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ORDINANCE NO. 7 - O 1 0 AN ORDINANCE AUTHORIZING THE ISSUANCE OF SALES AND USE TAX REFUNDING AND IMPROVEMENT BONDS FOR THE PURPOSE OF FINANCING AND REFINANCING ALL OR A PORTION OF THE COST OF CAPITAL IMPROVEMENTS; PLEDGING SALES AND USE TAXES AGGREGATING 1% TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS,there was submitted,to the qualified electors of the City of Batesville, Arkansas (the "City") at a special election held August 8, 2023, the questions of issuing, under Amendment No. 62 to the Constitution of the State of Arkansas (the "State") and under Title 14, Chapter 164, Subchapter 3 of the Arkansas Code of 1987 Annotated (the "Authorizing Legislation"), (a) capital improvement bonds in one or more series in the maximum aggregate principal amount of$12,820,000 for the purpose of refunding the City's outstanding Sales and Use Tax Bonds, Series 2012 (the "Refunding"); and (b) capital improvement bonds in one or more series in the maximum aggregate principal amount of$25,985,000 for the purpose of financing all or a portion of the costs of park and recreational facilities and improvements and any necessary land acquisition, demolition, furnishings, equipment and parking, lighting, landscaping, street, drainage and utility improvements related thereto (collectively, the "Improvements"); and WHEREAS, a majority of the electors voting_ on the questions approved the issuance of such bonds; and WHEREAS, the City Council has determined to proceed with the Refunding and to issue capital improvement bonds designated as "City of Batesville,Arkansas Sales and Use Tax Bonds, Taxable Refunding Series 2024A" (the "Series 2024A Bonds") in the aggregate principal amount of$11,090,000; and WHEREAS, the City Council has determined to proceed with the Improvements and to issue capital improvement bonds designated as "City of Batesville,Arkansas Sales and Use Tax Bonds, Improvement Series 2024B" (the "Series 2024B Bonds") in the aggregate principal amount of$25,985,000; and WHEREAS, the City has made arrangements for the sale of(a) the Series 2024A Bonds to Crews & Associates, Inc. (the "Purchaser"), at a price of$10,951,375 (principal amount less $138,625 of underwriter's discount) (the "2024A Purchase Price") and (b) the Series 2024B Bonds to the Purchaser, at a price of$25,531,484.35 (principal amount less $128,703.15 of net original issue discount and less $324,812.50 of underwriter's discount) (the "2024B Purchase Price"), pursuant to a Bond Purchase Agreement between the Purchaser and the City (the "Purchase Agreement"), which has been presented to and is before this meeting; and