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® ORDINANCE NO. O V' S <br /> AN ORDINANCE TO INCUR SHORT-TERM FINANCING FOR THE <br /> CONSTRUCTION OF CITY OF BATESVILLE FIRE STATION #3 LOCATED AT 590 <br /> WHITE DRIVE, BATESVILLE, ARKANSAS DECLARING AN EMERGENCY AND <br /> FOR OTHER PURPOSES <br /> WHEREAS, the City of Batesville is in need of short term financing for the construction <br /> of its new Fire Station#3 located on White Drive in Batesville, Arkansas. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF BATESVILLE, <br /> ARKANSAS: <br /> Section 1. That the City of Batesville is allowed to incur short-term financing <br /> pursuant to Amendment 78 of the Constitution of The State of Arkansas. <br /> Section 2. That the City of Batesville is hereby authorized to incur short-term <br /> financing with The Citizens Bank of Batesville in the amount of One <br /> Million and Eighty Five Thousand Dollars ($1,08000.00) at an interest <br /> • rate of 2.96% for a term of Three (3) years. <br /> Section 3. That the Mayor and City Clerk are hereby authorized to execute any and <br /> all documents necessary to secure said short-term financing <br /> Section 4. EMERGENCY CLAUSE: It is further found that due to the immediate <br /> need to incur short-term financing for the above mentioned construction an <br /> emergency is declared to exist and this ordinance being necessary for the <br /> preservation of the public peace, health and safety shall take effect from <br /> and after its passage and approval. <br /> PASSED AND APPROVED this ?--) day of , 2009. <br /> Honorable Rick Elumbaugh, Mayor <br /> ATTEST: <br /> ® Denise M. Johnston, <br /> City Clerk <br />