Resolutions
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RESOLUTION 2005-5

A RESOLUTION DECLARING THE INTENT OF THE CITY COUNCIL OF
JOHNSON, ARKANSAS TO PURCHASE A TRACT OF REAL PROPERTY,
DESCRIBED ON EXHIBIT A FROM JERRY R. MARTIN ET UX, ET AL,
AND TO APPROPRIATE MONEY TO PURCHASE SAME.
WHEREAS, Jerry R. Martin is the current owner of a tract of land described on Exhibit
A. and the City of Johnson has announced it's desire to purchase the land which presents a
unique opportunity for the City.
WHEREAS, the tract of property has been identified as being of significance to the City
of Johnson, Arkansas, both at the current time and hi the future;
WHEREAS,, the City Council believes that the property should be purchased and the
funds acquired via a loan and/or from general fund monies or a combination thereof.
WHEREAS, purchase of this land will provide great benefits to the City and such is in
the best interest of the City and its residents.
NOW, THEREFORE, BE IT RESOLVED BY THE JOHNSON CITY COUNCIL,
following debate and discussion, that the Real Estate contract to purchase the real property
described at Exhibit A (attached hereto) should be entered into on behalf of the City of Johnson
by the Mayor and Recorder/Treasurer pursuant to the authority of this City Council resolution,
the Contract is hereby ratified and confirmed and it is hereby decided and determined that at such
time as the Seller furnishes evidence of merchantable title to the property to the City, and a deed
is tendered by the Seller, then the City shall, from general fund monies or borrowed funds, pay
the City's portion of the closing costs, as may be applicable, and acquire the property based on
said Contract.
IT IS FURTHER RESOLVED that the Mayor and Recorder/Treasurer take such steps as
are required and incur any necessary expenses to obtain a loan from a local institution in an
amount not to exceed $ 246,000.00l at a rate of interest not to exceed
4.75 percent (4.75%) f°r a period of sixty (60) months or less.