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AN ORDINANCE APPROVING PROCEEDINGS UNDER ACT 468 OF ARKANSAS LEGISLATURE FOR 1949; APPROVING BORROWING FOR IMPROVEMENT OF PARKING AND FOR RENTAL OF SPACE AND FOR DECLARING AN EMERGENCY AND OTHER PURPOSES
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WHEREAS, by Ordinance 930, adopted December 3, 1956, the Municipal Parking Authority and the City of Jonesboro issued bonds for the lease and improvement of a public parking lot as described in Lease dated December 15, 1956, recorded in Miscellaneous Record 3, page 415, in the Office of the Recorder of Craighead County, Arkansas, and thereafter $60,000.00 in bonds, as recited in said ordinance, were issued, the last to mature January 1, 1972, and the balance unpaid being on this date $29,000.00; and
WHEREAS, said lot not requires servicing and improvement which can be accomplished by the expenditure of $12,000.00, and Frolic Footwear, Inc., has offered and agreed to pay to the City and to the Parking Authority monthly rental in an amount that would amortize a loan of $12,000.00, at five and one-half percent (5 ½ %) interest by the time or the date that the last bond is due according to the terms of Ordinance 930, which amount is fixed at $235.00 per month (this payment to be in addition to $500.00 per month heretofore paid as rental on the lot by Frolic Footwear). It is found to be in the interest of the City of Jonesboro and the citizens thereof to improve said lot as herein set out and, under the terms of Act 468 of the Arkansas Legislature for the year 1949, pledge additional rentals to the payment of a $12,000.00 debt, to further secure this indebtedness by the terms of the existing mortgage and pledge, subject to the existing liens and security of the debt authorized in Ordinance No.930;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro:
Section: The Mayor and the City Clerk and the Chairman and Secretary of the Jonesboro Parking Authority shall execute a Certificate of Indebtedness in words and figures substantially as follows:
CITY OF JONESBORO
CRAIGHEAD COUNTY, ARKANSAS,
AND
MUNICIPAL PARKING AUTHORITY
OF JONESBORO, ARKANSAS
CERTIFICATE OF INDEBTEDNESS
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 a total sum of Twelve Thousand Dollars ($12,000.00) plus interest at five and one-half percent (5 ½ %) per annum calculated on the unpaid balances, payments to be monthly, beginning August 1, 1966, until the obligation is paid in full.
Principal and interest are payable out of income to be received from the rental of a public parking lot adjacent to the Frolic Footwear building in Jonesboro, Arkansas. All rents or income received form such parking lot (as described in detail in Miscellaneous Record 3, page 415, in the Office of the Recorder in Craighead County, Arkansas,) are irrevocable pledged to the payment of the indebtedness herein described.
The faithful performance at the time and in the manner of every act contracted to be performed to provide for the prompt payment of principal and interest on this Certificate is warranted by the issuers. This obligation does not constitute an indebtedness of the City of Jonesboro within the meaning of or as prohibited by any constitutional provision or limitation and is payable solely from revenues and is secured by a lien on the premises recited.
IN WITNESS WHEREOF the City of Jonesboro and the Municipal Parking Authority of the City of Jonesboro has caused this Certificate of Indebtedness to be signed by the respective officers, attested by the Corporate Seal as of this 1st day of July, 1966.
CITY OF JONESBORO
By
Mayor
By
City Clerk
MUNICIPAL PARKING AUTHORITY
OF JONESBORO
By
Chairman
By
Secretary
Section 2: The sum of $235.00 per month contracted rental from Frolic Footwear, Inc., for the non-exclusive use of said parking lot is hereby irrevocably assigned as security for and to be paid directly to the holder of the Certificate of Indebtedness described in this ordinance or to the Paying Agent.
Section 3: This ordinance shall be published one time in The Jonesboro Sun, and all persons shall take notice that the ordinance has been adopted and that the City contemplates the issuance of the Certificate of Indebtedness described in this ordinance. Any person interested may appear before the City Council at its regular meeting at the City Hall on the 5th day of July, 1966, and present protest, if there be any such. At such meeting, all objections and suggestions shall be heard and the City Council shall take such action as it shall deem proper in the premises.
Section 4: It is ascertained and declared that excessive parking of motor vehicles on the streets within the City of Jonesboro and the 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 properties and 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 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 20th day of June, 1966.