2013-06-01 - Laserfiche WebLink

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Subchapter 3 (the "Authorizing Legislation"), to enter into the Agreement and to issue the Series 2013 Bond; and WHEREAS, the Bondholder proposes to pledge the Series 2013 Bond as collateral for the payment of its wastewater system revolving loan fund revenue bonds pursuant to its general bond resolution, as amended or supplemented from time to time, to the bank or trust company named or to be named as trustee thereunder; and WHEREAS, the City is required to pay to the Arkansas Development Finance Authority, as servicer (the "Authority"), a financing fee equal to 1% per annum of the outstanding principal amount of the Series 2013 Bond (the "Financing Fee"); NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: Section 1. The sale to the Bondholder of up to $13,500,000 in principal amount of the Series 2013 Bond from the City at a price of par for a bond bearing interest at the rate of 1.50% per annum and otherwise subject to the terms and provisions hereafter in this Ordinance set forth in detail is hereby approved and the Series 2013 Bond is hereby sold to the Bondholder. The Mayor is hereby authorized and directed to execute and deliver the Agreement on behalf of the City and to take all action required on the part of the City to fulfill its obligations under the Agreement. The Agreement is hereby approved in substantially the form submitted to this meeting, with such changes as may be approved by the Mayor, his execution to constitute complete evidence of such approval. Section 2. Under the authority of the Constitution and laws of the State of Arkansas (the "State"), including particularly the Authorizing Legislation, the Series 2013 Bond is hereby authorized and ordered issued in the principal amount of up to $13,500,000. The proceeds from the sale of the Series 2013 Bond are necessary to provide a portion of the funds to accomplish the Improvements, pay expenses incidental thereto and pay expenses of issuing the Series 2013 Bond. The Series 2013 Bond shall bear interest at the rate of 1.50% per annum based upon a 360-day year of twelve consecutive 30-day months. The Series 2013 Bond shall be dated the date of delivery to the Bondholder. Interest shall be payable on each April 15 and October 15 after the Series 2013 Bond is issued. Principal shall be payable in installments on October 15, 2016 and each April 15 and October 15 thereafter until the unpaid principal is paid in full as follows: 2