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o <br /> ORDINANCE NO.p2Q�J-2-t <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF WATER <br /> AND SEWER SYSTEM REVENUE REFUNDING BONDS; <br /> PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF <br /> AND INTEREST ON THE BONDS; PRESCRIBING OTHER <br /> MATTERS RELATING THERETO; AND DECLARING AN <br /> EMERGENCY. <br /> WHEREAS, the City of Batesville, Arkansas (the "City" ) , <br /> a city of the first class, owns and operates, by and through the <br /> Batesville Utilities Commission (the "Commission" ) a Waterworks and <br /> Sewer System ( "System" ) ; and <br /> WHEREAS, the City has outstanding an issue of Water and <br /> Sewer Revenue Refunding Bonds, Series 1995 (the 111995 Bonds" ) ; and <br /> WHEREAS, the City can realize substantial debt service <br /> savings by discharging and refinancing the debt evidenced by the <br /> 1995 Bonds; and <br /> WHEREAS, the City has made arrangements for the sale of <br /> its $3, 445, 000 in principal amount of Water and Sewer Revenue <br /> Refunding Bonds, Series 2001 (the "Series 2001 Bonds" ) for the <br /> purpose of financing the refunding of the 1995 Bonds; <br /> NOW THERE20RE, BE IT ORDAINED by the City Council of the <br /> City of Batesville, Arkansas : <br /> Section 1 . The sale of the Bonds to Crews & Associates, <br /> Inc. (the "Underwriter" ) pursuant to the terms and conditions set <br /> out in the Bond Purchase Agreement relating thereto, which has been <br /> submitted to and is before this meeting, at a price of$3 , 394 , 637 . 95 <br /> (being the principal amount less Underwriter' s discount of $44, 785 <br /> and less original issue discount of $5, 577 . 05 plus accrued interest <br /> for Series 2001 Bonds bearing interest, maturing and otherwise <br /> subject to the terms and provisions hereafter in this Ordinance set <br /> forth in detail is approved and confirmed. The Bond Purchase <br /> Agreement is approved and the Mayor is authorized to execute and <br /> deliver it on behalf of the City. <br /> Section 2 . Under the authority of the Constitution and <br /> laws of the State of Arkansas, including particularly Arkansas Code <br /> of 1987 Annotated, Title 14 , Chapter 164 , Subchapter 4, and <br /> decisions of the Supreme Court of Arkansas, including City of <br /> Harrison v. Braswell, 209 Ark. 1094, 194 S .W.2d 12 (1946) , City of <br /> Batesville, Arkansas Water and Sewer Refunding Revenue Bonds, <br /> Series 2001, are hereby authorized and ordered issued in the <br /> principal amount of $3 , 445, 000 for the purpose of refunding the <br /> 1995 Bonds and paying necessary expenses incidental to the issuance <br /> ® of the Series 2001 Bonds . The Series 2001 Bonds shall be dated <br /> April 1, 2001, with interest payable semiannually on February 1 and <br />