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favor of the 2001 Bonds and the 2002 Bonds (the "Senior Bonds"). The bond and interest <br /> thereon shall not constitute an indebtedness of the City within any constitutional or statutory <br /> limitation. <br /> Section 5. The bond shall be in substantially the following form and the <br /> Mayor and City Clerk are hereby authorized and directed to make all the recitals contained <br /> therein: <br /> (form of single registered bond) <br /> (To be typewritten) <br /> UNITED STATES OF AMERICA <br /> STATE OF ARKANSAS <br /> COUNTY OF INDEPENDENCE <br /> CITY OF BATESVILLE <br /> 1.50%WATER AND SEWER REVENUE BOND, SERIES 2010 <br /> No. R-1 $6,300,000 <br /> KNOW ALL MEN BY THESE PRESENTS: <br /> That the City of Batesville, Independence County, Arkansas (the "City"), for <br /> value received, hereby acknowledges itself to owe and promises to pay to the Arkansas <br /> Development Finance Authority, or registered assigns, solely from the special fund provided as <br /> • hereinafter set forth, the principal sum of <br /> SIX MILLION THREE HUNDRED THOUSAND DOLLARS <br /> (or the total principal amount outstanding as reflected <br /> by the Record of Payment of Advances attached hereto) <br /> with interest on the unpaid balance of the total principal amount at the rate of 1.50% per annum <br /> from the date of each advance. The principal and interest shall be payable in such coin or <br /> currency of the United States of America as at the time of payment shall be legal tender for the <br /> payment of debts due the United States of America. <br /> Interest on the unpaid balance of the total principal amount shall be payable on <br /> April 15, 2010 and on each April 15 and October 15 thereafter. Principal shall be payable in <br /> installments on April 15, 2013 and on each April 15 and October 15 thereafter until the unpaid <br /> principal is paid as follows: <br /> Date Amount <br /> (There will be inserted the schedule <br /> set forth in Section 3 of the Ordinance.) <br /> 4 <br />