HomeMy WebLinkAbout2011-06-03 ® ORDINANCE N0. J I -()(o -Q3
AN ORDINANCE AUTHORIZING THE ISSUANCE OF A
SALES AND USE TAX BOND FOR THE PURPOSE OF
FINANCING A PORTION OF THE COSTS OF ACQUIRING)
CONSTRUCTING AND EQUIPPING EXTENSIONS,
BETTERMENTS AND IMPROVEMENTS TO THE SEWER
FACILITIES OF THE CITY OF BATESVILLE, ARKANSAS;
PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF
AND INTEREST ON THE BOND; AND PRESCRIBING
OTHER MATTERS RELATING THERETO.
WHEREAS, there was submitted to the qualified electors of the City of
Batesville, Arkansas (the "City") at a special election held March 10, 2009, the question of
issuing capital improvement bonds in the maximum principal amount of $50,000,000 for the
purpose of financing all or a portion of the costs of acquiring, constructing and equipping
extensions, betterments and improvements to the City's sewer system (the "Improvements"); and
WHEREAS, at the special election, a majority of the electors voting on the
question approved the issuance of the bonds and the levy of a new sales and use tax at the rate of
1% (the "Tax")to retire the bonds; and
• WHEREAS, pursuant to Ordinance No. 2009-12-1 of the City duly adopted on
December 22, 2009 ("Ordinance No. 2009-12-1"), the City has issued its $6,300,000 Sales and
Use Tax Bond, Series 2010 (the "Series 2010 Bond") for the purpose of financing a portion of
the costs of the Improvements; and
WHEREAS, the City is making arrangements for the sale of a City of Batesville,
Arkansas Sales and Use Tax Bond, Series 2011 (the "Series 2011 Bond") in the principal amount
of $20,000,000 to the Arkansas Development Finance Authority, as purchaser (the
"Bondholder"), at a price of par for a bond bearing interest at the rate of 1.50% per annum
pursuant to a Bond Purchase Agreement (the "Agreement") among the City, the Bondholder and
the Arkansas Natural Resources Commission (the "Commission"), which has been presented to
and is before this meeting; and
WHEREAS, the Series 2011 Bond is being issued pursuant to Ordinance No.
2009-12-1 as an "Additional Parity Bond" thereunder; and
WHEREAS, the City is authorized, under the provisions of Amendment No. 62 to
the Arkansas Constitution and the Arkansas Code of 1987 Annotated, Title 14, Chapter 164,
Subchapter 3 (the "Authorizing Legislation"), to enter into the Agreement and to issue the Series
2011 Bond; and
• WHEREAS, the Bondholder proposes to pledge the Series 2011 Bond as
collateral for the payment of its wastewater system revolving loan fund revenue bonds pursuant
to its general bond resolution, as amended or supplemented from time to time, to the bank or
trust company named or to be named as trustee thereunder; and
WHEREAS, the City is required to pay to the Arkansas Development Finance
Authority, as servicer (the "Authority"), a financing fee equal to 1% per annum of the
outstanding principal amount of the Series 2011 Bond (the "Financing Fee");
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of
Batesville, Arkansas:
Section 1. The sale to the Bondholder of up to $20,000,000 in principal
amount of the Series 2011 Bond from the City at a price of par for a bond bearing interest at the
rate of 1.50% per annum and otherwise subject to the terms and provisions hereafter in this
Ordinance set forth in detail is hereby approved and the Series 2011 Bond is hereby sold to the
Bondholder. The Mayor is hereby authorized and directed to execute and deliver the Agreement
on behalf of the City and to take all action required on the part of the City to fulfill its obligations
under the Agreement. The Agreement is hereby approved in substantially the form submitted to
this meeting, with such changes as may be approved by the Mayor, his execution to constitute
complete evidence of such approval.
