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ORDINANCE NO. 15,026 442
AN ORDINANCE AMENDING PREVIOUSLY ADOPTED
ORDINANCE NO. 14,974 ADOPTED OCTOBER 18,
1985, APPROVING A LEASE AGREEMENT BETWEEN
METROCENTRE IMPROVEMENT DISTRICT NO. 1 AND
THE CITY OF LITTLE ROCK, ARKANSAS; AND FOR
OTHER PURPOSES.
WHEREAS, the Board of Directors of the City of Little
Rock, Arkansas, has previously adopted Ordinance No. 14,974 on
October 18, 1985, ( "Ordinance No. 14,974 ") which among other
matters approved a Lease Agreement between Metrocentre
Improvement District No. 1 of the City of Little Rock, Arkansas
( "Metrocentre ") and the -City of Little Rock, Arkansas (the "Lease
Agreement "); and
WHEREAS, "Metrocentre" and the City of Little Rock,
Arkansas are desirous of making certain amendments to the Lease
Agreement, and to authorize its execution by appropriate City
officials and its delivery to Metrocentre.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. Section 1(e), Section 5(b), and Section 28
of previously adopted Ordinance No. 14,974 of the City of Little
Rock, Arkansas is hereby amended to read as follows:
1. Definitions. ...(e) "Debt Service" shall be the
amounts required to be paid by Lessee into the Bond Fund and the
Special Redemption Fund pursuant to the terms of the Trust
Indenture relating to Lessee's Special Assessment and Revenue
Refunding and Improvement Bonds dated November 15, 1985; and
5. Rent. ... (b) Payment of Basic Rent. Basic Rent
shall be payable with other parking deck operation and
maintenance expenses, that is, the flow of funds will be, first,
to payments required to be made into the Bond Fund and, second,
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to operation and maintenance of the parking deck, including the
$20,000 Basic Rent, which shall be made prior to any payments
made into the Special Redemption Fund.
28. Covenants Running with the Land. Lessor and Lessee
acknowledge the covenants running with the land contained in a
Special Warranty Deed dated October 27, 1978, by and between the
Housing Authority of the City of Little Rock, Arkansas and the
City of Little Rock, Arkansas as further referenced in a certain
Memorandum of Agreement also entered into between the Housing
Authority of the City of Little Rock, Arkansas and the City of
Little Rock, Arkansas, and concurred in by the United States
Department of Housing and Urban Development dated September 8,
1978. Further, Lessor and Lessee agree that all rentals and
payments received under this Lease Agreement will be applied or
used in a manner consistent and appropriate thereto.
Except as amended hereby the Lease Agreement set forth
in Section 2 of Ordinance No. 14,974 is as set forth therein.
SECTION 2. That the Mayor and City Clerk be and they
are hereby authorized to execute the Lease Agreement as amended
herein and deliver the same to Metrocentre for its execution.
SECTION 3. That all laws and parts of laws inconsistent
herewith are hereby repealed.
SECTION 4. Declaring an Emergency. The Mayor and City
Clerk are required to execute the Lease Agreement immediately so
as to facilitate the financing arrangements involved in the
aforementioned agreement. It is, therefore, declared that an
emergency exists, and this Ordinance, being necessary for the
preservation of the public welfare, peace, health and safety,
shall take effect and be in force from and after the date of its
passage.
PASSED: December 17, 1985
ATx%T :
CLERK JAVE CZECH
, CITY ATTORNEY
APPROVED
MAYOR THOMAS A. PRINCE
443