Laserfiche WebLink
Page 16 <br />City in a bank that is a member of the Federal Deposit Insurance <br />Corporation. The moneys in the said Construction Fund shall be <br />used for accomplishing the authorized improvements, paying expenses <br />incidental thereto, and paying the expenses of issuing the bonds <br />not paid by the purchasers, with any unexpended balance to be <br />deposited in the 1964 General Obligation Improvement Bond Fund. <br />The City expressly reserves the right to withhold from the first <br />available proceeds of the special tax not required for insuring the <br />payment of the principal of and interest on the bonds, an amount <br />equal to that withheld, if any be withheld, from the total sale <br />proceeds to cover interest requirements until the availability of <br />tax proceeds. <br />Section 14. That the terms of this Ordinance shall con- <br />stitute a contract between the City of Batesville, Arkansas and <br />the holder or holders of the bonds, and no variation or change in <br />the undertakings herein set forth shall be made while any of these <br />bonds are outstanding, and the holder of any bonds may at any time <br />for and on his own behalf or for and on behalf of all the bond- <br />holders enforce the obligations of the City by a proper suit for <br />that purpose. <br />Section 15. That the provisions of this Ordinance are <br />separable, and in the event that any section or part hereof shall <br />be held to be invalid, such invalidity shall not affect the <br />remainder of this Ordinance. <br />Section 16. That all ordinances and resolutions and <br />parts thereof in conflict herewith are hereby repealed to the <br />