HomeMy WebLinkAbout4261 RESOLUTION NO. 4,261
BE IT RESOLVED by the Board of Directors of the City of Little Rock,
Arkansas:
Section 1 . That the action of the City Manager in writing a
letter clarifying Paragraph 1 of that certain Agreement entered into as of
August 28, 1969, between the City of Little Rock, Arkansas and the
participating banks specified therein, as supplemented by that certain
Agreement entered into as of September 15 , 1969, between the City of
Little Rock, Arkansas and the participating institutions specified therein,
I
to set forth the intended meaning of Paragraph 1 of each Agreement (a copy
of which letter is attached hereto and made a part hereof) is hereby auth-
orized, approved and ratified. The intended meaning and the interpretation
that the Agreements are to have is that the Airport Revenue Bonds for the interim
financing (referred to in Paragraph I of the Agreements) will be issued with a
maturity date of on or about July, 1972 so that the commitment of the partici-
pating institutions for the permanent bonds would expire on that date (on or
about July, 1972) but in order to take care of the usual contingencies , the
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• interim bonds must have a maturity date no later than December 31, 1972 , so
that the participating institutions' commitment for the permanent bonds will
expire no later than December 31, 1972 .
Section 2 . The City Manager is authorized to furnish a copy
of this Resolution to any party to the Agreements who so request, it being
the intention of this Resolution and of the interpretative letter authorized
in Section 1 hereof that the August 28, 1969 Agreement and the September 15,
1969 Agreement be interpreted and construed in accordance with the provisions
of the interpretative letter and this Resolution to the same extent as though
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those Agreements were rewritten and re-executed with the interpretative
provisions incorporated therein.
ADOPTED October 6, 1969
APPROVED:
Mayor
ATTEST:
d/
City Clerk
/'•.
Re: Airport Revenue Bond Agreement dated
August 28, 1969, as supplemented by
Agreement dated September 15 , 1969
Dear Sir:
A question has arisen concerning the intention of the parties to the
Agreement entered into as of August 28, 1969, between the City of Little
Rock, Arkansas and the participating banks specified therein, as supple-
mented by the Agreement entered into as of September 15 , 19 69 , between
the City of Little Rock, Arkansas and the participating institutions speci-
fied therein, as to the period that the commitments of the participating
institutions to purchase Airport Revenue Bonds will be outstanding.
This letter is being written pursuant to the express authority of the Board
of Directors of the City of Little Rock, Arkansas, and this procedure is
being followed to clarify the provisions of the Agreements, as to their
proper interpretation in this respect, without the necessity of redrafting
and re-execution by all concerned.
You are advised that the intended meaning and the interpretation that
the Agreements are to have is that the Airport Revenue Bonds for the
interim financing (referred to in Paragraph 1 of the Agreements) will be
issued with a maturity date of on or about July, 1972 so that the commit-
ment of the participating institutions for the permanent bonds would expire
on that date (on or about July, 1972) but in order to take care of the usual
contingencies, the interim bonds must have a maturity date no later than
December 31, 19 72 , so that the participating institutions' commitment for
the permanent bonds will expire no later than December 31, 1972 , to the
same extent as though those Agreements were rewritten and re-executed
with the above interpretative provisions incorporated therein.
Yours very truly,
John T. Meriwether
City Manager
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