title
RESOLUTION TO AUTHORIZE THE MAYOR AND CITY CLERK TO EXECUTE A LEASE FOR A TERMINAL BUILDING AT THE MUNICIPAL AIRPORT
body
WHEREAS, the City Council has heretofore authorized the construction of an airline terminal building at the Municipal Airport and has devised a method of financing same and it is recommended to the City Council by the Airport Commission that three Trustees be designated to supervise construction of this building, undertake rental of the facilities after construction and maintenance thereof, and to further supervision payment of the evidences of indebtedness issued by the City of Jonesboro which are to be claims only against rentals from said building and not against the general funds of the City giving such Trustees a lease of the property to be occupied by said terminal building for a period of fifty (50) years or upon complete payment of all indebtedness arising out of construction, whichever event occurs sooner, with full power in said Trustees to mortgage, rent or sub-lease the premises.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Jonesboro, Arkansas that a lease be executed by the City to three Trustees who will be the president of the Jonesboro Chamber of commerce, the chairman of the board of the City Water & Light Plant of the City of Jonesboro and one Alderman of the City of Jonesboro appointed by the Mayor and their successors, for the purposes described above and the form of lease presented to the council, a copy of which is attached hereto, is hereby approved and the Mayor and City Clerk are authorized and directed to execute same on behalf of the City of Jonesboro.
PASSED and ADOPTED this 18th day of March, 1963.