RESOLUTION 2017-02: Library Loan Modification

Ordinance #: 2017-02

A RESOLUTION AUTHORIZING EXECUTION OF DOCUMENTS TO EXTEND LIBRARY LOAN WITH ARVEST BANK. 

WHEREAS, the City Council of Elkins, Arkansas, desires to extend the existing loan on the Elkins library which matures in September of this year to obtain favorable terms and avoid last minute negotiations. 

WHEREAS, Arvest Bank has agreed to extend the loan for another five (5) year term with interest on the principal balance of $182.331.65 at 4.16per annum and monthly payments of $1877.98 with the first of such payments being due on the 20th day of August, 2017. 

BE IT THEREFORE RESOLVED BY THE CITY COUNCIL OF ELKINS, ARKANSAS, that after due deliberation and consideration of above facts and discussion of the attached Debt Modification Agreement and Modification of Mortgage and taking into account the Waiver executed by Arvest officials to waive the Bank‘s right to ‘set off in the event of a default by the City, the Council has determined that the interests of the City, its residents and occupants will be best served by proceeding with the refinancing of the library loan at this time. 

The Mayor and Recorder–Treasurer are also hereby authorized to take all necessary steps to refinance loan 4236009 with Arvest Bank pursuant to the Debt Modification Agreement and Modification of Mortgage. 

After closing on the refinancing, the Mayor and Recorder–Treasure are hereby authorized to make payments as required in the attached documents and to pay from library funds the cost or such refinancing 

Additionally, the Mayor and Office Manager are directed to present to the Council their plan for the immediate operation, maintenance and use for the Community Center to assure continuity of availability and access to the building by tenants, citizens, and others in substantial conformity to the current uses, operation and maintenance. 

PASSED AND APPROVED this 17th day of July, 2017 

L. BRUCE LEDFORD, Mayor