• Section 2. Under the authority of the Constitution and laws of the State of
Arkansas (the "State"), including particularly the Authorizing Legislation, the Series 2011 Bond
is hereby authorized and ordered issued in the principal amount of up to $20,000,000. The
proceeds from the sale of the Series 2011 Bond are necessary to provide a portion of the funds to
accomplish the Improvements, pay expenses incidental thereto and pay expenses of issuing the
Series 2011 Bond.
The Series 2011 Bond shall bear interest at the rate of 1.50% per annum based
upon a 360-day year of twelve consecutive 30-day months. The Series 2011 Bond shall be dated
the date of delivery to the Bondholder. Interest shall be payable on each April 15 and
October 15 after the Series 2011 Bond is issued. Principal shall be payable in installments on
October 15, 2014 and each April 15 and October 15 thereafter until the unpaid principal is paid
in full as follows:
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Date Amount Date Amount
10/15/14 $388,428 10/15/24 $497,979
04/15/15 393,283 04/15/25 504,204
10/15/15 398,200 10/15/25 510,506
04/15/16 403,177 04/15/26 516,888
10/15/16 408,216 10/15/26 523,349
04/15/17 413,320 04/15/27 529,891
10/15/17 418,486 10/15/27 536,515
04/15/18 423,717 04/15/28 543,221
10/15/18 429,013 10/15/28 550,011
04/15/19 434,376 04/15/29 556,886
10/15/19 439,806 10/15/29 563,848
04/15/20 445,303 04/15/30 570,895
10/15/20 450,870 10/15/30 578,031
04/15/21 456,505 04/15/31 585,257
10/15/21 462,211 10/15/31 592,573
04/15/22 467,990 04/15/32 599,980
10/15/22 473,840 10/15/32 607,480
04/15/23 479,763 04/15/33 615,073
10/15/23 485,760 10/15/33 622,761
• 04/15/24 491,831 04/15/34 630,557
The Series 2011 Bond will be registered as to both principal and interest, payable
to the Bondholder, or registered assigns, as set forth hereinafter in the bond form, and shall be
numbered R-1.
Payment of principal and interest shall be by check or draft mailed to the
Bondholder at its address shown on the bond registration books of the City which shall be
maintained by the City Clerk as Bond Registrar, without presentation or surrender of the Series
2011 Bond (except upon final payment) and such payments shall discharge the obligation of the
City to the extent thereof. The City Clerk shall keep a payment record and make proper
notations thereon of all payments of principal and interest.
Payment of principal and interest shall be in any coin or currency of the United
States of America which, as at the time of payment, shall be legal tender for the payment of debts
due the United States of America. When the principal of and interest on the Series 2011 Bond
have been fully paid, it shall be canceled and delivered to the City Clerk.
Section 3. The pledge of collections of the Tax (the "Pledged Revenues") in
favor of the Series 2011 Bond is on a parity with the pledge in favor of the Series 2010 Bond.
The Series 2011 Bond is being issued as an Additional Parity Bond under Ordinance No. 2009-
12-1 and shall be a part of"the bonds" within the meaning of such ordinance. In this regard, all
• provisions of Ordinance No. 2009-12-1 pertaining to "the bonds" shall inure and appertain to the
Series 2011 Bond to the same extent and with like force and effect as if herein set out in full.
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• The effect of the above provisions shall be to continue the applicable provisions of Ordinance
No. 2009-12-1 in full force and effect after the Series 2010 Bond is paid or provision made
therefor.
Section 4. The Series 2011 Bond shall be in substantially the following form,
and the Mayor and City Clerk are hereby authorized and directed to make all the recitals
contained therein:
(form of Series 2011 Bond)
UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF INDEPENDENCE
CITY OF BATESVILLE
1.50% SALES AND USE TAX BOND, SERIES 2011
No. R-1 $20,000,000
KNOW ALL MEN BY THESE PRESENTS:
That the City of Batesville, Independence County, Arkansas (the "City"), for
• value received, hereby acknowledges itself to owe and promises to pay to the Arkansas
Development Finance Authority, or registered assigns, solely from the special fund provided as
hereinafter set forth,the principal sum of
TWENTY MILLION DOLLARS
(or the total principal amount outstanding as reflected
by the Record of Payment of Advances attached hereto)
with interest on the unpaid balance of the total principal amount at the rate of 1.50% per annum
from the date of each advance. The principal and interest shall be payable in such coin or
currency of the United States of America as at the time of payment shall be legal tender for the
payment of debts due the United States of America.
