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Page 3 <br />Section 3. That the City Council hereby finds and <br />declares that the period of usefulness of the water facilities <br />after the completion of the project will be more than forty (40) <br />years, which is longer than the term of the proposed Revenue Bonds. <br />Section 4. That under the authority of the Constitution <br />and laws of the State of Arkansas, including particularly Act No. <br />131 of the Acts of Arkansas of 1933, as amended, City of Batesville, <br />Arkansas, Second Lien Water System Revenue Bonds, Series 1965, are <br />hereby authorized and ordered issued in the principal amount of <br />Three Hundred Thousand Dollars ($300,000), the proceeds of which <br />are necessary, together with other available funds, to pay the cost <br />to the City of constructing the above-described project, including <br />other necessary expenses incidental thereto and to the issuance of <br />the bonds. The bonds shall be dated April 1, 1965, and shall be <br />numbered consecutively from one (1) to three hundred one (301), <br />inclusive. All bonds shall be in the denomination of $1,000 each, <br />except that Bond No. 160 shall be in the denomination of $700, and <br />Bond No. 161 shall be in the denomination of $300. Bonds Nos. 1 <br />to 160., inclusive, shall bear interest at the rate of 3-3/4% per <br />annum, and Bonds Nos. 161 to 301, inclusive, shall bear interest <br />at the rate of 3-1/2% per annum. The interest shall be payable <br />semiannually on April 1 and October 1 of each year, commencing <br />October 1, 1965, and the interest shall be evidenced by interest <br />coupons. The principal and interest shall be payable in lawful <br />