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AN ORDINANCE AMENDING SECTIONS 1, 2 AND 4 OF ORDINANCE 933; TO PROVIDE FOR EXECUTION OF DEED TO SURPLUS AIRPORT PROPERTY AND ITS DELIVERY IN ESCROW; TO AUTHORIZE LEASE-PURCHASE CONTRACT; AND AMENDING BOND SCHEDULE
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WHEREAS, in accord with provisions of Ordinance 933, adopted April 8, 1957, arrangements have been made for lease and disposal of surplus airport property, and the details of description of parties, of land and of bond schedule are finally determined and it being und to be in furtherance of the best interests of the citizens of Jonesboro that Ordinance 933 be amended:
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
SECTION 1: Section 1 of Ordinance 933 is amended to be as follows: That the mayor and City Clerk and the Chairman and Secretary of the Airport Commission be authorized and directed to execute and deliver, in escrow, a Warranty Deed to the Colson Corporation to surplus airport property described as:
Part of Tract No.1 of Jonesboro Municipal Airport, more particularly described as follows: Begin at the ¼ corner of Sections 21 and 22 in Township 14 North, Range 4 East; thence run South on ¼ Section line 150.5 feet to the St. Louis San Francisco Railroad right-of-way line; thence North 44 degrees 08 minutes West along said right-of-way line 917.2 feet; thence North 46 degrees 49 minutes East 840.1 feet to point of beginning proper; thence continue North 46 degrees 49 minutes East 400 feet; thence North 42 degrees 27 minutes West 1222.6 feet to St. Louis Southwestern Railroad right-of-way; thence North 88 degrees 55 minutes West along said right-of-way line 557 feet; thence South 42 degrees 27 minutes East 1601.0 feet to point of beginning proper, containing 12.96 acres.
The Escrow Agreement to provide for delivery of said deed to grantee, or its assigns, upon payment of $20,000.00 of Second-Lien Bonds on or before November 1, 1977.
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