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RESOLUTION TO PURCHASE PROPERTY FROM GUARANTY LOAN AND REAL ESTATE
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WHEREAS, the City of Jonesboro requires the eventual development and acquisition of land for park site purposes, and the need therefore constantly increases due to the necessity of providing park and recreational facilities for the citizens of Jonesboro; and
WHEREAS, the City of Jonesboro through the recommendation of its Park Commission and City Council considers the acquisition of the hereinafter mentioned property as a necessary integral part of their parks and recreational site for the eventual expansion of its parks system;
NOW, THEREFORE, BE IT RESOLVED that the City Council finds it to be of benefit to the City and citizens of Jonesboro to purchase the following described real property for a price of $_____, said property lying in the City of Jonesboro, Craighead County, Ark., and belonging to Guaranty Loan and Real Estate, a Corp., with its main office at West Memphis, Ark. to-wit:
Lot 3, Block E of the Fairview Addition to the City of Jonesboro, Ark.
The Mayor and the City Clerk are authorized and directed to pay for in the amount stated above including interest at the rate of 5% per annum on said principal sum until said purchase price is paid in full and to enter into any necessary agreement or contract for the purchase of the above described property in accordance with the terms of this resolution and accept the deeds to said property on behalf of the City of Jonesboro, as described above.
PASSED AND ADOPTED this 15th day of May, 1972.