722 - Laserfiche WebLink

Home Browse Search

NOW loop Page 2 WHEREAS, the City does not have available sufficient funds with which to construct said project, but can obtain funds by the issuance of Water System Revenue Bonds in the aggregate principal amount of Three Hundred Thousand Dollars ($3001,000), which, together with funds to be obtained from an agency or agencies of the Government of the United States of America and.other avail- able funds of the City, will be sufficient to finance the cost of said project, including all costs necessary and incidental thereto and to the issuance of the bonds; and WHEREAS, the City has outstanding an issue of Water System Revenue Bonds, dated October 1, 1961; and WHEREAS, the City has entered into a contract with the United States of America, Department of Housing and Urban Develop- ment, for the sale of $300,000 in principal amount of Water System Revenue Bonds at a price of par and accrued interest for bonds bearing interest at the rates of three and three-fourths (3-3/4%) per centum per annum and three and one-half (3-1/2%) per centum per annum, as hereafter set forth in detail; j/ NOW, THEREFORE, BE IT ORDAINED, by the City Council of the City of Batesville, Arkansas: Section 1. That the project be constructed. Section 2. That the bonds be, and they are hereby, sold to the United States of America under the terms set forth above.