Interest on the unpaid balance of the total principal amount shall be payable on
October 15, 2011 and on each April 15 and October 15 thereafter. Principal shall be payable in
installments on October 15, 2014, and on each April 15 and October 15 thereafter until the
unpaid principal is paid as follows:
Date Amount
(There will be inserted the schedule set
forth in Section 2 of this Ordinance.)
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• Payments of the principal and interest installments due hereon shall be made,
except for final payment, without presentation and surrender of this bond, directly to the
registered owner at his address shown on the bond registration book of the City maintained by
the City Clerk as Bond Registrar, and such payments shall fully discharge the obligation of the
City to the extent of the payments so made.
This bond is issued for the purpose of providing financing of a portion of the costs
of acquiring, constructing and equipping extensions, betterments and improvements to the City's
sewer system, and costs of authorizing and issuing this bond, and is issued pursuant to and in full
compliance with the Constitution and laws of the State of Arkansas (the "State"), including
particularly Amendment No. 62 to the Arkansas Constitution and the Arkansas Code of 1987
Annotated, Title 14, Chapter 164, Subchapter 3 (the "Authorizing Legislation"), and pursuant to
Ordinance No. 2009-12-1 of the City,.duly adopted and approved on the 22nd day of December,
2009 and Ordinance NoP011-0b-qf the City, duly adopted and approved on the 28th day of June,
2011 (collectively, the "Authorizing Ordinance") and an election duly held on March 10, 2009 at
which the majority of the legal voters of the City voting on the question approved the issuance of
this bond. Reference is hereby made to the Authorizing Ordinance for the details of the nature
and extent of the security and of the rights and obligations of the City and the registered owner of
this bond.
This bond may be assigned with the written approval of the Arkansas Natural
Resources Commission (the "Commission"), and in order to effect such assignment the assignor
• shall promptly notify the City Clerk by registered mail, and the assignee shall surrender this bond
along with a written approval of the Commission to the City Clerk for transfer on the registration
records. Every assignee shall take this bond subject to all payments and prepayments of
principal (as reflected by the Payment Record maintained by the City Clerk), prior to such
surrender for transfer.
This bond does not constitute an indebtedness of the City within any
constitutional or statutory limitation or provision. This bond is a special obligation payable
solely from a pledge of collections of the City's 1% sales and use tax, levied by Ordinance No.
2009-1-1 of the City duly adopted on January 13, 2009 under the authority of the Authorizing
Legislation (the "Tax"), and the City hereby pledges its collections of the Tax for the payment of
this bond. The pledge in favor of the bond is on a parity with the pledge in favor of the City's
Sales and Use Tax Bond, Series 2010 (the "Series 2010 Bond"). The City has reserved the right
in the Authorizing Ordinance to issue additional bonds, in the principal amount of$23,700,000,
on a parity of security with this bond and the Series 2010 Bond ("Additional Parity Bonds").
This bond may be prepaid, at the option of the City, in whole or in part at any
time from Tax collections in excess of the amount necessary to insure the prompt payment of the
principal of and interest on this bond, the Series 2010 Bond and the Additional Parity Bonds
("Surplus Tax Collections") as the same becomes due at the prepayment price equal to the
principal amount being prepaid plus accrued interest to the prepayment date. The City shall
determine the bonds to be redeemed from Surplus Tax Collections.
