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HomeMy WebLinkAboutOrdinances Book 16, Page 210, No Ordinance Number210 f 49J 1 AN ORDINANCE AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A CONTRACT WITH URBAN RENEWAL AND COMMJNITY DEVELOPMENT AGENCY OF PADUCAH, KENTUCKY, PROVIDING FOR THE PURCHASE OF CERTAIN LAND LOCATED IN THE DOWNTOWN CIVIC CENTER, URBAN EENEWAL AREA PROJECT, KY -R-30 AND KNOWN AS PARCEL 1, BLOCK 1, FOR THE PURPOSE OF DEVELOPING A MUNICIPAL PARKING LOT, AND FURTHER PROVIDING FOR A TEMPORARY AND PARTIAL LEASE OF THE PROPERTY; AUTHORIZING PAYMENT OF THE CONTRACT PRICE, AND PROVIDING THAT SAID CONTRACT BE CONTINGENT UPON APPROVAL AND SALE OF THE REVENUE BOND ISSUE FOR THE PAYMENT THEREOF BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the Mayor and City Clerk be authorized to execute a contract with the Urban Renewal and Community Development Agency of paducah, kentucky for the lease and purchase of certain land located in the Downtown Civic Center Urban Renewal Area Project, Ky-q 30, known as Parcel 1, Block 1, in words and figures as follows: "CONTRACT FOR SALE OF LAND IN DOWNTOWN CIVIL CENTER PROJECT, KY -R-30 "THIS CONTRACT, made and entered into as -of the day of 1967 by and between the URBAN RENEWAL AND COMMUNITY DEVELOPMENT AGENCY, OF PADUCAH, KENTUCKY, a public body and 'a body corporate and politic, created under the provisions of the Kentucky Revised Statutes, Chapter 99, hereinafter called the "Agency", and the City of Paducah, Kentucky, a municipal corporation of the Second Class, hereinafter referred to as "City", WITNESSETH: WHEREAS, in furtherance of the objective of the Urban Renewal laws of the State of Kentucky pursuant to Kentucky Revised Statutes, Chapter 99, the Agency has undertaken a program of clearance and redevelopment of blighted, deteriorated and deteriorating areas in the City of Paducah, McCracken County, Kentucky and in this connection has undertaken a project known as the Downtown Civic Center Project, Ky-R-30, and WHEREAS, pertaining to said project the Agency has undertaken and approved an Urban Renewal plan dated October 31, 1964 and approved by the Board of Commissioners of the City of Paducah, Kentucky, on October 28, 1965, and has been amended by amendment dated December 12, 1966, which plan may be further amended and/or modified, and 211 WHEREAS, a copy of said Urban Renewal plan is on file in the office of the Agency and in the office of the City Clerk, of the City of Paducah, Kentucky and is made a part hereof by reference, and WHEREAS, the City hereby offers to purchase that part of the project described herein, and further offers to redevelop such land for public uses as specified in said Urban Renewal plan, and WHEREAS, the Agency on the basis of the foregoing and the under- takings of the City contained in this contract, is willing to sell the land to the City at a predetermined price based on its redevelopment being in -accordance with the provisions of the Urban Renewal plan and this Contract and designated for public use, and WHEREAS, the Agency is not presently able to deliver title and Possession of the entire tract sought to be purchased by said City, and said City therefore desires to obtain possession of a portion of the tract for advanced development thereof according to the plan, and WHEREAS, the applicable provisions of the Urban Renewal plan have been embodied in a document entitled "Declaration of Restrictive Covenants" dated December 13, 1966, and recorded in Deed Book 483, page 269, in the McCracken County Court Clerk's office, at Paducah, Kentucky: NOW THEREFORE, for and in consideration of the mutual terms, covenants, and provisions and other good and valuable considerations hereinafter set forth, the Agency'being authorized so to do, hereby agrees to acquire, sell and convey to the City, and the City, subject to its ability to issue revenue bonds therefor, he agrees to purchase from the Agency the following described real estate , located in the Downtown Civic Center, Urban Renewal Area Project, KY -R-30, in Paducah,McCracken County, Kentucky, to -wit: PARCEL 1, BLOCK 1 - Beginning at the southwest corner of the intersection of Kentucky Avenue and South 3rd Street; thence.in a south- erly direction and along the west property line of South 3rd Street, 173.25 feet; thence at right angles and in a Westerly direction 346.5 feet to a point in the East .property line of -South 4th Street; thence in a northerly direction and along the west property line of South 4th Street 173.25 feet to the southeast intersection of South 4th Street and Kentucky Avenue; thence at right angles and along the South property line of Kentucky Avenue in an Easterly direction 346.5 feet to the point of -beginning. 