3719 r
RESOLUTION NO. 3,719
A RESOLUTION CORRECTING BY MODIFYING
A PORTION OF RESOLUTION NUMBER 3699
SAME BEING A RESOLUTION CONCURRING
WITH THE RECOMMENDATIONS OF THE PARRKING
AUTHORITY OF THE CITY OF LITTLE ROCK;
AND FOR OTHER PURPOSES.
WHEREAS, paragraph "E" of the whereas clause of
Resolution number 3699 set forth certain terms and conditions
of an agreement between Little Rock Municipal Parking Authority and
Paul D. Speers and Associates, Municipal Finance Consultants
of Chicago, Illinois ; and
WHEREAS, Little Rock Municipal Parking Authority has
recommended changes in said agreement ; and
WHEREAS, the Board of Directors desires to concur with
the substituted recommendations of the Parking Authority which
as pertains to the fee and expenses to be paid to Paul D. Speers
and Associates is in words and terms as follows :
(A) If, for any reason, the revenue bonds
covered by this agreement are not sold,
we will be paid $500.00 per day for each
day, or fraction thereof, put in on the
project out of our office plus travel
expenses, but in no event more than
$7, 500.00, and
(B) If the revenue bonds covered by this
agreement are sold in the full amount of
$8,000,000.00 we will be paid $50,000.00
and if the revenue bonds covered by this
agreement are sold in a smaller principal
amount than $8,000,000.00 because of
actual project costs being less than esti-
mated costs, the $50,000.00 is to be
reduced proportionately.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS :
SECTION 1. The Board of Directors does hereby concur
with the amended and substituted recommendations of the Parking
Authority as set forth herein above pertaining to the employment
contract with Paul D. Speers and Associates, Municipal Finance
Consultants of Chicago, Illinois for services to be rendered
_2_
in connection with the preparation, marketing and delivery
of the necessary revenue bonds to finance the Capitol Place
Parking Garage project.
SECTION 2. This Resolution shall be in full force
and effect from and after its adoption.
ADOPTED: February 20, 1967
ATTEST:L.7)
City Clerk Mayor