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• to time, to the bank or trust company named or to be named as trustee thereunder (the "ADFA <br /> Trustee"); and <br /> WHEREAS, the City is required to pay to the Arkansas Development Finance <br /> Authority, as servicer (the "Authority"), a financing fee equal to 1% per annum of the <br /> outstanding principal amount of the Series 2010 Bond (the "Financing Fee"); and <br /> WHEREAS, the balance of the capital improvement bonds approved at the March <br /> 10, 2009 special election are hereinafter referred to as "Additional Parity Bonds" and the Series <br /> 2010 Bond and the Additional Parity Bonds are hereinafter referred to collectively as the <br /> "bonds"; <br /> NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of <br /> Batesville, Arkansas: <br /> Section 1. The sale to the Bondholder of up to $6,300,000 in principal amount of <br /> the Series 2010 Bond from the City at a price of par for a bond bearing interest at the rate of <br /> 1.50% per annum and otherwise subject to the terms and provisions hereafter in this Ordinance <br /> set forth in detail is hereby approved and the Series 2010 Bond is hereby sold to the Bondholder. <br /> The Mayor is hereby authorized and directed to execute and deliver the Agreement on behalf of <br /> the City and to take all action required on the part of the City to fulfill its obligations under the <br /> Agreement. The Agreement is hereby approved in substantially the form submitted to this <br /> meeting, with such changes as may be approved by the Mayor, his execution to constitute <br /> complete evidence of such approval. <br /> Section 2. Under the authority of the Constitution and laws of the State of <br /> Arkansas (the "State"), including particularly the Authorizing Legislation, the Series 2010 Bond <br /> is hereby authorized and ordered issued in the principal amount of up to $6,300,000. The <br /> proceeds from the sale of the Series 2010 Bond are necessary to provide funds to accomplish the <br /> Improvements, pay expenses incidental thereto and pay expenses of issuing the Series 2010 <br /> Bond. <br /> The Series 2010 Bond shall bear interest at the rate of 1.50% per annum based <br /> upon a 360-day year of twelve consecutive 30-day months. The Series 2010 Bond shall be dated <br /> the date of delivery to the Bondholder. Interest shall be payable on each April 15 and <br /> October 15 after the Series 2010 Bond is issued. Principal shall be payable in installments on <br /> April 15, 2013 and each April 15 and October 15 thereafter until the unpaid principal is paid in <br /> full as follows: <br /> • <br /> 2 <br />