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ORDINANCE NO. AN ORDINANCE PkOVIDING FOR %T ISS17AN6E OF BONDS FOR THE PURPOSE OF ACQUIRING AND CONSTRUCTING A MUNICIPAL PARK AND SWIMMING POOL IN THE CITY OF BATESVILLE, ARKANSAS; LEVYING A TAX SUFFICIENT TO PAY THE PRINCIPAL AND INTEREST OF SAID BONDS; DECLARING AN EMERGENCY; AND FOR OTHER FURPOSES. WHEREAS, by ordinance duly passed on September 11, 1951, there was submitted to the qualified electors of the City of Batesville, Arkansas, the question of whether it should issue bonds to the amount of $60,000 for the purpose of acquiring and constructing a municipal park and swimming pool, said bonds to bear interest at a rate not to exceed 3% per annum; and WHEREAS, due notice of the election was given as required by law and said election was duly held on November 6, 1951, at which election 817 votes were cast for the issue of bonds and 429 votes were cast against the issue of bonds, and 760 votes were cast for the tax to pay the bonds and 445 votes were cast against the tax to pay the bonds; and WHEREAS, the result of the election was announced by the Mayor by a proclamation issued on November 13, 1951, and duly published in the BATESVILLE GUARD,.a newspaper having a bona fide circulation in said City; and WHEREAS, the City of Bateville, at a public sale held at 7:30 P.M. June 27, 1952, in the City Hall, after more than twenty days' advertisement in said newspaper, contracted to sell the bonds to W. R. Stephens Investment Company, Inc., of Little Rock, Arkansas, who submitted the best and highest bid for said bonds, being a price of 107.40 cents on the dollar face value plus accrued interest for 3% bonds; and WHEREAS, the buyer of said bonds has elected to name the First National Bank of Batesville, Arkansas, as Trustee and paying agent, and has elected to convert the bonds to $68,500 in 1 3/4% bonds maturing as hereinafter set out, and has presented computations showing the cost of maturing the bonds after conversion to be $17.50 less than the cost of maturing the bonds according to the original schedule, which is within the terms of the sale notice; now, therefore,