4621 RESOLUTION No. 4,621
A RESOLUTION ACCEPTING THE ASSIGNMENT OF
E. E. RAINES, JR. TO FIRST AMERICAN NATIONAL
BANK, NORTH LITTLE ROCK, ARKANSAS, OF HIS
INTEREST IN THAT CERTAIN PROMISSORY NOTE
OF THE CITY OF LITTLE ROCK GIVEN IN FAVOR
OF MARY J. RAINES, DATEn AUGUST 1, 1967
IN THE ORIGINAL PRINCIPAL SUM OF $349, 500.00;
AND FOR OTHER PURPOSES
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
LITTLE ROCK, ARKANSAS.
SECTION 1. The Mayor and City Clerk, acting for and on
behalf of the City of Little Rock are hereby authorized to
execute an assignment given by E. E. Raines, Jr. in favor of
First American National Bank, North Little Rock, Arkansas, of
his interest in that certain Promissory Note of the City of
Little Rock in favor of Mary J. Raines dated August 1, 1967,
in the original principal sum of $349.500.00 which assignment
and acceptance thereof is in form and substance as follows :
ASSIGNMENT
For valuable consideration, I hereby sell, set over,
transfer, assign and deliver to First American National Bank,
North Little Rack, Arkansas, its successors and assigns, all of
my right, title and interest in and to a certain promissory
installment note in the original principal amount of Three
Hundred Forty-nine Thousand Five Hundred Dollars ($349, 500.00)
dated August 1, 1967, and bearing interest at Six Per Cent (6%)
per annum, having a present unpaid balance of principal in the
amount of Two Hundred Seventy-nine Thousand Six Hundred Dollars
($279, 600.00) executed by the City 'of Little Rock, Arkansas,
to Mary J. Raines .
I hereby warrant that I hold an undivided one-fourth (4)
interest in the aforesaid promissory installment note and that
payments thereon are payable to me by the City of Little Rock,
Arkansas.
a
By these presents, the City of Little Rock, Arkansas,
is authorized to pay to First American National Bank all payments
of principal and interest due the undersigned, when said payments
become due and payable.
EXECUTED this day of , 1971.
E. E. RAINES, JR.
ACCEPTANCE OF ASSIGNMENT
The City of Little Rock, Arkansas, hereby accepts the terms
of the foregoing Assignment and agrees to pay one-fourth () of
the principal and interest due under the aforesaid promissory
installment note dated August 1, 1967, to First American National
Bank, North Little Rock, Arkansas, until notified to cease such
payments by an instrument executed by E. E. Raines, Jr. and First
American National Bank or their heirs, successors and assigns .
EXECUTED this day of , 1971,
pursuant to a resolution duly adopted by the Board of Directors
of the City of Little Rock, Arkansas, on the day of
, 1971
CITY OF LITTLE ROCK, ARKANSAS
BY
Mayor
ATTEST:
Clerk
SECTION 1. This Resolution shall be in full force and effect
from and after its adoption.
ADOPTED: July 6, 1971
ATTEST: : -
c; O/d1Wfo City Cle ayor 47/
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