1263RESOL UT/ON NO. I a. h?~
A RESOLUT/ON AUTHOR/Z/NG THE OFFER/NG OF
PUBL/C UT/L/TY SYSTEM REFUND/NG REVENUE BONDS;
AND FOR OTHER PURPOSES.
WHEREAS, The City of West Memphis, Arkansas has issued its Public Utility
System Revenue Bonds 1980 Series A (the "Series 1980 Bonds"), in the original
principal amount of 526,265,000, and outstanding Series 1980 Bonds bear interest
at rates ranging from 6.90% per annum to 7.75% per annum, inclusive; and
WHEREAS, the City's Utility Commission has recommended that the Series
1980 Bonds be refunded, by the issuance of Public Utility System Refunding Revenue
Bonds, to the extent that interest cost savings may be effected thereby and, to that
end, that the investment banking firms of First Chicago Capital Markets, Inc. and T.J.
Raney & Sons be engaged: and
WHEREAS, it is appropriate that the City proceed with the offering of Public
Utility System Refunding Revenue Bonds (the "Bonds") for the purpose of refunding
all or a portion of the outstanding Series 1980 Bonds to the end that interest costs
may be reduced;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of West
Memphis, Arkansas:
Section 1. The offering of the Bonds is hereby authorized, in principal amounts
approved by the Utility Commission. To that end, First Chicago Capital Markets, Inc.
and T. J. Raney & Sons are hereby engaged as underwriters.
As issuance of the Bonds is, under Arkansas law, subject to approval of the
City Council, by ordinance, any sale of the Bonds will be subject to approval of the
City Council.
Section 2. The Utility Commission is authorized to cooperate with First Chicago
Capital Markets, Inc. and T.J. Raney & Sons in the preparation of a preliminary official
statement and in executing such writings and taking such action as may be
appropriate to the offering of the Bonds or any portion thereof.
Section 3. All resolutions and parts thereof in conflict herewith are hereby
repealed to the extent of such conflict.
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Section 4. This Resolution is in force upon its adoption and approval.
Adopted: September 15 , 1991.
ATTEST:
City Clerk
(SEAL)
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CERT/F/CA TE
The undersigned, City Clerk of the City of West Memphis, Arkansas, hereby
certifies that the foregoing pages are a true and perfect copy of Resolution No.l26s ,
adopted at a xe~!lar session of the City C S8 ~ ICit f at e. Citoyc°ock est m e on the
Arkansas, held at the regular meeting place in Y ? 4 -~--
~ 9 day of ~~,,,-~„ Pr , 1991, and that the Resolution is of record rn Book No.
91 ,Page 1263 ,now in my possession.
GIVEN under my hand and seal on this ~2 day of septe~, er , ~ ~~ ~ .
' C rk
(SEAL1 -