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I � '" <br />Bonds will be secured by a first lien on the project (subject to said <br />Lease Agreement), but the surplus lease rentals, as hereinafter de- <br />fined in this ordinance, will be applied to the payment of the In- <br />dependence General Obligation Londs issued under Amendment No. <br />49 until said ;ror„';s neve been fully paid and discharged; and <br />WHFRFAS it has been determined that the estimated cost of <br />the project Is .,!.��0;000, including necessary expenses incidental <br />thereto, engincer n& fees, architectural 'Lees, legal fees, the ex- <br />penses of issuing the bonds and the payment of debt service during <br />construction, and that in order to finance said costs the City must <br />sell $900,000 of Revenue Bonds under Act No. 9 and Independence Ccu my <br />must sell $500,000 of General Obligation Bonds under Amendment No. 49; <br />and <br />WHEREAS it is necessary in coin -section with the issuance by <br />the City of the Revenue Bonds under Act No. 9 for the City to execute <br />and deliver a Trust Indenture (hereinafter sometimes called "Indenture") <br />to The First National Bank in Little Rock, Little Rock, Arkansas, <br />Trustee for the bondholders; and <br />WHEREAS the City has sold the Revenue Bonds, being $900,000 <br />in principal amount and designated "City of Batesville, Arkansas In- <br />dustrial Development Revenue Bonds", dated March 1, 1960, bearing in- <br />terest at the rate of 4.58% per annum, payable semi-annually on March <br />1 and September 1 of each year, and maturing annually on March 1 of <br />each of the years 1962 to 1980, inclusive, but callable for payment <br />prior to maturity, all as hereinafter specified in detail, to E. L. <br />Villareal & Company, Dabbs Sullivan Company, Southern Securities Cor- <br />poration and Hill, Crawford & Lanford, Inc., all of Little Rock, <br />Arkansas, at a price of par and accrued interest for bonds bearing <br />interest at the rate of 4.58% per annum; and <br />WHEREAS the purchasers have elected to convert said <br />$900,000 in principal amount of bonds bearing interest at the rate of <br />4.58% per annum to an issue in the principal amount of $929,000 <br />