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• ORDINANCE NO. <br /> AN ORDINANCE AUTHORIZING THE CONSTRUCTION OF <br /> EXTENSIONS, BETTERMENTS AND IMPROVEMENTS TO <br /> THE WATER AND SEWER SYSTEM OF THE CITY OF <br /> BATESVILLE, ARKANSAS; AUTHORIZING THE ISSUANCE <br /> OF REFUNDING AND IMPROVEMENT WATER AND SEWER <br /> SYSTEM REVENUE BONDS; PROVIDING FOR THE <br /> PAYMENT OF THE PRINCIPAL OF AND INTEREST ON <br /> THE BONDS; PRESCRIBING OTHER MATTERS RELATING <br /> THERETO; AND DECLARING AN 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 Council has determined that expansions <br /> and improvements to the System are necessary in order to make the <br /> services thereof adequate for the needs of the City; and <br /> WHEREAS, the City has employed McGoodwin, Williams & <br /> Yates as consulting engineer; and <br /> WHEREAS, the consulting engineer has prepared preliminary <br /> plans and specifications for the proposed expansions and <br /> improvements to the System, all as described in detail in the plans <br /> and specifications (the "Improvements") , and a copy of the plans <br /> and specifications is on file in the office of the Commission where <br /> it may be inspected by any interested person; and <br /> WHEREAS, the City has outstanding issues of Water and <br /> Sewer Refunding Revenue Bonds, dated August 1, 1976 (the 111976 <br /> Bonds") and Water and Sewer Revenue Bonds, dated May 1, 1978 (the <br /> "1978 Bonds") ; and <br /> WHEREAS, the City can realize substantial debt service <br /> savings by discharging and refinancing the debt evidenced by the <br /> 1976 Bonds and the 1978 Bonds; and <br /> WHEREAS, the total estimated cost of the Improvements, <br /> the refinancing provision of required reserves and necessary <br /> expenses incidental thereto and to the issuance of bonds is <br /> approximately $8 , 895, 000; and <br /> WHEREAS, it is expected that federal grant funds in the <br /> amount of approximately $1, 600, 000 will be available to pay a <br /> portion of the cost of the Improvements; and <br /> WHEREAS, the City has funds available for the discharge <br /> of the 1976 Bonds and for payment of a portion of other costs <br /> involved; and <br /> WHEREAS, the City has made arrangements for the sale of <br /> its $6, 075, 000 in principal amount of Refunding and Improvement <br /> Water and Sewer Revenue Bonds, Series 1991 (the "Series 1991 <br /> I <br />