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C3 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF SANITATION FACILITIES REVENUE BONDS OF THE CITY OF BATESVILLE, ARKANSAS, FOR THE PURPOSE OF PAYING A PORTION OF THE COST TO THE CITY OF ACQUIRING, CONSTRUCTING AND EQUIPPING SANITATION FACILITIES (DESCRIBED IN THE ORDINANCE); PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY, WHEREAS, the City of Batesville, Arkansas (the "City") owns and operates facilities for the collection, handling and disposal of garbage, trash and other refuse (the "System"); and WHEREAS, the City must discontinue use of its landfill as a sanitation disposal facility and the City Council of the City has determined, upon due and necessary investigation, that the City should construct, acquire and install a 50 ton per 24 hour day Consumat Energy from Waste System and related facilities (the "Improvements") for the disposal of refuse by incineration and production of steam as a by-product; and WHEREAS, the City has entered into an agreement with General Tire and Rubber Company (the "Steam Sale Agreement") for the sale of all steam produced by the Improvements to General Tire and Rubber Company; and WHEREAS, the cost of the Improvements is estimated to be $1,086,730, and it has been determined that a portion of the cost of the Improvements, and the costs of issuing bonds, should be financed by the issuance of Sanitation Facilities Revenue Bonds in the principal amount of $565,000, with the balance of the costs to be obtained from available funds of the City and grant or loan funds obtained and to be obtained from an agency of the United States of America; and i In 0 -2- WHEREAS, the City has entered into a contract with Harrow Smith Company and Powell & Satterfield, Inc., both of Little Rock, Arkansas (the "Purchasers") for the purchase of $565,000 in principal amount of Sanitation Facilities Revenue Bonds (the "Bonds") at a purchase price of 97.65 cents on the dollar, plus accrued interest from the date of the Bonds to the date of delivery; and NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: Section 1. That the Improvements be acquired, construc- ted and equipped. The Mayor and City Clerk are hereby authorized to take, or cause to be taken, all action necessary to accomplish the Improvements and to execute all required contracts and documents. Section 2. That the sale of the Bonds to the Purchasers be, and the same hereby is, approved and confirmed. Section 3. That The Farmers and Merchants Bank, Stuttgart, Arkansas, is hereby designated as Trustee and Paying Agent. Section 4. Under the authority of the Constitution and laws of the State of Arkansas, including particularly (but without limitation). Act No. 238 of the Acts of Arkansas of 1971, as amended, City of Batesville, Arkansas Sanitation Facilities Revenue Bonds are hereby authorized, ordered sold and issued in the principal amount of $565,000 for the purpose of financing a portion of the Improvements and paying the expenses of issuing the bonds. The bonds shall be dated December 1, 1980, shall bear interest at the rate of 9 1/4% per annum, payable semiannually on June 1 and December 1 of each year commencing June 1, 1981. The Bonds shall mature on December 1, 1984 but shall be subject to redemption prior to maturity as hereinafter set forth. The Bonds shall be negotiable coupon bonds payable to bearer, but subject to regis- tration as to principal or as to principal and interest, shall be -3 - in the denomination of $5,000 each, and shall be numbered consecutively from 1 to 113, inclusive. Principal and interest are payable at the principal office of The Farmers and Merchants Bank, Stuttgart, Arkansas, the Trustee and Paying Agent. Payment of interest when registered as to interest may be by check or draft mailed to the registered owner at the address shown on the regis- tration book of the City maintained by the Trustee. The Bonds shall be subject to redemption prior to maturity as hereinafter set forth. Section 5. The Bonds shall be executed on behalf of the City by the Mayor and City Clerk and shall have impressed thereon the seal of the City. The Bonds and interest coupons attached thereto may be executed by the facsimile signature of the Mayor, which facsimile signature shall have the same force and effect as if personally signed by him. The Bonds must be executed by the manual signature of the City Clerk. The Bonds, together with interest thereon, shall be payable solely out of the "Sanitation Facilities Bond Fund" and the proceeds of refunding bonds to be issued, as hereinafter set forth, and shall be a valid claim of the holders thereof only against the Bond Fund and the revenues pledged to the Bond Fund, and the proceeds of the refunding bonds, which revenues and proceeds are hereby pledged and mortgaged for the equal and ratable payment of the Bonds, as set forth in detail in this Ordinance, and shall be used for no other purpose than to pay the interest on the Bonds and the Trustee's and Paying Agent's fees, except as hereinafter specifically provided. System revenues are not pledged to payment of the principal of the Bonds, but the City hereby covenants that it will on or prior to the maturity of these Bonds, take the necessary steps to sell and issue refunding bonds, in sufficient principal amount to pay the principal of these Bonds, either at or before maturity, and will apply a sufficient amount of the proceeds of such refunding bonds to this purpose. 09 -4- Section 6. The Bonds and coupons shall be in substan- tially the followinq form and the Mayor and Citv Clerk are hereby expressly authorized and directed to make all covenants and recitals contained therein: em *4w (Form of Bond) V..w UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF INDEPENDENCE CITY OF BATESVILLE 9 1/4% SANITATION FACILITIES REVENUE BOND Im KNOW ALL MEN BY THESE PRESENTS: $5,000 That the City of Batesville, Independence County, Arkansas (the "City"), acknowledges itself to owe and, for value received, hereby promises to pay to bearer, or if this Bond be registered, to the registered owner hereof, solely from the special fund provided as hereinafter set forth, the principal sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America on the first day of December, 1984, and to pay solely from that special fund interest thereon at the rate of nine and one-fourth percent (9 1/4%) per annum from date until paid. Interest is payable semiannually on June 1 and December 1, commencing June 1, 1981. Principal and interest are payable at the principal office of The Farmers and Merchants Bank, Stuttgart, Arkansas (the "Trustee" and "Paying Agent"). Payment of interest, when registered as to interest, may be by check or draft mailed to the registered owner at his address reflected on the registration book of the City maintained by the Trustee as bond registrar. This Bond is one of an issue of Sanitation Facilities Revenue Bonds, dated December 1, 1981, numbered from 1 to 113, inclusive, aggregating Five Hundred Sixty Five Thousand Dollars ($565,000), all of like tenor and effect, exas to number (the "Bonds") issued for the purpose of financing a portion of the costs of acquiring, constructing and equipping sanitation facilities for the disposal of refuse and the generation of steam (the "Improvements"), to be operated as a part of the sanitation system of the City (the "System"), and paying necessary expenses incidental thereto and to the issuance of the Bonds. EM CM IM. The Bonds are issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas, including particularly Act No. 238 of the Acts of Arkansas of 1971, as amended, and pursuant to Ordinance No. 9!51 of the City, duly adopted and approved on the /3 day of 1981 (the "Authorizing Ordinance"), and do not constitute an indebtedness of the City within any constitutional or statutory limitation. The Bonds are not general obligations of the City, but are special obligations payable