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• Authorizing Title 14, Chapter 164, Subchapter 4, Title 14, Chapter 234, Subchapter 2, Legislation: and Title 14, Chapter 235, Subchapter 2 of the Arkansas Code of 1987 Annotated Disbursement October 15, 2012 Cut-Off Date: ARRA: The American Recovery and Reinvestment Act of 2009 The Arkansas Natural Resources Commission (the "Commission") and the Arkansas Development Finance Authority (the "Authority") hereby offer to enter into this Bond Purchase Agreement (the "Agreement") with you, the Issuer, for the purchase by the Authority from moneys in the Construction Assistance Revolving Loan Fund, created by Arkansas Code Annotated Section 15-5-901, as the same may be amended from time to time (the "Revolving Loan Fund"), and the sale by you of the Bond of the Issuer more particularly described below. Upon approval by you and by the execution of the acceptance hereof by the Mayor of the Issuer, this Agreement shall be in full force and effect in accordance with its terms and shall be valid, binding, and enforceable upon the Issuer,the Commission, and the Authority. Further terms of this Agreement are: 1. Upon the terms and conditions and upon the basis of the representations • herein set forth, the Authority,hereby agrees to purchase from the Issuer and the Issuer hereby agrees to sell to the Authority the entire Principal Amount of the Bond to be issued under and secured by the Bond Ordinance. 2. The Bond is being issued for the purpose of financing the planning, design, construction and/or rehabilitation of the wastewater treatment and/or wastewater collection facilities of the Issuer's water and sewer system (the "System"), described in the facilities plan furnished by the Issuer to and concurred with by the Commission (the "Project"), paying costs incidental thereto, and paying approved expenses incurred in connection with the issuance of the Bond as set forth in Exhibit B. 3. The Bond and the Financing Fee shall be secured by a pledge of and payable from the System Revenues, subject to a pledge in favor of certain outstanding bonds, if any, identified in the Bond Ordinance. Rates for usage of the System (the "Rates") have been levied and the System Revenues are collected pursuant to the Rate Ordinances. 4. The Bond shall be dated the date of the Closing. The Bond shall be authorized in an amount up to the Principal Amount identified above, and shall bear interest at the Interest Rate identified above. Principal and interest shall be amortized in accordance with the schedule set forth on Exhibit A attached hereto (which is based upon semiannual repayment of principal and interest commencing six months following the Disbursement Cut-Off Date and a 20 year amortization), and the Issuer shall pay to the Authority on the first business day of each month, commencing six months prior to the first principal payment date set forth on Exhibit A, • an amount equal to 1/6 of the next installment of interest and principal due on the Bond plus the 2