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• This bond may also be prepaid at the option of the City from funds from any
other source, in whole but not in part, at any time on and after October 15, 2021, at a prepayment
price equal to the principal amount outstanding, plus accrued interest to the prepayment date,
upon 90 days' notice. Notice shall be given of each prepayment in writing mailed to the address
of the owner of this bond or registered assigns at the address as reflected on the bond registration
books of the City Clerk.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts,
conditions and things required by the Constitution and statutes of the State to exist, happen and
be performed precedent to and in the issuance of this bond do exist, have happened and have
been performed in regular and due time, form and manner as required by law; that this bond does
not exceed any constitutional or statutory limitation of indebtedness; and that provision has been
made for the payment of the principal of and interest on this bond, as provided in the
Authorizing Ordinance.
IN WITNESS WHEREOF, the City of Batesville, Arkansas has caused this bond
to be executed in its name by its Mayor and City Clerk, thereunto duly authorized, and its
corporate seal to be affixed, all as of the 6- day of , 2011.
[The Bond shall contain signature spaces, a
registration certificate and record of payment advances.]
• Section 5. (a) The City Treasurer shall set aside and make provision as set
forth in (b) below from moneys in the special fund of the City heretofore created and designated
"Sales and Use Tax Revenue Fund" (the "Revenue Fund") for the payment of the principal of
and interest on the Series 2011 Bond by making a deposit as set forth in (b) below into an
account of the City in a special fund to be created by the Bondholder (the "2011 ADFA Bond
Fund") for the purpose of paying the principal of and interest on the Series 2011 Bond in the
amounts specified in(b) below.
(b) In order to pay interest on the Series 2011 Bond, there shall be deposited
from moneys in the Revenue Fund into the 2011 ADFA Bond Fund on each April 15 and
October 15 after the Series 2011 Bond is issued and delivered until April 15, 2014, the interest
due on the Series 2011 Bond on such dates. Commencing on the first business day of each
month thereafter, there shall be deposited into the 2011 ADFA Bond Fund from moneys in the
Revenue Fund an amount equal to 1/6 of the amount of interest on and principal of the Series
2011 Bond next due. The deposit required herein shall be made contemporaneously with the
deposit from the Revenue Fund into the 2010 ADFA Bond Fund required by Ordinance No.
2009-12-1. The obligation to make deposits into the 2010 ADFA Bond Fund and the 2011
ADFA Bond Fund shall be on a parity of lien, pledge of security. If the available moneys in the
Revenue Fund are insufficient to make the required deposits in full, the available moneys shall
be distributed between the 2010 ADFA Bond Fund and the 2011 ADFA Bond Fund in
proportion to the required deposits.
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• (c) If moneys in the Revenue Fund are insufficient to make the required
payment on or before the first business day of the following month into the 2011 ADFA Bond
Fund, the amount of any such deficiency in the payment made shall be added to the amount
otherwise required to be paid into the 2011 ADFA Bond Fund on the first business day of the
next month.
(d) When the moneys held in the 2011 ADFA Bond Fund which represent
payments by the City and interest earnings thereon or proceeds of investments therefrom
(collectively, "City Funds") shall be and remain sufficient to pay in full the principal of and
interest on the Series 2011 Bond, the City shall not be obligated to make any further payments
into the 2011 ADFA Bond Fund.
(e) All moneys in the 2011 ADFA Bond Fund representing City Funds shall
be used solely for the purpose of paying the principal of and interest on the Series 2011 Bond
and the City shall automatically receive a credit for the amount of such City Funds on hand in the
2011 ADFA Bond Fund and available for the payment of any principal and interest currently due
on an interest or principal payment date irrespective of whether the Bondholder has applied or
caused to be applied such funds on that date for such purpose. The City shall receive a credit for
all earnings and income derived from the investment of the City Funds each April 15 and
October 15 and such earnings and income shall be credited against the next six monthly
payments.
