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to the then next interest payment date, in which case it shall bear <br /> interest from such interest payment date, or unless at the time of <br /> authentication of this Series 2001 Bond interest is in default <br /> hereon, in which case it shall bear interest from the date to which <br /> interest has been paid. <br /> This Series 2001 Bond is one of an issue of City of <br /> Batesville, Arkansas Water and Sewer Revenue Refunding Bonds, <br /> Series 2001, aggregating Three Million Four Hundred Forty-Five <br /> Thousand Dollars ($3 , 445, 000) , in principal amount (the "Series <br /> 2001 Bonds" ) , and is issued for the purpose of refinancing <br /> outstanding indebtedness secured by revenues of the City' s <br /> municipal Water and Sewer System (the "System" ) . <br /> THE SERIES 2001 BONDS ARE ISSUED PURSUANT TO AND IN FULL <br /> COMPLIANCE WITH THE CONSTITUTION AND LAWS OF THE STATE OF ARKANSAS, <br /> INCLUDING PARTICULARLY 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) , AND <br /> PURSUANT TO ORDINANCE NO. , DULY ADOPTED AND APPROVED ON <br /> 2001 (THE "AUTHORIZING ORDINANCE" ) , AND DO NOT <br /> CONSTITUTE AN INDEBTEDNESS OF THE CITY WITHIN ANY CONSTITUTIONAL OR <br /> STATUTORY LIMITATION. The Series 2001 Bonds are secured on a <br /> parity of lien, pledge and security with Additional Bonds, if any, <br /> issued under the Authorizing Ordinance, and the term "Bonds" herein <br /> includes the Series 2001 Bonds and any Additional Bonds <br /> outstanding. The Bonds are not general obligations of the City but <br /> are special obligations secured by a pledge of revenues derived <br /> from the operation of the System. An amount of revenues of the <br /> System sufficient to pay the principal of and interest on the Bonds <br /> has been duly pledged for the payment of principal of, premium, if <br /> any, on and interest on the Bonds . Reference is hereby made to the <br /> Authorizing Ordinance for a detailed statement of the terms and <br /> conditions upon which the Bonds are issued, of the nature and <br /> extent of the security for the Bonds, and the rights and <br /> obligations of the City, the Trustee and the bondholders . <br /> (REFERENCE IS HEREBY MADE TO FURTHER PROVISIONS OF THIS <br /> BOND ON THE REVERSE SIDE HEREOF WHICH HAVE THE SAME EFFECT AS IF <br /> SET FORTH IN THIS PLACE. ) <br /> THE CITY HAS DESIGNATED THIS SERIES 2001 BOND AS A <br /> "QUALIFIED TAX-EXEMPT OBLIGATION" WITHIN THE MEANING OF SECTION <br /> 265 (b) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. <br /> 5 <br />