2024-01-06 - Laserfiche WebLink

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ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. This bond shall bear interest from the payment date next preceding the date on which it is authenticated unless it is authenticated on an interest payment date, in which event it shall bear interest from such date, or unless it is authenticated during the period from the Record Date to the next interest payment date, in which case it shall bear interest from such interest payment date, or unless it is authenticated prior to the first interest payment date, in which event it shall bear interest from the Dated Date shown above, or unless at the time of authentication hereof interest is in default hereon, in which event it shall bear interest from the date to which interest has been paid. This bond is one of an issue of City of Batesville, Arkansas Sales and Use Tax Bonds, Improvement Series 2024B, aggregating Twenty-Five Million Nine Hundred Eighty-Five Thousand Dollars ($25,985,000) in aggregate principal amount (the "Series 2024B Bonds"), and is issued for the purpose of financing all or a portion of the costs of park and recreational facilities and improvements, paying necessary expenses incidental thereto, paying expenses of authorizing, issuing and insuring the Series 2024B Bonds and partially funding a debt service reserve. The City is also issuing its Sales and Use Tax Bonds, Taxable Refunding Series 2024A (the "Series 2024A Bonds") and the Series 2024A Bonds and the Series 2024B Bonds (collectively, the "bonds") are equally and ratably secured. The bonds are issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas (the "State"), particularly Amendment No. 62 to the Constitution of the State and Title 14, Chapter 164, Subchapter 3 of the Arkansas Code of 1987 Annotated (the "Authorizing Legislation"), and pursuant to Ordinance No. of the City duly adopted on January 18, 2024 (the "Authorizing Ordinance"), and an election duly held at which the majority of the legal voters of the City voting on the questions approved the issuance of the bonds. Reference is hereby made to the Authorizing Ordinance for the details of the nature and extent of the security and of the rights and obligations of the City, the Trustee and the registered owners of the bonds. The bonds are special obligations of the City, payable from (a) a 0.5% sales and use tax levied by the City under the authority of Title 26, Chapter 75, Subchapter 2 of the Arkansas Code of 1987 Annotated and Ordinance No. 2011-12-05 adopted on December 27, 2011, as amended by Ordinance No.2023-05-02 adopted on May 23,2023 (the "Bond Tax")and(b)a 0.5% sales and use tax levied by the City under the authority of Title 26, Chapter 75, Subchapter 2 of the Arkansas Code of 1987 Annotated and Ordinance No. 2011-12-03 adopted on December 27, 2011 (the "Permanent Tax"), and the City hereby pledges the collections'of the Bond Tax and the Permanent Tax for the payment of this bond. The Series 2024B Bonds are subject to extraordinary, optional and mandatory sinking fund redemption prior to maturity as follows: (1) The Series 2024B Bonds shall be redeemed by the City from Surplus Bond Tax Receipts (defined below), at least annually, and from proceeds of the Series 2024B Bonds not needed for the purposes intended, in whole at any time or in part on any interest payment date, at a redemption price equal to the principal amount being redeemed plus accrued interest to the 13