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ORDINANCE NO.d(b7—(a ,a <br /> • <br /> AN ORDINANCE AUTHORIZING THE CONSTRUCTION OF <br /> EXTENSIONS, BETTERMENTS AND IMPROVEMENTS TO <br /> THE SEWER FACILITIES OF THE CITY OF BATESVILLE, <br /> ARKANSAS; AUTHORIZING THE ISSUANCE OF A WATER <br /> AND SEWER REVENUE BOND FOR THE PURPOSE OF <br /> FINANCING A PORTION OF THE COST OF <br /> CONSTRUCTION; PROVIDING FOR THE PAYMENT OF THE <br /> PRINCIPAL OF AND INTEREST ON THE BOND; AND <br /> PRESCRIBING OTHER MATTERS RELATING THERETO. <br /> WHEREAS, the City of Batesville, Arkansas (the "City") owns and operates a <br /> water and sewer system as a single, integrated municipal undertaking(the "System"); and <br /> WHEREAS, the City Council of the City has determined that extensions, <br /> betterments and improvements to the sewer facilities of the System (the "Improvements") are <br /> necessary in order to make the services of the System adequate for the needs of the City; and <br /> WHEREAS, in order to finance a portion of the costs of the Improvements, <br /> including bond issuance costs, the City is making arrangements for the sale of a $6,300,000 <br /> • principal amount bond to the Arkansas Development Finance Authority, as purchaser (the <br /> "Bondholder"), at a price of par for a bond bearing interest at the rate of 1.50% per annum <br /> pursuant to a Bond Purchase Agreement (the "Agreement") among the City, the Bondholder and <br /> the Arkansas Natural Resources Commission (the "Commission"), which has been presented to <br /> and is before this meeting; and <br /> WHEREAS, the City has outstanding its Water and Sewer Revenue Refunding <br /> Bonds, Series 2001 (the "2001 Bonds") authorized by Ordinance No. 2001-3-1 adopted March <br /> 13, 2001 (the "2001 Ordinance"); and <br /> WHEREAS, the City has outstanding its Water and Sewer Revenue Refunding <br /> Bonds, Series 2002 (the "2002 Bonds") authorized by Ordinance No. 2002-6-02 adopted June <br /> 25, 2002 and Ordinance No. 2002-8-2 adopted August 27, 2002 (collectively, the "2002 <br /> Ordinance"); and <br /> WHEREAS, the City is authorized, under the provisions of Amendment No. 65 to <br /> the Arkansas Constitution, Title 14, Chapter 234, Subchapter 2 of the Arkansas Code of 1987 <br /> Annotated (the "Code"), Title 14, Chapter 164, Subchapter 4 of the Code, and Title 14, Chapter <br /> 235, Subchapter 2 of the Code (collectively, the "Authorizing Legislation"), to issue and sell the <br /> bond; and <br /> • <br />