5304 RESOLUTION NO 5 ,304
A RESOLUTION AUTHORIZING THE USE OF CERTAIN
MODEL CITIES FUNDS TO GUARANTEE A LOAN TO A
GROCERY BUSINESS IN THE MODEL CITIES SHOPPING
CENTER; AMENDING RESOLUTION NO. 5 ,263; AND FOR
OTHER PURPOSES
WHEREAS , on September 3, 1974 , the Board of Directors
authorized the sum of $20 , 000 . 00 of Model Cities funds to be
used for the purpose of guaranteeing a loan to a pharmacist
to operate a pharmacy in the Model Cities Shopping Center.
The said $20 ,000 . 00 is deposited into an interest earning
account at a local bank and pledged as security for the re-
payment of any loan made to such pharmacist; and
WHEREAS , THE operator of a grocery store located in the
said Shopping Center is in need of a loan to assist in the
operation of the grocery store but does not have the necessary
security; and
WHEREAS , the Board of Directors would by this Resolution
authorize a loan to the said grocery pledging as security the
$20 ,000 . 00 previously authorized as security for the pharmacy
loan.
NOW THEREFORE , BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS.
SECTION 1. Resolution no. 5 , 263 adopted by the Board of
Directors on September 3 , 1974 is hereby amended to provide
that an additional loan be authorized to a grocery business
located in the Model Cities Shopping Center and the $20 ,000 . 00
previously allocated as security for a loan to a pharmacy in
the said Shopping Center also be used to guarantee the loan to
the grocery business .
SECTION 2 . This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: December 17, 1974
ATTEST: GtiYL` APPROVED: Gov
City Cler Mayor