854 (2) - Laserfiche WebLink

Home Browse Search

ORDINANCE NO. 6q AN ORDINANCE PROVIDING FOR THE ISSUANCE OF WATER AND SEWER REFUNDING REVENUE BONDS BY THE CITY OF BATESVILLE, ARKANSAS, FOR THE PURPOSE OF REFUNDING CERTAIN OUTSTANDING REVENUE BONDS (DESCRIBED IN THE AUTHORIZING 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 water and sewer facilities (which are operated as an interrelated municipal undertaking and which will be herein referred to as the "System"); WHEREAS, the System and its related properties and facilities are being operated, managed and maintained by the Batesville Utilities Commission (the "Utilities Commission"); WHEREAS, the City has outstanding an issue of Sewer Revenue Bonds, dated February 1, 1967 (the "1967 Bonds") in the original principal amount of $865,000 of which $731,000 are now outstanding; and WHEREAS, the City has outstanding an issue of Waterworks Revenue Bonds, dated October 1, 1961 (the "1961 Bonds") in the original principal amount of $783,000 of which $541,000 are now outstanding, and an issue of Second Lien Water System Revenue Bonds, dated April 1, 1965 (the "1965 Bonds") in the original principal amount of $300,000 of which all are outstanding; and WHEREAS, the City Council of the City has determined that by the issuance of $1,220,000 revenue bonds for the refunding of the 1967 Bonds, the 1965 Bonds, and the 1961 Bonds, the City can thereby reduce present debt service requirement by approximately $200,000, will realize other benefits thereby and can establish an overall maturity schedule to permit a total retirement of the bonded indebtedness of the City and efficient operation and maintenance of the System consistent with the lowest possible rate structure; and