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AN ORDINANCE APPROVING PROCEEDING UNDER ACT NO.468 OF THE ARKANSAS LEGISLATURE FOR THE YEAR 1949, WITH AMENDMENTS THERETO: APPROVING FORM OR CERTIFICATE OF INDEBTEDNESS AND STATUTORY MORTGAGE LIEN: PLEDGE AND ASSIGNMENT OF PARKING METER REVENUES, AND DIRECTING EXECUTION AND DELIVERY OF SAME FOR THE PURPOSE OF PROCURING FUNDS FOR THE ACQUISITION OF PARKING AREA: DECLARING AN EMERGENCY, AND FOR OTHER PURPOSES
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WHEREAS, in full compliance of Act No.468 of the Arkansas Legislature for the year 1949, the City Council of Jonesboro did enact ordinance No.840 creating and establish the Municipal Parking Authority of the City of Jonesboro; and
WHEREAS, the said parking Authority after a thorough investigation of the parking problem and needs of the City within its jurisdiction has formulated a master plan for automobile parking; and
WHEREAS, the said Municipal Parking Authority of Jonesboro did on Arkansas 22, 1957 pass and adopt its resolution finding a need for additional parking area conforming to said master street plan, and calling for the purchase of lots 3 and 4 of Flossie Ritter’s Addition to the City of Jonesboro, Arkansas at a total purchase price of $21.000; and
WHEREAS, all things required having been done and performed and all requirements of Act No.468 of 1949 and of Ordinance No.840 have been met, and that the City of Jonesboro should proceed with the borrowing of $21,000 for the purpose of acquiring said parking area; and
THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas.
SECTION 1: That the Mayor and City Clerk and Municipal Parking Authority are authorized and directed to execute a Certificate of Indebtedness, pledge and statutory mortgage lien upon real estate acquired or to be acquired with the proceeds of the loan herein authorized, said pledge to be of such parking meter revenues, not already pledged, as will be necessary to guarantee payment of the principal and interest becoming due upon indebtedness as same matures; said substantially as herein below set out as follows:
CERTIFICATE OF INDEBTEDNESS
The City of Jonesboro, Arkansas, pursuant to Resolution of the Municipal Parking Authority date August 22, 1957, and the Ordinance No.946 the City of Jonesboro enacted as provided for by law on the 21st day of October, 1957, hereby acknowledges itself to be indebted to and promises to pay to A.G. Patteston, Jonesboro, Arkansas, the sum of Twenty-one Thousand Dollars ($21,000.00) in semi-annual installments as follows: $3,500.00 on April 1,1958, $25,00.00 on October 1, 1958, and $25,00.00 on April 1 and October 1, 1959, 1960 and 1961, together with interest on the unpaid balances due at each installment payment date at the rate of four percent (4%) per annum. Entire balance may be prepaid at any installment payment date without penalty.
The makers certify that this Certificate of Indebtedness is issued pursuant to law and ordinances for the purpose of obtaining land for public automobile parking, and all things required to be done have been performed in strict accord with the provisions of applicable law and ordinances.
The payment of this Certificate and interest thereon is secured by a pledge of a sufficient amount of the net revenues derived and to be derived from parking meters located in Jonesboro, Arkansas, to fully pay the installments, and further by a statutory mortgage lien, as provided by said ordinance on the following described lands, which were procured with the proceeds of the loan: Lots 3 and 4 of Flossie Ritter’s Addition to the City of Jonesboro, Arkansas.
The holder of this Certificate shall be entitled to demand and receive from the depository or depositories, whether banks or city officials, having custody of said Funds, are hereby authorized, without further order from the undersigned or other officials, to pay direct to the holder of this Certificate, on demand, any amounts in said funds not heretofore pledged or assigned.
“This Certificate has been issued under the provisions of Arkansas Statues, section 19-4907, and does not constitute an indebtedness of the City of Jonesboro within the meaning of Amendments X or XIII of the Arkansas Constitution.”
PASSED and ADOPTED this 21st day of October, 1957.