solely from the revenues derived from the operation of the System and from the proceeds of refunding bonds to be hereafter issued. An amount of System revenues sufficient to pay the interest on and Trustees and Paying Agent's fees con- cerning the Bonds has been duly pledged and set aside into the Sanitation Facilities Bond Fund (.the "Bond Fund") created by the Authorizing Ordinance. There is no pledge of System revenues to, and no provision for setting aside of revenues into the Bond Fund for, the payment of principal of the Bonds, but the City covenants that the principal of the Bonds will be paid from the proceeds of refunding bonds to be issued prior to maturity of the Bonds as specified in the Authorizing Ordinance, 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 City has fixed and has covenanted and agreed to maintain rates and charges for the services of the System which shall be sufficient at all times to at least provide for the payment of the interest on the Bonds, maintain the debt service reserve at the required level, provide for the payment of the reasonable expenses of operation and main- tenance of the System, and make the required payments into the Depreciation Fund. The City further covenants that from and after the issuance of refunding bonds to provide for the payment of the M -7- principal of the Bonds, the rates and charges shall be maintained at levels sufficient to pay principal of and interest on the refunding bonds, operate the System and provide for depreciation. The Bonds are subject to redemption prior to maturity, in whole or in part, with there to be no partial redemption of any Bond, by lot in such manner as the Trustee shall determine, at a price of the principal amount being redeemed, plus accrued interest to the date of redemption, as follows: 1. The Bonds shall be redeemed from moneys received by the City from the United States of America under the Federal Revenue Sharing Program during the years 1982 and 1983, from time to time, on each interest payment date, as and to the extent such moneys are received and may lawfully be used by the City for that purpose. 2. The Bonds may be redeemed, at the option of the City, (a) from surplus proceeds of the sale of the Bonds not required for accomplishing the Improvements and from surplus revenues of the System, on any interest payment date; and (b) from funds from any other source on any interest payment date on and after December 1, 1982. Notice of the call for redemption shall be published one time in a newspaper of general circulation throughout the State of Arkansas published in the City of Little Rock, Arkansas, giving the number and maturity of each Bond being called, with the publi- cation to be at least fifteen (15) days prior to the redemption date, and after the date fixed for redemption each Bond so called shall cease to bear interest, provided funds for its payment are on deposit with the Paying Agent at that time. In addition, notice shall be given by certified or registered mail to the registered owner of each Bond registered as to principal or as to principal and interest at the address of such owner reflected on the bond registration book of the bond registrar and if all outstanding Bonds shall be registered as to principal and interest then notice '*40, WE by certified or registered mail to the registered owners thereof as aforesaid shall be sufficient, and it shall not be necessary to publish notice of the call. This Bond may be registered as to principal or as to principal and interest and may be discharged from such registration in the manner, with the effect and subject to the terms and con- ditions endorsed hereon. Subject to the provisions for registration endorsed hereon, nothing contained in this Bond or in the Authorizing Ordinance shall affect or impair the negotiability of this Bond and this Bond shall be deemed a negotiable instrument under the laws of the State of Arkansas and is issued with the intent that the laws of the State of Arkansas will govern its construction. This Bond shall not be valid until it shall have been authenticated by the certificate hereon duly signed by the Trustee. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required to exist, happen and be performed, precedent to and in the issuance of this Bond, have existed, have happened and have been performed in due time, form and manner, as required by law; that the indebtedness represented by the Bonds does not exceed any constitutional or statutory limitation; and that sufficient revenues have been pledged to and will be set aside into the Bond Fund for the payment of the interest on the Bonds. IN WITNESS WHEREOF, the City of Batesville, Arkansas, by its City Council, has caused this Bond to be executed by the facsimile signature of the Mayor, the manual signature of the City Clerk, and its corporate seal to be affixed, and has caused the interest coupons attached to be executed by the facsimile signature of the Mayor, all as of the first day of December, 1980. ATTEST: ( SEAL) City Clerk CITY OF BATESVILLE, ARKANSAS By (facsimile signature) Mayor `AWA 140W (Form of Coupon) $231.25 am On the first day of (June) (December), 19 , the City of Batesville, Independence County, Arkansas, unless the Bond to which this coupon is attached is paid prior thereto, hereby promises to pay to bearer, solely out of the fund specified in the Bond to which this coupon is attached, TWO HUNDRED THIRTY-ONE DOLLARS AND TWENTY-FIVE CENTS in lawful money of the United States of America at the principal office of The Farmers and Merchants Bank, Stuttgart, Arkansas, being six (6) months interest then due on its Sanitation Facilities Revenue Bond, dated December 1, 1980, and numbered CITY OF BATESVILLE, ARKANSAS By (facsimile signature) Mayor CERTIFICATE OF AUTHENTICATION This Bond is one of the City of Batesville, Arkansas Sanitation Facilities Revenue Bonds, dated December 1, 1980, and described within. THE FARMERS AND MERCHANTS BANK STUTTGART, ARKANSAS By Authorized Signature otem PROVISIONS FOR REGISTRATION AND RECONVERSION This Bond may be registered as to principal alone on books of the City, kept by the Trustee as bond registrar, upon presentation hereof to the bond registrar, which shall make mention of such registration in the registration blank below, and this Bond may thereafter be transferred only upon an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the bond registrar, such transfer to be made on such books and endorsed hereon by the bond registrar. Such transfer may be to bearer, and thereafter trans- ferability by delivery shall be restored, but this Bond shall again be subject to successive registrations and transfers as before. The principal of this Bond, if registered, unless regis- tered to bearer, shall be payable only to or upon the order of the registered owner or his legal representative. Interest accruing on this Bond will be paid only on presentation and surrender of the attached interest coupons as they respectively become due, and notwithstanding the registration of this Bond as to principal, the appurtenant interest coupons shall remain payable to bearer and shall continue to be transferable by delivery; provided, that if upon registration of this Bond, or at any time thereafter while this Bond is registered in the name of the owner, the unmatured coupons attached evidencing interest to be thereafter paid hereon shall be surrendered to said bond registrar, a statement to that effect will be endorsed hereon by the bond registrar and thereafter interest evidenced by such surrendered coupons may be paid by check or draft of the bond registrar at the times provided herein to the registered owner of this Bond by mail to the address shown on the registration books. This Bond when so converted into a Bond registered as to both principal and interest may be reconverted into a coupon bond at the written request of the registered owner En On son and upon presentation at the