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|Related Area:||| Library ||
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|Related Year:||| 2022 ||
Ordinance #: 2022-07
CITY OF ELKINS, WASHINGTON COUNTY, ARKANSAS
A RESOLUTION AUTHORIZING THE EXECUTION OF DOCUMENTS TO MODIFY LIBRARY LOAN WITH ARVEST BANK FOR THE CITY OF ELKINS.
WHEREAS, the City Council of Elkins desires to enter into an agreement with Arvest bank on July 28th, 2022 in order to modify the existing loan on the Elkins Library and obtain favorable terms; and
WHEREAS, after a substantial amount was paid off of the principal balance, Arvest Bank has agreed to modify the loan for a four (4) year term with an interest rate of 4.630% on the new principal balance of $50,000; and
WHEREAS, this loan modification has been recommended by the Elkins Library Board and the City Council has reviewed this agreement and determined the interests of the City and its citizens would be benefit and be best served by authorizing the execution of the Debt Modification Agreement with Arvest Bank, attached hereto as Exhibit “A“.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF ELKINS, ARKANSAS:
Section 1. The Mayor and Recorder–Treasurer are hereby authorized to take all necessary steps to execute the Debt Modification Agreement with Arvest Bank for the Elkins Library, attached hereto as Exhibit “A“.
PASSED AND APPROVED this 21st day of July 2022.
Bruce Ledford, Mayor
Delia Foster, City Clerk