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V
RESOLUTION N0.
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS, COMMITTING
ITSELF TO ACQUIRING UNDIVIDED INTERESTS IN
ARKANSAS POWER & LIGHT COMPANY STEAM
~~ ~ ELECTRIC GENERATING STATIONS SUBJECT ONLY
~ ) TO THE CITY OF WEST MEMPHIS' ABILITY TO
'~, OBTAIN NECESSARY FINANCING THEREFOR.
WHEREAS, the City Attorney and West Memphis Utility
Commission have recently completed negotiations with the
Arkansas Power & Light Company (AP&L) toward acquisition by
the City of West Memphis of undivided interests in AP&L's
coal fired steam electric generating stations, commonly
known as the .White Bluff Steam Electric Generating Station
and the Independence Steam Electric Generating Station;
and,
WHEREAS, under the terms and provisions of AP&L's offer,
the City of West Memphis (the "City") must commit itself on or
before July 2, 1979 to become a party in the projects subject
only to the ability of the City to secure necessary financing.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of West Memphis, Arkansas:
Section 1. The City, subject only to the issuance of
electric revenue bonds under Act 5 of the Acts of Arkansas of
1979 hereby commits itself to becoming a participant with
AP&L and various other Arkansas utilities in the acquisition,
construction, ownership and operation of the so called White
Bluff Steam Electric Generating Station and Independence
Steam Electric Generating Station, and by this Resolution
accepts the offer of AP&L to acquire undivided interests in the
aforesaid steam electric generating stations,
1.
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Section 2. The following tentative financing schedule
recommended by the underwriters is hereby approved.
JULY
Monday, July 2,
Thursday, July 5,
Wednesday, July 11,
Wednesday, July 18,
Tuesday,
Thursday,
Tuesday,
Monday,
Wednesday,
Thursday,
Tuesday,
Thursday,
Monday,
July 23,
July 26,
July 31,
August 6,
August 8,
August 9,
August 14,
August 23,
August 27,
Receipt by AP&L of Resolution of
the City accepting AP&L's offer
of participatory interests.
Meeting of Utility Department,
Bond Counsel,
Utility Department Counsel,
City Attorney,
Underwriters and
Underwriters Counsel
to discuss terms of Bond Ordinance.
Begin preparation of data for.
Official Statement.
Distribution of first draft
of Bond Ordinance.
Finalize comments on Bond Ordinance.
Distribution of first proof of
Official Statement.
Meeting of all parties on
Official Statement.
Distribution of second proof,
of Official Statement. .
Prepare Rating Agency Presentation.
AUGUST
Rating Agencies Meeting.
Finalize Official Statement.
Mail Offering Documents to Investors.
Preliminary Pricing.
City Council Meeting to approve
Bond Ordinance and
Bond Purchase Agreement.
Publication of Bond Ordinance.
SEPTEMBER AND OCTOBER
Monday, October 1 Pre-closing in New York.
Tuesday, October 2, Closing in New York.
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Section 3. This Resolution shall be in full force
and effect from and after its passage and approval.
ADOPTED this ~ ~ day of ~ U N ~ 1979.
APPROVED:
~~~f '-~>
MAYOR
nmm~em•
(SEAL)
;4
3.
CERTIFICATE
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. ® adopted at a
~,~ session of the City Council of the City of West
Memphis, Arkansas held at the regular meeting place in the City
at .~~ o'clock ~.m. on the ~ day of ~ ~1E!..• 1979
and that the Resolution is of record in Record Book
No, at page now in my possession.
GIVEN under my hand and seal on this ~~_ day of
1979.
(SEAL)
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