Laserfiche WebLink
• case it shall bear interest from the Dated Date, or unless this <br /> Series 2002 Refunding Bond is authenticated during the period from <br /> the Record Date to the then next payment date, in which case it <br /> shall bear interest from such payment date, or unless at the time <br /> of authentication of this Series 2002 Refunding Bond interest is in <br /> default hereon, in which case it shall bear interest from the date <br /> to which interest has been paid. <br /> This Series 2002 Refunding Bond is one of an issue of <br /> City of Batesville, Arkansas Water and Sewer Revenue Bonds, Series <br /> 2002, aggregating One Million Six Hundred Thousand Dollars <br /> ($1, 600, 000) , in principal amount (the "Series 2002 Refunding <br /> Bonds") , and is issued for the purpose of refinancing certain <br /> Improvements to the City' s municipal Water and Sewer System (the <br /> "System") . The Series 2002 Refunding Bonds are issued to refund the <br /> City's Water and Sewer Revenue Bonds, Series 2002 (the "Series 2002 <br /> Improvement Bonds") . <br /> THE SERIES 2002 REFUNDING BONDS ARE ISSUED PURSUANT TO <br /> AND IN FULL COMPLIANCE WITH THE CONSTITUTION AND LAWS OF THE STATE <br /> OF ARKANSAS, INCLUDING PARTICULARLY TITLE 14, CHAPTER 164, <br /> SUBCHAPTER 4, AND DECISIONS OF THE SUPREME COURT OF ARKANSAS, <br /> INCLUDING CITY OF HARRISON V. BRASWELL, 209 ARK. 1094, 194 S.W.2d <br /> 12 (1946) , AND PURSUANT TO ORDINANCE NO. 2001-3-1, DULY ADOPTED ON <br /> MARCH 13, 2001, ORDINANCE NO. 2002-6-02, DULY ADOPTED ON JUNE 25, <br /> 2002 AND ORDINANCE N0. , DULY ADOPTED ON , 2002 <br /> • (COLLECTIVELY, THE "AUTHORIZING ORDINANCE") , AND DO NOT CONSTITUTE <br /> AN INDEBTEDNESS OF THE CITY WITHIN ANY CONSTITUTIONAL OR STATUTORY <br /> LIMITATION. The Series 2002 Refunding Bonds are secured on a <br /> parity of lien, pledge and security with the City' s Water and Sewer <br /> Revenue Refunding Bonds, Series 2001 (the "2001 Bonds") and with <br /> any Additional Bonds, if any, issued under the Authorizing <br /> Ordinance, and the term "Bonds" herein includes the Series 2002 <br /> Refunding Bonds, the 2001 Bonds and any Additional Bonds <br /> outstanding. The Bonds are not general obligations of the City but <br /> are special obligations secured by a pledge of revenues derived <br /> from the operation of the System. An amount of revenues of the <br /> System sufficient to pay the principal of and interest on the Bonds <br /> has been duly pledged for the payment of principal of, premium, if <br /> any, on and interest on the Bonds . Reference is hereby made to the <br /> Authorizing Ordinance for a detailed statement of the terms and <br /> conditions upon which the Bonds are issued, of the nature and <br /> extent of the security for the Bonds, and the rights and <br /> obligations of the City, the Trustee and the bondholders. <br /> The Series 2002 Refunding Bonds or portions thereof may <br /> be redeemed at the option of the City, in whole or in part, from <br /> funds from any source, in inverse order of maturity (and by lot <br /> within a maturity in such manner as the Trustee shall determine) on <br /> any date on and after six months after the date of issuance of the <br /> Series 2002 Refunding Bonds, at a redemption price equal to the <br /> principal amount being redeemed plus accrued interest to the <br /> • 4 <br />