774 - Laserfiche WebLink

Home Browse Search

CM Page 2 WHEREAS, pursuant to the provisions of the Notice of Sale, the purchaser has elected to convert the bonds from $250,000 in principal amount bearing interest at 5 .92% per annum to an issue of $259, 830 in principal amount bearing interest at 5-1/4%, 5-1/2% and 5-3/47o per annum, herein- after described in detail, which conversion has been examined by the City Council and found to be in compliance with the provisions of the Notice of Sale; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: Section 1. That the improvements be accomplished. Section 2. That the sale of the bonds at the above-described price to Simmons First National Bank of Pine Bluff, Pine Bluff, Arkansas, and the conversion of the bonds set forth above be, and the same are hereby, approved and confirmed. Section 3. That under the authority of the Constitution and laws of the State of Arkansas, including particularly Amendment No. 13 to the Con- stitution of the State of Arkansas, City of Batesville, Arkansas, General Obligation Airport Improvement Bonds ("bonds") are hereby authorized and ordered issued in the total principal amount of $259, 830 for the purpose of paying a portion of the cost to the City of developing and improving the municipal flying field (Airport), including necessary expenses incidental thereto and to the issuance of the bonds. The bonds shall be dated July 1, 1969, and shall be in the denomination of $1,000 each, except Bond No. 6 which shall be in the denomination of $830. The bonds shall be numbered consecutively from 1 to 260, inclusive, and shall bear interest as follows: Bonds Nos. 1 to 60, inclusive, being the bondsmaturing in the years 1972 to 1981, inclusive, shall bear interest at the rate of 5-1/4% per annum; Bonds Nos. 61 to 90, inclusive, being the bonds maturing in the years 1982 to 1985, inclusive, shall bear interest at the rate of 5-1./2% per- annum;