09-14-9473U
Board of Directors Room
City Hall - 500 W. Markham
Little Rock, Arkansas
September 14, 1994 - 1:30 P.M.
The Board of Directors of the City of Little Rock, Arkansas
reconvened from the September 6, 1994, regular meeting with Mayor
Jim Dailey presiding. City Clerk Robbie Hancock called the roll
with the following Directors present: Directors Priest, Sharp,
Lewellen, Adcock, Hendrix, Scheibner, and Keck - total 7; Absent
- Directors Roy, Mason, and Joyce - total 3.
With a quorum present, Mayor Dailey called the meeting to
order and announced that the purpose of the reconvened meeting
was to conduct a public hearing and consider an Ordinance
providing for the issuance of Airport Revenue Bonds and to
consider a Resolution authorizing the execution of a lease
agreement for the Camelot Hotel.
(Directors Roy and Joyce were enrolled at 1:38 o'clock P.M.)
A public hearing had been rescheduled for this time and
place (see Minutes of August 31, 1994) and notice thereof duly
published, on the issuance and sale of Airport Revenue Bonds.
Mayor Dailey declared the public hearing open. Mr. Bill Spivey,
Bond Attorney, explained the proposal to issue Airport Revenue
Bonds for the purpose of refunding outstanding Airport Revenue
Bonds. The Bonds will be sold to A. G. Edwards & Sons, Inc.,
Hill, Crawford & Lanford, Inc. and M. R. Beal & Company,
collectively the Underwriters. No opposition was presented, and
Ordinance No. 16,745 was introduced, with the title being:
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF AIRPORT --
REVENUE BONDS FOR THE PURPOSE OF REFUNDING OUTSTANDING AIRPORT
REVENUE BONDS; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND
INTEREST ON THE BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF
A MASTER TRUST INDENTURE AND A SUPPLEMENTAL TRUST INDENTURE; AND
PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY;
and the Ordinance was read the first time. There was a motion by
Director Scheibner, seconded by Director Adcock, to suspend the
rules and place the Ordinance on second reading. The motion was
unanimously adopted by the Board Members present, being ten in
number and two - thirds or more of the members of the Board of
Directors- elect. Following the second reading of the Ordinance,
there was a motion and second by Directors Adcock and Scheibner,
respectively, to again suspend the rules and place the Ordinance
on third and final reading. The motion was unanimously adopted
by the Board Members present, being ten in number and two - thirds
or more of the members of the Board of Directors - elect, and the
third and last reading of the Ordinance ensued. A roll call vote
was taken on the question, Shall the Ordinance Pass, with the
results recorded as follows: Ayes - Directors Priest, Roy,
Sharp, Lewellen, Mayor Dailey, Directors Adcock, Hendrix,
Scheibner, Keck and Joyce - total 10; Noes - None; Absent - Vice
Mayor Mason - total 1.
The Emergency Clause contained in Section 8 of the foregoing
Ordinance was then read and adopted by the following roll call
vote: Ayes - Directors Priest, Roy, Sharp, Lewellen, Mayor
Dailey, Directors Adcock, Hendrix, Scheibner, Keck and Joyce -
total 10; Noes - None; Absent - Vice Mayor Mason - total 1.
Therefore, the Ordinance, together with the Emergency Section,
was declared PASSED.
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Minutes
September 14, 1994
Consideration was then given
entitled:
to Resolution No. 9,241,
A RESOLUTION TO AUTHORIZE THE MAYOR AND CITY CLERK TO
EXECUTE ALL NECESSARY AGREEMENTS TO COMPLETE A CONSTRUCT AND
LEASE, PARKING AND CONCESSION AGREEMENT BY AND BETWEEN THE CITY
OF LITTLE ROCK, ARKANSAS (ON ITS BEHALF AND THAT OF THE LITTLE
ROCK ADVERTISING AND PROMOTION COMMISSION) AND CAPITOL CITY
HOTELS LIMITED PARTNERSHIP, AN ARKANSAS LIMITED PARTNERSHIP; AND
FOR OTHER PURPOSES; (Re: Camelot Hotel)
There was a motion by Director Adcock to defer the Resolution in
order to review the material distributed the day before and
because she had several questions to be answered. Director
Hendrix seconded the motion. Director Scheibner objected to the
deferral, stating that there are three members of the Board of
Directors on the Advertising & Promotion Commission, who, along
with City Attorney Tom Carpenter and Finance Director John Pryor,
have been involved and worked diligently in pursuing the lease.
He said it is imperative to move forward and get the Camelot deal
finalized. He suggested that the motion be withdrawn and the
questions presented for discussion. Directors Lewellen and Sharp
agreed with Director Scheibner and urged the Board to adopt the
Resolution. Directors Adcock, Hendrix, Keck and Joyce wanted
time to read the lease agreement and other documents before
taking action. Responding to Director Keck's question about time
constraints, City Attorney Tom Carpenter said the City is under a
time constraint because the City is responsible for operation of
the hotel until a lease agreement is finally executed, and the
liabilities for operation of the property remain with the City
until then also. The longer there is a delay in signing the
lease agreement, the more delay there will be in contracting with
a franchisee. Mr. Hal Kemp, attorney for the Advertising &
Commission, said that work toward renovation of the Hotel cannot
begin until the Lessee gets possession of the property, which
cannot happen until the lease agreement is executed. He said he
would like the opportunity to respond to questions. City
Attorney Tom Carpenter, Finance Director John Pryor, Mr. Hal
Kemp, and Mr. Wally Allen, Chairman of the Advertising &
Promotion Commission, responded to questions by Board Members.
Mr. Kemp reminded Board Members that the big gain is that we had
a property that was real close to closure, and now we have a
major player coming into this community who is going to put a $6
million minimum capital investment into this property without any
cost to the City of Little Rock. Following the lengthy question
and answer period, there was a motion by Director Scheibner,
seconded by Director Lewellen, to adopt the Resolution. A roll
call vote was taken on the motion with the results recorded as
follows: Ayes - Directors Priest, Roy, Lewellen, Mayor Dailey,
Directors Adcock, Hendrix, Scheibner, and Joyce - total 8; Noes -
None; Abstentions - Directors Sharp and Keck - total 2; Absent -
Vice Mayor Mason - total 1. Whereupon, the Resolution was
adopted.
There being no further business to be presented, the
reconvened meeting was adjourned at 2:24 o'clock P.M. with the
Board of Directors to meet again in regular session on Tuesday,
September 20, 1994, at 6:00 o'clock P.M.
ATTEST:
CA,
City Clerk Robbie Hancock
2
APPROVED:
Ma r Jim Dailey
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