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ORDIN, NCE NO. <br />AN ORDINANCE REPEALING SECTION 2 OF ORDINANCE <br />NO. 642 OF THE CITY OF BATESVILLE, PASSED <br />OCTOBER 20, 1953, AND DECLARING AN EMERGENCY. <br />WHEREAS, the City Council of the City of Batesville, Arkansas, <br />on October 20, 1953, passed Ordinance No. 642 calling a special election <br />to be held in the City of Batesville upon the question of issuing <br />$420,000 in sewer revenue bonds; and <br />WHEREAS, Section 2 of said ordinance provided that the bonds <br />if approved shall be sold upon auction bids at a public sale; and <br />WHEREAS, after the election held on November 17, 1953, at which <br />the electors of the City voted in favor of the issuance of the sewer <br />revenue bonds, the City Council held on January 19, 195., a public <br />sale upon auction bids, but the lowest interest rate submitted by the <br />bidders was a rate of 4.14% per annum and the City Council refused <br />to sell bonds at that high an interest rate, and since that time the <br />City through its Sewer Committee has negotiated a sale of the bonds to <br />a syndicate of Little Rock investment bankers composed of Hill, Craw- <br />ford & Lanford, Inc., Southern Securities Corporation, T. J. Raney & <br />Sons, and W. R. Stephens Investment Company, Inc., for the purchase of <br />the issue under the terms of the published notice of sale, bearing <br />interest at the rate of 3.80% per annum, and the City Council deems <br />this to be a fair interest rate and one that should be accepted for <br />the best interests of the City, and in order to clear the way for the <br />acceptance it will be necessary to repeal Section 2 of Ordinance <br />No. 642; now, therefore, <br />BE IT ORDAINED by the City Council of the City of Batesville, <br />Arkansas: <br />SECTION 1. That Ordinance No. 642 of the City of Batesville, <br />passed October 20, 1953, be amended by repealing Section 2 of said <br />ordinance, and that said Section 2 be and the same is hereby repealed. <br />SECTION 2. That the City Council hereby ascertains and declares <br />that the City of Batesville has under consideration the construction <br />of extensive and greatly needed improvements and additions to its <br />municipal sewe3Aystem; therefore, an emergency exists and this <br />