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outstanding indebtedness and financing additions and improvements <br /> to the City's municipal Water and Sewer System (the "System") . The <br /> Series 1991 Bonds are being issued as Series 1991 A Bonds, in the <br /> principal amount of $4, 950, 000, to finance the cost of the <br /> Improvements, and as Series 1991 B Bonds, in the principal amount <br /> of $1, 125, 000, to finance the refunding of bonds of the City <br /> previously issued. <br /> THE SERIES 1991 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 234 , SUBCHAPTER 2 , TITLE <br /> 14 , CHAPTER 235, SUBCHAPTER 2 AND TITLE 14 , CHAPTER 231, SUBCHAPTER <br /> 1 OF THE ARKANSAS CODE OF 1987 ANNOTATED AND DECISION OF THE <br /> SUPREME COURT OF ARKANSAS, INCLUDING CITY OF HARRISON V. BRASWELL, <br /> 209 ARK. 1094, 194 S.W. 2d 12 (1946) , AND PURSUANT TO ORDINANCE NO. <br /> ' DULY ADOPTED AND APPROVED ON , 1991 (THE <br /> "AUTHORIZING ORDINANCE") , AND DO NOT CONSTITUTE AN INDEBTEDNESS OF <br /> THE CITY WITHIN ANY CONSTITUTIONAL OR STATUTORY LIMITATION. The <br /> Series 1991 Bonds are secured on a parity of lien, pledge and <br /> security with Additional Bonds, if any, issued under the <br /> Authorizing Ordinance, and the term "Bonds" herein includes the <br /> Series 1991 Bonds and any Additional Bonds outstanding. The Bonds <br /> are not general obligations of the City but are special obligations <br /> secured by a pledge of revenues derived from the operation of the <br /> System. An amount of revenues of the System sufficient to pay the <br /> principal of and interest on the Bonds has been duly pledged for <br /> the payment of principal of, premium, if any, on and interest on <br /> �.. the Bonds. Reference is hereby made to the Authorizing Ordinance <br /> for a detailed statement of the terms and conditions upon which the <br /> Bonds are issued, of the nature and extent of the security for the <br /> Bonds, and the rights and obligations of the City, the Trustee and <br /> 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 1991 BOND AS A <br /> "QUALIFIED TAX-EXEMPT OBLIGATION" WITHIN THE MEANING OF SECTION 265 <br /> OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. <br /> «\1ay\mt.1.W2 —8— <br />