0764RESOLUTION
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WHEREAS, there has been presented to this Authority by
A.E. Staley Manufacturing Company, Inc., a Delaware corporation,
an application for the issuance of industrial revenue bonds by
the Authority and a proposed Memorandum of Agreement (the "Agree-
ment") between this Authority and A.E. Staley Manufacturing Company
with respect to the acquisition and construction of industrial
facilities in the City of West Memphis, crittenden County, Arkansas
as described in Exhibit "A" hereto; and
WHEREAS, the Authority, by virtue of authority granted in
Section 13-1601 et se ., Arkansas Statutes Annotated is permitted
to issue its revenue bonds for such purpose; and
WHEREAS, a determination has been made by this Authority
that the acquisition and construction of such industrial facilities
will be to the benefit of the inhabitants of Crittenden County,
Arkansas; and
WHEREAS, each of the members of this Authority has read
the form of the Agreement;
NOW, THEREFORE, Be it Resolved by the City Council of the
City of West P~emphis that the application of A.E. Staley Manufac-
turing Company is approved; that the Agreement presented to this
meeting is accepted; and that the Mayor and City Clerk of this
Authority are hereby authorized and directed to execute the Agreement
on behalf' of the Authority, and to do any and all things necessary
or desirable in order to carry out the intention of the parties as
expressed therein;
Be it further resolved that upon final determination of
the details of the financing, this Authority will take all further
steps necessary to issue its industrial revenue bonds on behalf' of
A.E. Staley P~anufacturing Company in an amount not exceeding
$1,000,000.
PASSED AND APPROVED this / day of ~ ~ ,
1980.
ATTEST:
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MAYOR