212 Which property shall be subject to all easements of record and such easements as shall be made necessary by the accomplisement of the Urban Renewal plan and the redevelopment of the described property in accordance with the rules and regulations of the Agency now existing or hereafter adopted. And upon the following terms and conditions: 1. General Terms of Conveyance of Property: (a) The City agrees to pay the agency as the full purchase price and monetary consideration for the aobve described parcel of land the predetermined price of $90,000.00. Such payment shall be in cash, or by such check as shall be satisfactory to the Agency. The Agency shall convey to the City, upon payment of the full purchase price by said City, title to the property by deed with the greatest warranty of title permitted by law which deed shall contain conditions, covenants and restrictions set forth or referred to elsewhere in this contract and shall be subject to the declaration of restrictive covenants dated December 13, 1966, and recorded in Deed Book 483, page 269, in the McCracken County Court Clerk's office, and to such a state of facts as an accurate survey of the property might reveal. The Agency shall deliver the deed and possession of the entire tract of the property at such time as it can lawfully do so and the conveyance shall be made at the office of the Agency at which time said Agency shall accept the full purchase price therefor. (b) Anything in the foregoing to the contrary notwithstanding the Agency hereby rents, leases, and sets over possession to the City and said City hereby rents, and takes from the Agency the following described portion of the property heretofore described:' Being one-half of parcel 1, block 1, of the Downtown Civic Center, Project Ky-R-30, Urban Renewal disposal plat amd beginning at the southwest intersection of Kentucky Avenue and South 3rd Street; thence in a southerly direction along the west property line of South 3rd Street 173.25 feet; thence at a right angle and in a Westerly direction 173.25 feet to a point; thence at a right angle and in a northerly.direction 173.25 feet to the south property line of Kentucky Avenue; thence at a right angle and:in an easterly direction and along said south property line of Kentucky Avenue 173.25 feet to the point of beginning: Being a part of_thetsame_property-conveyed to:the Agency by the City of Paducah, Kentucky by deed dated April 12, 1966 and recorded in Deed Book 476; page 488 -in the McCracken County Court Clerk's office. Also being the same property conveyed to the Agency by F. T. Goode et ux by deed dated April 26, 1966 and recorded in Deed Book 476, page 639 in the aforesaid Clerk's office. Also being the same property conveyed to the agency by Gus T. Smith, et ux by deed dated April 25, 1966, and recorded in Deed Book 478, page 4 in the aforesaid Clerk's office. The term pf this lease shall commence as of the date of this contract and shall extend uninterrupted to the date of conveyance of title by the Agency to the City as hereabove described at which time the said lease shall merge with the conveyance. The consideration of this lease shall be the payment by the City to the Agency the sum of One Dollar ($1.00) per month during the term hereof and the redevelopment of said property 213 in accordance with the Urban Renewal plan based upon plans submitted and approved by the Agency prior to the commencement of such redevelopment. It is understood that such con struction will be integrated with the overall development of the entire tract as elsewhere set out in this contrace, and that all easements, reservations, or restrictions shall be applicable to the leased portion of the property during the term of said lease as though conveyance of title has been made. 2. Preparation of Property: (a) The Agency shall, prior to the conveyance of the entire property and without expense to the City', proceed with- out delay to acquire all tracts within said.entire descriptive area and prepare the same for redevelopment in accordance with Urban Renewal plan. 3. Construction of Improvements (a) The City will redevelop the property by construction there- on of a public parking lot and related facilities hereinafter called improvements and all plans and specifications and all work by the City with respect to such redevelopment of the property and the construction or the making of:other im- provements thereon, if any, shall be in conformity with the Urban Renewal plan, this contract, and all applicable state and local laws. All such plans shall be subject to approval by formal action of the agency which shall be submitted in sufficient completeness and detail to show that the improvements and construction thereof will be in accordance with -.the provisions.of the Urban.Renewal plan and the agreement. This provision shall be applic- able not only to the advanced redevelopment of the leased .portion but to the entire tract to be conveyed. (b) The City agrees for itself, its successors and assigns and every successor in-interest:to-the property or any part thereof that the deed shall contain covenants on the part of the City for itself and such successors and assigns that the City .shall begin the redevelopment of the property through the construction of improvements thereon as follows: (1) As to..the.leased portion, within_ months from the date hereof. (2) As to the entire tract months from the date of the deed. The City shall.therewith diligently proceed to complete such construc- tion within: - months from such date for the leased portion and within No months -from such date of the .balance of.the:.tract:of property. It is intended and agreed, and the.deed shall so expressly provide, that the agreements and-covenants'of this contract pertaining -to -the improvements shall be covenants running.with..the land and that they.shall, in any event, and without regard to technical classification -or designation -De -gal or otherwise; and except only as otherwise specifically provided in the contract, be, to the fullest extent permitted bylaw and equity, binding for the benefit of the community and the Agency and enforceable by the 214 Agency against the city, its successors and assigns, and every successor in interest to the property, or any part thereof or any interest therein. 