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AN ORDINANCE PROVIDING FOR THE CONSTRUCTION OF BUILDING AT THE JONESBORO MUNICIPAL AIRPORT: PROVIDING FOR THE CITY AIRPORT COMMISSION TO CONTRACT FOR THE CONSTRUCTION THEREFORE; APPROVING LEASE OF SAID PREMISES: PROVIDING FOR THE ISSUANCE OF REVENUE BONDS PAYABLE SOLELY FROM INCOME TO BE RECEIVED FROM THE PREMISES; AUTHORIZING LEASE AND AGREEMENT TO SELL SURPLUS PROPERTY; PLEDGING LEASE PAYMENTS AND INTEREST IN PROPERTY TO THE PAYMENT OF BONDS; AND PRESCRIBING OTHER MATTERS IN RELATION THERETO AND DECLARING AN EMERGENCY (NOTE: THIS ORDINANCE WAS AMENDED BY ORD-57:1997 ON AUGUST 5, 1957)
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WHEREAS, the City Council of Jonesboro, Arkansas, has, by Resolution, approved the improvement of, the lease and sale of property acquired for airport purposes and no longer required for such purposes, and has found it to be to the interest and benefit of the citizens of Jonesboro to accomplish such improvements, lease and sale; and
WHEREAS, in order to accomplish the planned improvement it has been found desirable and in the public interest to raise the cost of such improvement by the issue of revenue bonds to be payable from the lease-purchase payments to be made under an agreement with the Jonesboro Industrial Development Corporation, which, in turn may sublease or contract with others for such payments, and to further secure said bonds by a Pledge or Mortgage of the improved premises; and
WHEREAS, it has been determined that bonds in the total sum of Five Hundred Thousand Dollars ($500,000.00) will be required for such purposes and can be sold and disposed of at a rate of interest equal to 3 percent per annum, with semi-annual payments of principal and interest, the last maturity not exceeding 21 years, and that the bonds would be more readily marketable if converted as to interest rate so that certain of the bonds be designated “First Lien Bonds” and should bear not less than 3 ½ percent interest, and certain of same to e designated “Second Lien Bonds” and bea...
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