HomeMy WebLinkAbout24-74 RESOLUTIONRESOLUTION NO. 0?t %�
WHEREAS, the Board of Directors of the City of Fayetteville,
Arkansas desires to construct a new airplane hanger at the Fay-
etteville Municipal Airport (Drake Field); and
WHEREAS, the City does not have sufficient funds available
to construct said hanger 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:
Section"l. That the City Attorney be, and he hereby is,
authorized and directed to -'prepare an ordinance authorizing the
issuance of revenue .bonds in;the amount of Fifty Thousand Dollars
($50,000.00); said ordinance tb'provide that the proceeds from
the sale of said bonds shall be used for the construction of a
new airplane hanger facility at Fayetteville Municipal Airport
(Drake Field).; and sdid,`ordinance to,provide that said bonds
shall be repaid,`from"revenues received on the lease of said
hanger 'facility �ti� \ k
Section 2. That said ordinance shall provide that said bonds'.
shall not constitute a general indebtedness of the City within
any constitutional or statutory limitationrbut shall constitute
a special obligation payable from and secured by a pledge of
gross revenues derived from the lease of said hanger facility:
PASSED AND APPROVED THIS IlPU►DAY OF
1974.
ATTEST:
(1.4C1)2K
APPROVED:
� Da. �
AYOR