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ORDINANCE NO:OLS–04-01 AN ORDINANCE AMENDING ORDINANCE NO. 2015-06-01; AUTHORIZING A REVISED REPAYMENT SCHEDULE FOR THE OUTSTANDING CITY OF BATESVILLE, ARKANSAS SALES AND USE TAX BOND, SERIES 2015; AND PRESCRIBING OTHER MATTERS RELATING THERETO. WHEREAS, there was submitted to the qualified electors of the City of Batesville, Arkansas (the "City") at a special election held March 10, 2009, the question of issuing capital improvement bonds in the maximum principal amount of $50,000,000 for the purpose of financing all or a portion of the costs of acquiring, constructing and equipping extensions, betterments and improvements to the City's sewer system (the "Improvements"); and WHEREAS, at the special election, a majority of the electors voting on the question approved the issuance of the bonds and the levy of a new sales and use tax at the rate of 1%to retire the bonds; and WHEREAS, pursuant to Ordinance No. 2015-06-01 of the City, adopted on June 22, 2015 ("Ordinance No. 2015-06-01"), the City has issued its Sales and Use Tax Bond, Series 2015 in the principal amount of$10,200,000 (the "Series 2015 Bond") for the purpose of financing a portion of the costs of the Improvements; and WHEREAS, the City, pursuant to Ordinance No. 2015-06-01, entered into a Bond Purchase Agreement, dated June 22, 2015 (the "Bond Purchase Agreement"), with the Arkansas Natural Resources Commission and the Arkansas Development Finance Authority (the "Bondholder") providing for the purchase by the Bondholder of the Series 2015 Bond; and WHEREAS, the Improvements, which were expected to be completed by April 15, 2018, are not yet complete due to circumstances beyond the City's control; and WHEREAS, the purchase price for the Series 2015 Bond is being paid by the Bondholder in multiple advances; and WHEREAS, the Bondholder has agreed to make additional advances against the Series 2015 Bond after April 15, 2018 but only so long as all advances are made before October 15, 2021; and WHEREAS, it is necessary to amend Ordinance No. 2015-06-01 to authorize a new repayment schedule for the Series 2015 Bond; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: