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i In 0 -2- WHEREAS, the City has entered into a contract with Harrow Smith Company and Powell & Satterfield, Inc., both of Little Rock, Arkansas (the "Purchasers") for the purchase of $565,000 in principal amount of Sanitation Facilities Revenue Bonds (the "Bonds") at a purchase price of 97.65 cents on the dollar, plus accrued interest from the date of the Bonds to the date of delivery; and NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: Section 1. That the Improvements be acquired, construc- ted and equipped. The Mayor and City Clerk are hereby authorized to take, or cause to be taken, all action necessary to accomplish the Improvements and to execute all required contracts and documents. Section 2. That the sale of the Bonds to the Purchasers be, and the same hereby is, approved and confirmed. Section 3. That The Farmers and Merchants Bank, Stuttgart, Arkansas, is hereby designated as Trustee and Paying Agent. Section 4. Under the authority of the Constitution and laws of the State of Arkansas, including particularly (but without limitation). Act No. 238 of the Acts of Arkansas of 1971, as amended, City of Batesville, Arkansas Sanitation Facilities Revenue Bonds are hereby authorized, ordered sold and issued in the principal amount of $565,000 for the purpose of financing a portion of the Improvements and paying the expenses of issuing the bonds. The bonds shall be dated December 1, 1980, shall bear interest at the rate of 9 1/4% per annum, payable semiannually on June 1 and December 1 of each year commencing June 1, 1981. The Bonds shall mature on December 1, 1984 but shall be subject to redemption prior to maturity as hereinafter set forth. The Bonds shall be negotiable coupon bonds payable to bearer, but subject to regis- tration as to principal or as to principal and interest, shall be