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0 ORDINANCE NO. M# AN ORDINANCE AUTHORIZING THE ISSUANCE -OF GENERAL OBLIGATION REFUNDING BONDS FOR THE PURPOSE OF REFUNDING THE OUTSTANDING GENERAL OBLIGATION AIR- PORT IMPROVEMENT BONDS, DATED JULY 1, 1969; CON- FIRMING THE LEVY OF A TAX SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRE- SCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. Whereas, the City of Batesville, Arkansas, is a city of the first class (the "City"); and WHEREAS, after due investigation, it has been determined that it would be in the interest of the City that the City's General Obligation Airport Improvement Bonds, dated July 1, 1969, (the "1969 Bonds") be refunded, by the issuance of bonds bearing interest at lower rates of interest, and the City has, for that purpose, determined to sell and issue its General Obligation Refunding Bonds dated September 1, 1977 (the "Bonds"); and WHEREAS, after due advertisement for the time and in the manner required by law, bonds in the amount of $161,000 were offered for sale on sealed bids on September 13, 1977, and at the sale T. J. Raney & Sons, Inc., Little Rock, Arkansas (the "purchaser") bid and offered the price of par and accrued interest from September 1, 1977 to date of delivery for bonds bearing interest at the rate of 4.75% per annum, plus a premium of $5,315, and,this being the best bid, the bonds were sold to the purchaser at that price; and WHEREAS, pursuant to the authorization in the Notice of Sale the purchaser has elected to convert the $161,000 of bonds bearing interest at the rate of 4.75% per annum to an issue of $168,250 of 4%, 4.25%, 4.40% and 4.50% bonds, hereinafter described in detail, and the Council has examined the conversion and has found the same to be within the provisions of the Notice of Sale, and that by virtue of which the City will pay no more and receive no less than it would pay and receive if the bonds were not converted;