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BOND PURCHASE AGREEMENT ® $3,445, 000 City of Batesville, Arkansas Water and Sewer Revenue Refunding Bonds, Series 2001 City of Batesville, Arkansas March 47, 2001 Ladies and Gentlemen: The undersigned, Crews & Associates, Inc. (the "Underwriter") , hereby offers to enter into this Bond Purchase Agreement (the "Agreement") with you, the City of Batesville, Arkansas (the "Issuer" ) , for the purchase by the Underwriter and the sale by you of the Bonds of the Issuer more particularly described below. Upon acceptance and approval by you this Agreement shall be in full force and effect in accordance with its terms and shall be binding upon both the Issuer and the Underwriter. The further terms of this Agreement are : 1 . Upon the terms and conditions and upon the basis of the representations herein set forth, the Underwriter hereby agrees to purchase from the Issuer and the Issuer hereby agrees to sell to the Underwriter the entire principal amount of an issue of bonds designated "City of Batesville, Arkansas Water and Sewer Revenue Refunding Bonds, Series 2001" (the "Bonds" ) to be issued under and (W secured by Ordinance No. of the Issuer (the "Authorizing Ordinance") in the form heretofore delivered to us by the Issuer, with only such changes therein as shall be mutually agreed upon between the Issuer and the Underwriter. 2 . The Bonds are being issued for the purpose of financing, with other funds, the cost of refunding the Issuer ' s Water and Sewer Revenue Refunding Bonds, Series 1995, and paying expenses of issuing the Bonds . The Bonds shall be secured by a pledge of revenues derived from the Issuer' s water and sewer system (the "System") . 3 . The Bonds shall be dated April 1, 2001 . Interest on the Bonds shall be payable on February 1 and August 1 of each year, commencing August 1, 2001 . The Bonds shall be authorized in the principal amount of $3 , 445, 000 bearing interest at the rates per annum and maturing on February 1 in each of the years and in the amounts as set forth in the schedule attached hereto, Exhibit A. The Citizens Bank, Batesville, Arkansas shall be trustee for the bondholders and paying agent (the "Trustee" ) . 4 . The Bonds or portions thereof shall be subject to redemption prior to maturity as set forth in the Authorizing Ordinance. 5 . The Underwriter hereby agrees to purchase all of the Bonds from the Issuer and the Issuer hereby agrees to sell all of