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ORDINANCE NO. 769 AN ORDINANCE AUTHORIZING THE BORROWING OF $14,000.00 FOR THE CONSTRUCTION OF A HANGAR ON HANGAR LOT NO. 4 AT THE BATESVILLE AIRPORT BE IT ORDAINED, by the City Council of the City of Batesville, Arkansas: SECTION 1: That the City of Batesville be authorized to borrw the sum of Fourteen Thousand ($14,000.00) Dollars with interest at the rate of six (60) per cent per annum repayable in equal monthly installments of Two Hundred Seventy Dollars and Sixty -Six Cents ($270.66) per month together with any additional interest which may be required, the first such payment being due in the first month after construction is completed of the hangar. SECTION 2: That the proceeds of a certain lease agree- ment between the City of Batesville and Batesville Manufacturing Company, approved by the Batesville Airport Commission, which lease agreement is dated the 14th day of January, 1969, be pledged to the lending institution as security for the repayment of said loan. SECTION 3: The sum borrowed as herein authorized shall be repayable solely from the gross revenues derived from the oper- ation and/or lease of the hangar to be constructed on the airport.i This ordinance is passed under the authority of Act 176 of 1959 and i the lending institution shall have all remedies therein provided 1, for. The indebtedness herein authorized shall not constitute an indebtedness of the City of Batesville within any constitutional or statutory limitation thereof and particularly .shall not be con -i sidered an indebtedness under Amendment 10 to the Constitution of i i the State of Arkansas. SECTION 4: The Batesville Airport Commission is hereby authorized to construct said hangar and thereafter to operate same to insure same, to collect the lease payments and to make all payments to the lending institution under the borrowing herein authorized and to do and perform each and every thing in connectio therewith as authorized by Act 175 of 1959.