0823RESOLUTION NO. ! ~'"
WHfEREA.S, IRS Bill No. 80-55 now pending in Congress will, if
passed, sharply reduce the amount of Municipal Bonds purchased by
banks ; and,
WHEREAS, forty-three per cent (43%) of all outstanding Municipal
Securities are held by Commercial Banks; and,
WHEREAS, practically all Municipal Bonds issued by the City of
West Memphis, Arkansas, are purchased by neighboring banks; and,
WHEREAS, financing our Tax-Exempt Bonds through Commercial Banks
has and will be an important factor toward bringing new industry to our
Town;
THER.EF'ORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WEST MEMPHIS, ARKANSAS, that IRS Bill No. 80-55 be withdrawn by the
United States Congress;
BE IT FURTHER RESOLVED that a copy of this Resolution be
forwarded to:
(1) United States Senator Dale Bumpers
(2) United States Senator David Pryor
(3) Representative Bill Alexander.
PASSED AND APPROVED this ~ day of 1~ ~6 ~ U /~ !~ y; 1981.
MAYOR
ATTEST:
~i/
(ck' ~ , ~ Ci ~ ct: ~-w---~--