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<br />WHEREAS, the City Council and the Utilities Commission
<br />have consulted with the City's fiscal agent, T.J. Raney & Sons,
<br />Inc., Little Rock, Arkansas, and it has been determined that the
<br />best procedure for issuance of proposed revenue bonds is by public
<br />sale;
<br />NOW, THEREFORE, BE IT ORDAINED by the City Council of
<br />the City of Batesville, Arkansas:
<br />Section 1. The improvements shall be accomplished. The
<br />City Council hereby finds and declares that the period of usefulness
<br />of the System after the completion of the improvements will be
<br />more than forty (40) years, which is longer than the term of the
<br />bonds.
<br />Section 2. Under the authority of the Constitution and
<br />laws of the State of Arkansas, including particularly Act No. 131
<br />of the Acts of Arkansas of 1933, as amended, Act No. 132 of the
<br />Acts of Arkansas of 1933, as amended, and applicable decisions of
<br />the Supreme Court of the State of Arkansas, including particularly
<br />City of Harrison v. Braswell, 209 Ark. 1094, 194 S.W. 2d 12 (1946),
<br />Water and Sewer Revenue Bonds are hereby authorized and ordered
<br />issued in the principal amount of $2,250,000 (the "bonds").
<br />The bonds shall be dated May 1, 1978 and interest
<br />thereon shall be payable semiannually on February 1 and August 1
<br />of each
<br />year, commencing
<br />February
<br />1,
<br />1979.
<br />The principal
<br />shall
<br />mature
<br />on February 1 of
<br />each year
<br />as
<br />follows
<br />(subject to
<br />redemption
<br />prior to maturity and to the provisions hereof regarding conversion
<br />to lower rates of interest):
<br />Year
<br />Principal
<br />Year
<br />Principal
<br />1980
<br />$35,000
<br />1993
<br />$ 85,000
<br />1981
<br />40,000
<br />1994
<br />90,000
<br />1982
<br />45,000
<br />1995
<br />100,000
<br />1983
<br />45,000
<br />1996
<br />105,000
<br />1984
<br />50,000
<br />1997
<br />110,000
<br />1985
<br />50,000
<br />1998
<br />120,000
<br />1986
<br />55,000
<br />1999
<br />130,000
<br />1987
<br />60,000
<br />2000
<br />135,000
<br />1988
<br />65,000
<br />2001
<br />145,000
<br />1989
<br />65,000
<br />2002
<br />155,000
<br />1990
<br />70,000
<br />2003
<br />165,000
<br />1991
<br />75,000
<br />2004
<br />175,000
<br />1992
<br />80,000
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