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low <br />RESOLUTION <br />M <br />WHEREAS, the Batesville Utilities Commission has <br />determined, after due and thorough investigation, that it is <br />essential that there be construction of extensions, betterments <br />and improvements to the City of Batesville, Arkansas Water and <br />Sewer System, as reflected in detail by the reports and estimates <br />of the Commission's consulting engineers, Hilsdon & Sonnenberg, <br />Memphis, Tennessee; and <br />WHEREAS, the total estimated cost of the proposed <br />extensions, betterments and improvements is approximately <br />$8,386,000, of which $6,136,000 can be paid from federal grant <br />funds and funds presently on hand; <br />.. <br />NOW, THEREFORE, BE IT RESOLVED bV the Batesville <br />Utilities Commission, Batesville, Arkansas: <br />1. The Commission recommends to the City Council <br />that the proposed extensions, betterments and improvements <br />(the "improvements") to the System be completed and that the <br />improvements be financed by the use of federal grant funds and <br />funds on hand to the extent of $6,136,000 and by the issuance <br />of water and sewer revenue bonds to the extent of $2,250,000. <br />The Commission recommends that the proposed bonds be sold at <br />public sale, upon consultation with the fiscal agent, T. J. Raney <br />& Sons, Inc., Little Rock, Arkansas. <br />2. The Commission recommends that the City Council <br />adopt the Ordinance attached hereto, Exhibit A, which would <br />authorize the proposed bonds and would enact adjustments to the <br />rates charged for services of the System. <br />3. The Chairman of the Commission is authorized and <br />directed to transmit a copy of this Resolution to the City Council <br />and to provide to the City Council such further information as <br />may be requested or appropriate. <br />PASSED: 1978. <br />ATTEST: Chairman <br />Secret6iy <br />(SEAL) <br />