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EMERGENCY ORDINANCE <br /> APPROPRIATION ORDINANCE <br /> ORDINANCE NO. 97-07 <br /> BE IT ENACTED BY THE QUORUM COURT OF THE COUNTY OF <br /> INDEPENDENCE, STATE OF ARKANSAS ; AN ORDINANCE TO BE ENTITLED: <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF SOLID <br /> WASTE REVENUE BONDS; PROVIDING FOR THE <br /> PAYMENT THEREOF; APPROPRIATING THE PROCEEDS <br /> THEREOF; PRESCRIBING VARIOUS MATTERS RELATED <br /> THERETO; AND DECLARING AN EMERGENCY . <br /> WHEREAS, Independence County, Arkansas (the "County") has <br /> a need for facilities for the recycling of solid waste, and this <br /> need can best be met by the establishment of a recycling facility; <br /> and <br /> WHEREAS , the proposed recycling facility, with facilities <br /> related thereto and costs associated with the construction and <br /> installation thereof and with the issuance of proposed revenue <br /> bonds is referred to herein as the "Facility" ; and <br /> WHEREAS, the estimated cost of the Facility is <br /> $1, 173 , 500 , which cost can be financed by the issuance of proposed <br /> revenue bonds; and <br /> WHEREAS, the County has entered into a Loan Agreement <br /> with the United States of America (the "Government" ) , whereby the <br /> Government has committed to purchase $1 , 173 , 500 in principal amount <br /> of Solid Waste (Recycling) Revenue Bonds ; and <br /> WHEREAS, the Loan Agreement provides that the bonds will <br /> bear interest at not to exceed the prevailing Government interest <br /> rate (the "Government interest rateV ) at the time of loan approval <br /> (5 . 50%) but that upon timely written request of the County 'the <br /> interest rate will be the lower of the prevailing Government <br /> interest rate at the time of loan approval or the prevailing <br /> Government interest rate at the time the bonds are issued; <br /> NOW, THEREFORE, Be It Ordained by the Quorum Court of. <br /> Independence County, Arkansas : <br /> Article 1 . <br /> .�� (a) The Facility shall be accomplished. The <br /> County Judge is authorized to execute such agreements and writings <br /> and take such action as may be appropriate to the accomplishment of <br /> the Facility. The County Judge is further authorized to enter into <br /> such agreements and take such action, on behalf of the County, as <br /> may be appropriate to provide for use of the Facility by the City <br /> of Batesville, Arkansas and other municipalities and entities <br /> within the County. <br /> ,a„ �."noosla.+m <br /> �1.rT 1997 <br />