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• Bonds") for the purpose of financing the refunding of the 1976 Bonds and the 1978 Bonds and the cost of the Improvements; and NOW THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: Section 1. The Improvements shall be accomplished. Section 2 . The City Council hereby finds and declares that the period of usefulness of the Improvements will be more than forty (40) years, which is longer than the term of the Series 1991 Bonds. Section 3 . The sale of the Bonds to T.J. Raney & Sons (the "Underwriter") pursuant to the terms and conditions set out in the Bond Purchase Agreement relating thereto, which has been submitted to and is before this meeting, at a price of 98 . 63% of the principal amount plus accrued interest for Series 1991 Bonds bearing interest, maturing and otherwise subject to the terms and provisions hereafter in this Ordinance set forth in detail be, and the same are hereby, approved and confirmed. The Bond Purchase Agreement is approved and the Mayor is authorized to execute and deliver it on behalf of the City. Section 4 . Under the authority of the Constitution and laws of the State of Arkansas, including particularly Arkansas Code of 1987 Annotated, Title 14 , Chapter 234, Subchapter 2 , Title 14, Chapter 235, Subchapter 2 and Title 14, Chapter 231, Subchapter 1 and decisions of the Supreme court of Arkansas, including City of Harrison v. Braswell , 209 Ark. 1094 , 194 S.W. 2d 12 (1946) , City of Batesville, Arkansas Refunding and Improvement Water and Sewer Revenue Bonds, Series 1991, are hereby authorized and ordered issued in the principal amount of $6, 075, 000 for the purpose of accomplishing the Improvements, refunding the 1976 Bonds and the 1978 Bonds, and paying necessary expenses incidental thereto and to the issuance of the Series 1991 Bonds. The Series 1991 Bonds are being issued as Series 1991 A Bonds, in the principal amount of $4 , 950, 000, to finance the cost of the Improvements, and as Series 1991 B Bonds, in the principal amount of $1, 125, 000, to finance the refunding of the 1978 Bonds. The Bonds shall be initially dated December 1, 1991, with interest payable semiannually on February 1 and August 1 of each year, commencing August 1, 1992 , shall be numbered consecutively from 1 upward, in order of issuance, and shall be in the denomination of $5, 000 or an integral multiple thereof. The Series 1991 Bonds shall mature (on February 1) and bear interest as follows: «�Y m�i.aaz -2-