office of said bond registrar. Upon such reconversion the coupons representing the interest to become due thereafter to the date of maturity will again be attached to this Bond and a statement will be endorsed hereon by the bond registrar in the registration blank below whether it is then regis- tered as to principal or payable to bearer. -12 - Manner of : Signature of Date of Registration:Name of Registered Owner:Registration:Bond Registrar *4%W CM 13 - Section 7. That the City has heretofore fixed rates to be charged for the services of the System and reference is hereby made to the schedule of rates and other provisions per- taining thereto on file in the office of the City Clerk, which rates and provisions are hereby confirmed and continued. The City covenants and agrees that the rates established will produce gross revenues at least sufficient to pay operation and maintenance expenses of the System, pay the interest on all outstanding Bonds, as the same become due and the Trustee's and Paying Agent's fees, create and maintain debt service reserves, and to make the required deposits for depreciation as specified by this Ordinance. The City covenants always to maintain rates (including increases as necessary) which will provide for the maintenance of the funds hereinafter described. The rates shall never be reduced while any of the Bonds are outstanding unless there is obtained from a certified public accountant not in the regular employ of the City a certificate reciting the opinion that the proposed new rates will produce sufficient net revenues (.net revenues being gross revenues to be derived during the next twelve (12) months less the reasonably anticipated cost of operation and maintenance for the next twelve (12) months and less the re- quired deposits for depreciation of the System for the next twelve (12) months) equal to not less than 1500 of the average annual interest and Trustee's and Paying Agent's fees on all Bonds then outstanding to which System revenues are pledged. It is understood that included in the Improvements are steam generating facilities, which will enable the City to sell steam aenerated in connection with the burning of refuse. All revenues derived from sales of steam pursuant to the Steam Sale Agreement or otherwise shall be deemed and treated as revenues of the System and all expenses in connection therewith will be deemed expenses of the System. En -14- E"M Section 8. The Treasurer of the City shall be custodian of the gross revenues derived from the operation of the System and shall give bond for the faithful discharge of his duties as such custodian. The amount of the bond shall at all times be at least equal to the total funds in his custody at any one time. From and after the delivery of any Bonds issued under the provisions of this Ordinance, the System shall be continuously operated as a revenue-producing undertaking. All moneys received by the Treasurer shall be deposited by him in such depository or depositories for the City as may be lawfully designated from time to time by the City Council; provided that each depository must hold member- ship in the Federal Deposit Insurance Corporation. All deposits shall be in the name of the City and shall be so designated as to indicate the particular fund to which the revenues belong. Any deposit in excess of the amount insured by the Federal Deposit Insurance Corporation shall be secured by bonds or other direct or fully guaranteed obligations of the United States of America unless invested as herein authorized. Section 9. The City covenants that it will contin- uously operate the System as a revenue-producing undertaking and will not sell or lease the same, or any substantial portion thereof, without the prior written approval of the holders of the Bonds of this issue; provided, however, that nothing herein shall be construed to prohibit the City from making such dispositions of properties of the System and such replace- ments and substitutions of properties of the System as shall be necessary or incidental to the efficient operation of the System as a revenue-producing undertaking. Section 10. Sanitation Fund. The revenues derived by the City from the operation of the System shall be paid into a special fund, which is hereby created and designated "Sanitation Fund". The revenues in the Sanitation Fund are hereby pledged and shall be applied as hereinafter specified. '*40W NOW -15- Section 11. Sanitation Facilities Bond Fund. (a) There shall be deposited from the Sanitation Fund (and, to the extent herein specified, from Federal Revenue Sharing Program moneys) into a special fund which is hereby created and designated "Sanitation Facilities Bond Fund" (the "Bond Fund"). There are established in the Bond Fund (i) an Interest Account, (ii) an Interest Reserve Account, and (iii) a Bond Redemption Account. The Bond Fund, with the three accounts therein, shall be maintained as long as the Bonds are outstanding and unpaid. (b) There shall be paid from the Sanitation Fund into the Bond Fund - Interest Account the sums in the amounts and at the times hereinafter set forth for the purpose of pro- viding for the payment of interest on and Trustee's and Paying Agent's fees in connection with the Bonds as the same become due, according to the following schedule: Year 1981 1982 1983 1984 Interest June 1 December 1 $ 26,131.25 26,131.25 26,131.25 26,131.25 $ 26,131.25 26,131.25 26,131.25 26,131.25 Total $ 52.262.50 52,262.50 52,262.50 52,262.50 Beginning on the first business day of the month after the delivery of the Bonds and continuing on the first business day of each month thereafter there shall be paid into the Bond Fund - Interest Account a sum equal to one-sixth (1/6) of the next installment of interest (plus any additional amount that may be necessary together with accrued interest received at the time of the delivery of the Bonds to fully provide for the first interest payment on the Bonds) and an amount suffi- cient to provide for the Trustee's and Paying Agent's fees. (c) After making the required monthly payment into the Bond Fund - Interest Account there shall be paid from the Sanitation Fund into the Bond Fund - Interest Reserve Account, on the first business day of each month after delivery of the Bonds, the amount, if any, necessary to maintain the Bond Fund - Interest Reserve Account in the amount of $50,000. VOW -16- (d) If the revenues of the sanitation facilities are insufficient to make the required payment on the first business day of the following month into the Bond Fund - Interest Account and Bond Fund - Interest Reserve Account, then the amount of any such deficiency in the payments shall be added to the amount otherwise required to be paid into the Bond Fund on the first business day of the next month. (e) All moneys in the Bond Fund - Interest Account shall be used solely for the purpose of paying the interest on the Bonds, and the Trustee's and Paying Agent's fees, as the same become due, there shall be withdrawn from the Bond Fund - Interest Account at least five (5) days before the maturity date of any interest coupon and deposited with the Paying Agent an amount equal to any due for the sole purpose of paying the coupons, together with the required amount of Trustee's and Paying Agent's fees, and no withdrawals of funds from the Bond Fund - Interest Account shall be made for any other purpose, except that moneys in such account in excess of the amount necessary to pay interest and Trustee and Paying Agent's fees due during the next succeed- ing twelve months shall be transferred to the Sanitation Fund. (f) There shall be paid into the Bond Fund Redemption Account, as and when received, all moneys received by the City during the years 1982 and 1983 from the United States of America under the Federal Revenue Sharing Program, except that if any such moneys cannot lawfully be used by the City for redemption of Bonds such moneys that cannot be so used will not be