A RESOLUTION AUTHORIZING EXECUTION OF DOCUMENTS TO EXTEND LIBRARY LOAN WITH ARVEST BANK
WHEREAS, the City Council of Elkins, Arkansas, desires to extend the exisiting loan on the Elkins library which matures in September of the year to obtain favorable terms and avoid las 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 4.16% per 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 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-Treasurer are hereby authorized to make payments as required in the attached documents and to pay from the library funds the cost of 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 __20th__ day of July, 2017
L. BRUCE LEDFORD, MAYOR
DELIA FOSTER, RECORDER-TREASURER