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AN ORDINANCE PROVIDING FOR PURCHASES OF BUSES AND EQUIPMENT; ISSUANCE OF BONDS FOR PURCHASE, PLEDGING RESERVES FOR PAYMENT OF BONDS; APPOINTING A COMMISISON OF PUBLIC TRANSPORTATION; RECITING A COMMISSION OF PUBLIC TRANSPORTATION; RECITING OTHER MATTERS RELATING TO TRANSPORTATION AND DECLARING AN EMERGENCY (NOTE: THIS ORDINANCE WAS AMENDED BY ORD-58:1769 ON JULY 7, 1958)
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It is found and declared by the Council of the City of Jonesboro that the operation of a system of buses over the streets of Jonesboro and to Nettleton, Arkansas, is necessary to the public welfare; that such transportation is not hereafter obtainable through private ownership or operation; that the City Council and interested citizens have exhausted all possibilities of maintaining such bus service through other than public ownership; it is now necessary that the City of Jonesboro purchase and operate a public bus transportation facility.
Citizens of Jonesboro, represented by the Jonesboro Chamber of commerce, have contracted and underwritten the sale of bonds to obtain capital to purchase a bus system and for the supplying of certain operating capital, and the City Council has, by resolution, unanimously adopted on July 5, 1955, contracted to purchase buses and equipment of the Transit Company and to authorize the execution an delivery of evidences of indebtedness in the total sum of $10,000.00, to be secured by the properties purchased and net revenues to be derived from the bus operation; and has agreed to appoint five commissioners of public transportation to have charge of the operations for and on behalf of the City of Jonesboro; and to supply certain operating capital as set out in “Memoranda of Agreement Concerning Bus Operation in Jonesboro, Arkansas”.
NOW, THEREFORE, in furtherance of the requirements of the public welfare and in compliance with said Memoranda of July 5, 1955, the terms of which are again found to be in the public interest, required to meet a public nece...
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