4. Report on Progress (a) Subsequent to conveyance of the property or any part thereof to the City, and until construction of the improvements has been completed, the City shall, upon written request of the Agency, make, in such detail as may reasonably be required by the Agency, and forward to the Agency a report in writing as to the actual progress of the City with respect to such construction. During such period, the work of the City shall be subject to inspection by the Agency. 5. Certificate of Completion (a) Promptly after completion of the improvements in accord- ance with the provisions of the contract, the Agency shall furnish the City:with an appropriate instrument so certify- ing. Such certification by the Agency shall be (and it shall be so provided in the Deed and in the certification itself) a conclusive determination of satisfaction and termination of the agreements and covenants in the contract and in the Deed with respect to the obligations of the City, its successors and assigns, and every successor in interest to the property, to construct the improvements and the dates for the beginn- ing and completion thereof. All certifications provided for in this section shall be in such form as will enable them to be recorded with the McCracken County Court Clerk. 6. Restrictions on Land Use• (a) The City agrees for itself, its successors and assigns, and every successor in interest to the property, or any part thereof, and the deed shall contain covenants on the part of the City for itself, and such successors and assigns, that the City, and such successors and assigns, shall: (1) Devote the property to, and only to and in accord- ance with, the uses specified in the Urban Renewal plan, as the same may hereafter be amended and extended from time to -.time; and (2) Not discriminate upon the basis of race, color, creed, or national origin in the sale, lease, or rental or in the use or occupancy of the property or any improvements erected or to be erected thereon, or any part thereof. (b) Effects of Covenants;_ Period of Duration It is intended and agreed, and the deed shall so expressly provide, that the agreements and covenants provided in this Section 6, shall be covenants running with the land and that they shall, in any event, and without regard to technical classification or designation, legal or other- wise, and except only as otherwise specifically provided in this Contract, be, to the fullest extent permitted by law and equity, binding for the benefit and in favor of, and enforceable by, the Agency, its successors and assigns, the City, and the United States (in the case of the covenant provided in subdivision (2) of paragraph (a) of this Section 6, against the City, its successors and assigns, and every successor in interest to the property or any part therein, and any party in possession or occupancy of the property or any part thereof. It is further intended and agreed that the agreement and covenants provided (a) in subdivision (1) of paragraph (a) in this Section 6, shall remain in effect until Jan- uary 1, 1985 (at which time such agreement and covenant shall terminate), and (b) in subdivision (2) of such paragraph (a) shall remain in effect without limitation 215 as to time. (c) En:Eorceability by"Agency and United States. If amplification, and not in restriction, of -the provisions of paragraph (b) hereof, it is intended and agreed that the Agency shall be deemed a beneficiary of ,the agree- ments and covenants provided in paragraph (a) hereof, and the United States shall be deemed a beneficiary of 'the covenants provided in subdivision -(b) of paragraph 6, both for and in their or its own right and also for the purposes of protecting -the interest of the community and the other parties, public or private, in whose . favor .or for whose benefit such agreements and covenants have been provided. Such agreements and covenants shall (and the deed shall so state) run in favor of the Agency and the United States for the entire period during which such agreements and covenants shall be in force, without regard to whether the Agency or the United States is--or-has been an owner of any land or interest therein to, or in favor of, which such:agreements and covenants relate. The agency shall have the right, in the event of any breach of any such agreement or covenant, and the United States shall have the right in the event of any breach of the covenant_provided. in subdivision (2) of paragraph (a) hereof, to exercise all the rights and .remedies, and to maintain any actions or suits at law or in equity or other proper proceedings to enforce the curing -of such breach of agreement or covenant, to which it or any other beneficiaries of such: agreement or.covenant may be entitled. 