0753
RL;SOLUTION N0. ~~
WHEREAS, the City Council of the City of West Memphis,
Arkansas, has taken recent notice of the increased activity
at the West Memphis Educational Center; and,
WHEREAS, the West Memphis City Council feels there are
certain individuals whose dynamic talents have given the
West Memphis Educational Center the "shot in the arm'' that is
needed to put the enrollment and enthusiasm on the increase;
and,
WHEREAS, it has come to the attention of the West Memphis
City Council that Dr. John W. Alderson, Dean of Academic Affairs,
East Arkansas Community College has appointed Mr. Harold Huber,
Director of Cooperative Education, to be the Promoter, and
Mrs. Simone Fitzgibbon, to be the Co-ordinator of the West Memphis
Educational Center; and,
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k WHEREAS, the West Memphis City Council wishes to show its
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appreciation to Dr. John W. Alderson for his efforts;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS:
That the City Council of the Cite of West Memphis wishes
to commend Dr. John W. Alderson and the Others who are devoting;
their time to make the West Memphis Educational Center a success.
THEREFORE, BE IT FURTHER RESOLVED that a copy of this
Resolution be sent to Dr. John W. Alderson, Dean of Academic Affairs,
East Arkansas Community College, P.O. Box 4000, Forrest City,
Arkansas, 72335• /~ >
ADOPTED this U day of ~ }'~ ~ G /v~ , 1980.
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~ ATTEST: MAYOR
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currently held by the Escrow Trustee, the City may realize
additional cash benefits in the approximate amount of $150,000
from a revision of the investments in the escrow account; and
WHEREAS, the City has determined that it is in its best
financial interest to authorize and direct (i) the redemption
of certain Government Securities purchased pursuant to the
Agreement, (ii) the reinvestment of the proceeds of such
redemptions in additional Government Securities, and (iii) the
payment of the fees and expenses incurred in connection
therewith; and
WHEREAS, such substitution of Government Securities will
not adversely affect the rights or security of the holders of
the Refunded Bonds;
NOW, THEREFORE,
BE IT RESOLVED by the City Council of West Memphis,
Arkansas:
Section 1. That there is hereby authorized the execution
and delivery of an Amended and Substituted Refunding Trust
Agreement between the City and Simmons First National Bank,
Pine Bluff , Arkansas (the "Amended and Substituted Refunding
Trust Agreement"), providing, among other things for the
substitution and revision of the investments in the escrow
account now held by the Escrow Trustee pursuant to the
Agreement, and the Mayor and C ity Clerk are hereby authorized
to execute, acknowledge and deliver the Amended and Substituted
Refunding Trust Agreement for and on behalf of the City. The
Amended and Substituted Refunding Trust Agreement is hereby
approved in substantially the forms submitted to this meeting,
and the Mayor is hereby authorized to confer with the Escrow
Trustee, the Special Consultant, hereinafter named in Section 2
hereof, and others in order to complete the Amended and
Substituted Refunding Trust Agreement in substantially the form
~ submitted to this meeting with such changes as shall be
approved by such persons executing the document, their
execution to constitute conclusive evidence of such approval.
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Section 2. The City hereby retains UMIC, Inc. as a
Special Consultant to advise and assist the City and the Escrow
Trustee in respect to the revision of the investments in the
escrow account, in accordance with the terms of the Escrow
Revision Agreement, which is hereby approved in substantially
the form submitted to this meeting, and the Mayor is hereby
authorized to confer with the Escrow Trustee and the Special
Consultant in order to complete the Escrow Revision Agreement,
and to execute and deliver the same on behalf of the City in
substantially the form presented to this meeting with such
changes as shall be approved by such persons executing the
document, their execution to constitute conclusive evidence of
such approval.
Section 3. The Escrow Trustee is hereby authorized and
directed to take such actions as may be required to effect the
redemption of some or all of the Government Securities
currently held in the escrow account, and to substitute
therewith Government Securities purchased with the proceeds
realized from such redemption.
Section 4. The Mayor and the City Clerk, acting for and
on behalf of the City, are hereby authorized and directed to
take suc h other actions, and execute such other documents, as
may be required to effect the revision of the escrow
investments and realize the additional benefits attributable
thereto.
Section 5. This resolution shall take effect upon its
adoption.
PASSED: March ~ , 1980.
APPROVED:
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e Fergu on, M or
ATTEST:
Dan raft, 1 rk
(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 o'clock .m., on the 6th day of March, 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 6th day of March,
1980.
Dan Craft, e
(SEAL )