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`sirâ–º 'woe <br />Page 13 <br />Section 13. That when the bonds herein authorized to be executed <br />have been executed by the Mayor and City Clerk and the seal of the City <br />impressed thereon, they shall be delivered to Mercantile Bank, Jonesboro, <br />Arkansas, which shall authenticate them and deliver them to the purchaser, <br />or order, upon payment in cash of the purchase price of $250,000, plus <br />accrued interest from July 1, 1969 to date of delivery ("total sale proceeds"). <br />The total sale proceeds shall be disbursed as follows: <br />(1) Deduct from the total sale proceeds the amount necessary, if <br />any amount be necessary, to provide for the payment of interest on the bonds <br />until tax collections are available and the amount so deducted shall be <br />deposited into the Bond Fund, all as shall be specified in a letter of instruc- <br />tions delivered to Mercantile Bank at the time of the closing and upon which <br />the Bank shall be entitled to rely. The City expressly reserves the right to <br />reimburse the Construction Fund (hereafter created) in the amount of such <br />deposit to take care of interest until tax collections are available, from the <br />first available tax collections over and above the amount necessary to insure <br />the prompt payment of interest on the bonds; and <br />(2) Deposit the remainder of the total sale proceeds in a special <br />account of the City to be known as the "Construction Fund" in a bank designated <br />by the City that is a member of the Federal Deposit Insurance Corporation, and <br />the moneys in the Construction Fund shall be used solely for accomplishing <br />the improvements, paying expenses incidental thereto, and paying any <br />expenses incurred by the City in authorizing and issuing the bonds of this <br />issue. If any moneys remain in the Construction Fund after the improvements <br />are accomplished, they shall be deposited in the Bond Fund. <br />Section 14. That the terms of this Ordinance shall constitute a <br />contract between the City of Batesville, Arkansas, and the holder or holders <br />of the bonds, and no variation or change in the undertakings herein set forth <br />