97481
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3 RESOLUTION NO. 9,748
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A RESOLUTION OF INTENT TO DEDICATE
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MONIES COLLECTED FROM THE OPERATION
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OF THE RIVERFEST AMPHITHEATRE INTO A
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SPECIAL ACCOUNT TO BE USED FOR
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PAYMENT OF OPERATIONAL EXPENSES AND
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CAPITAL IMPROVE4ENTS TO THE
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RIVERFEST AMPHITHEATRE; AND FOR
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OTHER PURPOSES.
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WHEREAS, the City has entered into a five year contractual
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agreement with the Concert Co., Inc., to promote shows at the
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Riverfest Amphitheatre during a season that runs from April to
16 October; and
17 WHEREAS, the success of these shows depends upon certain
18 capital improvements being in place, such as dressing rooms for
19 artists, permanent lighted rest room facilities for the public,
20 and other structures; and
21 WHEREAS, it has not been possible to complete all of these
22 improvements, or to discuss other such improvements, since
23 monies are not available to build these items; and
24 WHEREAS, funds .generated by the Riverfest Amphitheatre
25 should, logically, first go into a.special fund that would be
26 used for paying expenses from operations and to finance capital
27 improvements.
28 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
29 THE CITY OF LITTLE ROCK, ARKANSAS:
30 SECTION 1. The City Manager and the Treasurer and Finance
31 Director are hereby directed to establish a line item in the
32 City budget for the receipt of monies from, among other sources,
33 profits and programs conducted at the Riverfest Amphitheatre,
34 understanding that the use of these monies will be limited to
35 financing capital improvements and paying expenses related to
36 operations at the Riverfest Amphitheatre.
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ADOPTED: July 16, 1996
"PROVED AS TO ' •
ATTORNEY THOMAS M. C-A-RLW.NTYLK
CITY