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|Related Year:||| 2018 ||
Ordinance #: 2018-07
A RESOLUTION AUTHORIZING EXECUTION OF DEBT MODIFICATION AGREEMENT WITH ARVEST BANK CONCERNING LOAN ON CITY HALL
WHEREAS, the City Council of Elkins, Arkansas, in 2008 authorized a loan with Arvest Bank to fund the purchase of City Hall at 1874 Stokenbury Road;
WHEREAS, the building is in use and the debt has been reduced by over $98,000.00 in the interim and as partial security a mortgage was given Arvest on Elkins City Hall at 1874 Stokenbury Road, Elkins, AR;
WHEREAS, the debt/loan was previously extended and modified in 2013 at an interest rate of .0325 which extension matured on 03/15/2018; and,
WHEREAS, the City now desires to extend this loan from Arvest Bank for five (5) additional years at an interest rate of .0472.
BE IT THEREFORE RESOLVED BY THE CITY COUNCIL OF ELKINS, ARKANSAS, that after due deliberation and consideration of the attached Debt Modification Agreement, the council has determined that the interests of the City, its residents and occupants will be best served by accepting and entering into this refinancing vehicle with Arvest Bank to continue for five years this loan at 4.72 percent interest on the principal amount of $160,890.54.
Mayor Bruce Ledford and Delia Foster as City Clerk should be and hereby are authorized to execute and deliver to Arvest Bank the attached Debt Modification Agreement and to take all other steps necessary to refinance the Elkins City Hall at 1874 Stokenbury Road, for therein and to perform all other obligations as contained and set forth therein.
PASSED AND APPROVED this 19th day of April, 2018.
L. BRUCE LEDFORD, Mayor
DELIA FOSTER, City Clerk