2024-01-18-AGENDA-Special - Laserfiche WebLink

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Purchase Agreement between the Purchaser and the City (the "Purchase Agreement"), which has been presented to and is before this meeting; and WHEREAS, the Preliminary Official Statement, dated January 9, 2024, offering the Series 2024A and the Series 2024B Bonds (collectively, the "bonds") for sale (the "Preliminary Official Statement"), has been presented to and is before this meeting; and WHEREAS, the Continuing Disclosure Agreement between the City and The Citizens Bank, Batesville, Arkansas (the "Disclosure Agreement"), providing for the disclosure obligations of the City with respect to the bonds, has been presented to and is before this meeting; and WHEREAS, payment of the scheduled principal of and interest on the bonds when due is guaranteed by Build America Mutual Assurance Company, or any successor thereto or assignee thereof (the "Insurer"), pursuant to a municipal bond insurance policy or policies (collectively, the "Insurance Policy"), as set forth in the Insurance Policy; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: Section 1. The Refunding and the Improvements shall be accomplished, and the Mayor and City Clerk are hereby authorized to take all action necessary in connection therewith and to execute all required contracts and documents. The City's Sales and Use Tax Bonds, Series 2012 (the "Bonds Refunded") will be redeemed on the date the bonds are issued at a price of par plus accrued interest. Section 2. The offer of the Purchaser for the purchase of (a) the Series 2024A Bonds from the City at the 2024A Purchase Price and (b) the Series 2024B Bonds from the City at the 2024B Purchase Price, subject to the terms and provisions hereafter in this Ordinance set forth in detail, is hereby accepted and the Purchase Agreement, in substantially the form submitted to this meeting, is approved and the bonds are hereby sold to the Purchaser. The Mayor is hereby authorized and directed to execute and deliver the Purchase Agreement on behalf of the City and to take all action required on the part of the City to fulfill its obligations under the Purchase Agreement. Section 3. The Preliminary Official Statement is hereby approved and the previous use of the Preliminary Official Statement by the Purchaser in connection with the sale of the bonds is hereby in all respects approved and confirmed, and the Mayor is hereby authorized and directed, for and on behalf of the City, to execute the Preliminary Official Statement and the final Official Statement in the name of the City for use in connection with the sale of such bonds as set forth in the Purchase Agreement. Section 4. Under the authority of the Constitution and laws of the State, including particularly Amendment No. 62 to the Constitution of the State and the Authorizing Legislation, (a) the Series 2024A Bonds are hereby authorized and ordered issued in the total principal amount of $ for the purpose of financing all or a portion of the costs of 2