Laserfiche WebLink
WHEREAS, in order to establish the refunding it is <br />necessary to purchase non -callable obligations issued or <br />guaranteed by the United States of America to be held in <br />trust for the benefit of the holders of the bonds being <br />refunded; <br />WHEREAS, the City Council of the City has examined the <br />proposal by Reynolds Securities, Inc., Little Rock, Arkansas, <br />for the purchase of such non -callable obligations and has <br />determined that the acceptance of such proposal will be in <br />the best interest of the City; and <br />WHEREAS, the City is authorized to issue refunding <br />bonds under the Constitution and laws of the State of Arkansas, <br />including Act No. 131 of 1933, as amended, Act No. 132 of <br />1933, as amended, Act No. 297 of 1937, as amended, and Act <br />No. 145 of 1967, as amended. <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF <br />THE CITY OF BATESVILLE, ARKANSAS: <br />Section 1. The refunding of the 1967 Bonds, the 1965 <br />Bonds, and the 1961 Bonds is hereby authorized. <br />Section 2. The City Council hereby finds and declares <br />the period of usefulness of the System is more than forty <br />(40) years. <br />Section 3. There are hereby authorized and ordered <br />sold and issued City of Batesville, Arkansas, Water and <br />Sewer Revenue Refunding Bonds in the principal amount of up to <br />$1,220,000 for the purpose of accomplishing the refunding of <br />the 1967 Bonds, the 1965 Bonds, and the 1961 Bonds, and <br />paying expenses incidental thereto and to the issuance of <br />the bonds. The bonds shall be dated August 1, 1976, and <br />shall mature on February 1 of each year at the interest rates <br />shown as follows: <br />