2077 RESOLUTION NO. ...2 7 7
A RESOLUTION ACCEPTING THE DONATION OF 1002 FERGUSON
TO THE CITY OF WEST MEMPHIS FROM U.S. BANK NATIONAL
ASSOCIATION, AS TRUSTEE FOR STRUCTURED ASSET SECURITIES
CORPORATION, MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2006-EQ1 AND AUTHORIZING STATED INSTITUTION TO
ISSUE A DEED TO THE CITY FOR SAID PROPERTY
WHEREAS, U.S. Bank National Association, as trustee for Structured Asset
Securities Corporation, Mortgage Pass-Through Certificates, Series 2006-EQ1 has
offered to donate a certain property located at 1002 Ferguson in the City of West
Memphis, Arkansas to the City of West Memphis; and
WHEREAS,Arkansas Code Ann. §14-54-301 provides that municipal
corporations are authorized and empowered to acquire and hold real estate, tenements,
hereditaments, and such other real and personal property as is necessary and proper for
the administration of the affairs of municipal corporations; and
WHEREAS, Arkansas Code Ann. §14-54-302, provides municipal corporations
are empowered and authorized to sell, convey, lease, rent, or let any real estate or
personal property owned or controlled by the municipal corporations; so long as the
execution of all contracts and conveyances and lease contracts shall be performed by the
Mayor and City Clerk, when authorized by a resolution in writing and approved by a
majority vote of the City Council present and participating; and
WHEREAS,the City Council believes the acceptance of the house and lot located
at 1002 Ferguson serves the best interests of the City of West Memphis and its citizens;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS, THAT:
Section 1: That the City of West Memphis hereby accepts the donation of
1002 Ferguson by U.S. Bank National Association, as trustee for Structured Asset
Securities Corporation, Mortgage Pass-Through Certificates, Series 2006-EQ1 to the City
with the understanding that the City must either utilize said property for its own purpose
or transfer said property, whether by sale, donation or otherwise, to an individual, non-
profit or corporate entity.
Section 2: That the provisions of this resolution are hereby declared to be
severable, and if any section,phrase or provision shall be declared or held invalid, such
invalidity shall not affect the remainder of the sections,phrases or provisions.
Section 3: That this resolution shall be in full force and effect from and after its
passage and approval.
Adopted this l> day of / `Ay , 2015.
•
William H. Johnson, Mayor
Attest:
RECEIVED
Phillip , City Clerk
APR 2 8 M5
CITY OF WEST MEMPHIS
CITY CLERK'S OFFICE
AM/PM