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bear interest from such date, or unless this Series 1995 Bond is <br /> authenticated prior to February 1, 1996 , in which case it shall <br /> bear interest from the Dated Date, or unless this Bond is <br /> authenticated during the period from the Record Date to the next <br /> interest payment date, in which case it shall bear interest from <br /> such interest payment date, or unless at the time of authentication <br /> of this Series 1995 Bond interest is in default hereon, in which <br /> case it shall bear interest from the date to which interest has <br /> been paid. <br /> This Series 1995 Bond is one of an issue of City of <br /> Batesville, Arkansas Water and Sewer Revenue Refunding Bonds, <br /> Series 1995 , aggregating Four Million Five Hundred Thousand Dollars <br /> ($4 , 500, 000) , in principal amount (the "Series 1995 Bonds") , issued <br /> for the purpose of refinancing outstanding indebtedness secured by <br /> revenues derived from the City's municipal water and sewer system <br /> (the "System") . <br /> THE SERIES 1995 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 /> TITLE 14 , CHAPTER 231, SUBCHAPTER 1 OF THE ARKANSAS CODE OF 1987 <br /> ANNOTATED AND DECISIONS OF THE SUPREME COURT OF ARKANSAS, INCLUDING <br /> CITY OF HARRISON V. BRASWELL 209 ARK. 1094 , 194 S.W. 2d 12 (1946) , <br /> AND PURSUANT TO ORDINANCE NO. , DULY ADOPTED AND APPROVED ON <br /> ' 1995 AND ORDINANCE NO. 91-11-1, DULY ADOPTED AND <br /> APPROVED ON NOVEMBER 12 , 1991 (collectively, THE "AUTHORIZING <br /> ORDINANCE") , AND DO NOT CONSTITUTE AN INDEBTEDNESS OF THE CITY <br /> WITHIN ANY CONSTITUTIONAL OR STATUTORY LIMITATION. The Series 1995 <br /> Bonds are secured on a parity of lien, pledge and security with the <br /> City's outstanding Refunding and Improvement Water and Sewer <br /> Revenue Bonds, Series 1991 B (the "Series 1991 B Bonds") and with <br /> any Additional Bonds, if any, issued under the Authorizing <br /> Ordinance, and the term "Bonds" herein includes the Series 1995 <br /> Bonds, the Series 1991 B 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 1995 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 /> �r jw4ay%mac95.0o <br /> -6- <br />