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RESOLUTION TO ISSUE AND SELL CAPITAL NOTES IN THE AMOUNT OF $444,100 FOR IMPROVEMENTS TO THE JONESBORO MUNICIPAL AIRPORT
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WHEREAS, it is considered desirable and necessary to improve the Jonesboro Municipal airport so that it may become a more effective part of the national system of public airports, and, to this end, it is considered desirable and necessary to construct a new runway and construct, reconstruct, strengthen, widen and extend taxiways at the Jonesboro Municipal Airport, and
WHEREAS, the Federal Aviation Agency of the United States Government has allocated the sum of Four Hundred Forty Four Thousand One Hundred Dollars $444,100.00), under the provisions of the Federal Airport Act, to be used in the construction of such improvements, and
WHEREAS, it is necessary, under the provisions of such Federal Airport Act, that the City of Jonesboro provide for the construction of such improvements a sum of money equal to the amount so allocated by the Federal Aviation Agency, in order to be eligible to receive such amount so allocated by the Federal Aviation Agency; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Jonesboro, that the Mayor and the City Clerk are authorized and directed, pursuant to the provisions of Ordinance #1123, to issue and sell Capital Notes of the City of Jonesboro in the face amount of Four Hundred Forty Four Thousand One Hundred Dollars ($444,000.00). The form of such Capital Notes shall be as prescribed in Ordinance #1123, and such Capital Notes shall be subject to all terms, conditions and provisions contained in Ordinance #1123, and the payment of such Capital Notes, plus interest, shall be from the revenues as specified in Ordinance #1123. The proceeds received form the sale of such Capital Notes shall be used for the purposes of constructing, marking and lighting an additional runway and constructing, strengthening, widening and extending taxiways and aprons, and clearing land therefore, at Jon...
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