• Section 6. After making the payments into the 2011 ADFA Bond Fund
required by Section 5 hereof, into the 2010 ADFA Bond Fund and into the bond funds for any
Additional Parity Bonds, there shall be paid from the Revenue Fund the Financing Fee to the
Authority. The Financing Fee shall be payable on each date interest on the Series 2011 Bond is
due and shall be calculated on the same basis as interest on the Series 2011 Bond. The payment
of the Financing Fee is expressly made subordinate to the payment of the principal of and
interest on the Series 2011 Bond, the Series 2010 Bond and any Additional Parity Bonds.
Section 7. The City shall assure that (i) not in excess of 10% of the proceeds
of the Series 2011 Bond is used for Private Business Use if, in addition, the payment of more
than 10% of the principal or 10% of the interest due on the Series 2011 Bond during the term
thereof is, under the terms of the Series 2011 Bond or any underlying arrangement, directly or
indirectly secured by any interest in property used or to be used for a Private Business Use or in
payments in respect of property used or to be used for a Private Business Use or is to be derived
from payments, whether or not to the City, in respect of property or borrowed moneys used or to
be used for a Private Business Use; and (ii) that, in the event that both (A) in excess of 5% of the
proceeds of the Series 2011 Bond are used for a Private Business Use, and (B) an amount in
excess of 5% of the principal or 5% of the interest due on the Series 2011 Bond during the term
thereof is, under the terms of the Series 2011 Bond or any underlying arrangement, directly or
indirectly, secured by any interest in property used or to be used for a Private Business Use or in
payments in respect of property used or to be used for a Private Business Use or is to be derived
from payments, whether or not to the City, in respect of property or borrowed money used or to
• be used for a Private Business Use, then the excess over said 5% of proceeds of the Series 2011
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• Bond used for a Private Business Use shall be used for a Private Business Use related to the
governmental use of the Improvements.
The City shall assure that not in excess of 5% of the proceeds of the Series 2011
Bond are used, directly or indirectly, to make or finance a loan to persons other than state or
local governmental units.
As used in this Section, "Private Business Use" means use directly or indirectly in
a trade or business carried on by a natural person or in any activity carried on by a person other
than a natural person, excluding, however, use by a state or local governmental unit and use as a
member of the general public.
Section 8. The principal and interest installments shall be prepayable prior to
maturity as provided in the bond form in Section 4 hereof.
Section 9. It is covenanted by the City with the Bondholder and the
Commission that it will faithfully and punctually perform all duties with reference to the Tax
required by the Constitution and laws of the State and by this Ordinance, including, without
limitation, the collection of the Tax and applying the Pledged Revenues to the respective funds
maintained pursuant to this Ordinance.
If there be any default in the payment of the principal of or interest on the Series
• 2011 Bond, or if the City defaults in any 2011 ADFA Bond Fund requirement or in the
performance of any of the other covenants contained in this Ordinance, the Bondholder may, by
proper suit, compel the performance of the duties of the officials of the City under the laws of the
State. No remedy herein conferred upon or reserved to the Bondholder is intended to be
exclusive of any other remedy or remedies herein provided or provided by law, and every such
remedy shall be cumulative and shall be in addition to every other remedy given hereunder or
given by law. No delay or omission of the Bondholder 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
default or an acquiescence therein; and every power and remedy given by this Ordinance to the
Bondholder may be exercised from time to time and as often as may be deemed expedient.
No waiver of any default shall extend to or affect any other existing or any
subsequent default or defaults or impair any rights or remedies consequent thereon. Any costs of
enforcement of the bonds or of any provision of this Ordinance, including reasonable attorney's
fees, shall be paid by the City. The Authority may enforce all rights and exercise all remedies
available to the Bondholder in the event the Financing Fee is not paid when due.
Section 10. When the Series 2011 Bond has been executed and sealed as
herein provided, it shall be delivered to the Bondholder upon payment of all or a portion of the
purchase price in accordance with the Agreement.
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• The sale proceeds shall be deposited, as and when received, into a special fund of
the City in a bank selected by the City that is a member of FDIC which is hereby created and
designated "2011 Sales and Use Tax Bond Sewer Construction Fund" (the "Construction Fund").