paid into the Bond Fund - Redemption Account. Moneys in the Bond Fund - Redemption Account shall be used from time to time, on each interest payment date, as and to the extent available to redeem Bonds prior to maturity. (g) The Bonds shall be specifically secured by a pledge of all revenue required by this Ordinance to be placed into the Bond Fund. The pledge in favor of the Bonds is Em NNW -17- hereby irrevocably made according to the terms of this Ordin- ance, and the City and officers and employees of the City shall execute, perform and carry out the terms thereof in strict conformity ,iith the provisions of this Ordinance. Section 12. Sanitation Operation and Maintenance Fund. After the required deposit into the Bond Fund there shall be paid from the Sanitation Fund into a special fund, which is hereby created and designated "Sanitation Operation and Maintenance Fund" (the "Operation and Maintenance Fund"), on the first business day of each month an amount sufficient to pay the reasonable and necessary monthly expenses of oper- ation, repair and maintenance of the System for such month and from which disbursements shall be made only for those pur- poses. Fixed annual charges such as insurance premiums and the cost of major repair and maintenance expenses may be computed and set up on an annual basis, and one -twelfth (1/12) of the amount thereof may be paid into the Operation and Maintenance Fund each month. If in any month for any reason there shall be a failure to transfer and pay the required amount into the Operation and Maintenance Fund, the amount of any deficiency shall be added to the amount otherwise required to be trans- ferred and paid into the Operation and Maintenance Fund in the next succeeding month. If in any fiscal year a surplus shall be accumulated in the Operation and Maintenance Fund over and above the amount which shall be necessary to defray the reasonable and necessary cost of operation, repair and mainten- ance of the System during the remainder of the then current fiscal year, such surplus shall be transferred to and deposited in the Sanitation Fund. Section 13. Sanitation Depreciation Fund. After making the payments into the Bond Fund and into the Operation and Maintenance Fund there shall be paid from the Sanitation Fund into a fund designated "Sanitation Depreciation Fund" (the "Depreciation Fund"), on the first business day of each CM 0 month while any of the Bonds of this issue are outstanding, an amount equal to 3% of the gross revenues derived from the System for the prccedinq month. The moneys in the D(�preciation Fund shall be used soiL2iy nor the purpose of paying the cost of replacements made necessary by the depreciation of the System, except that moneys in the Depreciation Fund may be used to the extent necessary at any time to prevent the default in the payment of principal of, interest on and Trustee's and Paying Aqent's fees in connection with the Bonds. If in any fiscal year a surplus shall be accumulated in the Depreciation Fund over and above the amount necessary to pay the costs of the probably replacements for the System during the then next twelve consecutive months, such surplus shall be trans- ferred to the Sanitation Fund. Section 14. That any surplus in the Sanitation Fund after making all disbursements required by the provisions of this Ordinance and making full provision for the other funds herein provided may be used, at the option of the City, for the redemption of bonds prior to maturity in accordance with the redemption provisions, for paying the cost of extensions, betterments and improvements to the System, or for any other lawful municipal purpose. Section 15. The City hereby agrees that all payment on the Bonds and interest shall be made only through the Pay- ing Agent. All Bonds paid or purchased either at or before maturity shall be cancelled when such payment or purchase is made, together with all unmatured coupons appertaining thereto, and shall not be reissued. All unpaid interest coupons maturing on or prior to the date of such payment or purchase shall con- tinue to be payable to the respective bearers thereof. Section 16. It is hereby covenanted and agreed by the City with the holders of the Bonds that the City will faithfully and punctually perform all duties with reference to the System and the revenues, as specified in and required by the Constitution and laws of the State of Arkansas and by this Ordinance, including the generation of sufficient revenues as LIM -19- herein specified and covenated, the segregating of the required amount of the revenues and the applying of the revenues as in this Ordinance provided. Section 17. The Bonds shall be subject to redemption prior to maturity in the manner and in accordance with the terms set out in the Bond Form. Section 18. The City will keep or cause to be kept proper books of accounts and records (separate from all other accounts and records) in which complete and correct entries shall be made of all transactions relating to the System and the operation thereof, and such books shall be available for inspec- tion by the holder of any of the Bonds at reasonable times and under reasonable circumstances. The City agrees to have these records audited by an independent certified public accountant at least once each year, and a copy of the audit shall be made available to the Trustee for inspection by interested bondholders. In the event the City fails or refuses to make the audit, the Trustee, or any holder of the Bonds in the event the Trustee fails to do so, may have the audit made and the cost thereof shall be paid by the City out of available System revenues. Section 19. (a) If there be any default in the payment of the principal of and interest on any of the Bonds, or if the City defaults in any Bond Fund requirement or in the performance of any other covenant contained in this Ordinance, the Trustee may, and upon the written request of the holders of not less than ten percent (10%) in principal amount of the Bonds then outstanding shall, by proper suit compel the performance of the duties of the officials of the City under the Constitution and laws of the State of Arkansas and under this Ordinance. And, in the case of default in the payment of the principal of and interest on any of the Bonds, the Trustee may, and upon the written request of holders of not less than ten percent (10%) in principal amount of the Bonds then outstanding shall, apply in a proper action to a court of competent jurisdiction for the appointment of a receiver to -20 - administer the System on behalf of the City and the bondholders with power to charge and collect (or by mandatory injunction or otherwise to cause to be charged and collected) rates and charges sufficient to provide for the payment of the principal of, interest on and Trustee's and Paying Agent's fees in con- nection with all outstanding Bonds, including the Bonds of this issue, to which revenues are pledged, for the payment of operation and maintenance expenses and the expenses of the receivership, and to provide for depreciation of the System, and to apply the revenues and income in conformity with appli- cable laws of the State of Arkansas and in conformity with the provisions of this Ordinance. When all defaults in prin- cipal and interest payments have been cured, the custody and operation of the System shall revert to the City. (b) No holder of any Bond shall have any right to institute any suit, action, mandamus or other proceeding in equity or at law for the protection or enforcement of any right under this Ordinance or under the Constitution and laws of the State of Arkansas unless such holder previously shall have given to the Trustee written notice of the default on account of which such suit, action or proceeding is to be taken, and unless the holders of not less than ten percent (10%) in principal amount of the Bonds of this issue then outstanding shall have made written request of the Trustee