HomeMy WebLinkAbout6394 RESOLUTION NO 6,394
A RESOLUTION AUTHORIZING THE MAKING OF AN APPLICATION
AND AGREEMENT FOR AN IRREVOCABLE LETTER OF CREDIT TO
WORTHEN BANK AND TRUST COMPANY, N.A. OF LITTLE ROCK,
ARKANSAS IN FAVOR OF THE COMMERCIAL NATIONAL BANK OF
LITTLE ROCK, ARKANSAS, TRUSTEE, IN CONNECTION WITH THE
ISSUANCE BY THE CITY OF LITTLE ROCK OF HOTEL AND RES-
TAURANT GROSS RECEIPTS TAX BONDS (LITTLE ROCK CONVENTION
CENTER PROJECT, SERIES 1980) , AND PRESCRIBING OTHER
MATTERS RELATED THERETO.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS.
SECTION 1. The Mayor and City Clerk, or Assistant City Clerk, acting for and on
behalf of the City of Little Rock, Arkansas are hereby authorized to make application
and enter into an agreement for an irrevocable Letter of Credit to Worthen Bank and
Trust Company, N. A. , in favor of The Commercial National Bank of Little Rock, Arkansas,
as Trustee, as a necessary phase of the City's financing plan with regard to the issuance
by the City of Little Rock, Arkansas of Hotel and Restaurant gross receipts tax bonds
(Little Rock Convention Center Project, Series 1980) . The said Letter of Credit shall
be for an annual sum of $5,548,000.00 and suall automatically be renewable annually until
such time as The Commercial National Bank of Little Rock and the City each certify in
writing (i) that the requirements of Section 417(b) of the Trust Indenture have been met;
and (ii) that the termination of the credit is authorized by the Indenture. Further,
the Mayor and City Clerk, or Assistant City Clerk are hereby authorized to execute for
and on behalf of the City such Notes and Renewal Notes as may be required by the said
Letter of Credit. The Letter of Credit and documents related thereto are hereby approved
and shall be substantially in form and content ;as reflected by Exhibit "A" attached hereto
and made a part hereof the same as though set out herein word for word.
SECTION 2. This Resolution shall be in full force and effect from and after its
adoption.
ADOPTED: August 5, 1980
ATTEST:C atic�d � G� , APPROVED: /'/
City Clerk (Assistant)
Mayor