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AN ORDINANCE PROVIDING FOR THE PURCHASE OF LANDS AND IMPROVEMENTS, IMPROVING OF LANDS AND FACILITIES; PROVIDING A MEANS OF FINANCING THE PURCHASE BY ISSUANCE OF NOTES; PLEDGING INCOME AND PROPERTY TO THE PAYMENT OF SUCH INDEBTEDNESS, AND OTHER MATTERS RELATING THERETO
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WHEREAS, the City Council of the City of Jonesboro, Arkansas, has, on September 7, 19656, adopted a Resolution declaring a policy for acquisition of rights-of-way, parking facilities, airport improvements, and other capital investments in land and property required in furtherance of “Transportation and Land Use Plan” approved and adopted by the City Council by Resolution of July 16, 1962, and other improvements and property, declaring that all funds coming into the City’s ownership or control by or from county road turn back (3 mill tax), parking revenue (subject to existing pledges), City Water and Light Plant pursuant to a joint Resolution adopted July 12, 1965, and from vehicle license fees as established by Resolution of the City Council dated June 21, 1965.
NOW, THEREFORE, in furtherance of and to effectuate the policies, resolutions and ordinances of the City of Jonesboro, be it ordained by the Mayor and the City Council of Jonesboro, Arkansas:
Section 1: That the City acquire right-of-way, parking spaces, improve existing properties, including the Jonesboro Airport, as same have been recommended by either the Jonesboro Parking Authority, the Traffic Advisory Commission, or the Airport Commission, all of the City Council.
Section 2: The Mayor and the City Clerk are authorized and directed to issue and sell Capital Notes of the City of Jonesboro for the purpose of obtaining funds for the acquisitions and improvements recited in Section 1. Such notes shall be issued as directed by Resolution of the City Council, but any purchaser thereof shall not be required to determine either the fact of sufficiency of such Resolution, and the Notes, when full consideration is paid therefore by...
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