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ORDINANCE NO. 14,502
AN ORDINANCE APPROPRIATING $80,000.00
OF THE LITTLE ROCK RESIDENTIAL HOUSING
BOARD TURNBACK MONIES FOR THE ARENA
FACILITIES COMMISSION.
WHEREAS, the City of Little Rock has a need for
facilities for the performing arts, sporting, entertainment and
large convention -type events; and
WHEREAS, any delay in investigating all the aspects of
these facilities will result in a loss of revenues and in
increased costs in construction and other areas.
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1. There is hereby appropriated $80,000.00 of
the Little Rock Residential Housing Board turnback monies as a
loan to the newly constituted Arena Facilities Commission.
Section 2. The Commission is authorized to use these
funds to pay any and all expenses incurred and incidental to the
construction and design of an arena facility and a Center for the
Performing Arts.
Section 3. The Commission shall repay the loan upon
receipt of funds from the issuance of the notes, sale of limited
partnership units, or other appropriate financing mechanisms
deemed appropriate by the Board of Diretors.
Section 4. This Ordinance shall be in force from the
date of its passage.
PASSED: September 6, 1983
ATTEST: APPROVED: