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the Bonds to the Underwriter at a price of 98 . 70% of the principal amount of the Bonds, less original issue discount in the amount of (w $5, 577, plus interest accrued thereon from the date of the Bonds to the date of Closing as hereinafter defined. The sale and purchase of the Bonds shall take place at a closing (the "Closing") at 10 : 00 a.m. , prevailing local time, on April 13 , 2001, or at such other time or on such earlier or later date as is mutually agreed upon, and at the offices of Friday, Eldredge & Clark, LLP, Little Rock, Arkansas or at such other place as is mutually agreed upon. At the Closing, the Issuer will deliver, or cause to be delivered, to the Underwriter printed Bonds, with CUSIP numbers, duly executed and authenticated, together with the other documents herein required. The Bonds shall be prepared and delivered in authorized denominations and registered in such names as the Underwriter may request at least five (5) business days prior to the Closing. The Bonds will be made available to the Underwriter at the Closing for checking and packaging. At the Closing, and subject to satisfaction (or proper waiver by the Underwriter) of the conditions to its obligations to purchase the Bonds, the Underwriter will accept delivery and pay the purchase price of the Bonds by immediately available funds payable to the order of the Trustee for the account of the Issuer. If at the Closing the Issuer fails to deliver the Bonds to the Underwriter as provided herein, or if at the Closing any of the conditions specified in paragraph 8 hereof shall not have been fulfilled to the satisfaction of the Underwriter, the Underwriter may elect to be relieved of any further obligations under this Agreement without thereby waiving any other rights the Underwriter may have by reason of such failure or nonfulfillment . The Underwriter and the Issuer understand that in any of such events the actual respective expenses, costs or damages of such parties may be unequal, and any such amounts incurred by any party may be greater or may be less than those amounts incurred by any other. Accordingly, and subject to paragraphs 11 and 12 hereof, such parties hereby waive any right to claim that their actual expenses, costs or damages are or will be greater than the actual expenses, costs or damages incurred or suffered by any such party, and no such party shall be entitled to claim any damages from the other. 6 . The Issuer will sell the Bonds to the Underwriter and the Underwriter will make a public offering thereof in reliance upon representations and agreements herein set forth solely pursuant to the Official Statement hereinafter described at the offering price or yields set forth in the Official Statement . The Issuer shall deliver or cause to be delivered to the Underwriter, promptly after acceptance of this Agreement, copies of the Official Statement, in such quantity as may be reasonably requested, substantially in the form of the draft Official Statement of March 9, 2001, relating to the Bonds with only such changes therein as shall be accepted by us (such Official Statement with such subsequent modifications and changes, if any, and including the cover page and all appendices, exhibits, reports and statements included therein or attached thereto being herein called the "Official Statement" ) , signed on behalf of the Issuer by its Mayor. The Issuer authorizes the use of