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AN ORDINANCE PROVIDING FOR THE ISSUANCE OF CERTIFICATES OF INDEBTEDNESS OF THE CITY OF JONESBORO FOR MUNICIPAL AIRPORT PURPOSES; DESCRIBING THE DUTIES OF CITY OFFICERS IN CONNECTION THEREWITH; PROVIDING FOR THE PLEDGE OF REVNEUES DERIVED FROM THE MUNICIPAL AIRPORT OF THE CITY; DECLARING AN EMERGENCY; AND FOR OTHER PURPOSES
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WHEREAS, the City of Jonesboro (the “City”) owns an airport which is free of bonded indebtedness and which is operated by an Airport Commission created by Ordinance No. 1573, adopted April 18th, 1977, pursuant to Ark. Stats. Ann. Section 74-501-518, as amended; and
WHEREAS, it has been determined by the Airport Commission and by the City Council of the City, that funds are needed to provide temporary financing for improvements and additions to the airport; and
WHEREAS, the City Council and the Airport Commission have approved a proposal submitted by Citizens Bank of Jonesboro, to provide the needed funds upon the issuance of interim certificates of indebtedness pending the future issuance of definitive airport revenue bonds; and
WHEREAS, it is desirable that such interim certificates of indebtedness now be authorized and issued:
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
Section 1: There is an immediate need for the issuance of interim certificates of indebtedness to provide temporary financing for improvements to the airport of the City.
Section 2: That the sale of interim certificates of indebtedness, not to exceed in principal amount the sum of $265,000 to Citizens Bank of Jonesboro, under the terms and conditions hereinafter set forth, be, and the same is, approved and confirmed.
Section 3: That under the authority of Act 53 of the Acts of the General Assembly of the State of Arkansas of 1949 (sometimes hereinafter referred to as “Act 53 of 1949”) interim certificates of indebtedness of the City (hereinafter called the “Certificates”) be issued in the principal amount not to ex...
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