after the right .to exercise such powers or right of action, as the case may be, shall have accrued, and shall have afforded the Trustee a reason- able opportunity either to proceed to exercise the powers herein ganted or granted by the Constitution and laws of the State of Arkansas, or to institute such action, suit or proceeding in its name, and unless, also, there shall have been offered to the Trustee reasonable security and indemnity against the cost, expenses and liabilities to be incurred therein or thereby and the Trustee shall have refused or neglected to comply with such request within a reasonable time, and such notification, request 075 I%W ' Wor -21- and offer of indemnity are hereby declared in every such case, at the option of the Trustee, to be conditions precedent to the execution of the powers and trust of this Ordinance or to any other remedy hereunder. It is understood and intended that no one or more holders of the Bonds hereby secured shall have any right in any manner whatever by his or their action to affect, disturb or prejudice the security of this Ordinance, or to enforce any right hereunder except in the manner herein pro- vided, that all proceedings at law or in equity shall be insti- tuted, had and maintained in the manner herein provided and for the benefit of all holders of the outstanding Bonds and coupons, and that any individual rights of action or other right given to one or more of such holders by law are restricted by this Ordinance to the rights and remedies herein provided. (c) All rights of action under this Ordinance or under any of the Bonds secured hereby, enforceable by the Trustee, may be enforced by it without the possession of any of the Bonds or coupons appertaining thereto, and any such suit, action or proceeding instituted by the Trustee shall be brought in its name and for the benefit of all the holders of the Bonds and coupons, subject to the provisions of this Ordinance. (d) No remedy herein conferred upon or reserved to the Trustee or to the holders of the Bonds is intended to be exclusive of any other remedy or remedies herein provided, and •each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or given by any law or by the Constitution of the State of Arkansas. (e) No delay or omission of the Trustee or of any holders of the Bonds to exercise any right or power accrued upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or an acquiescence therein, and every power and remedy given by this Ordinance to on -22- the Trustee and to the holders of the Bonds, respectively, may be exercised from time to time and as often as may be deemed expedient. (f) The Trustee may, and upon the written request of the holders of not less than ten percent (10%) in principal amount of the Bonds then outstanding shall, waive any default which shall have been remedied before the entry of final judg- ment or decree in any suit, action or proceeding instituted under the provisions of this Ordinance or before the comple- tion of the enforcement of any other remedy, but no such waiver shall extend to or affect any other existing or any subsequent default or defaults or impair any rights or remedies consequent thereon. Section 20. (a) So long as any of these Bonds are outstanding the City will not issue or attempt to issue any Bonds purporting to be secured by a pledge of System revenues superior to the pledge of revenues in favor of these Bonds. (b) So long as any of these Bonds are outstanding the City will not issue or attempt to issue any bonds purport- ing to be secured by a pledge of revenues ranking on a parity with the pledge in favor of these Bonds. (c) Nothing herein shall be construed to prohibit or condition the issuance of Bonds secured by a pledge of System revenues subordinate to the pledge of revenues in favor of ,these Bonds. Section 21. (a) Moneys held for the credit of any fund, created by this Ordinance, including the Bond Fund - Interest Reserve Account, may, at the option of the City, be invested and reinvested pursuant to the direction of the City in direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America, or in certificates of deposit of banks that are members of the Federal Deposit Insurance Corporation. -23 - Investments of Bond Fund - Interest Reserve Account moneys shall mature in not more than six months from the date of investment. Investments of moneys in other funds, shall mature, or shall be subject to redemption by the holder thereof, at the option of such holder, not later than the date or dates when the moneys held for the credit of the particular fund will be required for the purposes intended as specified by the City. (b) Obligations so purchased as an investment of moneys in any such fund shall be deemed at all times to be a part of such fund and the interest accruing thereon and any profit realized from such investments shall be credited to such fund and any loss resulting from such investment shall be charged to such fund. Any interest or profit from investments, however, which increase the amount of the Bond Fund - Interest Reserve Account over the required amount of $50,000 may be paid over into the Bond. Fund - Interest Account, and credited against the monthly deposits into the Bond Fund - Interest Account required by Section 11(b) hereof. Section 22. In the event the office of Mayor, City Clerk, City Treasurer or City Council shall be abolished or any two or more of such offices shall be merged or consolidated or in the event the duties of a particular office shall be trans- ferred to another office or officer, or in the event of a vacancy in any such office by reason of death, resignation, removal from office or otherwise, or in the event any such officer shall become incapable of performing the duties of his office by reason of sickness, absence from the City or otherwise, all powers con- ferred and all obligations and duties imposed upon such office or officer shall be performed by the office or officer succeed- ing to the principal functions thereof, or by the office or officer upon whom such powers, obligations and duties shall be imposed by law. M low -24- cm Section 23. When the Bonds have been executed and the seal of the City impressed or printed thereon as herein provided, the Bonds shall be delivered to the Trustee and the Trustee shall authenticate them and deliver them to the Pur- chasers upon payment in cash of the purchase price of $551,722.50 plus accrued interest from the date of the Bonds to the date of delivery (the "total sale proceeds"). The Trustee shall handle the total sale proceeds as follows: (1) The Trustee shall deposit in the Bond Fund - Interest Account the accrued interest. (2) The Trustee shall deposit in the Bond Fund - Interest Reserve Account the sum of $50,000. Moneys in the Bond Fund - Interest Reserve Account shall be used to the extent necessary for the payment as due of interest on the Bonds. (3) The Trustee shall deposit the remainder of the total sale proceeds in a special account of the City desig- nated "Sanitation Facilities Construction Fund" (the "Construc- tion Fund") in a bank or banks designated by the City which must be members of the Federal Deposit Insurance Corporation. The moneys in the Construction Fund in excess of the amount insured by the Federal Deposit Insurance Corporation must be continu- ously secured by bonds or other direct or fully guaranteed obligations of the United States of America unless invested as authorized in this Ordinance. The moneys in the Construc- tion Fund shall be disbursed solely in payment of the costs of accomplishing the Improvements and paying necessary expenses incidental thereto. Disbursements shall be made on the basis of checks or requisitions which shall contain at least the following information: the person to whom payment is being made; the amount of the payment; and the purpose of.the payment. Each check or requisition must be signed by at least two rep- resentatives of the City