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AN ORDINANCE EXTENDING MATURITY OF CERTIFICATES OF INDEBTEDNESS AND DATE FOR ISSUANCE OF PARKING REVENUE BONDS
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WHEREAS, Ordinance of the City of Jonesboro, Arkansas, No.998 adopted November 2, 1959, provided for the issuance of Certificates of Indebtedness maturing February 1, 1962, and the 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 Ordinance No.1113, adopted January 19, 1965, extended said maturity to February 1, 1967; 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 December 1, 1968:
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro. Arkansas:
Section 1: That the maturity dates of all Certificates of Indebtedness hereto fore or hereafter issued pursuant to Ordinance No.998 of the City of Jonesboro are, and they are, hereby extended to on or before December 1, 1968.
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, by resolution, direct, on or before, but not later than, December 1, 1968.
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 congestion of free circulation of traffic continues to be a problem which diminishes property values and endangers the health, safety and general welfare of the public. Certain solutions are in process of accomplishment and additional plans and studies are currently being 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 less than thirty (30) days from the date of 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 30th day of January, 1967.