0737RESOLUTION N0. ,,L~_.~`
A RESOLUTION APPOINTING AN AGENT RELATING
TG THE PURCHASE GF CERTAIN SECURITIES IN
THE CITY'S BEHALF.
WHEREAS, the City Council of West Memphis, Arkansas (the
~ "City") , a political subdivision of the State of Arkansas, by
Ordinance No. 988 passed and approved December 6, 1979
authorized the issuance of the C~.ty's Public Utility System
Revenue Eonds, 1980 Series A ( the "Bonds") to provide funds to
refund $5,390,000 of certain outstanding indebtedness of the
City, to finance the estimated costs of acquiring, constructing
and equipping undivided ownership interest in coal-fired steam
electric generating stations known as the White Bluff Steam
Electric Station and the Independence Steam Electric Station,
to fund interest on a portion of the Bonds, to fund certain
reserves and to pay the costs of issuance of the Bonds (the
"Project") ; and
~ WHEREAS, the City has entered into an Escr ow Deposit
Agreement dated as of J anuary 1, 1980 (the "Escrow Agreement")
by and between the City and The First National Bank of Chicago,
Chicago, Illinois (the "Escrow Bank" ) pursuant to which the
Escrow Bank will make certain investments from the moneys
derived from the proceeds of the Eonds; and
WHEREAS, the City and the Escrow Bank desire that such
investments comply with the arbitrage limitations under Section
103(c) of the Internal Revenue Code of 1954, as amended, and to
permit the Escrow Bank to make the necessary investments to so
comply;
NOW , THEREFORE, BE IT` RESOLVED by the City Council of the
City of West Memphis, Arkansas, that:
Section 1. The City hereby authorizes The First National
Bank of Chicago, Chicago, Illinois as Escrow Bank, to act as
agent for the City in order to subscribe for United States
Treasury Certificates of Indebtedness, Notes and Bonds - State
S ~
and Local Government Series in the City's name in connection
wa. th the Bonds .
PASSED: January 10, 190.
P..P PRCVED:
c Ferguson, Mayo
ATTEST:
Dan/Cr~,t t; ~Ci
(SEAL)
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 _ iJd i o'clock ~.m. , on the 10th day of January,
1980, and that the Resolution is of record in Resolution Record
Book No. at page now in my possession.
GIVEN under my hand and seal on this 10th day of Janaury,
1980.
Dan Craft City Clerk
(SEAL)
Wright, Lindsey & Jennings
FINAL COPY - JP.N 8, 1980 15:19:47
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DOCUMEN`1' WMEM07
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