HomeMy WebLinkAbout40-82 RESOLUTION?wag) ..
RESOLUTION NO. 110'bo2.-
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A RESOLUTION INSTRUCTING THE FINANCE DIRECTOR TO
TREAT AS INTEREST BEARING LOANS ALL MUNICIPAL FUNDS,
OTHER THAN NET PARKING REVENUES EXPENDED, TO MEET
DEBT SERVICE REQUIREMENTS ON REVENUE BONDS ISSUED TO
FINANCE CONSTRUCTION OF A THIRD PARKING LEVEL ON THE
DOWNTOWN PARKING FACILITY LOCATED ADJACENT TO THE
CONTINUING EDUCATION CENTER.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the Finance Director -is hereby authorized
and directed to treat as interest bearing loans all municipal
funds, other than net parking revenues, expended to meet
debt service requirements on revenue bonds issued to finance
construction of the downtown parking facility adjacent to the
Continuing Education Center, after repayment of all loans
made from the general fund for construction'o.f the Continuing
Education Center. The interest rate shall be'10•'/o,per annum
Section 2. Upon redemption of all outstanding bonds issued
to finance construction of the downtown parking facility
adjacent to the Continuing Education Center, said loans shall
be repaid as soon as possible from net parking revenues from
City -owned off-street parking lots. Said repayments shall be
deposited in the performing arts center fund.
PASSED AND APPROVED this /0\day of
1982.
ATTEST:
APPROVED:
MAYOR
ITYCLEr
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