7. Prohibition Against Transfer of Property and Assignment (a) The City has not made or created, andwillnot, prior to the:proper completion of the improvements, as certified by the Agency, make.or.create;:or suffer. - to be made or created, (a) any total:or'partial sale, conveyance; or lease of the property;,:or;any:part.=. thereof or -interest -therein, or (b) -any assignment of this Contract, or:any part thereof; or..(c):any agreement to do:any of the foregoing, without the -prior written approval of the Agency.. Such approval shall be on such condition as the Agency.may in its exclusive discretiondetermine, including, but -not limited to, the. -assumption by the proposed transferee, by in- strument in writing,:for itself and its successors .. and assigns, -and for the benefit of the Agency;:of all obligations of the City under:this contract. 8. Notice of Default (a) In the event of any default under or breach of any of the terms or conditions of this contract by either party hereto; -or any successor.or•assign-of; or. -successor in interest -to, the property,. such party or .successor shall upon_written:notice from the..other.proceed to remedy or cure such_default.or breach within thirty (30) days.after,.receipt.of such.aotice..: Incase such action is:not taken or diligently pursued or the default or breach shall not be cured or remedied.within a reason- able time, the aggrieved party may institute such Proceedings as may be necessary or desirable.in its. opinion to cure or remedy such default or breach or to obtain damages.therefor, including but not limited to proceedings:to:compel specific.performance-by.the- party in default or breach of its obligations. 9. Termination by City (a) In the event that the Agency does not tender conveyance of the property or possession thereof in the manner and 216 condition, provided in this contract and any such failure shall not be cured within thirty (30) days after written demand by the City, then this contract shall at the option of the City be terminated, and neither the Agency nor the City shall have any further rights against or liability to the other under -this contract. 10. Vermination by Agency (a) In the event that prior to conveyance of thepropertyto the City and in violation:of this contract the'-City:.(and any successor in interest) assigns or attemptstoassign this contract or any xights-herein-or-in the property, or the City does not pay the purchase price for and take title to the property upon proper tender of conveyance by the Agency.pursuant to.this contract, then the agree- ment and any rights of the City or any successor or: assign of the City or transferee of the property under this contract or arising therefrom with respect to the Agency or the property, shall at the optionofthe Agency be terminated by the Agency. :In such.event., except.for the right of the Agency to damages for such -breach: . afforded by law, neither the City (or assignee or trans- feree) nor the Agency shall have any further rights: against or liability to.:the other under the Agreement. 11. Delays Beyond Control of Parties: (a) For the purposes of this contract, neither the Agency nor the City, as the case may be, nor any_successor,of either of them shall be considered in breach of or.in default under its obligations with respect to the.preparation:of the property for redevelopment,.or the beginning and completion of construction of the improvements, or progress_in.respect thereto in the event of enforced delay in the performance of such obligations due to.unforseeable causes beyond its control and without its fault or negligence, including, but not restricted to, acts of God, acts of the public enemy; acts of the Government, acts of the other party, fires, floods, epidemics, quarantine restrictions, strikes, litigation, freight embargoes, and unusually severe weather, or delays of subcontractors due to such causes; it being the purpose and intent of this provision that, in the event of the occurrence of any such enforced delay, the time or times for performance of the obligations of the Agency with respect to construction of the improvements, as the case may be, shall be extended for the period of the en- forced delay; provided,.that the party -seeking the benefit of the provision of this section shall, -.within ten (10) days after the beginning of any Bich -enforced -delay, have.first notified the other party hereof in writing, and_of the cause or causes thereof and requested an extension for the period..of the en- forced delay. 