HomeMy WebLinkAbout53-71 RESOLUTION171 • • 5. T. '11
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RESOLUTION NO. 53-7/
WHEREAS, the Board of Directors of the City of Fayette-
viller desires to undertake an improvement program at the
Fayetteville Municipal Airport (Drake Field); and
P •
WHEREAS, the City does not have -the funds available
sufficient to accomplish the improvements but can obtain
the necessary funds by -the issuance of revenue bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF FAYETTEVILLE; ARKANSAS: ,
k • 4 1 X 4
,
Section 1. That thedCity'Atiorney belaheche hereby? is
authorized and directed to' prepare an, ordinande to permit
the borrowiKr>of $100,000:00 to be reP.aid.from airport
revenues.
Section 2. That said ordinance should provide that
said revenues from airport operations shall be pledged to
repay bonds which shall not constitute a general indebt-
ness of the City within any constitutional or statutory
limitation but shall constitute a special obligation payable
from and secured by a pledge of net revenues from airport
operations.
Section 3. That the City Manager be and he hereby is
authorized and directed to secure a commitment to buy said
bonds at the best available rate of interest.
PASSED AND APPROVED this 164( day of
1971.
APPROVED:
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17, 7 ayor
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aseiratkrk-A66194.2..i
City Clerk