The moneys in the Construction Fund shall be used for paying the costs, or reimbursing the City
for the costs paid, in accomplishing the Improvements, expenses incidental thereto and the
expenses of issuing the Series 2011 Bond approved in accordance with the Agreement.
Payments from the Construction Fund shall be by check or voucher signed by the two persons
designated by the City Council, and drawn on the depository. Each such check or voucher shall
briefly specify the purpose of the expenditure.
Section 11. (a) Moneys held for the credit of all funds created by this
Ordinance shall, as nearly as may be practicable, be continuously invested and reinvested in
direct obligations of, or obligations the principal of and interest on which are fully guaranteed
by, the United States Government ("Government Obligations"), or other investments as may be
from time to time authorized by law, which mature or which shall be subject to redemption by
the holder, at the option of such holder, not later than the date or dates when the moneys will be
needed for the purposes intended.
(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 investment shall be credited to such fund, and any loss resulting from
such investment shall be charged to such fund.
• (c) Moneys so invested in Government Obligations need not be secured by
the depository bank.
Section 12. The terms of this Ordinance shall constitute a contract between the
City, the Bondholder and the Commission and no variation or change in the undertaking herein
set forth shall be made while the Series 2011 Bond is outstanding unless consented to in writing
by the Bondholder and the Commission.
Section 13. The provisions of this Ordinance are hereby declared to be
severable, and if any provision shall for any reason be held illegal or invalid, it shall not affect
the validity of the remainder of this Ordinance.
Section 14. Reference in this Ordinance to 'Bondholder" shall include the
original Bondholder or any registered assign thereof.
Section 15. All ordinances and resolutions and parts thereof in conflict
herewith are hereby repealed to the extent of such conflict.
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C PASSED: June 28, 2011
APPROVED:
ATTEST:
City Clerk
(SEAL)
�r
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• CERTIFICATE
The undersigned, City Clerk of Batesville, Arkansas, hereby certifies that the
foregoing pages are a true and perfect copy of Ordinance Noo�Q/ , passed at a regular
session of the City Council, held at the regular meeting place of the City Council at 5:30 o'clock
p.m., on the 28th day of June, 2011, and that the Ordinance is of record in Ordinance Record
Book No. F ,Page '� 9 , now in my possession.
GIVEN under my hand and seal this 28th day of June, 2011.
City Clerk
(SEAL)
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BOND PURCHASE AGREEMENT
City of Batesville, Arkansas June 28, 2011
Attention: Mayor
Ladies and Gentlemen:
Certain terms used in this Bond Purchase Agreement are defined as follows:
Issuer: City of Batesville, Arkansas
Principal Amount: $20,000,000
Interest Rate: 1.50%
Financing Fee: 1% per annum of the outstanding principal amount of the Bond (see Exhibit
A)
Bond: City of Batesville, Arkansas Sales and Use Tax Bond, Series 2011
Bond Counsel: Friday, Eldredge & Clark, LLP
Bond Ordinance: Ordinance No. 2009-12-1 of the Issuer, adopted December 22, 2009 and
Ordinance No11-0�b'?Ahe Issuer, adopted June 28, 2011, under which the
Bond is to be issued and secured.
Tax Ordinance: Ordinance No. 2009-1-1 of the Issuer, adopted January 13, 2009 levying the
Tax.
Tax: The sales and use tax levied by the Issuer at the rate of 1% for the payment
of the Bond.
Issuer's Notice City of Batesville, Arkansas
Address: 500 E. Main Street
Batesville, Arkansas 72501
Attn: Mayor
Closing: 10:00 a.m., prevailing local time, on August 9, 2011, or at such other time or
on such earlier or later date as is mutually agreed upon, at the offices of
Bond Counsel in Little Rock, Arkansas.
