HomeMy WebLinkAbout6002 RESOLUTION NO. 6,002
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
AGREE TO GIVE THE MERCANTILE NATIONAL BANK OF
DALLAS WRITTEN NOTICE OF DEFAULT BY STRICKLAND
TRANSPORTATION COMPANY IN THE PAYMENT OF
PRINCIPAL AND INTEREST ON ACT 9 BONDS, AND TO
GRANT A CURATIVE PERIOD; AND FOR OTHER PURPOSES.
WHEREAS, the Mercantile National Bank of Dallas is trustee for the
industrial development revenue bond issue under Act 9 for Strickland
Transportation Company; and
WHEREAS, the Mercantile National Bank of Dallas has requested that
the City give written notice in the event of default; and
WHEREAS, the Mercantile National Bank of Dallas has requested a
10-day curative period; and
WHEREAS, the granting of such requests does not cause the City to
incur liability in the matter.
NOW, THEREFORE, 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 City Manager to give to the Mercantile
National Bank of Dallas written notice in the event of default by
Strickland Transportation Company in connection with Act 9 Bonds.
SECTION 2. The Board of Directors of the City of Little Rock,
Arkansas authorizes the City Manager to grant a 10-day curative period
following receipt by the Mercantile National Bank of Dallas of a
written notice of default from the City.
SECTION 3. This Resolution shall be in full force and effect
from and after its adoption.
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ADOPTED: September 5, 1978
ATTEST: �' APPROVED:
City Clerk Mayor