which shall be identified to the de- pository or depositories of the Construction Fund and a specimen cm -25- of the manual signature of each representative supplied each depository. The representatives may be changed from time to time and as to any matters pertaining to the Construction Fund and the moneys therein the depository shall be entitled to rely upon any writing delivered to it which is signed by the Mayor of the City. In the case of requisitions, the depository shall issue its check upon the Construction Fund payable to the person, firm or corporation designated in the requisition. The depository of the Construction Fund shall be required to keep records as to all payments made on the basis of requisi- tions, and the City will keep records as to all payments made on the basis of checks. When the Improvements have been completed and all required expenses paid and expenditures made from the Construc- tion Fund for and in connection with the accomplishment of the Improvements and the issuance of the Bonds, this fact shall be evidenced by a certificate signed by the Mayor of the City, which certificate shall state, among other things, the date of completion and that all obligations payable from the Construction Fund have been discharged. A copy of the cer- tificate shall be filed with the Trustee, with the depository (or depositories) of the Construction Fund and with the City Clerk, and any balance remaining in the Construction Fund .shall be transferred out of the Construction Fund and de- posited in the Bond Fund. Section 24. The provisions of this Ordinance shall constitute a binding contract between the City and the holders and registered owners of the outstanding Bonds and coupons issued hereunder, and the City will at all times strictly adhere to the terms and provisions hereof and fully dis- charge all of its obligations hereunder. Subject to the v..r -26- terms and provisions contained in this Section and not other- wise, the holders of not less than seventy-five percent (75%) in aggregate principal amount of the Bonds then outstanding shall have the right, from time to time, anything contained in this Ordinance to the contrary notwithstanding, to consent to and approve the adoption by the City of such ordinance supplemental hereto as shall be necessary or desirable for the purpose of modifying, altering, amending, adding to or re- scinding, any of the provisions contained in this Ordinance or in any supplemental ordinance; provided, however, that nothing herein contained shall permit or be construed as permitting (a) an extension of the maturity of the principal of or the interest on any Bond, or (b) a reduction in the principal amount of any Bond or the rate of interest, or (c) the crea- tion of a lien upon or a pledge of System revenues other than as expressly authorized by the appropriate provisions of this Ordinance as now adopted, or (d) the creation of a privilege or priority of any Bond or Bonds over any other Bond or Bonds, or (e) a reduction in the aggregate principal amount of the Bonds required for consent to such supplemental ordinance. Section 25. The Trustee shall only be responsible for the exercise of good faith and reasonable prudence in .the execution of its trust. The recitals in this Ordinance and in the face of the Bonds are the recitals of the City and not of the Trustee. The Trustee shall not be required to take any action as Trustee unless it shall have been requested to do so in writing by the holders of not less than ten percent (10%) in principal amount of the Bonds of this issue then out- standing and shall have been offered reasonable security and indemnity against the costs, expenses and liabilities to be incurred therein or thereby. The Trustee may resign at -27- any 27- any time by ten (10) days notice in writing to the City Clerk, and the majority in principal amount of the holders of the out- standing Bonds of this issue at any time, with or without cause, may remove the Trustee. In the event of a vacancy in the office of Trustee, either by resignation or by removal, the majority in principal amount of the holders of the out- standing Bonds of this issue may appoint a new Trustee, such appointment to be evidenced by a written instrument or in- struments filed with the City Clerk. If the majority in principal amount of the holders of the outstanding Bonds shall fail to fill a vacancy within thrity (30) days after the same shall occur, then the City shall forthwith designate a new Trustee by a written instrument filed in the office of the City Clerk. The original Trustee and any successor Trustee shall file a written acceptance and agreement to execute the trusts imposed upon it or them by this Ordinance, but only upon the terms and conditions set forth in this Ordinance and subject to the provisions of this Ordinance, to all of which the respective holders of the Bonds agree. Such written acceptances shall be filed with the City Clerk and a copy thereof shall be placed in the bond transcript. Any successor Trustee shall have all the powers herein granted to the original Trustee. In the event of a change in the office of Trustee, the old Trustee which has resigned or been removed shall cease to be Paying Agent, and the successor Trustee shall be and become the Paying Agent. Section 26. The City Council may establish a Sani- tation Committee and authorize that Committee to handle the acquiring, constructing and equipping of the Improvements, the operation of the System, and the collecting and handling of revenues derived therefrom, subject to the control and °4r.r D►OXIM rM overriding authority of the City Council, all as may be specified in an Ordinance of the City creating the Sanitation Committee. However, the City shall not thereby be relieved of any of its obligations hereunder, except that performance thereof by the Sanitation Committee shall, to that extent, con- stitute performance by the City. Section 27. The City convenants that it shall take no action or suffer or permit any action to be taken or condition to exist which causes or may cause the interest payable on the Bonds to be subject to federal income taxa- tion. Without limiting the generality of the foregoing, the City and the Trustee convenant that the proceeds of the sale of the Bonds will not be used directly or indirectly in such manner as to cause the Bonds to be treated as "arbitrage bonds" within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended. Section 28. The provisions of this Ordinance are hereby declared to be severable and if any provision shall for any reason be held illegal or invalid, such holding shall not affect the validity of the remainder of this Ordinance. Section 29. This Ordinance shall not create any right of any kind and no right of any kind shall arise here- under pursuant to it until the Bonds authorized by this Ordinance shall be issued and delivered. Section 30. All ordinances, resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. In Section 31. MWE It is hereby ascertained and declared that the Improvements must be accomplished as soon as possible in order to make available essential public facilities to the City and its inhabitants, without which the life, health, safety and welfare thereof are jeopardized, and that the issu- ance of the Bonds and the taking of the other action authorized by this Ordinance are necessary for the accomplishment thereof. It is, therefore, declared that an emergency exists and this Ordinance being necessary for the immediate preservation of the public peace, health and safety shall take effect and be .. in force from and' er its passage. PASSED: { .6Mn - I ATTEST: _ ��.� 6J City Clerk (SEAL) APPROVED: Mayor CERTIFICATE STATE OF ARKANSAS COUNTY OF INDEPENDENCE I, the undersigned, City Clerk of the City of Batesville, Arkansas, hereby certify that the foregoing pages are a true and compared copy of an Ordinance passed at a session of the City Council of Batesville, Arkansas, held at the regular meeting place of the Council in the City at '7 l�.m. , on the /3 day of Eti,. 