HomeMy WebLinkAbout5976 RESOLUTION NO. 5,976
A RESOLUTION AUTHORIZING THE ADVANCEMENT OF CITY FUNDS
TO METROPLAN, FOR USE BY CENTRAL ARKANSAS TRANSIT IN
OPERATION OF THE MASS TRANSIT SYSTEM; AND FOR OTHER
PURPOSES
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK,
ARKANSAS:
SECTION 1. The Board of Directors of the City of Little Rock, Arkansas
hereby authorizes the advancement of Revenue Sharing funds to Metroplan, for
use by Central Arkansas Transit, in the operation of the Mass Transit
System, as a loan until such time as the said Metroplan receives its match-
ing funds from the Department of Transportation later in the year. Interest
at the rate of ten (10%) per cent or one (1%) per cent above the prime lending
rate, whichever is lower, shall be charged to Metroplan for such borrowed
funds. Upon receipt of said matching funds from the Department of Transport-
ation, Metroplan will immediately repay the City of Little Rock those funds
borrowed, plus ten per cent interest or one per cent interest above the prime
lending rate, whichever is lower, from the date such funds are advanced to
them.
SECTION 2. This Resolution shall be in full force and effect from and
after its adoption.
ADOPTED: July 26, 1978
ATTEST: R/!'!.!J APPROVED: UZ
City Clerk Mayor