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AN ORDINANCE PROVIDING FOR THE LEASING OF OFF-STREET PARKING FACILITIES: BORROWING MONEY BY ISSUANCE OF BONDS AND PLEDGING OF PARKING METER REVENUE: DECLARING AN EMERGENCY: AND FOR OTHER PURPOSES
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WHEREAS, the Jonesboro Parking Authority, in compliance with Arkansas Statutes Chapter 49, Ordinance No.840, and other laws and ordinances, has in accord with the master plan of parking, agreed to acquire by lease for a period of fifteen years, an improved parking lot located on approximately the West 195 feet of Lot 10 Cobb Survey of the Northwest Quarter of Section 17, Township 14 North, Range 4 East, in the City of Jonesboro, and has by Resolution duly passed after complying with all statutory requirements, recommended to the City Council that to obtain funds to pay for the rental of said tract for fifteen years, that the City of Jonesboro and the Parking Authority of Jonesboro issue Revenue Bonds in the sum of Sixty Thousand Dollars, ($60,000.00), bearing interest at the rate of 5 ½% per annum, payable in semi-annual installments with the last maturity not over fifteen years from January 1,,1957. Principal and interest of the bonds to be paid by the Peoples Property Association, Inc., and to be secured by a pledge of not to exceed $500.00 per month from parking meter revenue of the City of Jonesboro, payable only if the Peoples Property Association defaults in the payment of said installments, and the City of Jonesboro being further secured and protected by a lien on other properties of the Peoples Property Association enforceable to recover any parking meter moneys required to be expanded by the City; and
WHEREAS, it is found and declared that all things have been done and requirements of law and fact have been met and accomplished and that it is to the interest of the City of Jonesboro and the public that Sixty Thousand Dollars ($60,000.00) should be borrowed for the aforesaid purposes, therefore
BE IT ORDAINED by the City Council of the City of Jones...
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