1981, and that the Ordinance is of record in Ordinance Record Book No. L, at Page �2 5 , now in my possession. GIVEN under my hand and seal this /3 day of 1981. (SEAL) City Clerk in CERTIFICATE OF CITY CLERK PURSUANT TO ACT NO. 69 OF 1959 STATE OF ARKANSAS COUNTY OF INDEPENDENCE I, the undersigned, City Clerk of the City of Batesville, Arkansas, do hereby certify under oath to the Secretary of State pursuant to the provisions of Act No. 69 of the Acts of Arkansas of 1959 that my manual signature is as follows: —'L (Manual S' gnature of City Clerk) I certify that in the future public securities and ,%W instruments of payment (as defined in Act No. 69 of 1959) of the City of Batesville, Arkansas may be executed and delivered containing my facsimile signature which, pursuant to the provisions of said Act No. 69 of 1959, shall have the same force and effect as if I had personally signed each such public security or instrument of payment manually. CERTIFIED this 1�2- day of 1981. City Cle k, City of Batesville, Arkansas Subscribed and sworn to before me, the undersigned Notary Public within and for the State of Arkansas and County of this /,2 day of '--L. 1981. Notary Publ' My Commission expires: 7-113 r SFA T. I M C2 The. Farmers and Merchants Bank Attn: Trutt Department Stuttgart, Arkansas Gentlemen: Batesville, Arkansas February 12, 1981 We hand you herewith $565,000 City of Batesville, Arkansas 9 1/4% Sanitation Facilities Revenue Bonds, Dated December 1, 1980, all due Decem- ber 1, 1984, as more fully described as follows: AMOUNT RATE $565,000 9 1/4j, MATURITY December 1, 1984 BOND NUMBERS (BOTH INCLUSIVE) DENOMINATION $5,000 When you have authenticated these bonds in the space provided, please deliver them to Harrow Smith Company and/or Powell & Satterfield, Inc., Little Rock, Arkansas upon receipt of payment in the amount of $562,029.85 calculated as follows: $565,000 par value @ 97.65 cents on the dollar...... $551,722.50 Plus Int. @ 9 1/4% from 12-1-80 to 2-32-81.......... 10,307.35 Total Amount Due February 12, 1981 ............. $562,029.85 Please deduct $918.75 from the proceeds as your fee for authenti- cating these bonds and remit the balance of the proceeds or $561,111.10 to the Treasurer of City of Batesville, Arkansas. Disposition of the $561,111.10 will be made in accordance with the provisions set forth in Section 23 of Ordinance No. 951 adopted by the govern- ing body of the City of Batesville, Arkansas on January 13, 1981. Your assistance in completing this transaction will be appreciated. Yours very truly, CITY OF BATESVILLE, ARKANSAS By� Mayor lay Clerk -Treasurer CERTIFICATE OF CITY CLERK STATE OF ARKANSAS COUNTY OF INDEPENDENCE I, Larry Williams, City Clerk of the City of Batesville, Arkansas, hereby certify as follows: 1. That the foregoing transcript, consisting of pages, numbered from 1 to , inclusive, contains a true, correct and compared copy of all proceedings had by the City Council of the City of Batesville, Arkansas, relating to the issuance of $565,000 Sanitation Facilities Revenue Bonds, dated December 1, 1980, as the same appears upon the records of the City Council in my possession. 2. That no petition or petitions to the City Council of the City to refer to the people under Amendment No. 7 to the Constitution of the State of Arkansas any ordinance or resolution of the City Council relating to the bonds have been filed in my office. 3. That there is no litigation either threatened or pending affecting the legality of the bonds or the authority of the City to issue them . IN TESTIMONY WHEREOF, I have hereunto set my hand and the seal of the City this ` day of tom, 1981. City Clerk (SEAL) CERTIFICATE OF INCUMBENCY OF OFFICERS, ABSENCE OF LITIGATION AND IDENTIFICATION OF SIGNATURES STATE OF ARKANSAS COUNTY OF INDEPENDENCE We, Peyton Golden, Mayor, and Larry Williams, City Clerk, of the City of Batesville, Arkansas, hereby certify: 1. That we officially signed the City of Batesville, Arkansas Sanitation Facilities Revenue Bonds, dated December 1, 1980, in the aggregate principal amount of $565,000. The bonds are numbered consecutively from 1 to 113, inclusive, and are in the denomination of $5,000 each. Interest is payable semiannually on June 1 and December 1 of each year, commencing June 1, 1981. All bonds bear interest at the rate of 9-1/4% per annum and mature on December 1, 1984. 2. That we are the duly chosen, qualified and acting Mayor and City Clerk of the City of Batesville, Arkansas, and are duly authorized to execute the above described bonds. 3. That no petition or petitions to refer to the people under Amendment No. 7 to the Constitution of the State of Arkansas any resolution or ordinance of the City Council relating to the bonds has been filed; that no litigation of any nature is now pending or threatened restraining or enjoining the issuance and delivery of the bonds or in any manner questioning the proceedings and authority under which the same are made or affecting the validity of the bonds; that neither the corporate existence nor the boundaries of the City nor the title of the present officers to their respective offices are being contested, and that no authority or proceedings for the issuance of the bonds have been repeaied, revoxea or rescinded and no further proceedings relating to the bonds have been taken since the day of 1981, the date of the City Clerk's certificate to the transcript of the proceedings relating to the bonds. S= 4. That Boyce Nash, R. D. Sandstead, Edward Williams, Jim Cargill, Max Rutledge, Jim Shirrell, Lynn Williams and Marvin E. Moore were and are the duly chosen, qualified and acting members of the City Council of the City when the proceedings relating to the bonds commenced and when the bonds were delivered. S. That the facsimile signature of the Mayor has been printed upon the bonds and coupons and the corporate seal of the City is impressed on all of the bonds. 6. That on the day of 1 1981, we delivered all of the bonds to The Farmers and Merchants Bank, Stuttgart, Arkansas, with letter of instructions as authorized by and in compliance with Ordinance No. 951 of the City of Batesville, Arkansas. WITNESS our hands this da f 1981. Mayor City Clerk (SEAL) Subscribed and sworn to before me, the undersigned Notary Public within and for ',,&'i,c,County, Arkansas, this 71 I day of e C; U��u , 1981. Notary Publ c My Commission expires: (SEAL) cm CERTIFICATE I, the undersigned, certify that I am of , located in , Arkansas, and that I am personally acquainted with the Mayor and City Clerk of Batesville, Arkansas, whose signatures appear above, and I do hereby identify the signatures, together with those on the above described bonds and coupons, as being in all respects true and genuine. y! 1 Subscribed and sworn to before me, the undersigned 140W Notary Public within and for the State of Arkansas and County of ;c•c� this _ day of 1981. Notary Pub is My Commission expires: -?_I -W 3 (SEAL) V0101 ARBITRAGE CERTIFICATE The undersigned, Mayor and City Clerk of the City of Batesville, Arkansas (the "City"), do hereby certify that, based on the facts, estimates and circumstances in existence on this date, it is not expected that the proceeds of the City of Batesville, Arkansas Sanitation Facilities Revenue Bonds, dated December 1, 1980 (the "bonds") will be used in any manner that would cause the bonds to be arbitrage bonds under the provisions of Section 103(c) of the Internal Revenue Code of 1954, as amended. Specifically: 1. The bonds are being issued for the purpose of financing a portion of the costs of acquiring, constructing and equipping sanitation facilities for the disposal of refuse and the generation of steam and paying the expenses of authorizing and issuing bonds (the "Project"). 