2024-09-01 - Laserfiche WebLink

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NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: Section 1. The sale to the Bondholder of up to $110,000,000 in principal amount of a bond from the City at a price of par for a bond bearing interest at the rate of 0.75%per annum and otherwise subject to the terms and provisions hereafter in this Ordinance set forth in detail is hereby approved and the bond is hereby sold to the Bondholder. The Mayor is hereby authorized and directed to execute and deliver the Agreement on behalf of the City and to take all action required on the part of the City to fulfill its obligations under the Agreement. The Agreement is hereby approved in substantially the form submitted to this meeting, with such changes as may be approved by the Mayor, his execution to constitute complete evidence of such approval. Section 2. Under the authority of the Constitution and laws of the State of Arkansas (the "State"), including particularly the Authorizing Legislation, a City of Batesville, Arkansas Sales and Use Tax Bond, Series 2024C(the "bond")is hereby authorized and ordered issued in the principal amount of up to $110,000,000. The proceeds from the sale of the bond are necessary to finance all or a portion of the costs of the Improvements and pay expenses of issuing the bond. The bond shall bear interest at the rate of 0.75% per annum based upon a 360-day year of twelve consecutive 30-day months. The bond shall be dated the date of delivery to the Bondholder. Interest shall be payable on the first day of each month after the bond is issued. Commencing on May 1, 2028, principal shall be payable in monthly installments as set forth in Exhibit A to the Agreement which is structured for the bond to be repaid in equal amortized monthly installments of principal and interest over a 20 year period with the final payment due on April 1, 2048. The bond will be registered as to both principal and interest, payable to the Bondholder,or registered assigns, as set forth hereinafter in the bond form,and shall be numbered R-1. Payment of principal and interest shall be by check or draft mailed to the Bondholder at its address shown on the bond registration books of the City which shall be maintained by the City Clerk as Bond Registrar, without presentation or surrender of the bond (except upon final payment) and such payments shall discharge the obligation of the City to the extent thereof. The City Clerk shall keep a payment record and make proper notations thereon of all payments of principal and interest. Payment of principal and interest shall be in any coin or currency of the United States of America which, as at the time of payment, shall be legal tender for the payment of debts due the United States of America. When the principal of and interest on the bond have been fully paid, it shall be canceled and delivered to the City Clerk. Section 3. The bond shall be executed on behalf of the City by the Mayor and City Clerk and shall have impressed thereon the seal of the City. The bond is not a general obligation of the City but is a special obligation,the principal of and interest on which, and Servicing Fee in connection therewith, are secured by a pledge of and are payable from collections of the Tax, which has been duly levied under Ordinance No.2023-05-04,adopted May 23,2023 (the "Pledged 2