HomeMy WebLinkAbout12874ORDINANCE NO 12,874
AN ORDINANCE APPROPRIATING THE SUM OF $87,000.00
FROM THE UNAPPROPRIATED BALANCE OF THE GENERAL
FUND TO BE USED FOR THE PURPOSE OF ADVANCE FUNDING
FOR THE MODERNIZATION OF ROBINSON AUDITORIUM ALL
FOR THE USE AND BENEFIT OF THE LITTLE ROCK ADVER-
TISING AND PROMOTION COMMISSION TO BE REPAID BY
SAID COMMISSION PLUS INTEREST; AND FOR OTHER PURPOSES
BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF
LITTLE ROCK, ARKANSAS.
SECTION 1. There is hereby appropriated from the unappro-
priated balance of the General Fund the sum of $87,000.00 to
be used as a part of the local share of the cost of moderni-
zation of the Robinson Auditorium.
SECTION 2. The funds to be appropriated in Section 1
hereof are appropriated for the benefit of the Little Rock
Advertising and Promotion Commission but shall not be paid
out and delivered except upon receipt by the City of a written
commitment by the Little Rock Advertising and Promotion Com-
mission to reimburse the City the full of said amount together
with interest at the rate of seven (7%) percent per annum from
the date of delivery of said principal amount and with the
further commitment to repay all of such funds together with
those funds advanced for the use and benefit of Little Rock
Advertising and Promotion Commission pursuant to authority of
Ordinance #12,636 of the City of Little Rock passed April 4,
1972 within the five year period for repayment as therein
provided for.
SECTION 3. This Ordinance shall be in full force and
effect from and after its passage.
PASSED: Decemher 11, 19-73
ATTEST:
City Cle
APPROVED:O
Mayor
o 0 S _
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