title
AN ORDINANCE AMENDING SECTIONS 1, 2 AND 4 OF ORDINANCE 933; TO PROVIDE FOR EXECUTION OF DEED TO SURPLUS AIRPORT PROPERTY AND ITS DELIVERY IN ESCROW; TO AUTHORIZE LEASE-PURCHASE CONTRACT; AND AMENDING BOND SCHEDULE
body
WHEREAS, in accord with provisions of Ordinance 933, adopted April 8, 1957, arrangements have been made for lease and disposal of surplus airport property, and the details of description of parties, of land and of bond schedule are finally determined and it being und to be in furtherance of the best interests of the citizens of Jonesboro that Ordinance 933 be amended:
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
SECTION 1: Section 1 of Ordinance 933 is amended to be as follows: That the mayor and City Clerk and the Chairman and Secretary of the Airport Commission be authorized and directed to execute and deliver, in escrow, a Warranty Deed to the Colson Corporation to surplus airport property described as:
Part of Tract No.1 of Jonesboro Municipal Airport, more particularly described as follows: Begin at the ¼ corner of Sections 21 and 22 in Township 14 North, Range 4 East; thence run South on ¼ Section line 150.5 feet to the St. Louis San Francisco Railroad right-of-way line; thence North 44 degrees 08 minutes West along said right-of-way line 917.2 feet; thence North 46 degrees 49 minutes East 840.1 feet to point of beginning proper; thence continue North 46 degrees 49 minutes East 400 feet; thence North 42 degrees 27 minutes West 1222.6 feet to St. Louis Southwestern Railroad right-of-way; thence North 88 degrees 55 minutes West along said right-of-way line 557 feet; thence South 42 degrees 27 minutes East 1601.0 feet to point of beginning proper, containing 12.96 acres.
The Escrow Agreement to provide for delivery of said deed to grantee, or its assigns, upon payment of $20,000.00 of Second-Lien Bonds on or before November 1, 1977.
To afford a convenient method of determining payment for said deed, there shall be delivered to the Escrow Agent, in trust, Bonds numbered 507 through 577 of the Bond Issue approved in Ordinance 933, so that upon payment of said bonds the deed shall be delivered to the grantee and proceeds of said numbered bonds to the Airport Commission to be used only for purpose of improvement of the remaining airport property.
SECTION 2: Section 3 of Ordinance 933 is amended to be:
The Mayor and City Clerk, together with the Chairman and Secretary of the Airport Commission, are authorized and directed to execute and bind the City of Jonesboro to the terms of a Lease Contract providing that the Colson Corporation may lease the premises described in Section 1, together with any and all improvements now or hereafter placed thereon, with option to purchase upon completion of rental payments for twenty (20) years sufficient to amortize bonds described in Ordinance 933 as amended, and also to lease or contract for sale of adjoining lands under similar terms.
SECTION 3: The terms of the Pledge and Assignments set out in Section 4 of Ordinance 933 is amended to provide for date of bonds to be as of November 1, 1957, and for immediate actual issuance and delivery to bond purchasers or in trust for said purchasers. The First-Lien Bonds to be in denominations of $100.00, $500.00 and $1,000.00 shall be numbered 1 through 506 and shall bear interest at three and one-half per cent (3 1/2 %) per annum evidenced by semi-annual interest coupons, and shall mature serially on May 1 and November 1 of each year, as follows:
May 1, 1958 $ 9,100 May 1, 1967 $12,400
Nov.1, 1958 9,400 Nov.1, 1967 12,800
May 1, 1959 9,500 May 1, 1968 13,000
Nov.1, 1959 9,700 Nov.1, 1968 13,200
May 1, 1960 9,800 May 1, 1969 13,400
Nov.1, 1960 10,100 Nov.1, 1969 13,600
May 1, 1961 10,200 May 1, 1970 13,800
Nov.1, 1961 10,300 Nov.1, 1970 14,200
May 1, 1962 10,500 May 1, 1971 14,400
Nov.1, 1962 10,800 Nov. 1, 1971 14,600
May 1, 1963 10,900 May 1, 1972 14,900
Nov.1, 1963 11,100 Nov.1, 1972 15,200
May 1, 1964 11,300 May 1, 1973 15,500
Nov.1, 1964 11,600 Nov.1, 1973 15,700
May 1, 1965 11,700 May 1, 1974 16,000
Nov.1, 1965 11,900 Nov.1, 1974 16,300
May 1, 1966 12,100 May 1, 1975 8,600
Nov. 1, 1966 12,400
The Second-Lien Bonds shall be each in the principal sum of $1,000.00, shall be paid from rental payments from pledged property as funds accumulate after May 1, 1975, and shall bear interest at one and one-half per cent (1 ½ %) per annum, which interest shall be deferred and paid at the time of payment of principal of the Second-Lien Bonds. In event rental payments under the contract herein authorized shall not be sufficient to pay such interest in full the deficiency shall be met by not interest being collected on last numbered bonds in inverse numerical order.
The land described in said Pledge shall be as set out in Section 1 of this Ordinance.
SECTION 4: It is ascertained and declared that the vacant and unimproved land within the City of Jonesboro lying west of the Municipal Airport, and described in this Ordinance, constitutes a hazard to the life, health and well-being of residents of the municipality, and its improvement and use will contribute to the economic welfare, health and well-being of citizens and improvement of property values; and, this Ordinance being necessary for the immediate protection of the public peace, health and safety, and being made necessary by the demands of 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 5th day of August, 1957.