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AN ORDINANCE APPROVING PROCEEDINGS UNDER ACT 468 OF ARKANSAS LEGISLATURE FOR 1949; APPROVING BORROWING FOR IMPROVEMENT OF PARKING AND FOR RENTAL OF SPACE AND FOR DECLARING AN EMERGENCY AND OTHER PURPOSES
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WHEREAS, by Ordinance 930, adopted December 3, 1956, the Municipal Parking Authority and the City of Jonesboro issued bonds for the lease and improvement of a public parking lot as described in Lease dated December 15, 1956, recorded in Miscellaneous Record 3, page 415, in the Office of the Recorder of Craighead County, Arkansas, and thereafter $60,000.00 in bonds, as recited in said ordinance, were issued, the last to mature January 1, 1972, and the balance unpaid being on this date $29,000.00; and
WHEREAS, said lot not requires servicing and improvement which can be accomplished by the expenditure of $12,000.00, and Frolic Footwear, Inc., has offered and agreed to pay to the City and to the Parking Authority monthly rental in an amount that would amortize a loan of $12,000.00, at five and one-half percent (5 ½ %) interest by the time or the date that the last bond is due according to the terms of Ordinance 930, which amount is fixed at $235.00 per month (this payment to be in addition to $500.00 per month heretofore paid as rental on the lot by Frolic Footwear). It is found to be in the interest of the City of Jonesboro and the citizens thereof to improve said lot as herein set out and, under the terms of Act 468 of the Arkansas Legislature for the year 1949, pledge additional rentals to the payment of a $12,000.00 debt, to further secure this indebtedness by the terms of the existing mortgage and pledge, subject to the existing liens and security of the debt authorized in Ordinance No.930;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro:
Section: The Mayor and the City Clerk and the Chairman and Secretary of the Jonesboro Parking Authority shall execute a Certificate of Indebtedness in words and figures substantially...
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