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ORDINANCE NO. <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF <br /> REFUNDING WATER AND SEWER SYSTEM REVENUE <br /> BONDS; PROVIDING FOR THE PAYMENT OF THE <br /> PRINCIPAL OF AND INTEREST ON THE BONDS; <br /> PRESCRIBING OTHER MATTERS RELATING THERETO; <br /> 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 has outstanding an issue of Water and <br /> Sewer Refunding and Improvement Revenue Bonds, Series 1991 A and <br /> Series 1991 B (respectively herein the "Series 1991 A Bonds" and <br /> the "Series 1991 B Bonds" ; and <br /> WHEREAS, the City can realize substantial debt service <br /> savings by discharging and refinancing the Series 1991 A Bonds; and <br /> WHEREAS, the total estimated cost of the refinancing, <br /> provision of required reserves and necessary expenses incidental <br /> thereto and to the issuance of bonds is approximately $5, 320, 000; <br /> and <br /> WHEREAS, the City has funds available from the discharge <br /> of the Series 1991 A Bonds for payment of a portion of the costs <br /> involved; and <br /> WHEREAS, the City has made arrangements for the sale of <br /> its $4 , 500 , 000 in principal amount of Water and Sewer Revenue <br /> Refunding Bonds, Series 1995 (the "Series 1995 Bonds") for the <br /> purpose of financing, with other available funds, the refunding of <br /> the Series 1991 A Bonds; and <br /> WHEREAS, the requirements for the issuance of bonds on a <br /> parity of pledge and security with the Series 1991 B Bonds have <br /> been satisfied. <br /> NOW THEREFORE, BE IT ORDAINED by the City Council of the <br /> City of Batesville, Arkansas: <br /> Section 1 . The sale of the Series 1995 Bonds to T.J. <br /> Raney & Sons, a division of Morgan Keegan & Company, Inc. (the <br /> "Underwriter") pursuant to the terms and conditions set out in the <br /> Bond Purchase Agreement relating thereto, which has been submitted <br /> to and is before the City Council, at a price of 98 . 70% of the <br /> principal amount, less original issue discount in the amount of <br /> i $8 , 069 , plus accrued interest for Series 1995 Bonds bearing <br /> interest, maturing and otherwise subject to the terms and <br /> provisions hereafter in this Ordinance set forth in detail are <br /> hereby approved and confirmed. The Bond Purchase Agreement is <br />