0752RESOLUTION `
A RESOLIITION AUTHORIZING THE EXECUTION AND
DELIVERY OF AN AMENDED AND SUBSTITUTED
REFUNDING TRUST AGREEMENT BETWEEN THE CITY
AND SIMMONS FIRST NATIONAL BANK, PINE BLIIFF
ARKANSAS, AS ESCROW TRIISTEE; AUTHORIZING
THE REVISION OF INVESTMENTS TO BE MADE
PURSUANT THERETO AND IN SUBSTITUTION OF
CERTAIN INVESTMENTS MADE PURSUANT TO THAT
ORIGINAL REFUNDING TRUST AGREEMENT DATED AS
OF MAY 27, 1976 BETWEEN THE CITY AND
SIMMONS FIRST NATIONAL BANK, PINE BLUFF,
ARKANSAS, THE ESCROW TRUSTEE; AUTHORIZING
AN ESCROW REVISION AGREEMENT, AND OTAER
MATTERS RELATED THERETO.
WHEREAS, the City of West Memphis, Arkansas (the "City"),
authorized the issuance of $5,730,000 principal amount of its
Public Utility Revenue Refunding and Improvement Revenue Bonds,
Series 1976, dated May 1. 1976 (the "Refunding Bonds"), for the
purpose of providing funds for f financing the cost of
c~n~tructing and equipping improvements to the public utility
system of the City and to provide funds, together with certain
other available funds, to refund the then outstanding balance
of certain previously issued and outstanding obligations (the
" "Refunded Bonds") , all as more fully set forth in the
.transcript proceedings relating to the issuance of the
Refunding Bonds;
WHEREAS, in connection with the issuance of the Refunding
Bonds and the refunding of the Refunded Bonds, the City adopted
by Ordinance a Refunding Trust Agreement (the "Agreement") by
and between the City and Simmons First National Bank, Pine
Bluff, Arkansas, as Trustee (the "Escrow Trustee"), directing
the investment of the funds deposited with the Escrow Trustee
in certain direct obligations of the United States of America
(the "Government Securities") to be held for the benefit and
credit of the holders of the Refunded Bonds; and
WHEREAS, the City has been advised by UMIC, Inc., its
financial adviser , that because of the presently existing high
yields available on United States Government Securities, in
comparison to the yields realized on the Government Securities