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HomeMy WebLinkAbout6399 RESOLUTION NO 6,399 A RESOLUTION ACKNOWLEDGING RECEIPT OF AND APPROVING INTERIM AND PERMANENT LOAN COMMITMENTS BY VARIOUS LOCAL FINANCIAL INSTITUTIONS TO LITTLE ROCK CENTER ASSOCIATES, LTD. TO PROVIDE THE FUNDS TO DEFRAY THE COSTS FOR THE HOTEL COMPLEX IN THE PLANNED DEVELOPMENT OF THE CIVIC-CONVENTION HOTEL CENTER PROVIDED FOR IN THE CONSTRUCT AND LEASE AGREEMENT BETWEEN THE CITY OF LITTLE ROCK, ARKANSAS AND LITTLE ROCK CENTER ASSOCIATES, LTD. , AN ARKANSAS LIMITED PARTNERSHIP, PURSUANT TO AUTHORITY OF RESOLUTION NO. 6116 OF THE BOARD OF DIRECTORS ADOPTED APRIL 3, 1979; AND PRESCRIBING OTHER MATTERS RELATED THERETO BE IT RESOLVED BY THE BOARD OF DIRECT©RS OF THE CITY OF LITTLE ROCK, ARKANSAS. SECTION 1. The City of Little Rock, Arkansas hereby acknowledges receipt of and gives approval of interim and permanent loan commitments in favor of Little Rock Center Associates, Ltd, to defray its portion of the costs for the planned Civic- Convention Hotel Center provided for in the Construct and Lease Agreement between the City of Little Rock, Arkansas and Little Rock Center Associates, Ltd. , an Arkansas Limited Partnership, pursuant to authority of Resolution No. 6116 of the Board of Directors adopted April 3, 1979. SECTION 2. Attached hereto as Exhibit "A" is a copy of the Interim and Construction Loan Commitment referred to in Section 1 hereof given by Worthen Bank and Trust Company of Little Rock, Arkansas as lead bank for a consortium of other banking institutions in Pulaski County, Arkansas in the amount of Twenty-three million ($23,000,000.00) dollars. SECTION 3. Attached hereto as Exhibit "B" is a permanent loan commitment referred to in Section 1 hereof given by Worthen Bank and Trust Company of Little Rock, Arkansas, acting as the lead bank for several banking institutions in Pulaski County, Arkansas in the amount of Five million ($5,000,000,00) dollars. SECTION 4. Attached hereto as Exhibit "C" is a permanent loan commitment referred to in Section 1 hereof given by Savers Federal Savings and Loan Association of Little Rock, Arkansas acting as a lead lender for a consortium of savings and loan associations in the amount of Eighteen million ($18,000,000.00) dollars, SECTION 5. This Resolution shall be in full force and effect from and after its adoption, ADOPTED: August 5, 1980 a4 /V�o 4., �/i. ATTEST: APPROVED: City Clerk (Assistant) Mayor