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"i <br />Page 11 <br />Section 6. That in order to pay the bonds as they mature, <br />with interest thereon, there is hereby levied upon all taxable real <br />and personal property within the City of Batesville, Arkansas, a tax <br />of one and fifty-six hundredths (1.56) mills on each dollar of <br />assessed valuation to be collected with the taxes collected in the <br />year 1965 and continuing through the year 1979, and as long there- <br />after as may be necessary to pay the principal of, interest on and <br />paying agent's fees in connection with the bonds authorized by this <br />Ordinance, being a sum sufficient to pay the principal of, interest <br />on and paying agent's fees in connection with the bonds, as they <br />mature, with more than five per cent (5%) added for unforeseen <br />contingencies; and the City Clerk is directed to transmit a copy <br />of this Ordinance to the County Clerk of Independence County, <br />Arkansas to the end that said tax may be extended on the tax books <br />of the County and collected annually along with the other taxes <br />until the bonds and interest thereon are paid in full. The City <br />covenants and agrees that all the revenues derived from said one <br />and fifty-six hundredths (1.56) mills tax shall be placed in a <br />separate fund which is hereby created and designated "1964 General <br />Obligation Improvement Bond Fund" and shall be used solely for the <br />payment of the principal of, interest on and paying agent's fees <br />in connection with the bonds of this issue, as set forth in this <br />Ordinance. The amount of said deposit in excess of that insured by <br />the Federal Deposit Insurance Corporation must be continuously <br />secured by bonds or other direct or fully guaranteed obligations <br />of the United States of America. The City covenants that all <br />revenues derived from said special tax in excess of the amount <br />