Laserfiche WebLink
WHEREAS, permanent financing of'the costs of acquiring and installing <br />the Project and the expenses of authorizing and issuing bonds, is being <br />furnished by the City issuing Industrial Development Revenue Bonds under <br />the provisions of Act No. 9 in the principal amount of One Million Dollars <br />($1,000,000) (the "bonds"); and <br />WHEREAS, the bonds will be dated, bear interest, mature and be sub - <br />jest to redemption as hereinafter set forth in the form of Indenture authorized <br />by this Ordinance; <br />NOW, THEREFORE, BE IT ORDAINED BY THE City Council of the City <br />of Batesville, Arkansas: <br />Section I. That there be and there is hereby authorized and directed <br />the following: <br />(a) The sale of the Bonds; <br />(b) The acquisition and installation of the Project, and <br />in connection therewith, the execution of contracts <br />and purchase orders or the acceptance of an assign- <br />ment of contracts and purchase orders previously <br />executed by General Tire, for the acquisition and <br />installation of the Project; and <br />(c) The performance of all obligations of the City under <br />the Sale Agreement pertaining to the acquisition and <br />installation and sale of the Project and the performance <br />of all obligations of the City under the contracts and <br />purchase orders referred to in (b) above. <br />Section 2. That Industrial Development Revenue Bonds of the City <br />under Act No. 9 in the principal amount of $1,000,000 are hereby authorized. <br />To prescribe the terms and conditions upon which the Bonds are to be secured, <br />executed, authenticated, accepted and held, the Mayor is hereby authorized <br />and directed to execute and acknowledge a Trust Indenture (the "Indenture"), <br />and the City Clerk is hereby authorized and directed to execute and acknowledge <br />the Indenture and to affix the seal of the City thereto, and the Mayor and City <br />Clerk are hereby authorized and directed to cause the Indenture to be accepted, <br />executed and acknowledged by the Trustee. The Indenture, which constitutes <br />and is hereby made a part of this Ordinance, shall be in substantially the <br />following form, to -wit: <br />