126369
ORDINANCE NO. 12,636
AN ORDINANCE APPROPRIATING THE SUM OF $350,000.00
FROM THE UNAPPROPRIATED BALANCE OF THE GENERAL
FUND TO BE USED FOR THE PURPOSE OF ADVANCE FUNDING
FOR THE MODERNIZATION OF ROBINSON AUDITORIUM ALL
FOR THE USE AND BENEFIT OF THE LITTLE ROCK ADVERTISING
AND PROMOTION COMMISSION TO BE REPAID BY SAID COMMIS-
SION PLUS INTEREST; AND FOR OTHER PURPOSES
BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF
LITTLE ROCK, ARKANSAS.
SECTION 1. There is hereby appropriated from the unappropriated
balance of the General Fund the sum of Three hundred, fifty thousand
($350,000.00) dollars to be used as needed from time to time to fund the
local share of the cost of modernization of Robinson Auditorium now under
contract. The City Manager and the Director of Finance are hereby auth-
orized to advance from said funds from time to time upon request of the
Little Rock Advertising and Promotion Commission sums required to defray
the cost of said modernization based on requests for payments by contractor
approved by architect and the Advertising and Promotion Commission.
SECTION 2. No funds appropriated in Section 1 hereof shall be
advanced for the purposes therein set forth except upon receipt by the
City of written commitment by the Little Rock Advertising and Promotion
Commission to reimburse the City the aggregate amount of all advances to-
gether with interest at the rate of six (6%) percent per annum from the date
of each separate advance and with the further commitment to repay all
such funds advanced within a period of five (5) years from the date
of the first advance. It is understood and agreed that the City of Little
Rock will apply the Twenty thousand ($20,000.00) dollar lease rental for
air rights due from Camelot Inn as a credit toward the repayment of said
funds commencing with the.first of such rental payments received by the
City.
SECTION 3. This Ordinance shall be in full force and effect
from and after its passage.
PASSED: April 4, 1972
ATTEST:
City Cler
APPROVED:
Mayor
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