HomeMy WebLinkAbout8120I I RESOLUTION NO. 8,120 17 6
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3 A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK
4 TO SIGN THE NECESSARY DOCUMENTS FOR THE SALE OR
5 TRANSFER OF PROPERTY WHICH ACTS AS SECURITY ON
6 ARKANSAS TOURISM REVENUE BONDS, SERIES 1981,
7 ISSUED ON BEHALF OF MARKHAM INN, INC.
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10 WHEREAS, Section 4.02 of a certain loan agreement by and
11 between the City of Little Rock, Arkansas, and Markham Inn,
12 Inc., an Arkansas corporation, which was issued in conjunction
13 with the City of Little Rock, Arkansas Tourism Revenue Bonds,
14 Series 1981, Markham Inn Project, dated September 1, 1981
15 contains a provision which requires the written consent of the
16 City to any sale or other transfer of property described in the
17 City's corresponding mortgage; and
18 WHEREAS, a proposal to purchase all of the outstanding
19 stock in the Markham Inn, Inc. has been made; and
20 WHEREAS, in conjunction with such sale, certain financing
21 requirements will require that one or more subordinate mortgages
22 and security agreements encumbering the real property which is
23 the subject of the City's mortgage and security agreement will
24 be given; and
25 WHEREAS, it is necessary that such subordinate liens be
26 granted to the appropriate lenders to induce and allow the sale
27 of stock as contemplated herein; and
28 WHEREAS, any such lien, mortgage, or security interest so
29 conveyed will be inferior, subordinate to, and junior to the
30 lien and mortgage of the City of Little Rock; and
31 WHEREAS, it is the best interest of the Markham Inn
32 Project, and therefore the City of Little Rock to allow the
33 injection of additional capital into the corporation thereby
34 insuring its continued success and successful operation; and
35 WHEREAS, the successful operation of the Project will
36 I greatly enhance the continued viability of the bond program and
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will further insure the successful completion of all bond
payment.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The Board of Directors authorizes the Mayor
and City Clerk to sign any necessary documents indicating its
consent to the sale or transfer of property which acts as
security on Arkansas Tourism Revenue Bonds, Series 1981, issued
on behalf of Markham Inn, Inc.
SECTION 2. The Board of Directors also authorizes the
Mayor and City Clerk to sign on behalf of the City any necessary
documents indicating its consent to the placing of subordinate,
inferior, and junior liens on the property described in the
mortgage and security agreement held by the City of Little Rock,
Arkansas Tourism Revenue Bonds, Series 1981, Markham Inn
Project.
ADOPTED: March 21, 1939
ATTEST: APPROVED:
CA Y CLERK F MAYOR kOYD G. VILLINES, III
TO YOM:
MARK STODOLA, CITY ATTORNEY
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