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AN ORDINANCE APPROVING PROCEEDINGS UNDER ACT NO.468 OF THE ARKANSAS LEGISLATURE FOR THE YEAR 1949; APPROVING FORM OF BONDS, COUPONS, PLEDGE AND MORTGAGE, AND DIRECTING EXECUTION AND DELIVERY OF SAME FOR THE PURPOSE OF PROCURING FUNDS FOR THE ACQUISITION AND IMPROVEMENT OF AN AUTOMOBILE PARKING AREA AND PASSAGEWAY
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WHEREAS, in compliance with Ordinances, Resolutions and findings of the Municipal Parking Authority of Jonesboro, Arkansas, and of the City Council, and in full compliance with Statutes of the State of Arkansas, it is found that all requirements have been fulfilled for the acquisition and improvement of a parking area and passageway north of Cate Avenue between Main and Union Streets in Jonesboro, Arkansas, and that the City of Jonesboro and Municipal Parking Authority should proceed with the City of Jonesboro and Municipal Parking Authority should proceed with the borrowing of $34,000.00 for the purpose of acquiring and improving said tract; and
WHEREAS, the form of bonds, coupons and of Pledge and Mortgage securing same have been presented to the City Council and the Parking Authority and approved:
BE IT ORDAINDED 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 and mortgage of the real estate acquired or to be acquired and improved with the proceeds of or in connection with the loan herein authorized, and said Pledge and form of bond shall be substantially as set out in words and figures as follows, which shall be binding on the city, and the amounts set aside and pledged in said instrument are hereby appropriated for the purpose stated therein:
PLEDGE and MORTGAGE
KNOWN ALL MEN BY THESE PRESENTS:
THAT WHEREAS, for the purpose of providing public off-street automobile parking facilities and new passageways or streets in the City of Jonesboro, Arkansas, and in full compliance with all ordinances, all...
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