0550
,,?
ORDINANCE NO. 5 5 0
AN ORDINANCE AUTHORIZING THE MAYOR OF THE CITY OF JACKSONVILLE,
ARKANSAS, TO SUBORDINATE THE INTEREST OF THE CITY OF JACKSONVILLE
IN CERTAIN PROPERTY LOCATED AT THE POLICE AND COURTS BUILDING FOR
THE CONSTRUCTION OF THE JACKSONVILLE CHAMBER OF COMMERCE OFFICE
BUILDING AND FOR OTHER PURPOSES.
WHEREAS, the City of Jacksonville and the Jacksonville Chamber of
Commerce, have entered into a Lease Agreement, on November 22, 1978,
to certain property owned by the City of Jacksonville, for the con-
struction of a Chamber of Commerce Building, and
WHEREAS, in order for the Chamber of Commerce to obtain financing
with the financial institutions that have agreed to loan the necessary
funds for said construction, it is necessary that the City of Jackson-
ville subordinate its interest in said property to that of the first
mortgage of the financial institutions involved.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
JACKSONVILLE, ARKANSAS, THAT:
SECTION 1: The Mayor be and hereby is authorized to sign the
necessary subordination agreements with the financial institutions pro-
viding the funds for the construction of the Jacksonville Chamber of
Commerce Building, subordinating its interest to the first mortgage of
the financial instituions on the following described property owned by
the City of Jacksonville, Arkansas, to-wit:
Part of the Southwest Quarter of the Southwest Quarter of
Section 19, Township 3 North, Range 10 West, Jacksonville,
Arkansas, Pulaski County, Arkansas, more particularly
described as follows:
Starting at the Southwest corner of said Section 19; thence
South 88 degrees 04 minutes East 515.0 feet; thence North
01 degrees 37 minutes East 268.9 feet to a one inch pipe in
the North right-of-way line of Main Street, the Southeast
corner of the Police and Courts Building property; thence
continue North 0 degrees 37 minutes East 265.10 feet to the
point of beginning; thence North 88 degrees 22 minutes 02
seconds West 98 feet to a point; thence North 01 degrees 37
minutes East 130 feet to the North line of the Police and
Courts Building property; thence South 88 degrees 22 minutes
02 seconds East along said North line 98 feet to a one-half
(~) inch pipe on the Northeast corner of said Police and Courts
Building property; thence South I degree 37 minutes West 130 feet
along the East line of said Police and Courts Building property
to the point of beginning, containing .29 acres.
SECTION 2: That this ordinance being necessary for the preservation
of the public safety, health and morale, and for the citizens of the City
of Jacksonville, this ordinance shall be in full force and effect iUllue-
diately after its passage.
SECTlrn 3. NYlliHGENCY CLAUSE APPROVED AND AOOPI'ED.
APPROVED AND ADOPTED THIS 20th DAY OF September , 1979.
CITY OF JACKSONVILLE
~
, -,
ATTEST:
~~~ )}~
APPROVED AS TO
~V~y
CITY ATTORNEY
~