1967-02-01-R - Laserfiche WebLink

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(W PROMISSORY NOTE No. 1 Batepville, Ark s $150,000 1967 FOR VALUE RECEIVED , the City of Batesville, Arkansas (called "City"), hereby promises to pay to the order of Hill, Crawford & Lanford, Inc. , Little Rock, Arkansas, on or before ninety (90) days from the date hereof, the sum of One Hundred Fifty Thousand Dollars ($150,000) with interest from date until paid at the rate of four and one-half (4-1/'2%) per cent per annum. Principal and interest shall be payable at the office of Hill, Crawford & Lanford, Inc. , Little Rock, Arkansas . This Note is issued and delivered under the provisions of the Constitution and laws of the State of Arkansas and does not constitute an indebtedness of the City within the meaning of any constitutional or statutory limitation. The Note is not a general obligation of the City but is a special obligation payable solely from net revenues derived from the operation of the municipal Sewer System. This Note and the lien thereof and pledge thereon on net Sewer Revenues shall be sub- ordinate to the lien and pledge in favor of the outstanding Sewer Revenue Bonds of the City, dated January 1, 1954, but shall be superior to the lien and pledge in favor of any Sewer Revenue Bonds of the City issued after-the date hereof. The City reserves the right to prepay all or any part of the principal of this Note without penalty on any date. The proceeds hereof will be used for financing of the extensions, betterments and improvements to the Sewer System of the City. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions. and things required to exist, happen and be performed precedent to and in the issuance of this Note have existed, have happened and have been performed in due time, form and manner as required by law, and that sufficient