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RESOLUTION TO BORROW MONEY FROM MERCANTILE BANK TO PRESERVE PROPERTY LEASED TO FROLIC FOOTWEAR
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BE IT RESOLVED by the City Council of the City of Jonesboro, Arkansas that in order to obtain funds to make needed improvements to preserve the property owned by the City of Jonesboro and leased to Frolic Footwear, Inc. in an instrument dated as the November 1, 1961, the City of Jonesboro borrow from the Mercantile Bank the sum of $25,380.00 with interest at 5 ½ per cent per annum, to be amortized in equal monthly payments over a period of 60 months.
The instrument evidencing such debt shall recite that the proprietor, non-governmental funds received as rentals shall be pledged to the payment of the indebtedness which shall not be paid out of governmental or tax funds and shall not contravene statutory or constitutional prohibitions, and shall be in the form presented to City Council and attached to the Resolution.
PASSED and ADOPTED this 5th day of July, 1966.