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ORDINANCE NO. C3 <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE OF <br />SANITATION FACILITIES REVENUE BONDS OF THE <br />CITY OF BATESVILLE, ARKANSAS, FOR THE PURPOSE <br />OF PAYING A PORTION OF THE COST TO THE CITY <br />OF ACQUIRING, CONSTRUCTING AND EQUIPPING <br />SANITATION FACILITIES (DESCRIBED IN THE <br />ORDINANCE); 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 />owns and operates facilities for the collection, handling and <br />disposal of garbage, trash and other refuse (the "System"); and <br />WHEREAS, the City must discontinue use of its landfill <br />as a sanitation disposal facility and the City Council of the <br />City has determined, upon due and necessary investigation, that <br />the City should construct, acquire and install a 50 ton per 24 hour <br />day Consumat Energy from Waste System and related facilities (the <br />"Improvements") for the disposal of refuse by incineration and <br />production of steam as a by-product; and <br />WHEREAS, the City has entered into an agreement with <br />General Tire and Rubber Company (the "Steam Sale Agreement") for <br />the sale of all steam produced by the Improvements to General Tire <br />and Rubber Company; and <br />WHEREAS, the cost of the Improvements is estimated to <br />be $1,086,730, and it has been determined that a portion of the <br />cost of the Improvements, and the costs of issuing bonds, should <br />be financed by the issuance of Sanitation Facilities Revenue Bonds <br />in the principal amount of $565,000, with the balance of the costs <br />to be obtained from available funds of the City and grant or loan <br />funds obtained and to be obtained from an agency of the United <br />States of America; and <br />