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VA► <br />Page 7 <br />,Nor <br />inclusive, all of like tenor and effect, except as to number, <br />denomination, rate of interest, maturity and right of prior re- <br />demption, and are issued for the purpose of financing a portion <br />of the cost to the City of constructing extensions, betterments <br />and improvements to the Water System (with ft balance of the total <br />cost to be obtained from other available funds of the City and as <br />a grant from an agency or agencies of the Government of the United <br />States of America). <br />This bond and the issue of which it forms a part are <br />issued pursuant to and in full compliance with 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, and pursuant to <br />Ordinance No. 72.Z of the Ordinances of the City, duly adopted <br />and approved on the day of,ph{ , 1966(called <br />"authorizing Ordinance"), which Ordinance sets forth specifically <br />and in detail the pledges and covenants of the City for the payment <br />of the principal of and interest on the bonds and to which reference <br />may be had for a detailed statement of said pledges and covenants. <br />The City has outstanding Waterworks Revenue Bonds, dated October 1, <br />1961, and the lien of the bonds of this issue upon the revenues of <br />the Water System shall be subject to the lien of the outstanding <br />bonds of the October 1, 1961, issue. <br />The City has established and has covenanted and agreed <br />to maintain rates for water which shall be sufficient at all times <br />to provide for the payment of the principal, interest and Paying <br />Agent's fees in connection with the October 1, 1961, Revenue Bonds <br />and in connection with the bonds of this issue, as the same mature, <br />