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ORDINANCE NO. 2015-06-01 AN ORDINANCE AUTHORIZING THE ISSUANCE OF A SALES AND USE TAX BOND FOR THE PURPOSE OF FINANCING A PORTION OF THE COSTS OF ACQUIRING, CONSTRUCTING AND EQUIPPING EXTENSIONS, BETTERMENTS AND IMPROVEMENTS TO THE SEWER FACILITIES OF THE CITY OF BATESVILLE, ARKANSAS; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BOND; AND PRESCRIBING OTHER MATTERS RELATING THERETO. WHEREAS, there was submitted to the qualified electors of the City of Batesville, Arkansas (the "City") at a special election held March 10, 2009, the question of issuing capital improvement bonds in the maximum principal amount of $50,000,000 for the purpose of financing all or a portion of the costs of acquiring, constructing and equipping extensions,betterments and improvements to the City's sewer system (the "Improvements"); and WHEREAS, at the special election, a majority of the electors voting on the question approved the issuance of the bonds and the levy of a new sales and use tax at the rate of 1% (the "Tax")to retire the bonds; and WHEREAS, pursuant to Ordinance No. 2009-12-1 of the City duly adopted on December 22, 2009 ("Ordinance No. 2009-12-1"), the City has issued its Sales and Use Tax Bond, Series 2010 in the principal amount of $6,300,000 (the "Series 2010 Bond") for the purpose of financing a portion of the costs of the Improvements; and WHEREAS, pursuant to Ordinance No. 2011-06-03 of the City duly adopted on June 28, 2011 ("Ordinance No. 2011-06-03"), the City has issued its Sales and Use Tax Bond, Series 2011 in the principal amount of$20,000,000 (the "Series 2011 Bond") for the purpose of financing a portion of the costs of the Improvements; and WHEREAS, pursuant to Ordinance No. 2013-06-01 of the City duly adopted on June 25, 2013 ("Ordinance No. 2013-06-01"), the City has issued its Sales and Use Tax Bond, Series 2013 in the principal amount of$13,500,000 (the "Series 2013 Bond") for the purpose of financing a portion of the costs of the Improvements; and WHEREAS, the City is making arrangements for the sale of a City of Batesville, Arkansas Sales and Use Tax Bond, Series 2015 (the "Series 2015 Bond") in the principal amount of $10,200,000 to the Arkansas Development Finance Authority, as purchaser (the "Bondholder"), at a price of par for a bond bearing interest at the rate of 1.50% per annum pursuant to a Bond Purchase Agreement (the "Agreement") among the City, the Bondholder and the Arkansas Natural Resources Commission (the "Commission"), which has been presented to and is before this meeting; and