1997-07-02 - Laserfiche WebLink

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(b) The Facility shall be operated as a part of the County' s solid waste system (the "System") , which System includes the County' s solid waste transfer station, solid waste collection system and the Facility, and any expansions or additions hereafter effected; (c) System accounting shall be carried out by the County Treasurer from the "Solid Waste Fund" (identified hereinbelow) . Article 2 . Under the Constitution and laws of the State of Arkansas, including particularly Arkansas Code of 1987 Annotated, Title 14 , Chapter 164 , Subchapter 4 , and Title 14 , Chapter 232 , Subchapter 1 (the "Authorizing Legislation") , there is hereby authorized the issuance of the Independence County, Arkansas Solid Waste (Recycling) Revenue Bonds, Series 1997 , in the principal amount of $1, 173 , 500 (the "Bonds" ) . The Bonds shall be issued in two series , being the "Equipment Series Bonds" . in the principal amount of $468 , 000 and the "Real Estate Series Bonds" in the principal amount of $705 , 500 . Article 3 . The offer of the Government, of par for $1, 173 , 500 in principal amount of Bonds, is hereby accepted, and the Bonds are hereby sold to the Government. The County Judge is authorized and directed to make timely written request to the Government that the Bonds bear interest at the lower of the prevailing Government interest rate at the time of loan approval (5 . 50%) or the prevailing Government interest rate at the time the Bonds are issued. Article 4 . References in this Ordinance to the unqualified word "Bonds" shall , unless the context requires otherwise, be deemed references to the permanent Bonds authorized and outstanding (regardless of when issued) and not to the temporary bonds authorized by Article 6 (b) . The Bonds shall be dated as of the date of their delivery and shall bear interest at the lower of the prevailing Government interest rate at the time of loan approval (5 . 50% per annum) or the prevailing Government interest rate at the time the Bonds are issued. Interest only shall be payable annually on the first anniversary from the date of the Bonds; principal of and interest on the Bonds shall be payable in annual amortized installments commencing in the 24th month from the date of the Bonds and continuing annually thereafter on the same day; provided, however, that if the Bonds are dated on the 29th, 30th or 31st day of any month, each payment shall be made on the 28th day of any such month. If the interest rate is 5 . 50% , and all the Bonds are issued, the amortized payments shall be in the amount of $67 , 318 for the Equipment Series Bonds and $60 , 786 for the Real Estate Series Bonds . If the interest rate is lower, the annual payments shall be in the amounts necessary to amortize the Equipment Series Bonds in nine equal annual installments and to r:�K�,.woos 1x.:oa M.-7. 1947 2