107271
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RESOLUTION NO.10, 727
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3 A RESOLUTION TO HERE WRIGHT, LINDSEY &
4 JENNINGS TO PROVIDE LEGAL ADVICE ON THE
s IMPLICATIONS OF THE NEGOTIATIONS FOR THE
6 LEASE OF THE EXCELSIOR HOTEL ON THE CITY
7 OF LITTLE ROCK, ARKANSAS $ 28,075,000 HOTEL
8 & RESTAURANT GROSS RECEIPTS TAX
9 REFUNDING BONDS, SERIES 1993; AND FOR
10 OTHER PURPOSES.
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707
12 WHEREAS, the City, working in cooperation with the Little Rock Advertising
13 & Promotion Commission ( "the Commission ") is involved in negotiations with the
14 Peabody Group of Memphis, Tennessee, for the possible lease of the Excelsior Hotel,
15 and
16 WHEREAS, the Trust Indenture for the City of Little Rock, Arkansas
17 $28,075,000 Hotel and Motel Gross Receipts Tax Refunding Bonds, Series 1993 ( "the
18 1993 Refunding Bonds "), precludes any amendment to the current lease without
19 approval of the bond trustee, and also may have an impact on other aspects of the
20 negotiations, and
21_ WHEREAS, the City is required to obtain an opinion from counsel recognized
22 as bond counsel by the National Association of Bond Lawyers, and
23 WHEREAS, after a competitive selection process involving three local firms that
24 responded to a Request for Proposals, a committee selected Wright, Lindsey &
25 Jennings, as the most qualified firm, in accordance with Little Rock, Ark., Rev. Code
26 § 2 -243 (1988), and
27 WHEREAS, the Committee was able to successfully negotiate an agreement with
28 Wright, Lindsey and Jennings to do the work required, and
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1 WHEREAS, the fee negotiated will be paid by the Commission as a part of its
2 responsibilities to oversee the lease agreements and other matters covered by the 1993
3 Refunding Bonds, 706
4 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
5 DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS:
6 Section 1. The City Manager and the Commission are authorized to enter into
7 an agreement with the law firm of Wright, Lindsey & Jennings, to provide legal advice
8 on the impact of negotiated provisions for the lease of the Excelsior Hotel upon the 1993
9 Refunding Bonds, and on any related matters that arise during these negotiations.
10 Section 2. The City approves the hourly rate of bond counsel as $200 per hour,
11 with the understanding that the parties contemplate the total amount of work should not
12 exceed 100 hours.
13 ADOPTED: December 14, 1999
14 ATTEST: APPROVED:
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17 Robbie Hancock, City Clerk Jim Dailey, Mayor
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19 APPROVED AS TO LEGAL FORM:
20 L u__ _ `r
21 �J �� M
22 Thomas M. Carpenter, Ciq Attorney
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