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AN ORDINANCE AUTHORIZING THE CONVEYANCE OF PROPERTY FROM THE CITY OF JONESBORO TO SOUTHERN CAST PRODUCTS, INC.
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WHEREAS, Southern Cast Products, Inc. leased certain lands and certain machinery and equipment hereinafter described from The City of Jonesboro, Arkansas pursuant to Ordinance No. 1506; and
WHEREAS, all payments due to the Trustee of the Trust Indenture authorized by Ordinance No. 1505 have been made and the lien securing same has been discharged pursuant to the Trust Indenture: and
WHEREAS, all lease payments due the City of Jonesboro have been made; and,
WHEREAS, Southern Cast Products, Inc. has elected to exercise its right to purchase the leased property for the sum of One Hundred Dollars ($100.00) pursuant to the provisions of the Lease and Agreement authorized by Ordinance No. 1506; and
WHEREAS, Southern Cast Products, Inc. Has an absolute right to have the property conveyed to it immediately upon payment of the consideration of One Hundred Dollars ($100.00).
NOW, THEREFORE, be it ordained by City Council for The City of Jonesboro, Arkansas
SECTION 1: That there be and there is hereby authorized and directed a conveyance for the transfer of real property and machinery and equipment presently owned by The City of Jonesboro to Southern Cast Products, Inc., said real property and machinery and equipment being described as follows:
LANDS:
A part of the Northeast Quarter of the Southeast Quarter of Section 26, Township 14 North, Range 4 East, more particularly described as follows: Begin at the Southeast corner of the Northeast Quarter of the Southeast Quarter of Section 26 aforesaid; thence South 88° 42' West 647.42 feet to a stake which is the South-east corner of Southern Casting Property and the point of beginning; thence South 88° 42' West 150 feet to a stake; thence North 417.4 feet to a stake on the South right-of-way line of Krueger Drive; thence North. 88° 42' East 250 feet to a stake in the South right of way line of Krueg...
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