1980-738-R - Laserfiche WebLink

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AMENDED AND SUBSTITUTED REFUNDING TRUST AGREEMENT This Agreement made this // day of March , 1980 , by and between the City of Batesville , Arkansas , (the "City" ) and Union National Bank of Little Rock , Little Rock , Arkansas (the "Trustee") : WHEREAS , on August 2 , 1976 , the City and Trustee executed a Refunding Trust Agreement (the "Original Agreement" ) in conjunction with the issuance by the City of $ 1 , 220 , 000 of Water and Sewer Refunding Revenue Bonds, dated August 1, 1976 ( the " Bonds " ) , for the purpose of financing certain improvements to the City' s water and sewer system and refunding bonds which had been previously issued by the City ( the "Previous Bonds" ) . WHEREAS , certain proceeds of the Bonds were placed with the Trustee in escrow pursuant to the terms of the Original Agreement for the protection of the holders of the Previous Bonds which funds have been invested in accordance with the applicable provisions of the Internal Revenue Code of 1954, as amended , and the Treasury Regulations pertaining to "arbitrage bonds" which were in effect at that time. WHEREAS , certain terms and provisions of the Original Agreement are ambigious , do not clearly set forth the intentions of the parties thereto at the time the Original Agreement was made , and do not provide clear instructions to the Trustee with regard to investment of the funds. WHEREAS , it is in the best interests of the City, the Trustee , the bondholders and all other interested parties that the provisions and instructions of the Original Agreement be amended and clarified by this Amended and Substituted Refunding Trust Agreement. NOW, THEREFORE , in consideration of the mutual covenants and benefits set forth herein and for other valuable consideration , the receipt of which is hereby acknowledged by each party, the City and Trustee agree as follows: