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RESOLUTION NO. 8,370
A RESOLUTION AUTHORIZING THE GUARANTEE OF A
LINE OF CREDIT FOR CENTRAL ARKANSAS TRANSIT
AUTHORITY.
329
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1: The Mayor and City Clerk of the City of Little
Rock, are authorized to execute the necessary documents to
guarantee repayment of up to $700,000 of principal only on a
$1,000,000 line of credit which is being extended to the Central
Arkansas Transit Authority (CATA) by First Commercial Bank, N.A.,
by Union National Bank of Little Rock, by Worthen Bank and Trust
Company, N. A. and Twin City Bank at an interest rate of 7.6$.
,SECTION 2: Alternatively, if CATA does not need to use the
entire $1,000,000 line of credit, the City of Little Rock agrees
to guarantee the payment of 70% of any of principal borrowed
with the remaining 30% of principal to be guaranteed by the City
of North Little Rock.
ADOPTED: October 10, 1990
ATTEST:
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,„r ..'j'. - JANIV CZECH
APPROVED .O.,
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