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RESOLUTION NO. 7,975
A RESOLUTION AUTHORIZING THE EXECUTION AND
DELIVERY BY THE CITY OF LITTLE ROCK,
ARKANSAS OF A DEED TO AND FIRST SUPPLEMENTAL
LEASE AND AGREEMENT WITH BH &G PROPERTIES, AN
ARKANSAS GENERAL PARTNERSHIP
WHEREAS, the City of Little Rock, Arkansas ( "City ")
owns certain real property situated in Pulaski County, Arkansas,
which property is described in and mortgaged under a certain
Trust Indenture dated as of October 1, 1983, by and between
First Commercial Bank, National Association, Little Rock,
Arkansas (the "Trustee ") and the City (the "Indenture "); and
WHEREAS, the real property referred to above and the
improvements thereon and facilities therein, have been leased by
the City as lessor to BH &G Properties, an Arkansas general
partnership ( "Partnership ") by a Lease and Agreement dated as of
October 1, 1983 (the "Lease "); and
WHEREAS, the Partnership desires that certain
unimproved property subject to the Lease be conveyed to the
Partnership in accordance with Section 2501 of the Lease in
order that additional health care facilities be constructed; and
WHEREAS, the Trustee has agreed to release the land
from the Indenture in accordance with Section 803 thereof; and
WHEREAS, First Commercial Bank, National Association,
Little Rock, Arkansas, as issuer of a letter of credit securing
the bonds issued under the Indenture, has agreed to the release
of land; and
WHEREAS, a form of Ouitclaim Deed and First
Supplemental Lease and Agreement have been presented to and are
before this meeting;
NOW, THEREFORE, BE IT RESOLVED by the Board of
Directors of the City of Little Rock, Arkansas:
Section 1. That there be, and there is hereby
authorized the execution and delivery of a Quitclaim Deed from
the City to the Partnership, and the Mayor and City Clerk be,
and they are hereby authorized to execute, acknowledge and
deliver the Quitclaim Deed for and on behalf of the City.
Section 2. That there be, and there is hereby
authorized the execution and delivery of a First Supplemental
Lease and Agreement by and between the City and the Partnership
INN
231
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and the Mayor and City Clerk be and they are hereby authorized
to execute, acknowledge and deliver the First Supplemental Lease
and Agreement for and on behalf of the City.
Section 3. That the Mayor and City Clerk for and on
behalf of the City be, and they are hereby, authorized and
directed to take such action and execute such documents as may
be necessary to carry out the authority herein conferred or to
evidence the exercise thereof.
Section 4. That all resolutions and ordinances and
parts thereof in conflict herewith are hereby repealed to the
extent of such conflict.
Section 5. That the provisions of this Resolution are
hereby declared to be separable, and if any section, phrase or
provision shall for any reason be declared to be invalid, such
declaration shall not affect the validity of the remainder of
the sections, phrases and provisions.
PASSED: July 5 , 1988.
ATTEST:
l
i y Clerk--Vane Czech
APPROVED:
By dxio'l
Mayo Lottie S ackelford
M WM
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