0780RESOLUTION N0.
,~ WHEREAS, the Honorable Mayor Joyce Ferguson has received
i
a letter from Stephens Inc., stating that Stephens Inc., ~,
1.
T. J. Raney & Sons, Inc., and E. F. Hutton & Company, Inc.,
propose to issue bonds in sufficient quantities to meet the
share of the City's obligation for matching funds for construction
of a river port; and,
WHEREAS, if necessary, the Mayor of the City of West
Memphis should have authority from the City Council to negotiate
with the underwriters on the terms and conditions set forth
in the letter of June 20, 1880, from Stephens Inc.; and,
WHEREAS, the Agreement states that if for any reason
the City desires not to issue bonds they will not be obligated
to the underwriters for any expenses;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS:
That the letter from Stephens Inc., dated June 20, 1980
to the Honorable Mayor Joyce Ferguson, Mayor of the City of
West Memphis,is acceptable and the West Memphis City Council
hereby authorizes Mayor Joyce Ferguson to negotiate with the
underwriters named above for the issuance of the City's
share of money of matching funds for the river port.
ADOPTED this ~ day of ~L~~ ,~ 1980.
MAYOR
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