HomeMy WebLinkAbout1991-04-01-R NO 91
BEFORE THE CITY COUNCIL
OF THE CITY OF BATESVILLE, ARKANSAS
A RESOLUTION AUTHORIZING THE CITY OF BATESVILLE
TO ENTER INTO AN AGREEMENT WITH THE BATESVILLE JAYCEES
REGARDING THE USE OF THE JAYCEE BUILDING
AND THE MONIES DERIVED THEREFROM
WHEREAS , the City of Batesville deeded certain land to the
Batesville Jaycees on June 11 , 1966 conveying certain land in the
West half of the Southwest Quarter of Section 16 , Township 13
North, Range 6 West in Independence County, now commonly known as
the Jaycee Building; and
WHEREAS , the Deed to the Jaycees from the City contained a
reverter clause that provided as follows :
In the event the Grantee ceases to be an active
organization, or in the event the property herein
conveyed ceases to be used for public purposes , then
the property herein conveyed to the Batesville Jaycees
shall automatically revert to the Grantor , the City of
Batesville, Arkansas .
and,
WHEREAS , the City of Batesville passed Resolution Number 83-
8-1 on August 23 , 1983 authorizing the rental of the Jaycee
Building to Multiway Associates for $600 . 00 per month; and
WHEREAS , it was agreed between the City of Batesville and
the Batesville Jaycees that the monthly rental be applied to
improvements at White River Stadium, next to be donated by the
Jaycees to the City for any Community Center undertaking begun by
the City, and if no Community Center was begun within the lease
period then the balance not used on improvements to the Stadium
would be used for other community improvements with the approval
of the City Council ; and
r.
WHEREAS , the City of Batesville and the Batesville Jaycees
desire to continue the rental arrangement with Multiway
Associates without the necessity of the City exercising its
rights under the reverter clause while reserving and maintaining
those rights , and the Jaycees desire to donate the funds to the
City of Batesville heretofore collected and insure appropriate
use of the rental proceeds in the future; now
BE IT THEREFORE RESOLVED:
1 . That the City of Batesville and the Batesville Jaycees
should enter into a lease agreement with Multiway Associates , a
copy of which is attached hereto and incorporated herein by
reference.
2 . That the language and spirit of Resolution Number 83-8-1
of the City Council of Batesville, Arkansas is adopted by
reference herein.
3 . That the rental money received from Multiway Associates
for the use of the Jaycee Building would be paid to the
"Batesville Jaycee/City of Batesville Improvement Trust" .
4. That the rental money heretofore collected total
approximately Fifty Seven Thousand Dollars ($57 ,000 .00) will be
placed into the Trust account and disbursed as set out
hereinbelow.
5 . That the Trustees of the Batesville Jaycee/City of
Batesville Improvement Trust shall be the Mayor of the City of
Batesville, the President of the Batesville Jaycees and the Trust
Office of the Citizens Bank of Batesville, or his successor .
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6 . The Trust instrument or Trust Agreement shall contain
the following language:
A. No money may be drawn out of the Trust Account
unless said money is used for capital maintenance or a capital
improvement within the City of Batesville.
B. No funds will be withdrawn or checks written unless
signed by all three trustees .
C. No funds will be expended without the consent and
approval of the Batesville City Council and the Board of
Directors of the Batesville Jaycees .
D. An annual accounting will be provided to the
Batesville City Council and the Board of Directors of the
Batesville Jaycees by the Trustees . Said report would no only
include the expenditures from the year just completed but would
also propose future uses of the fund income.
E. That all income of whatever kind from the Jaycee
Building will be deposited into the Trust Account and all
expenditures for maintenance and upkeep of the building shall be
written out of the Trust Account .
F. At no time will the fund balance be allowed to be
drawn down below the balance reasonably necessary as a
depreciation and maintenance reserve fund for the Jaycee
Building.
7 . Of the approximately Fifty Seven Thousand Dollars
( $57 , 000. 00) previously collected but undisbursed, Forty Thousand
Dollars ($40 , 000 . 00) would be donated to the City at the present
time for improvements at the North Recreation Complex. Ten
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Thousand Dollars ($10,000.00) would be donated to the City as
soon as construction could start for improvement or construction
of facilities at Riverside Park. Five Thousand Dollars
( $5,000 . 00) of said funds shall be maintained in the Trust
account as a depreciation/maintenance fund.
BE IT FURTHER RESOLVED, that so long as the funds are so
administered the City would not exercise its revert clause in
the Deed to the Jaycees provided that all monies are used for
capital improvements to City property as outlined hereinabove.
Said agreement does not constitute a waiver of any rights the
City of Batesville or the Batesville Jaycees have under the
Warranty Deed of June 11 , 1966 , the language of said Deed being
incorporated herein by reference.
(W BE IT FURTHER RESOLVED, that the Mayor shall be authorized
and empowered to execute whatever documents necessary to
effectuate the intent and spirit of this resolution and the
agreement between the City of Batesville and the Batesville
Jaycees .
IN WITNESS WHEREOF we have set our hands and seals this
day of :�,� 1991 . /J
ONORABLE JIM BARNETT, MAYOR
ATTEST:
DENISE JOHN.TON, CLERK