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AN ORDINANCE APPROVING PROCEEDING UNDER ACT NO.468 OF THE ARKANSAS LEGISLATURE FOR THE YEAR 1949, WITH AMENDMENTS THERETO: APPROVING FORM OR CERTIFICATE OF INDEBTEDNESS AND STATUTORY MORTGAGE LIEN: PLEDGE AND ASSIGNMENT OF PARKING METER REVENUES, AND DIRECTING EXECUTION AND DELIVERY OF SAME FOR THE PURPOSE OF PROCURING FUNDS FOR THE ACQUISITION OF PARKING AREA: DECLARING AN EMERGENCY, AND FOR OTHER PURPOSES
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WHEREAS, in full compliance of Act No.468 of the Arkansas Legislature for the year 1949, the City Council of Jonesboro did enact ordinance No.840 creating and establish the Municipal Parking Authority of the City of Jonesboro; and
WHEREAS, the said parking Authority after a thorough investigation of the parking problem and needs of the City within its jurisdiction has formulated a master plan for automobile parking; and
WHEREAS, the said Municipal Parking Authority of Jonesboro did on Arkansas 22, 1957 pass and adopt its resolution finding a need for additional parking area conforming to said master street plan, and calling for the purchase of lots 3 and 4 of Flossie Ritter’s Addition to the City of Jonesboro, Arkansas at a total purchase price of $21.000; and
WHEREAS, all things required having been done and performed and all requirements of Act No.468 of 1949 and of Ordinance No.840 have been met, and that the City of Jonesboro should proceed with the borrowing of $21,000 for the purpose of acquiring said parking area; and
THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas.
SECTION 1: That the Mayor and City Clerk and Municipal Parking Authority are authorized and directed to execute a Certificate of Indebtedness, pledge and statutory mortgage lien upon real estate acquired or to be acquired with the proceeds of the loan herein authorized, said pledge to be of such parking meter revenues, not already pledged, as will be necessary to guarantee payment of the principal and interest becoming due upon indebtedness a...
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