774 - Laserfiche WebLink

Home Browse Search

9M Page 6 adopted and approved on the day of , 1969, to which reference is hereby made for a detailed statement of the terms and conditions upon which the bonds are issued and secured. The bonds are general obliga- tions of the City of Batesville, Arkansas, payable from the proceeds of a three and forty-four hundredths (3.44) mill continuing annual tax levied by the City Council under the authority of Amendment No. 13 to the Constitution of the State of Arkansas, and the City hereby pledges its full faith, credit and taxing power, including the three and forty-four hundredths (3.44) mill special tax, for the payment of this bond and the issue of which it forms a part. The City has covenanted that surplus tax collections, being tax collections from the three and forty-four hundredths (3.44) mill continuing annual tax over and above the amount necessary to insure the promptjpayment of the principal of, interest on and Paying Agent's fees in connection with the bonds as the same become due and payable, must be used from time to time on each interest paying date as and to the extent available to redeem the bonds prior to maturity. The bonds will be callable for payment prior to maturity in inverse numerical order at a price of par and accrued interest as follows: From surplus proceeds of the sale of the bonds not required for completing the improvements and from surplus tax collections on any interest paying date; from funds from any source on any interest paying date on and after July 1, 1974. Notice of the call for redemption shall be published once a week for two (2) consecutive weeks in a newspaper published in the City of Little Rock, Arkansas, and having a general circulation throughout the State of Arkansas, giving the number and maturity of each bond being called, the first publication to be at least fifteen (15) days prior to the redemption date, and after the date fixed for redemption each bond so called shall cease to bear interest, provided funds for its payment are on deposit with the Paying Agent at that time.