12. Rights and Remedies Cumulative. (a) The rights and remedies of the parties to this contract, whether provided by law or by this contract, shall be cumulative, and the exercise by either;party.of any one or more of such remedies shall not preclude the .exercise by it, at the same or different times, of any other such remedies for the same default or breach, or of any of its remedies for any other -default or breachrby the other party. No waiver made by•either party with respect to the performance, or manner or time thereof, or any ob- ligation of the other party or any condition to its own obligation under this contract shall be.considered a waiver of any rights of the party making the waiver with respect to the particular obligation of the other party 217 or condition to its own obligation beyond .those expressly waived and to the extent thereof, or a waiver in any respect in regard to any other rights of the party making the waiver or any other obligations of the other party. No such waiver -shall be ;salid unless it is in writing duly signed by the party waiving the right or rights. 13. Conflict of Interest (a) No member, official, or employee of the Agency shall have any personal interest, direct or indirect,•in this contract, nor shall any such member, official, or employee participate in any decision relating -to this contract, which affects his personal interest or the interest of any corporation, partnership,. or associa- tion in which he is, directly or indirectly, interested. No member, official, or employee of the Agency shall be personally liable to the City or any successor in interest in the event of any default or breach of the Agency or for any amount -which may become due.to•the City or successor or on any obligations under the.terms of this contract. 14. Equal Employment offortunity (a) The City, for itself,and its successors and assigns, agrees that it will include the following provisions of this section 14 in every contract or purchase order which may here- after be entered into between the City and any party' -(herein- after in this section called "Contractor. in connection with the construction of the improvements, or any part thereof,,provided for in this,contract,:unless such contract or purchase order is exempted by rules,.regula- tions, or orders of -the Secretary of Labor issued pursuant to Section 204 of Executive order -11246 -of September 24, 1965: '•'Sec. Equal Employment Opportunity. During the performance of this contract, the -Contractor agrees with the City as follows::. (b) The:Contractor will not discriminate against.any employee or applicantfor employment because ofrace,. creed., color, or national origin. The Contractor will take affirmative action to ensure..that.applicants are employed, and that employees are treated during employment, without.regard to their race, creed, color, or national origin. Such action shall include, but not be.limited to,_the.following Employment, upgrading,..demotion,'or transfer; -recruitment or recruitment advertising; layoff .orltermination;.rates of payor.other form of :compensation;:and selection for -training,. -including apprenticeship. The and agrees to post in conspicuous places, available to employees and applicants for employment, notice to be provided by the Agency setting forth the provisions of this nondiscrimination clause... (c) The Contractor will,in all solicitations oradvertisements for employees placed by or on behalf of -.the --Contractor, state that all qualified applicants will receive consideration for:.employment:without'regard totrace; creed; -color or' national origin. (d) The Contractor will send to each labor union or representative of workers with which the Contractor has a collective bar- gaining:agreement or:other'contractlor understanding, a notice, to be provided, advising the labor union or worker's representative of the -Contractor's commitments under Section.202'of Executive Order 11246 of September 24, 1965, and -shall post copies of the notice in conspicuous places available to employees and applicants for employment. 218 (e) The Contractor will comply with. all: provisions: of. Executive Order 11246 of September 2.4, 1965:, and- of the, rules_ regulations, and relevant,.orders of .the Secretary:of:Labor. (f) The Contractor will furnish -.all. information and.repo.rts required by Executive -Order 11246 of September 24,.•.1965, and by the rules, regulations, and orders of the Secretary of Labor or the Secretary of Housing :and Urban_Development .. pursuant thereto, and will permit access to the Contractor's books, records, and accounts by the -Agency, the:Secretary: of Housing and Urban Development, and the Secretary of Labor for purposes of investigation to ascertain compliance with such rules, regulations, and orders. (g) In the event of the Contra:etor.':s. noncompliance- with --the nondiscrimination clauses..cf_ this, :contract .or with-- any of such rules, regulations or..-orders,..thi contract -:may be cancelled, terminated.,: or .snsp:end:ed.-i.n whole- or. -in .part and the Contractor may be:declared-ineligible for futther Government contracts ox -federally assisted construction contracts in. accordance •with-procedures:anthork ed -in Executive Order 11246 of September 24, 1965,.and::such other sanctions may be imposed and remedies invoked as provided in Executive Order. 