42nd President. Cute 5.25x8.25 paperstock photo of a young Bill and Hillary Clinton doting over baby Chelsea, signed and inscribed in blue ink “To Ellen Buldridge, from your Mother’s friend, Thanks, Bill Clinton.” 

Chelsea Clinton was born February 27, 1980 and given that she is a newborn in this image, we date the image to shortly after her birth.  Clinton's signature is consistent with his signatures from that period making this, almsot certainly, signed as Governor of Arkansas.