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BOND PURCHASE AGREEMENT <br /> $1, 600, 000 City of Batesville, Arkansas <br /> Water and Sewer Revenue Bonds, <br /> Series 2002 <br /> City of Batesville, Arkansas June 25, 2002 <br /> Ladies and Gentlemen: <br /> The City of Batesville, Arkansas (the "Issuer" ) and The <br /> Citizens Bank, Batesville, Arkansas (the "Bank" ) are entering into <br /> this Bond Purchase Agreement (the "Agreement" ) for the purchase by <br /> the Bank and the sale by the Issuer of the Bonds of the Issuer more <br /> particularly described below. The terms of this Agreement are : <br /> 1 . Upon the terms and conditions and upon the basis of the <br /> representations herein set forth, the Bank hereby agrees to <br /> purchase from the Issuer and the Issuer hereby agrees to sell to <br /> the Bank the entire principal amount of an issue of bonds <br /> designated "City of Batesville, Arkansas Water and Sewer Revenue <br /> Bonds, Series 2002" (the "Bonds" ) to be issued under and secured by <br /> Ordinance No. of the Issuer (the "Authorizing Ordinance") <br /> in the form heretofore delivered by the Issuer, with only such <br /> changes therein as shall be mutually agreed upon between the Issuer <br /> and the Bank. <br /> 2 . The Bonds are being issued for the purpose of financing <br /> the cost of various improvements to the Issuer' s water and sewer <br /> system (the "System" ) and paying expenses of issuing the Bonds . The <br /> Bonds shall be secured by a pledge of revenues derived from the <br /> System, as set forth in the Authorizing Ordinance . <br /> 3 . The Bonds shall be dated, shall be payable and shall bear <br /> interest as set forth in the Authorizing Ordinance . The Citizens <br /> Bank, Batesville, Arkansas shall be trustee for the bondholders and <br /> paying agent (the "Trustee" ) . <br /> 4 . The Bonds or portions thereof shall be subject to <br /> redemption prior to maturity as set forth in the Authorizing <br /> Ordinance . <br /> 5 . The Bank hereby agrees to purchase all of the Bonds from <br /> the Issuer and the Issuer hereby agrees to sell all of the Bonds to <br /> the Bank at a price of 100% of the principal amount of the Bonds, <br /> plus interest accrued thereon, if any, from the date of the Bonds <br /> to the date of Closing as hereinafter defined. The sale and <br /> purchase of the Bonds shall take place at a closing (the "Closing" ) <br /> at 10 : 00 a.m. , prevailing local time, on July 26, 2002 , or at such <br /> other time or on such earlier or later date as is mutually agreed <br /> upon, and at the offices of Friday, Eldredge & Clark, LLP, Little <br /> Rock, Arkansas or at such other place as is mutually agreed upon. <br /> At the Closing, the Issuer will deliver, or cause to be delivered, <br />