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t <br /> ORDINANCE NO. <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF WATER <br /> AND SEWER SYSTEM REVENUE BONDS; PROVIDING FOR <br /> THE PAYMENT OF THE PRINCIPAL OF AND INTEREST <br /> ON THE BONDS; PRESCRIBING OTHER MATTERS <br /> RELATING THERETO; AND DECLARING AN EMERGENCY. <br /> WHEREAS, the City of Batesville, Arkansas (the "City" ) , <br /> a city of the first class, owns and operates, by and through the <br /> Batesville Utilities Commission (the "Commission" ) a Waterworks and <br /> Sewer System ( "System" ) ; and <br /> WHEREAS, the Commission has found and determined that <br /> there is a need for certain improvements and extensions to the <br /> water facilities of the System (the "Improvements" ) , at an <br /> estimated cost of $1, 600, 000 (including costs of financing) ; and <br /> WHEREAS, it has been recommended by the Commission that <br /> the cost of the Improvements be financed by water and sewer revenue <br /> bonds to be issued by the City; and <br /> WHEREAS, the City has made arrangements for the sale of <br /> its $1, 600, 000 in principal amount of Water and Sewer Revenue <br /> Bonds, Series 2002 (the "Series 2002 Bonds" ) ; <br /> NOW, THEREFORE, BE IT ORDAINED by the City Council of the <br /> City of Batesville, Arkansas : <br /> Section 1 . The sale of the Series 2002 Bonds to The <br /> Citizens Bank, Batesville, Arkansas pursuant to the terms and <br /> conditions set out in the Bond Purchase Agreement relating thereto, <br /> which has been submitted to and is before the meeting at which this <br /> Ordinance is considered, at a price of $1, 600, 000 (being the <br /> principal amount) plus accrued interest for Series 2002 Bonds <br /> bearing interest, maturing and otherwise subject to the terms and <br /> provisions hereafter in this Ordinance set forth in detail is <br /> approved and confirmed. The Bond Purchase Agreement is approved <br /> and the Mayor is authorized to execute and deliver it on behalf of <br /> the City. <br /> Section 2 . Under the authority of the Constitution and <br /> laws of the State of Arkansas, including particularly Arkansas Code <br /> of 1987 Annotated, Title 14 , Chapter 164, Subchapter 4, and <br /> decisions of the Supreme Court of Arkansas, including City of <br /> Harrison v. Braswell, 209 Ark. 1094 , 194 S .W.2d 12 (1946) , City of <br /> Batesville, Arkansas Water and Sewer Revenue Bonds, Series 2002 , <br /> are hereby authorized and ordered issued in the principal amount of <br /> $1, 600 , 000 for the purpose of financing the Improvements (including <br /> paying necessary expenses incidental to the issuance of the Series <br /> 2002 Bonds) . Principal and interest on the Series 2002 Bonds shall <br /> be payable in monthly installments . The monthly installments shall <br />