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WHEREAS, the Continuing Disclosure Agreement between the City and The <br /> • Citizens Bank, Batesville, Arkansas (the "Disclosure Agreement"), providing for the ongoing <br /> disclosure obligations of the City with respect to the bonds, has been presented to and is before <br /> this meeting; <br /> NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of <br /> Batesville,Arkansas: <br /> Section 1. The offer of the Purchaser for the purchase of the bonds from the <br /> City at the Purchase Price, subject to the terms and provisions hereafter in this Ordinance set <br /> forth in detail, is hereby accepted and the Purchase Agreement, in substantially the form <br /> submitted to this meeting, is approved and the bonds are hereby sold to the Purchaser. The <br /> Mayor is hereby authorized and directed to execute and deliver the Purchase Agreement on <br /> behalf of the City and to take all action required on the part of the City to fulfill its obligations <br /> under the Purchase Agreement. <br /> Section 2. The Preliminary Official Statement is hereby approved and the <br /> previous use of the Preliminary Official Statement by the Purchaser in connection with the sale <br /> of the bonds is hereby in all respects approved and confirmed, and the Mayor is hereby <br /> authorized and directed, for and on behalf of the City, to execute the Preliminary Official <br /> Statement and the final Official Statement in the name of the City for use in connection with the <br /> sale of such bonds as set forth in the Purchase Agreement. <br /> • Section 3. Under the authority of the Constitution and laws of the State, <br /> including particularly Amendment No. 62 to the Constitution of the State and the Authorizing <br /> Legislation, the bonds are hereby authorized and ordered issued in the total principal amount of <br /> $25,900,000, the proceeds of the sale of which are necessary to provide funds for accomplishing <br /> all or a portion of the Improvements, paying expenses incidental thereto and expenses of issuing <br /> the bonds and funding a debt service reserve. <br /> The bonds shall bear interest at the rates and shall mature on September 1 in the <br /> amounts and in the years as follows: <br /> [Remainder of page intentionally left blank.] <br /> • <br /> 2 <br />