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ORDINANCE NQ.; lQ- (o'�
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<br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF
<br /> SALES AND USE TAX BONDS FOR THE PURPOSE OF
<br /> FINANCING ALL OR A PORTION OF THE COST OF
<br /> CAPITAL IMPROVEMENTS; PLEDGING SALES AND USE
<br /> TAXES AGGREGATING 1% TO PAY THE PRINCIPAL OF
<br /> AND INTEREST ON THE BONDS; PRESCRIBING OTHER
<br /> MATTERS RELATING THERETO; AND DECLARING AN
<br /> EMERGENCY.
<br /> WHEREAS, there was submitted to the qualified electors of the City of
<br /> Batesville, Arkansas (the "City") at a special election held March 13, 2012, the question of
<br /> issuing, under Amendment No. 62 to the Constitution of the State of Arkansas (the "State") and
<br /> under Title 14, Chapter 164, Subchapter 3 of the Arkansas Code of 1987 Annotated (the
<br /> "Authorizing Legislation"), capital improvement bonds in the maximum principal amount of
<br /> $25,900,000 to finance all or a portion of the costs of acquiring, constructing, equipping and
<br /> furnishing park and recreational improvements, including particularly, without limitation, a
<br /> multi-purpose community center, swimming facilities, baseball fields, softball fields and soccer
<br /> fields, and any necessary land acquisition, and parking, landscaping, signage, drainage, lighting,
<br /> concession, road and utility improvements related thereto (collectively, the "Improvements");
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<br /> WHEREAS, a majority of the electors voting on the question approved the
<br /> issuance of such bonds; and
<br /> WHEREAS, the City Council has determined to proceed with accomplishing the
<br /> Improvements and to issue capital improvement bonds designated as "City of Batesville,
<br /> Arkansas Sales and Use Tax Bonds, Series 2012 (the "bonds") in the aggregate principal amount
<br /> of$25,900,000 to finance all or a portion of the costs of the Improvements; and
<br /> WHEREAS, the City has made arrangements for the sale of the bonds to Crews&
<br /> Associates, Inc. (the "Purchaser"), at a price of$25,895,091.30 (principal amount less $259,000
<br /> of underwriter's discount and plus $254,091.30 of net original issue premium) plus accrued
<br /> interest (the "Purchase Price"), pursuant to a Bond Purchase Agreement between the Purchaser
<br /> and the City (the "Purchase Agreement"), which has been presented to and is before this
<br /> meeting; and
<br /> WHEREAS, the Preliminary Official Statement, dated June 15, 2012, offering the
<br /> bonds for sale (the "Preliminary Official Statement"), has been presented to and is before this
<br /> meeting; and
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