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RESOLUTION FOR CRAIGHEAD COUNTY FAIR ASSOCIATION TO CONSTRUCT AND OPERATE FAIRGROUNDS ON A PORTION OF MUNICIPAL AIRPORT SITE
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WHEREAS, the Craighead County Fair Association desires to construct and operate a fair grounds on a portion of Municipal Airport site and the plan is being in the public interest.
BE IT RESOLVED that the Mayor and City Clerk of the City of Jonesboro be authorized to execute and deliver notes or other evidences of indebtedness secured by mortgage or trust deed on not to exceed 10 acres near entrance to Municipal Airport, exact description to be determined by these officers for a loan not to exceed $20,000.00 payable in installments not to exceed 5 years, and at a rate to be determined by said officials; provided obligation shall not include any commitment or pledge to pay said notes and interest from City general revenues or from any special revenues now existing. This authorization is further conditioned on the Craighead County Fair Assn, Inc. contracting with City and the lenders to pay the principals and interest due on said obligation out of revenues from the operation of fair or from other revenues, further contracting to operate fair yearly.
PASSED and ADOPTED this 6th day of June, 1955.