HomeMy WebLinkAbout8903RESOLUTION NO. —
8,903
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4 A RESOLUTION AUTHORIZING AN ADDENDUM TO THAT CERTAIN
5 AGREEMENT BY AND BETWEEN THE CITY OF LITTLE ROCK,
6 ARKANSAS AND THE I -630 TO ARKANSAS STATE HIGHWAY 10
7 PARKWAY PROPERTY OWNERS IMPROVEMENT DISTRICT NO. 338
8 OF PULASKI COUNTY, ARKANSAS, DATED AUGUST 5,1986; AND
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to OTHER PURPOSES.
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13 WHEREAS, on or about August 5, 1986, the City of Little Rock, Arkansas
14 ( "City") and 1 -630 to Arkansas State Highway 10, Parkway Property Owners
15 Improvement District No. 338 of Pulaski County, Arkansas the ( "District "), entered into
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17 an agreement ( "Agreement ") relating to construction of certain improvements comprising
18 a portion of the roadway now known as Chenal Parkway ( "Parkway "); and
19 WHEREAS, the Agreement provided for, among other things, annual payments
20 by the City, on or before August 1 of each year for the years 1987 through 1988,
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22 inclusive, in the annual amount of $175,500, provided, however, that the obligation of
23 the City to make each payment will be subject to annual appropriation of said amount
24 by the Board of Directors of the City; and
25 WHEREAS, the District has determined that because of prevailing lower interest
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27 rates, substantial savings can be obtained by refunding its outstanding Construction
28 Bonds dated as of June 10, 1987; and
29 WHEREAS, in consideration of the substantial savings to be obtained through the
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refunding of its Construction Bonds, the City and the District have mutually agreed to
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32 a reduction of the City's annual obligation for the years 1993 through 1998, (the
33 "Remaining Annual Payments ") as more particularly set forth in the following resolution.
34 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
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36 THE CITY OF LITTLE ROCK, ARKANSAS, AS FOLLOWS:
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SECTION 1. That the City Manager, upon the advise of the City Director of
Finance, is authorized to negotiate with the District for the purpose of reaching an
agreement to reduce the amount of each of the Remaining Annual Payments, based
upon the projected interest savings resulting from the refunding of the District's
Construction Bonds, and, provided further, that in the interest of obtaining the highest
possible savings, the Mayor, upon the recommendation of the City Manager and
Director of Finance, is authorized to execute and deliver an addendum to the
Agreement which shall reflect any reduction of the City's Remaining Annual Payments.
SECTION 2. That all other provisions of the Agreement not specifically modified
or amended herein shall remain in full force and effect as set forth in the Agreement
which is attached hereto As Exhibit "A' and incorporated herein by reference and made
a part of this resolution.
SECTION 3. This resolution shall take effect and be in force from and after its
adoption.
ADOPTED: May 4, 1993
ATTEST:
APPROVED AS TO FORM:
THUMAS M. UARVENTE1W
CITY ATTORNEY
APPROVED:
'AJSF -T!ASON, VICE
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• • Exhibit "A"
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AGREEMENT
STATE OF ARKANSAS)
COUNTY OF PULASKI)
CtAl
This Agreement, dated as of August S -, 1986 (the
"Agreement "), is entered into by and among the City of Little
Rock, Arkansas, an Arkansas municipal corporation (the "City "),
and the I -630 to Arkansas State Highway 10 Parkway Property
Owners Improvement District No. 338 of Pulaski County, Arkansas,
a property owners improvement district formed under Act 613 of
the General Assembly of the State of Arkansas for the year 1983,
as amended (the "District ").
RECITALS
WHEREAS, the District is a validly formed and duly existing
property owners improvement district, formed under the laws of
the State of Arkansas for the purpose of constructing a
four -lane extension of I -630 from Financial Parkway to Markham
Street, an alternating four -lane and two -lane extension of I -630
from Markham Street to Arkansas State Highway 10, and related
improvements (the "Project" herein); and
WHEREAS, that portion of the four -lane extension from
Financial Parkway to Markham Street, i.e. between Autumn Road
and Bowman Road and the East 1/2 of Bowman Road from Financial
Parkway to Markham Street all of which is within the corporate
limits of the City and are shown on the City's most recent
master street plan (the "City Improvements" herein); and
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WHEREAS, the City recognizes that in the absence of the
construction by the District of the above- described proposed
City Improvements, the City would bear financial responsibility
for the construction of said City Improvements; and
WHEREAS, on March 5, 1986, the Board of Directors of the
City passed Ordinance No. 15,063 recognizing the City's
financial responsibility for above - described City Improvements
and expressing its intent to provide for the costs thereof; and
WHEREAS, on August 5, 1986, the Board of Directors of the
City adopted Resolution No. 7,43 6 , reaffirming its
responsibilities and intentions under Ordinance No. 15,063, and
authorizing the Mayor of the City and the City Clerk to enter
into this Agreement; and
WHEREAS, the City is desirous of entering into this
Agreement to defray the costs of the City Improvements in
constructing the above - described Project;
NOW, THEREFORE, the City and the District, agree as follows:
AGREEMENTS
SECTION 1. In consideration for the construction by the
District of the City Improvements, which are a part of the
Project, the City agrees to pay to the District, on or before
August 1 of each year for the years 1987 through 1998,
inclusive, the annual amount of $175,500. Provided, however,
that the obligation of the City to make each payment shall be
subject to annual appropriation of said amount by the Board of
Directors of the City.
dAE
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SECTION 2. In the event that the City Board of Directors
shall fail in any given year to appropriate the amount set forth
in Section 1 of this Agreement, this Agreement shall be
automatically terminated. Provided further, that while it is
the present intention of the City to annually appropriate said
amounts over the entire term of the Agreement, the failure to
make such appropriation in any given year shall not be deemed a
breach of this Agreement, nor give rise to any cause of action
by the District for legal or equitable relief.
SECTION 3. The obligation of the City to pay to the
District the amounts set forth in Section 1 of this Agreement
shall terminate on August 1, 1998, or at such earlier time as
the obligation of the property owners of the District to pay
assessments related to the original construction of the
above - described proposed improvements shall have terminated.
SECTION 4. If at any time the City desires to fulfill its
obligations under this Agreement by making a single payment
constituting the entire amount of its share of the construction
costs associated with the above - described proposed improvements,
it may do so. Such payment amount shall be mutually agreed upon
by the City and the District at the time the City desires to
make such lump sum payment.
SECTION 5. The City shall be under no obligation to pay to
the District the amounts set forth in Section 1 of this
Agreement unless the District initiates construction of the
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above- described proposed improvements within twelve (12) months
from the date of this Agreement and such construction proceeds
toward completion with due diligence.
SECTION 6. The District covenants that it will construct
the above - described proposed improvements in conformance with
standards and specifications approved by the City.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed as of the date first above written.
CITY OF LITTLE ROC , RKANSAS
By
Mayor
ATTEST:
By:
C' y Clerk
1572C -4
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I -630 TO ARKANSAS STATE
HIGHWAY 10 PARKWAY PROPERTY
OWNERS IMPROVEMENT DISTRICT
NO. 338 OF PULASKI COUNTY,
ARKANSAS
By: '
Commissioner
By:
Commissioner
By:
Com4issioner
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