0765RESOLUTION NO. 765
WHEREAS, there has been presented to this Authority by
A.E. Staley Manufacturing Company, Inc., a Delaware corporation,
an application f'or the issuance of pollution control 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 pollution control
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
Sections 13-1901 to 13-1913, inclusive, Arkansas Statutes Annotated
is permitted to issue its revenue bonds for such purpose; and
WHEREAS, this resolution is necessary in order to comply
with the provisions of Section 1.103-8(a)(5) of the Income Tax
Regulations with respect to "some other similar official action" of
the Authority; and
WHEREAS, a determination has been made by this Authority
that the acquisition and construction of such pollution control
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 Memphis 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
r 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 pollution control revenue bonds on•
behalf' of A.E. Staley Manufacturing Company in an amount not exceeding
$15,000,000.
PASSED AND APPROVED this 1 day of May ,
1980.
MAYOR