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RESOLUTION TO ISSUE AND SELL CAPITAL NOTES FOR THE CONSTRUCTING, WIDENING, PAVING AND DRAINAGE FOR THE ACCESS ROAD LOCATED AT THE JONESBORO MUNICIPAL AIRPORT
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WHEREAS, it was declared by this City Council, by Resolutions, on January 30, 1967, that it was desirable and necessary to improve the Jonesboro Municipal Airport so that is might become a more effective part of the National System of Public Airports, and to this end, by means of three(3) Resolutions, all dated January 30,1967, the City Council authorized the Mayor and the City Clerk to issue and sell Capital Notes, pursuant to the provisions of Ordinance #1123, for the purpose of raising funds with which to make improvements and capital improvements at the Jonesboro Municipal Airport, and
WHEREAS, such Capital Notes issued and sold for the purpose of making such improvements at the Jonesboro Municipal Airport are to be repaid from the proceeds received from the sale of bonds issued by the City of Jonesboro, pursuant to Amendments #13 and #49 to the Constitution of the State of Arkansas, and
WHEREAS, it is considered desirable and necessary to make additional improvements at the Jonesboro Municipal Airport, and it is necessary to increase the amount of Capital Notes authorized to be issued for the purpose of constructing and extending the runway, because of increases in the construction costs of such runway, and it is necessary to increase the amount of Capital Notes authorized to be issued for the purpose of enlarging and making additions to, and furnishing, the Terminal Building, because of an increase in the amount originally estimated to be required for this purpose;
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 Twenty Three Thousand and No/100 Dollars ($23,000.00). The proceeds received from the sale of such Capital Notes shall be used for the purposes of constructing, widening, paving and draining the access road located at the Jonesboro Municipal Airport, and the engineering, planning and research costs incidental to such.
The Mayor and the City Clerk are further 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 Five Hundred Eighteen Thousand and No/100 Dollars ($518,000.00). The proceeds received from the sale of such Capital Notes shall be used for the purposes of constructing, marking, and lighting an additional runway and constructing, reconstructing, strengthening, widening, and extending taxiways and aprons, and clearing land therefore, at Jonesboro Municipal Airport, and for engineering, planning and research costs incidental are related to the construction of such improvements. This authorization to issue and sell Capital Notes in the face amount of Five Hundred Eighteen Thousand and No/100 Dollars ($518,000.00) is in lieu of the authorization, dated January 30,1967 , to issue Capital Notes in the face amount of Four Hundred Forty Thousand One Hundred and No/100 Dollars ($444,100.00) for such purposes, and not in addition thereto, so that the total amount of Capital Notes issued for the purpose of raising funds to construct a new runway and reconstruct existing runways and taxiways under both this Resolution and the Resolution dated January 30,1967, shall be only Five Hundred Eighteen Thousand and No/100 Dollars ($518,000.00).
The Mayor and the City Clerk are further 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 Twenty Six Thousand and No/100 Dollars ($26,000.00). The proceeds received from the sale of such Capital Notes shall be used for the purpose of enlarging and expanding the Terminal Building, furnishing and equipping same, and for the architectural, engineering, planning and research cost incidental thereto. This authorization to issue and sell Capital Notes in the face amount of Twenty Six Thousand and No/100 Dollars ($26,000.00) is in lieu of the authorization, dated January 30, 1967, to issue Capital Notes in the face amount of Twenty Five Thousand and No/100 Dollars ($25,000.00) for such purposes, and not in addition thereto, so that the total amount of Capital Notes issued for the purpose of enlarging and expanding the Terminal Building and furnishing and equipping same, under both this Resolution and the Resolution dated January 30,1967, shall be only Twenty Six Thousand and No/100 Dollars ($26,000.00).
The form of all Capital Notes authorized by this Resolution 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, unless the proceeds from the sale of the above described bonds are sooner available.
PASSED AND ADOPTED this 7th of October, 1968.