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Wi REAS.# the Buyers have elected to exercise the option granted In the notice of sale to name The First National Bank in Little Rock, Arkansas, as trustee and place of payment, and to convert the bands from 3.80% interest rate per annum to an issue of $467,500 in brands bearing interest as hereinafter set out, and have presented computations showing that the cost Of maturing the brands after conversion is $590 less than the cost of maturing the bonds according to the original scheduler upon the 3.80% interest rate, and, the Buyers ars now ready to receive delivery of the brands as soon as the City can legally deliver them; now, therefore, BE IT 01=11M by the City Council of the City of B:A tesville,, Arkansas: SECTION 1. The Council hereby declares its intention to con- struct the sewer facilities as planned by the engineers for the project, which are briefly described as follows: The enlargement and rehabilita- tion of existing sewage treatment facilities and the extension of the sewage collection system. (The new improvements are sometimes herein. after termed the "Works' and the new Improvements and the existing municipal sewer system combined are sometimes hereinafter termed the 'Systema' ). SubJect to the authorization granted by Ordinance No. 643 Of the Ci 4y, passed and approved November 13, 1953, creating the sewer COMMIttse,, the construction shall be under the control and supervision of ,said Sewer Committee, and after construction the system shall be under the management of said Committee. . The sewer Committee shall require from the contractor or contractors constructing the Works full insurance coverage. SECTION 2. The Council hereby finds that the contract for the sale of its proposed issue of sewer revenue bonds is at a fair price and one allowed by law, and that the conversion of $420000 in 3.80% bonds dated January 1, 1954, and maturing; can January 1 of each year as set out in the notice of sale, into an issue of $467600 in bonds dated January 1, 1954, and maturing and bearing interest as hereinafter set forth, complies with the terms of sale, and therefore both the sale and the conversion of said bonds are approved and confirmed.