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HomeMy WebLinkAbout2151 RESOLUTION NO. 2151 A RESOLUTION APPROVING AMENDMENT TO COOPERATION AGREEMENT WITH THE HOUSING AUTHORITY OF THE CITY OF LITTLE ROCK, ARKANSAS BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK, ARKANSAS, as follows : Section 1 . The Amendment to Cooperation Agreement between the City of Little Rock, Arkansas, and the Housing Authority of the City of Little Rock, Arkansas is hereby approved. Section 2 . The Mayor is hereby authorized and directed to execute the Amendment to the Cooperation Agreement in the name of, and the City Clerk is hereby directed to seal and attest the Amendment to Cooperation Agreement with the seal of the City of Little Rock, Arkansas . Section 3. Execution of said Amendment to Cooperation Agreement being necessary in order to promote the public welfare, an emergency is declared to exist and this Resolution being neces- sary for the immediate preservation of the public peace, health and safety, shall take effect and be in force from and after its passage . Section 4. The Amendment to Cooperation Agreement referred to in Section 1 hereof is in the following form, to-wit: "AMENDMENT TO COOPERATION AGREEMENT between CITY OF LITTLE ROCK, ARKANSAS and HOUSING AUTHORITY OF THE CITY OF LITTLE ROCK, ARKANSAS WHEREAS, on the 12th day of July, 1950, the City of Little Rock, Arkansas (herein called the "Municipality" ) and the HOUSING AUTHORITY OF THE CITY OF LITTLE ROCK, ARKANSAS (herein called the "Local Authority" ) entered into a Cooperation Agreement (herein called the "Agreement" ) whereby the Local Authority agreed to under- take the development of certain low-rent housing units and the Municipality agreed to assist and cooperate with the Local Authority in such development; and • WHEREAS, The Municipality and the Local Authority are desirous of amending the Agreement to permit the Municipality to share in any revenues from the housing units after retirement of Local Authority Bonds and other obligations: NOW, THEREFORE, in consideration of the premises, it is agreed that the Agreement be and it is hereby amended by inserting the following new Paragraph 10 in the Agreement: ' 10. In addition to the Payments in Lieu of Taxes and in further consideration for the public services and facilities furnished and to be furnished in respect to any Project for which no annual contributions contract had been entered into prior to August 2, 1954, between the Local Authority and the PHA; ' (1) After payment in full of all obligations of the Local Authority in connection with such Project for which any annual contributions are pledged and until the total amount of annual contributions paid by the PHA in respect to such Project has been repaid, (a) all receipts in connection with such Project in excess of expenditures necessary for the management, operation, maintenance, or financing, and for reasonable reserves therefor, shall be paid annually to the PHA and to the local public bodies which have contributed to such Project in the form of tax exemption or other- wise, in proportion to the aggregate contribution which the PHA and such local public bodies have made to such Project, and (b) no debt in respect to such Project, except for necessary expen- ditures for such Project, shall be incurred by the Local Authority. ' (2) If, at any time, such Project or any part thereof is sold, such sale shall be to the highest responsible bidder after advertising, or at fair market value as approved by the PHA, and the proceeds of such sale together with any reserves, after appli- cation to any outstanding debt of the Local Authority in respect to such Project, shall be paid to the PHA and the local public bodies as provided in clause 1(a) of this Section 10: Provided, That the Amounts to be paid to the PHA and the local public bodies shall not exceed their respective total contribution to such Project; ' (3) The Local Authority shall distribute the payments pursuant to clauses (1) and (2) of this Section 10 among the local public bodies (including the Municipality) in proportion to their respective aggregate contributions to such Project . ' IN WITNESS WHEREOF, the Municipality and the Local Authority have respectively caused this Amendment to be duly executed as of the day of , 1957. CITY OF LITTLE ROCK, ARKANSAS By (SEAL) Mayor ATTEST: City Clerk -2- HOUSING AUTHORITY OF THE CITY OF LITTLE ROCK, ARKANSAS By (SEAL) Chairman ATTEST: tl Secretary Section 5 . This Resolution shall supersede in its entirety Resolution No. 2130, passed on the 21st day of January, 1957. ADOPTED : May 27 /WOW:: , 1957. APPROVED: -) Z;t1. ��.�.-�✓ Mayor ATTEST Cit Clerk • -3-