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• ORDINANCE NO.d007—3 <br /> BE IT ENACTED BY THE CITY COUNCIL OF BATESVILLE, STATE OF <br /> ARKANSAS, AN ORDINANCE TO BE ENTITLED: <br /> AN ORDINANCE AUTHORIZING THE FINANCING OF CERTAIN <br /> EQUIPMENT TO BE USED BY THE CITY OF BATESVILLE, <br /> AUTHORIZING THE EXECUTION AND DELIVERY OF A PROMISSORY <br /> NOTE BETWEEN BATESVILLE, ARKANSAS AND WHITE RIVER <br /> PLANNING AND DEVELOPMENT DISTRICT, INC., AUTHORIZING AND <br /> PRESCRIBING OTHER MATTERS RELATING TO THE EQUIPMENT AND <br /> THE PURCHASE THEREOF. <br /> WHEREAS, there has been presented to the City Council of Batesville, Arkansas, <br /> the proposal of a Loan Agreement (Promissory Note) between the City of Batesville, <br /> Arkansas (the "City") and White River Planning and Development District, Inc. , under <br /> Chapter 22 of Title 14 of the Arkansas Code of 1987 Annotated and the recently enacted <br /> Amendment One on the year 2000 ballot (the "Acts"), for the purpose of purchasing <br /> sanitation equipment and providing for other matters pertaining thereto. <br /> ® NOW, THEREFORE, IT IS HEREBY ORDAINED by the City Council of <br /> Batesville, Arkansas: <br /> Article 1. The execution and delivery of the Promissory Note, providing for an <br /> obligation in the principal amount not to exceed $155,000 for a term of five (5) years, <br /> secured by a pledge of the City's general revenues is hereby authorized. <br /> Article 2. The Mayor is hereby authorized and directed to negotiate the terms of <br /> the Promissory Note in compliance with the terms approved herein, and to execute and <br /> acknowledge such Promissory Note. Execution shall constitute conclusive evidence of <br /> approval. <br /> Article 3. The Mayor, City Clerk, for and on behalf of the City, are authorized <br /> and directed, all in accordance with the powers of their respective offices, to do any and <br /> all things necessary to effect the execution and delivery of the Promissory Note, the <br /> performance of all obligations of the City thereunder, and the performance of all acts of <br /> whatever nature necessary to effect and carry out the authority conferred hereby. The <br /> Mayor and City Clerk are further authorized to execute all papers, documents, certificates <br /> and other instruments that may be required for the carrying out of such authority or to <br /> evidence the exercise thereof. <br /> Article 4. The City hereby designates the Promissory Note as a "qualified tax- <br /> exempt obligation" within the meaning of Section 265(b) of the Internal Revenue Code <br /> of 1986, as amended. It is reasonably expected that all obligations issued by the City <br />