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I%W <br />Page 2 <br />of the State of Arkansas, the bonds for the separate purposes so <br />approved have been combined into one issue in the total principal <br />amount of $60,000, dated October 1, 1964, with interest payable <br />semiannually on June 1 and December 1 of each year, commencing <br />June 1, 1965, and with the principal maturing on December 1 in <br />each of the years 1967 to 1979, inclusive, and said bonds were <br />duly advertised for public sale on the 9th day of February, 1965; <br />and <br />WHEREAS at said public sale the best bid was offered <br />jointly by Southern Securities Corporation, Dabbs Sullivan Company, <br />Inc., and E. L. Villareal & Company, Inc., all of Little Rock, <br />Arkansas, being par and accrued interest plus a premium of $13.85 <br />for bonds bearing interest at the rates of 3.25% and 2.80% per <br />annum (those bonds maturing in the years 1967 to 1977, inclusive, <br />bearing interest at the rate of 3.25%, and those bonds maturing <br />in the years 1978 to 1979, inclusive, bearing interest at the <br />rate of 2.80% per annum), and said bonds were sold to said purchasers <br />at that price; and <br />WHEREAS pursuant to the authorization in the Notice of <br />Sale the said purchasers have elected to convert the $60,000 in <br />principal amount of bonds bearing interest at the rates of 3.25% <br />per annum and 2.80% per annum (as described above) to an issue of <br />$62,300 in principal amount of 3% and 2 1147. per annum bonds, <br />hereafter described in detail, and the City Council has examined <br />the conversion and has found the same to be within the provisions <br />of the Notice of sale and by virtue of which the City will receive <br />