5-Promissory Note.pdf
PDF 70 KB Posted
- Attached to
- Short-Term Promissory Note
- Solicitation number
- Not on record
- Issued by
- Pulaski County, Arkansas
About this file
This is a promissory note issued by the City of Little Rock, Arkansas, to finance the replacement of a bridge protection cell in the Arkansas River. The note is for a principal amount of $6,500,000 with payments commencing in 2026 and continuing through annual amortized installments until a final payment in 2030. The note was issued pursuant to Ordinance No. 22,645 adopted on August 5, 2025, and complies with Arkansas state laws including Amendment No. 78 to the Arkansas Constitution and Act No. 1808 of 2001.
The promissory note carries a variable interest rate (to be filled in) with payments applied first to interest and then to principal, calculated on a 365 or 366-day year basis using actual days elapsed. The debt service is funded through the general revenues of the City of Little Rock, and the city retains the option to prepay the note at any time without penalty. The note may be assigned as a whole with proper written notice to the issuer, and includes a debt service schedule in Exhibit A showing five annual payments from 2026 through 2030, though specific amounts for principal and interest portions are not completed in this template version.
View the file
Other files
On GovTribe
Work with this file
- Download the original file
- Contacts named in this file
- Similar government files
- Ask GovTribe AI about this file
Text version
UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF PULASKI
CITY OF LITTLE ROCK
_____% PROMISSORY NOTE
No. R-1 $6,500,000
KNOW ALL MEN BY THESE PRESENTS:
That the City of Little Rock, County of Pulaski, State of Arkansas (the "Issuer"), for value received, promises to pay ____________________, ____________, _______, and its successors and assigns (the "Owner"), the principal sum of
SIX MILLION FIVE HUNDRED THOUSAND DOLLARS
and to pay interest on the unpaid balance of said principal amount at the rate of _____% per annum.
Principal and interest on this Note shall be due and payable on ______________ of each year, commencing ______________, 2026, in annual amortized installments of $_________ until ______________, 2029, with the final installment due ______________, 2030, in the amount equal to the outstanding principal plus accrued interest. A debt service schedule is attached hereto as Exhibit A. Payments shall be applied first to interest and the balance to principal. Interest shall accrue on the basis of a 365 or 366 day year, as the case may be, and actual number of days elapsed.
The principal of and interest on this Note are payable to the Owner in lawful money of the United States of America.
This Note is issued for the purpose of financing the costs of replacing a bridge protection cell in the Arkansas River.
This Note is issued pursuant to and in full compliance with the laws of the State of Arkansas, particularly Amendment No. 78 to the Arkansas Constitution and Act No. 1808 of 2001 (codified as Title 14, Chapter 78 of the Arkansas Code of 1987 Annotated), and pursuant to Ordinance No. 22,645 of the Issuer, duly adopted on August 5, 2025. The total principal and interest payments on this Note in each fiscal year shall be charged against and paid from the general revenues of the Issuer. To the extent not prohibited by law, the Issuer waives protest, presentment for payment, and notice of dishonor.
This Note may be prepaid at any time and from time to time, at the option of the Issuer, in whole or in part, at a prepayment price equal to the principal amount being prepaid plus accrued interest to the prepayment date. Partial prepayments shall be applied in inverse chronological order of maturity. Such prepayments shall not affect the obligation of the Issuer to pay the remaining installments as scheduled herein.
This Note may be assigned but only as a whole and after notice in writing from the then current Owner hereof to the Issuer. Such notice shall not be effective until it is received by the Issuer. Such notice shall contain the name and address of the assignee and the assignee's wiring instructions. Every assignee shall take this Note subject to all payments and prepayments of principal and interest prior to such assignment. Subject to the provisions hereof respecting assignment of this Note, nothing contained in this Note shall affect or impair the negotiability of this Note and, this Note shall have all the qualities of a negotiable instrument under the law merchant and the Uniform Commercial Code of the State of Arkansas.
The City Clerk of the Issuer will maintain a bond register which shall have the name and address of the Owner and any assignee thereof.
This Note is issued with the intent that the laws of the State of Arkansas will govern its construction.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of this Note do exist, have happened and have been performed in due time, form and manner as required by law;
and that the indebtedness represented by this Note, together with all obligations of the Issuer, does not exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF, the Issuer has caused this Note executed by its Mayor and City Clerk, thereunto duly authorized, and its corporate seal to be affixed or impressed, all as of ______________, 2025.
CITY OF LITTLE ROCK, ARKANSAS
By _________________________________ ATTEST: Mayor
City Clerk
(SEAL)
EXHIBIT A
Date
Principal
Interest
Total Annual Payment
___/___/2026 $________ $________ $________ ___/___/2027 ________ ________ ________ ___/___/2028 ________ ________ ________ ___/___/2029 ________ ________ ________ ___/___/2030 ________ ________ ________
Total $6,500,000 $________ $________
File details come from the government source that posted it. Updated .