Loading...
HomeMy WebLinkAbout13882ORDINANCE No. 13,882 AN ORDINANCE APPROPRIATING $2,727,000 FROM THE 1977 CAPITAL IMPROVEMENT FUND FOR TITS CONSTRUCTION OF RODNEY PARHAM ROAD, PHASE II; AUTHOR?ZING THE CITY'S DIRECTOR OF FINANCE, OR HIS DESIGNATED REPRESENTATIVE, TO ENTER INTO AN AGREEMENT BETWEEN THE CITY OF LITTLE ROCK, ARKANSAS, THE ARKANSAS STATE HIGHWAY AND TRANSPORTATION DEPARTMENT AND THE FIRST NATIONAL BANK IN LITTLE ROCK CONCERNING THE INVESTMENT AND REIIMSTMI'NT OF $2,570,000 IN U.S. GOVERNMENT SECURITIES TO ENABLE THE CITY TO EARN INTEREST ON SAID FUNDS DURING THE CON- STRUCTION OF RODNEY PARHAM ROAD PHASE II IN SUBSTANTTAIZ,Y THE FORM AND WITH SUBSTANTIALLY THE CONTENT AS SET FORTH HEREIN AND ]`BADE A PART OF THIS ORDINANCE, PRESCRIBING OTHER MATTERS RELATED THERETO AND DECLARING AN a'JERGENCY . Nis 16,1:11 ;1.11AM THE CITY OF LITTLE ROCK, ARKANSAS: SECTION 1. The sign of $2,727,000 is hereby appropriated from the 1977 Capital Improvement Fund for the construction of the im- provements to Rodney Parhan Road known as RODNEY PARHAM ROAD PHASE II. SECTION 2. The Director of Finance, or his designated repre- sentative, is hereby autho-.ized to execute the Agreement between the City of Little Rock, Arkansas, the Arkansas State Highway and Transpor- tation Department, and the First National Bank in Little Rock in substantially the form and with substantially the content as hereafter set forth. Under said Agreement the City of Little Rock will request the City's depository bank, First National Bank in Little Rock, to invest $2,570,000 initially and reinvest the remaining balances in U.S. Government Securities to allow the City of Little Rock to earn interest during the construction of RODNEY PARHAM ROAD PHASE II. Custody of investments will be maintained by the Bank for and on behalf of the City and the Arkansas State Highway and Transportation Department. The form and contents of said Agreement, which are hereby approved, are hereby made a part hereof the sane as set out word for word and shall be substantially as shown as Exhibit "A" attached hereto. i SECTION 3. That the Director of Finance, or his desig- nated representative, for and on behalf of the City of Little Rock is hereby authorized and directed to do all things, execute all instrunents and otherwise take all action necessary to the realiza- tion of the rights of the City and to discharge the obligations of the City under the terms of said Agreement. SECTION 4. That the provisions of this Ordinance 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 or provisions. SECTION 5. All ordinances and resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such con- flict. SECTION 6. It has been found, and it is hereby declared, that the City needs this appropriation and needs to enter into this agreement immediately in order to improve transportation on Rodney Parham Road and for the preservation of the public peace, health and safety of the citizens and that an emergency is hereby declared. Therefore, this ordinance shall be in full force and effect from and after its passage and approval. PASSED: October 7, 1980 ATTEST: APPROVED: City Clerk Mayor .a This Agreement made and entered into by and between THE CITY OF LIT'T'LE ROCK, ARKANSAS, a municipal corporation, hereinafter referred to as "City "; THE ARKANSAS STATE HIGHWAY AND TRANSPORTATION DEPARTMENT, hereinafter referred to as "Department "; and THE FIRST NATIONAL BANK OF LITTLE ROCK, a national banking institution herein- after referred to as "Bank ": I+r MLLN i9 --ma1 c WHEREAS, the City and the Department desire to improve and widen Rodney Parham Road which is located in Little Rack, Pulaski County, Arkansas; and, WHEREAS, the City and the Department have entered into a contract for said improvements to Rodney Parham Road, and said improvements are designated RODNEY PARHAM PHASE II with the Depart- ment's Job #60096 FAP M -5250 (4) and the City's Special Project Numbers 9101 and 9102; and, WHEREAS, the approximate cost to the City for RODNEY PARHAM PHASE II has been estimated to be $2,570,000.00, which monies are to be appropriated from the 1977 Capital Improvement Fund of the City; and, W T,AS, before beginning construction of RODNEY PARHAM PHASE II, the Department requires that it have the said $2,570,000.00 at its disposal to pay for the costs of construction as same become due during the pendency of the project; and WHEREAS, the City desires to make said $2,570,000.00 available to the Department, but also desires to invest and reinvest said monies in such a manner as to retain any and all interest derived from the use of said monies during the pendency of the project; and, WHEREAS, the Bank is presently the Depository Bank for the City's Investment Account, and the City and the Department desire that the Bank be the depository or custodian under the terms of this Agreement and invest and reinvest said ironies as hereinafter set forth. IT IS THEREFORE mutually agreed by and between the City, the Department and the Bank in consideration of the premises and for other good and valuable consideration, the receipt of which is hereby acknowledged, as follows: 1) The City agrees to transfer the sum of $2,570,000.00 from its 1977 Capital Improvement Fund to the Bank as depository and custodian to invest the entire amount initially and reinvest the remaining balances in U. S. Government Securities. 2) All rights and title in said U. S. Government Securities shall be held jointly in the name of the City and the Department. However, the Department disclaims any rights or title whatsoever in any interest which may be earned from the investment and ,reinvestment of said monies. 3) The Bank agrees that during the construction of RODNEY PARHAM PHASE II it shall sell, invest and release funds to make periodic contract payments to the Department out of said monies and /or investments once the Bank has received proper notification from the City and the Department that such are due under the terms of the City's contract with the Department concerning RODNEY PAR -IAM PHASE II. 4) Such notices shall be given by the City and the Depart- ment to Ann Head, or her designated representative, under such procedures as the Bank deems acceptable. 5) The Bank is authorized to sell, transfer, convey, or otherwise dispose of any investments, reinvestments or the like should such action be necessary to make the periodic contract pay- ments to the Department. 6) It is expressly agreed, by all parties hereto, that this Agreement shall terminate once the last periodic contract payment has been made to the Department under the terms of the contract between the City and the Department. 7) Upon termination of this Agreement, the Bank agrees to transfer all remaining funds and /or investments to the City and, upon termination, the Department agrees that it shall be immediately divested of any right or title it may have to said fiends and /or investments. IN WITNESS WHEREOF, we have set our hands and seals this day of , 1980. ATTEST: City Clerk CITY OF LITTLE ROCK BY: ARKANSAS STATE HIGHWAY AND TRANSPORTATION DEPAMM1T V FIRST NATIONAL BANK IN LITTLE ROCK 1