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• RESOLUTION NO. 10 1
A RESOLUTION TO ESTABLISH A CITY POLICY
FOR THE USE OF REVENUES REALIZED FROM
THE SALE OR RENTAL OF CITY PROPERTIES
HELD EXCLUSIVELY IN THE NAME OF THE
CITY, OR HELD IN THE NAME OF THE CITY FOR
FOR THE USE AND BENEFIT OF ITS BOARDS
AND COMMISSIONS; AND FOR OTHER
PURPOSES.
Short Title
"A policy for the use of revenues from the sale or lease of City
property"
WHEREAS, the City holds title of numerous parcels of property either
exclusively in the name of the City, or in the name of the City for the use and
benefit of a particular board or commission, and
WHEREAS, from time to time these properties are leased to other
individuals or entities, or these properties are sold, and
WHEREAS, some of the properties held for the benefit of a board or
commission are sometimes leased for purposes, such as telecommunications
towers, that have nothing to do with the operation of the board or commission,
and
WHEREAS, some of the properties held for the benefit of a board or
commission are deemed surplus or no longer needed by that board or
commission and, as a result, are sold, and
WHEREAS, there is no uniform policy in place as to what should be
done with the monies realized from such sale or lease and, the -Board of
Directors wishes to establish a uniform policy,
NOW, THEREFORE, BE IT RESOLVED 'BY THE BOARD OF
DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1. Policy. Except as set forth below, all monies realized
from the sell or lease of properties, buildings, structures, or improvements in
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I the name of the A of Little Rock, Arkansas, eitoon its on behalf or on
2 behalf of one of its boards and commissions, shall be paid into the general 664
3 fund of the City of Little Rock, Arkansas.
4 Section 2. Agreements contrary to policy are null and void. Any
5 lease, deed, transfer, contract for sale, or option to sale or purchase property
6 executed after the effective date of this resolution that does not provide that
7 the monies shall be paid to the City general fund shall be deemed null and
8 void, provided that any such document for which the sale, lease, or transfer
9 was pending on the effective date of this resolution may be excepted from
10 these provisions if the Board of Directors expressly authorized such exemption
11 in the form of an ordinance or resolution particularly describing the property
12 in question, the instrument being exempted, and the amount of money
13 involved in the transaction.
14 Section 3. ESeception for bonded indebtedness.
15 (a) The provisions of this resolution shall not apply to any revenues
16 that are already expressly pledged, or are necessarily encumbered, as part of
17 the security for any existing bonded indebtedness in the form of general
18 obligation or revenue bond issues approved by the governing body of the City.
19 (b) The provisions of this resolution shall not apply to any future
20 revenues pledged as part of the security for bonded indebtedness in the form
21 of general obligation or revenue bond issues approved by the governing body
22 of the City if there is within the bond documents an express reference that
23 such revenues may be pledged as security for the bonds.
24 Section 4. Applicability.
25 (a) This policy shall apply to all properties being sold by the City
26 whether held in the name of the City on its own behalf, or also on behalf of
27 one of its boards and commissions.
28 (b) This policy shall apply to all properties, lands or structures being
29 leased, whether held in the name of the City on its own behalf, or also on
30 behalf of one of its boards and commissions.
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Section 5. `mpatibility with state law.
(a) Airport Commission. The City is aware that as long as the
airport commission is in place revenue from the lease of certain structures,
buildings, or lands, at the airport only be used for the expansion,
maintenance, or operation of the airport pursuant to Ark. Code Ann. § 14-
360 -313 (Michie 1987), as may hereafter be amended. This resolution shall
not apply to the revenues realized from the lease of these structures, buildings
or lands unless there is a change in state law or appropriate federal
regulations, or the Commission is abolished and made a department of the
City.
11 (b) Port Authority. This policy shall not apply to property held by
12 the City on behalf of the Port Authority so long as any revenues realized from
13 the sale or lease of such lands, structures, or buildings, are used to improve
14 the infrastructure or operations of the Port, or to further economic
15 development opportunities within the Port.
16 Section 5. Severability. In the event any title, subtitle, section,
17 subsection, subdivision, paragraph, subparagraph, item, sentence, clause,
18 phrase, or word of this resolution is declared to adjudged to be invalid or
19 unconstitutional, such declaration or adjudication shall not affect the
20 remaining portions of the resolution which shall remain in full force and effect
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as if the portion so declared or adjudged invalid or unconstitutional was not
originally a part of this resolution.
Section 6. Repealer. All laws and parts of laws in conflict with the
policy set forth in this resolution, which may be repealed by resolution, are
hereby repealed to the extent of any such conflict or inconsistency.
ADOPTED: December 16, 1997
ATTEST: APPROVED:
a a Q &44, -U C-k-
Robbie Hancock, City Clerk
IBM
Ji Dailey, Mayor
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1 APPROVED AS TAEGAL FORM:
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3 'Pe* -afA� c
4 Thomas M. Carpenter, CitkAttorney
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