2130 RESOLUTION NO.
A RESOLUTION APPROVING AMENDMENT TO
COOPERATION AGREEMENT WITH THE HOUSING
AUTHORITY OF THE CITY OF LITTLE ROCK,
ARKANSAS
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK,
ARKANSAS, as follows :
Section 1. The Amendment to Cooperation Agreement between the City
of Little Rock, Arkansas, and the Housing Authority of
the City of Little Rock, Arkansas is hereby approved.
Section 2. The Mayor is hereby authorized and directed to execute
the Amendment to the Cooperation Agreement in the name
of, and the City Clerk is hereby directed to seal and
attest the Amendment to Cooperation Agreement with the
seal of the City of Little Rock, Arkansas .
Section 3. Execution of said Amendment to Cooperation Agreement
being necessary in order to promote the public welfare,
an emergency is declared to exist and this Resolution
being necessary for the immediate preservation of the
public peace, health and safety, shall take effect and
be in force from and after its passage.
Section 4. The Amendment to Cooperation Agreement referred to in
Section 1 hereof is in the following form, to-wit :
"AMENDMENT TO COOPERATION AGREEMENT
between
CITY OF LITTLE ROCK, ARKANSAS
and
HOUSING AUTHORITY OF THE CITY OF LITTLE ROCK, ARKANSAS
WHEREAS, on the 14th day of October, 1940, the City of Little
Rock, Arkansas (herein called the "Municipality" ) and the HOUSING
AUTHORITY OF THE CITY OF LITTLE ROCK, ARKANSAS (herein called the
"Local Authority" ) entered into a Cooperation Agreement (herein
called the "Agreement" ) whereby the Local Authority agreed to under-
take the development of certain low-rent housing units and the
Municipality agreed to assist and cooperate with the Local Authority
in such development; and
WHEREAS, The Municipality and the Local Authority are desirous
of amending the Agreement to permit the Municipality to share in
any revenues from the housing units after retirement of Local
Authority Bonds and other obligations :
NOW THEREFORE, in consideration of the premises it is agreed
that the Agreement be and it is hereby amended by inserting the
following new Paragraph 10 in the Agreement:
' 10. In addition to the Payments in Lieu of Taxes and in
further consideration for the public services and facilities
furnished and to be furnished in respect to any Project for which
no annual contributions contract had been entered into prior to
August 2, 1954, between the Local Authority and the PHA;
' (1) After payment in full of all obligations of the Local
Authority in connection with such Project for which any annual
contributions are pledged and until the total amount of annual
contributions paid by the PHA in respect to such Project has been
repaid, (a) all receipts in connection with such Project in excess
of expenditures necessary for the management, operation, maintenance,
or financing, and for reasonable reserves therefor, shall be paid
annually to the PHA and to the local public bodies which have
contributed to such Project in the form of tax exemption or other-
wise, in proportion to the aggregate contribution which the PHA
and such local public bodies have made to such Project, and (b)
no debt in respect to such Project, except for necessary expend-
itures for such Project, shall be incurred by the Local Authority.
' (2) If, at any time, such Project or any part thereof is
sold, such sale shall be to the highest responsible bidder after
advertising, or at fair market value as approved by the PHA, and
the proceeds of such sale together with any reserves, after appli-
cation to any outstanding debt of the Local Authority in respect
to such Project, shall be paid to the PHA and the local public
bodies as provided in clause 1(a) of this Section 10: Provided,
That the Amounts to be paid to the PHA and the local public bodies
shall not exceed their respective total contribution to such
Project;
' (3) The Local Authority shall distribute the payments
pursuant to clauses (1) and (2) of this Section 10 among the local
public bodies (including the Municipality) in proportion to their
respective aggregate contributions to such Project . '
IN WITNESS WHEREOF, the Municipality and the Local Authority
have respectively caused this Amendment to be duly executed as of
the day of , 1957 .
CITY OF LITTLE ROCK, ARKANSAS
(SEAL)
ATTEST: By
Mayor --�----
City Clerk
HOUSING AUTHORITY OF THE CITY OF
LITTLE ROCK, ARKANSAS
(SEAL)
ATTEST: By
Chairman
It
Secretary
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PASSED: January 21
1957
APPROVED
JAM& At ‘14,!,
ATTEST Mayor
City 1 r
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