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AN ORDINANCE APPROVING PROCEEDINGS UNDER ACT NO. 468 OF ARKANSAS LEGISLATURE FOR THE YEAR 1949; APPROVING FORM OF BONDS, COUPONS, DEED OF TRUST AND PLEDGE, AND DIRECTING EXECUTION AND DELIVERY OF SAME FOR THE PURPOSE OF PROCURING FUNDS FOR THE RENTAL OF PARKING AREA: DECLARING AN EMERGENCY, AND FOR OTHER PURPOSES
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WHEREAS, in compliance with Ordinances Nos.840 and 929, the City Council of the City of Jonesboro, Craighead County, Arkansas, has heard all objections and suggestions at the time and place as set out in Ordinance No.929. after due and proper publication of said Ordinance, and it is found that the statements and findings contained in said two ordinances are true and correct and that all things required therein have been done and performed and all requirements of Act No.468 of the Arkansas Legislature for the year 1949 have been met and that the City of Jonesboro should proceed with the borrowing of Sixty Thousand Dollars ($60,000.00) for the purposes setout in said ordinances, and for the leasing of improved off-street parking sites on the lands described in Ordinance No.929; and
WHEREAS, the form of bonds, coupons and pledge securing such bonds which shall mature as described in form of Deed of Trust appearing below, with interest at the rate of five and one-half percent (5 ½ %) payable semi-annually and evidenced by interest coupons are approved; therefore.
BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
SECTION 1: The Mayor and the City Clerk and the Chairman and Secretary of the Jonesboro Parking Authority shall execute a Pledge, Mortgage and Assignment of payments and of mortgage of real estate acquired or to be acquired with the proceeds or in connection with the loan herein authorized and said Pledge and from of bond being substantially as set out in words and figures as follows:
PLEDGE AND MORTGAGE
KNOW ALL MEN BY THEST PRESENTS:
That, WHEREAS, for the purpose of providing public off-street automobile pa...
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