11-246: of September .24,: 19.65,. or by rule, regulation, or order of the Secretary of Labor, or as otherwise provided.by:law.. (h) The Contractor will includ.e.the-provisions of -.paragraphs (b) through (h) of this rSection 1-4;_in. .ev:ery subcontract or purchase order unless exempted byrules regulations, or orders of the Secretary of Labor_issned-: pursuant to Section 204 of Executive Order -1.1246- of September 24-, 1965, so that such provisions will•b:e binding. upon:each :_ subcontractor or vendor.. :.The Contractor will:take such action with respect to --any construction contract, sub- contract, or purchase order as the Agency or the Depart- ment of Housing and Urban:Development may direct as a means of enforcing such provision, including sanctions for noncompliance: Provided, however, That.in.the-.event the contractor becomes involved in, or is threatened with, litigation with a subcontractor or vendor as a result of' such direction by the Agency or the Department of Housing and Urban Development,. .the Contractor may.request the United States to enter into. such litigation to protect the interest of the United States`.-,. __: For the purpose of or purchase order, term "Contractor" designation of the 15. Notice. invluding such:.provisions,: in, .any- .construction contract as required by. -this Section. l4., - the. term -"City" and the may be changed- to. reflect appropriately. the name or parties to such contract or -.purchase order. (a) A notice or communication :under_ the •Ag:reement by: either party to the other shall be sufficiently given or delivered if dispatched by registered mail, .postage prepaid,: return, receipt requested, and.. -- (b) In the case of a notice or communication to the City:, is addressed as follows: City Manager, City. Hall, City of Paducah, Kentucky 42001. and (c) In the case of a notice or communication to the Agency, is addressed as follows: Executive Director Urban Renewal and Community Development Agency, City.Hall and City of -Paducah, Kentucky 42001 or is addressed in such other way in respect to either party as that party may, from time to time, designate in writing dispatched as provided in this Section. 219 16. Agreement Survives Conveyance. (a) None of the provisions of this contract is intended to or shall be merged by reason of any deed transferring title to the property from the Agency to the City or any successor in interest, and any such deed shall not be deemed to affect or:impair the provisions and covenants of this contract. IN WITNESS WHEREOF, the Agency has caused this contract to be duly executed in its behalf and attested; and the City has caused the same to be duly executed in its behalf, on or as of the day and year first above written. URBAN RENEWAL AND COMMUNITY DEVELOPMENT AGENCY OF PADUCAH, KENTUCKY By :- -Chairman ATTEST: Executive Director CITY OF PADUCAH, KENTUCKY By Mayor ATTEST: City Clerk STATE OF KENTUCKY - ( SCT: COUNTY OF McCRACKEN ) I. a Notary Public in and for the state and county aforesaid hereby certify that the foregoing CONTRACT FOR THE SALE OF LAND IN DOWNTOWN CIVIC CENTER PROJECT, KY -R-30 between the URBAN RENEWAL AND COMMUNITY DEVELOPMENT AGENCY, of Paducah, Kentucky and the CITY OF PADUCAH, KENTUCKY, was produced before me in my state and county by Thomas W. Wilson and Sarah Thurman, Mayor and City Clerk, respectively, of the City of Paducah, Kentucky, and acknowledged by them to be their duly authorized act and deed for the purposes therein set out on the day of 1967. My Commission expires Notary Public 220 STATE OF KENTUCKY COUNTY OF MCCRACKEN .. ti ; . . .. ( SCT:. a•notary public in and for the State and County aforesaid her certify that the foregoing CONTRACT FOR THE SALE OF LAND IN DOWNTOWN CIVIC CENTER PROJECT, -KY -R-30 between the URBAN RENEWAL AND COMMUNITY DEVELOPMENT AGENCY, of Paducah, Kentucky, and the CITY OF PADUCAH, KENTUCKY, was produced before me in my state and 'county by Norman A. Parrott, M.D., and James J. McGraw, Chairman and Executive Director, respectively, of the Urban Renewal and Community Development Agency, and acknowledged by them to be their duly authorized act and deed for the purposes therein set out on the _ day of 1967. My Commission expires Notary Public " SECTION 2. That execution of the foregoing contract be contingent upon approval and sale of the revenue bond issue in the amount of $125,000 to provide funds for purchasing and developing said property. SECTION 3. That upon execution of the contract, issuance and sale of said revenue bonds, and delivery -of -the deed according to the terms of the contract, the City Manager and Senior Treasurer are hereby authorized to pay the sum of $90,000.00 for the purchase of the property from the proceeds of the sale of said bond issue. SECTION 4. This ordinance shall be introduced and remain on file for at least one (1) week for public inspection in the completed form in which it shall be put upon its final phissage, and if adopted shall be in full force and effect ten (10) days thereafter. Mayor Introduced by the Board of Commissioners June 27, 1967 Passed by the Board of Commissioners July 11, 1967 Recorded by Sarah Thurman, City Clerk, Jule 11, 1967.