2. The estimated total cost of the Project is $1,086,730. The said total costs are expected to be financed with (i) $565,000 from the proceeds from the sale of the bonds, (ii) from available funds of the City, and (iii) grant or loan funds obtained and to be obtained from an agency of the United States of America. 3. The City has heretofore entered into a contract for the construction of the Project, which contract obligates the r- v payment by the City of not less than The actual work 14OW of constructing the Project began during the month of , 19,�?/. It is contemplated that such work will proced with due diligence to completion, expected on or about, , 19J'?/ . 4. The principal proceeds to iDe derlvc-d by the City from the sale of the bonds are expected to be used, needed and fully expended f ayment of costs of constructing the Project by no later than ,& , 19SZ. Work on the Project is expected to proceed with due di igence to completion. En 5. It is not expected that the Project will be sold or otherwise disposed of, in whole or in part, prior to the maturity of the bonds. 6. To the best of our knowledge and belief, there are no facts, estimates or circumstances which would alter the foregoing conclusions. 7. The City has not been notified of any listing of it by the Internal Revenue Service as an issuer that may not certify its bonds. 8. This Certificate is being executed and delivered pursuant to Sections 1.103-13, 1.103-14 and 1.103-15 of the Income Tax Regulations under the Internal Revenue Code of 1954, as amended, and the undersigned Mayor of the City is one of the officers of the City charged (by State law and ordinance of the governing body of the City) with the responsibility of issuing the bonds. CERTIFIED this %'l day of 1981. << 1981. d Mayor HERSCHEL H. FRIDAY WILLIAM A. ELDREDGE, JR. B. S. CLARK `VILLIAM L.TERRY `BERT V. LIGHT L LIAM H. SUTTON OYCE R. LOVE GEORGE E.PIKE,JR. JAMES W. MOORE WILLIAM L. PATTON, JR. BYRON M. EISEMAN, JR. JOE D. BELL MICHAEL G. THOMPSON G. ROSS SMITH JOHN C. ECHOLS JAMES A. BUTTRY FREDERICK S. URSERY H. T. LARZELERE OSCAR E. DAVIS, JR. JAMES C. CLARK, JR. THOMAS P. LEGGETT JOHN DEWEY WATSON `'00 FRIDAY, ELDREDGE & CLARK ATTORNEYS AT LAW THE FIRST NATIONAL BUILDING, TWENTIETH FLOOR LITTLE ROCK, ARKANSAS 72201 TELEPHONE 501-376-2011 January 9, 1981 The Honorable Peyton Golden Mayor City Hall Batesville, Arkansas 72501 Re: City of Batesville, Arkansas Sanitation Facilities Revenue Bonds Dear Mayor Golden: Enclosed are five copies of the following papers: LEWIS MATHIS PAUL B. BEN HAM, III DAVID A.O RSINI LARRY W. BURKS A. WYCKLIFF NISBET, JR. JAMES E.HARRIS J. PHILLIP MALCOM JAMES DERRELL HOLLAND JAMES M. SIMPSON MEREDITH P. CATLETT JAMES M. SAXTON J. SHEPHERD RUSSELL,M DONALD H. BACON WILLIAM THOMAS BAXTER THOMAS A. PRINCE WALTER A. PAULSON, II BARRY E. COPLIN COUNSEL WILLIAM J. SMITH JOHN T. WILLIAMS 1. Notice of and Consent to Meeting of Council. This must be signed by the Mayor, City Clerk and all members of the Council, whether present or not, if adopted at a special meeting. 2. Minutes of Meeting. 3. Bond Ordinance. This should be published one time. We will need four copies of each of the above plus four Proofs of Publication of the Bond Ordinance. ncere I ,,yours01 r 11 , / / 0`1 2,1 p r Jo HG Echols JCE/rp Enclosures cc: Don Grimes Jim Womeldorff W"7 Jan. 16, 1981 Friday, Eldridge and Clark First National Building 20th Floor Little Rock,'Ark. 72201 Atn.: 0ohr, Fchols Dear sir: Due to the Pact that our newspaper building burned on Jan. 3 and we are operating with advanced deadlines, we are unable to publish the city ordinance on a bond issue today, as requested on Jan. 15. However, the ordinances will be published on Monday or Tuesday of next week. Thank you. ncerely, /' lim nWmp dvertising Manager cc: Mayor Peyton Golden NOTICE OF AND CONSENT TO MEETING OF COUNCIL The undersigned hereby acknowledges receipt of official and timely notice of a meeting of the City Council of the City of 19 81, at Batesville Arkansas, to be held on 7 o'clock ��.m., at the regular meeting place of the Council in the City of Batesville , Arkansas, the purpose of the meeting being: The consideration of an Ordinance authorizing the issuance of Sanitation Facilities Revenue Bonds and for the transaction of such other business as may properly come before the Council. The undersigned further consent to the meeting at the time and place and for the purposes hereinabove set forth and hereby ratify all action taken at said meeting for said purposes. y Mayor City Clerk MWAW EXCERPTS FROM MINUTES OF MEETING OF THE BATESVILLE CITY COUNCIL, HELD ,19 81 The City Council of the City of Batesville Arkansas met in session at its regular meeting place in Batesville , Arkansas, at I o'clock P.m., on the 13 day of , 19 81 . Mayor Q„ City and Aldermen Absent: Nch) 6" The following were present: Clerk Lac The Mayor stated that consideration should be given to an ordinance authorizing the issuance of Sanitation Facilities Revenue Bonds This was a matter with which the Council was familiar and after a discussion, Alderman /n" -Ls— introduced an Ordinance entitled: AN ORDINANCE PROVIDING FOR THE ISSUANCE OF SANITATION FACILITIES REVENUE BONDS OF THE CITY OF BATESVILLE, ARKANSAS, FOR THE PURPOSE OF PAYING A PORTION OF THE COST TO THE CITY OF ACQUIRING, CONSTRUCTING AND EQUIPPING SANITATION FACILITIES (DESCRIBED IN THE ORDINANCE); PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. and the City Clerk read the Ordinance in full. Alderman �, (�,'' seconded by Alderman Q_.,� itis , moved that the rule requiring the reading of an ordinance or resolution in full on three different days be suspended and that the Ordinance be placed on its second reading. The Mayor put the question on the adoption of the motion and the roll being called, the following voted aye: and the following voted nay: Thereupon the Mayor declared that at least two-thirds of all members of the Council having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The Ordinance was then read by the City Alderman / • rU�.u,.,.� %Y1�-rrc,z� , Clerk seconded by Alderman g�CC�r,,,.� ' then moved that the rule requiring the reading of an ordinance in full on three different days be further suspended and that the Ordinance be placed on its third reading. The Mayor put the question on the adoption of the motion and the roll being called the following voted aye: OCC and the following voted nay: N®n1E The Mayor declared that at least two-thirds of all members elected to the Council having voted in favor of the motion to sus- pend the rule, the motion was carried and the rule suspended. The Ordinance was then read by the City Clerk Alderman 140yy,,,., (��, Q����ri 1 seconded by Alderman moved that the Ordinance be adopted. The question was put by the Mayor on the adoption of the motion and the roll being called, the following voted �aye: Lc./ ��-cam...,-•,� . �ri�.ti--� (�J :�l!�.._.xa�,-nom and the following voted nay: No �� E Alderman Q seconded by Alderman Mme}., /� , moved that Section 31 , the emergency clause, be adopted, and on roll call the following voted aye: -4 - and the following voted nay: /V G /Ii The Mayor thereupon declared the Ordinance and the emergency clause adopted and signed the Ordinance, which was attested by the City Clerk and sealed with the seal of the City. The Ordinance was given No. q51 . (Matters not relating to the Ordinance are omitted.) There being no further business, the Council adjourned. ATTEST: City Cierk (SEAL) Ntayor W CER`T'IFICATE The undersigned, City Clerk of Batesville , Arkansas, hereby certifies that the foregoing pages numbered 1 to 3, inclusive, are a true and correct copy of excerpts of the minutes of a meeting of the City Council of Batesville , Arkansas at a session held at the regular meeting place of the Council in said City at % o'clock P .m., on the 13 day of 1981 and the time and place of the meeting was furnished to each person who made a request therefor in accord- ance with the provisions of Act No. 93 of the Acts of Arkansas of 1967. . City Clerk (SEAL)