9440ORDINANCE NO. 9440
AN ORDINANCE TO AIEND ORDINANCE NO. 60100
PASSED OCTOBER 14, 19400 TO PROVIDE FOR THE
HOUSING AUTHORITY OF THE CITY OF LITTLE
ROCK, ARKANSAS TO MAKE ANNUAL PAYMMS TO
THE CITY OF LITTLE ROCK, ARKANSAS, AND OTHER
TAXING BODIES, FOR PROJECTS ARK 4 -10 4 -2,
AND 4 -30 IN LIEU OF TAXES.
WHEREAS, the City of Little Rock, Arkansas, and
the Housing Authority of the City of Little Rock, Arkansas,
entered into a certain executed Cooperation Agreement on
October 14, 19402 pursuant to Ordinance No. 6010, passed
October 14, 1940; and
WHEREAS, said Cooperation Agreement did not provide
for an annual payment to said city and other taxing agencies of
government of a portion of its rental income and said Housing
Authority now desires to enter into such a binding agreement
with said city to provide for such annual payments; THEREFORE:
BE IT -ORDAINEM BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK,
ARKANSAS.
SECTION 1. That the City of Little Rock# Arkansas,
shall amend Ordinance No. 6010 and enter into a binding agree-
ment as follows, to -wit:
AMENDMENT TO COOPERATION AGREEMENT
between
TIE HOUSING AUTHORITY OF THE CITY OF LITTLE ROCK, ARKANSAS
and
CITY OF LITTLE ROCK, ARKANSAS
WHEREAS, the CITY OF LITTLE ROCK, ARKANSAS (hereinafter
called the "City ") and THE HOUSING AUTHORITY OF THE CITY OF
LITTLE ROCK, ARKANSAS (hereinafter called the "Local Authority ")
have heretofore on October 14, 1940 entered into a Cooperation
Agreement (which, as amended, is hereinafter called the "Agreement ")
with respect to certain low -rent housing projects being operated
by the Local Authority and designated as Project Nos. ARK 4 -11
4-2. and 4-3; and
WHIEPREAS, the parties hereto mutually desire to amend the
Agreement to provide for payments to be made by the Local Authority
to the City in lieu of Taxes:
NO;N THEREFORr,, in consideration of the premises the City
and the Local Authority agree that the Agreement shall be and is
hereby amended by adding immediately following paragraph numbered
six (6) a new paragraph numbered seven (7), which shall read as
follows:
"(7) So long as this Agreement shall remain in effect
the Local Authority shall make annual payments of not less than
five percent (50) nor more than ten percent (10%) of its Shelter
Rent receipts wholly at the discretion of the Local Authority pro
rata on a millage basis to the various Taxing Bodies, and such
payments shall be made at the end of the fiscal year established
for such Project. Upon failure of the Local Authority to make any
payment in lieu of taxes, no lien, charge, or claim against any
project or assets of the Local Authority shall attach, or be
asserted by the City. As required by the Local Authority's Bond
Resolution, this Amendment to Cooperation Agreement shall remain
effective only so long as the Local Authority shall not be in de-
fault in the payment of the principal of and interest on the Local
Authority's bonds issued to finance the development of Project
Nos. ARK 4 -1, 4-2. and 4-3,
In all other respects the Agreement shall remain in full
force and effect.
IN WITNESS WHEREOF,. The parties hereto have respectively
signed this Amendment and caused their seals to be affixed and
attested all as of the day of , 195){.
J
r
t
(SEAL)
ATTEST:
THE HOUSING AUTHORITY OF THE CITY
OF LITTLE ROCK, ARKANSAS,
BY
Chairman
Executive Director
(SEAL)
ATTEST:
CITY OF LITTLE ROCK, ARKANSAS
BY
Mayor
CiyC lerk
SECTION 2. This Ordinance shall take effect immediately.
PASSED: January 11, 1954
ATTEST:
City Clerk
APPROVED:
Mayor