2002-06-02 - Laserfiche WebLink

Home Browse Search

Series 2002 Bond is authenticated during the period from the Record Date to the then next payment date, in which case it shall bear interest from such payment date, or unless at the time of authentication of this Series 2002 Bond interest is in default hereon, in which case it shall bear interest from the date to which interest has been paid. This Series 2002 Bond is one of an issue of City of Batesville, Arkansas Water and Sewer Revenue Bonds, Series 2002, aggregating One Million Six Hundred Thousand Dollars ($1, 600, 000) , in principal amount (the "Series 2002 Bonds" ) , and is issued for the purpose of financing certain Improvements to the City' s municipal Water and Sewer System (the "System" ) . THE SERIES 2002 BONDS ARE ISSUED PURSUANT TO AND IN FULL COMPLIANCE WITH THE CONSTITUTION AND LAWS OF THE STATE OF ARKANSAS, INCLUDING PARTICULARLY TITLE 14, CHAPTER 164, SUBCHAPTER 4 , AND DECISIONS OF THE SUPREME COURT OF ARKANSAS, INCLUDING CITY OF HARRISON V. BRASWELL, 209 ARK. 1094 , 194 S .W.2d 12 (1946) , AND PURSUANT TO ORDINANCE NO. 2001-3-1, DULY ADOPTED ON March 13 , 2001 AND ORDINANCE NO. , DULY ADOPTED ON , 2002 (COLLECTIVELY, THE "AUTHORIZING ORDINANCE") , AND DO NOT CONSTITUTE AN INDEBTEDNESS OF THE CITY WITHIN ANY CONSTITUTIONAL OR STATUTORY LIMITATION. The Series 2002 Bonds are secured on a parity of lien, pledge and security with the City' s Water and Sewer Revenue Refunding Bonds, Series 2001 (the 112001 Bonds" ) and with any Additional Bonds, if any, issued under the Authorizing Ordinance, and the term "Bonds" herein includes the Series 2002 Bonds, the 2001 Bonds and any Additional Bonds outstanding. The Bonds are not general obligations of the City but are special obligations secured by a pledge of revenues derived from the operation of the System. An amount of revenues of the System sufficient to pay the principal of and interest on the Bonds has been duly pledged for the payment of principal of, premium, if any, on and interest on the Bonds . Reference is hereby made to the Authorizing Ordinance for a detailed statement of the terms and conditions upon which the Bonds are issued, of the nature and extent of the security for the Bonds, and the rights and obligations of the City, the Trustee and the bondholders . The Series 2002 Bonds or portions thereof may be redeemed at the option of the City, in whole or in part, from funds from any source, in inverse order of maturity (and by lot within a maturity in such manner as the Trustee shall determine) on any date on and after six months after the date of issuance of the Series 2002 Bonds, at a redemption price equal to the principal amount being redeemed plus accrued interest to the redemption date, if any, plus a prepayment fee (the "Prepayment Fee" ) equal to an amount sufficient to reimburse the holder of the Series 2002 Bonds for all prepayment penalties incurred as a result of required prepayment to the Federal Home Loan Bank of Dallas, all as determined by the eTrustee, which determination shall be conclusive . 4