of Trust and Pledge and the obligations that it secures have been authorized, executed all in strict accord with said Act and with other law and with the ordinances and resolutions and acts of the City Council and of said Parking Authority and that these obligations are the valid and binding undertakings of the makers of this Deed or 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 in acquiring and improving the tract described above.
(3) The City of Jonesboro undertakes and agrees that so long as the pledge of parking meter revenue herein contained shall remain in force the number of parking meters operated within the City of Jonesboro shall not be diminished and that said meters will be maintained in operation and serviced to provide the maximum revenue therefrom, and that all costs of maintenance, replacement or of the acquisition of additional meters or for the servicing of meters will be paid out of the one-half of the revenue from said meters that is not herein pledged. Further, that the full one-half of gross revenue or income from meters shall be kept and accounted for separate from other funds, not commingled with any of the city’s general revenues or with any funds from any other source and that a full and complete accounting and record will be kept of the collection of the revenues herein pledged and of their application and payment under the terms of this pledge, which record shall be available to the Trustee’s inspection at all times.
(4) The City of Jonesboro covenants that it will, from the gross proceeds of parking meter revenue, set aside monthly into a separate account, to be designated “Bond Account, Issue of February 1, 1958,” Seven Hundred Thirty Dollars ($730.00), in a bank in Jonesboro, Arkansas, to be designated by the City, and that the amounts so deposited will be used for no one purpose than the payment of the bonds and interest coupons described above, together with paying agent’s or other charges connected with this bond issue. After making such provision for the payment of the obligations secured hereby, the City may use any other revenue from parking meters for the acquisition of additional parking spaces, or the widening of streets, or the prepayment of obligations incurred for such purposes, including the bonds herein described. Prepayments of bonds of this issue may be made by the City at any interest-paying date after personal notice to the holders of such bonds and tender of the full face value, plus accrued interest, of any bonds so prepaid.
(5) The City will pay the cost of recording and satisfying this Pledge and the costs and expenses incurred by the Trustee or any of the bondholders in connection with the execution, delivery, approval, collection, foreclosure or enforcement of the Pledge.
(6) 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 the bonds and until the Trustee is secured or indemnified to its 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 first day of February, 1958.
CITY OF JONESBORO
By____________________________
MAYOR
By____________________________
CITY CLERK
(SEAL)
MUNICIPAL PARKING AUTHORITY of JONESBORO
By____________________________
CHAIRMAN
By____________________________
SECRETARY
SECTION 2: The findings and recitals of previous Resolutions of the City Council and of Ordinances concerning the acquisition of parking spaces are reaffirmed and adopted, an the Mayor and the City Clerk and the Chairman and Secretary of the Municipal Parking Authority are authorized and directed to prepare and execute, sell and deliver the bonds and coupons, recorded and deliver the Pledges and Mortgage 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 an declared that excessive curb parking of motor vehicles on the streets with 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 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 by demands for the pubic 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 21st day of April, 1958.