Authorizing Title 14, Chapter 164, Subchapter 3 of the Arkansas Code of 1987
Legislation: Annotated
Disbursement April 15, 2014
Cut-Off Date:
• The Arkansas Natural Resources Commission (the "Commission") and the Arkansas
Development Finance Authority (the "Authority") hereby offer to enter into this Bond Purchase
Agreement (the "Agreement") with you, the Issuer, for the purchase by the Authority from moneys
in the Construction Assistance Revolving Loan Fund, created by Arkansas Code of 1987 Annotated
§ 15-5-901, as the same may be amended from time to time (the "Revolving Loan Fund"), and the
sale by you of the Bond of the Issuer more particularly described below. Upon approval by you
and by the execution of the acceptance hereof by the Mayor of the Issuer, this Agreement shall be
in full force and effect in accordance with its terms and shall be valid, binding, and enforceable
upon the Issuer,the Commission, and the Authority.
Further terms of this Agreement are:
1. Upon the terms and conditions and upon the basis of the representations
herein set forth, the Authority hereby agrees to purchase from the Issuer and the Issuer hereby
agrees to sell to the Authority the entire Principal Amount of the Bond to be issued under and
secured by the Bond Ordinance.
2. The Bond is being issued for the purpose of financing a portion of the costs
of the planning, design, construction and/or rehabilitation of the wastewater treatment and/or
wastewater collection facilities of the Issuer's water and sewer system described in the facilities
plan furnished by the Issuer to and concurred with by the Commission (the "Project"), paying costs
incidental thereto and paying approved expenses incurred in connection with the issuance of the
• Bond as set forth in Exhibit B.
3. The Bond and the Financing Fee shall be secured by a pledge of and payable
from Tax collections, subject to the terms of the Bond Ordinance. The pledge in favor of the Bond
is on a parity with the pledge in favor of the City's Sales and Use Tax Bond, Series 2010 (the
"Series 2010 Bond"). The Issuer may issue up to $23,700,000 of additional bonds secured by
collections of the Tax, which bonds will rank on a parity of security with the Bond and the Series
2010 Bond("Additional Parity Bonds").
4. The Bond shall be dated the date of the Closing. The Bond shall be
authorized in an amount up to the Principal Amount identified above, and shall bear interest at the
Interest Rate identified above. Principal and interest shall be amortized in accordance with the
schedule set forth on Exhibit A attached hereto (which is based upon semiannual repayment of
principal and interest commencing six months following the Disbursement Cut-Off Date and a
twenty-year amortization), and the Issuer shall pay to the Authority on the first business day of
each month, commencing six months prior to the first principal payment date set forth on Exhibit
A, an amount equal to 1/6 of the next installment of interest and principal due on the Bond, and the
Issuer shall pay to the Authority interest on the Bond on each April 15 and October 15 to and
including the Disbursement Cut-Off Date. In addition to the payment of the principal and interest
on the Bond,the Issuer shall be obligated to pay the Financing Fee to the Authority. The Financing
Fee shall be payable in the same manner and on the same dates as interest on the Bond is due. The
payment of the Financing Fee is expressly made subordinate to the payment of the principal of and
. interest on the Bond, the Series 2010 Bond and any Additional Parity Bonds. The Issuer agrees
that any delay in completion of the Project beyond the Disbursement Cut-Off Date shall not result
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Lin any extension of the date on which principal and interest payments are to be made on the Bond.
The Bond shall be subject to redemption prior to maturity, shall be payable, and shall be as
otherwise described in the Bond Ordinance. Interest on the Bond shall not be excludable from
gross income for federal income tax purposes.
5. The Issuer recognizes that in the event the costs of the Project exceed the
amount of the Bond, the Series 2010 Bond, the Additional Parity Bonds and the City's Water and
Sewer Revenue Bond, Series 2010, the Authority and the Commission shall be under no obligation
to provide any additional funds to the Issuer. If, for any reason, the Issuer does not utilize the entire
Bond proceeds, then in such event the Principal Amount of the Bond will be reduced to the amount
actually withdrawn. Any reduction of the Bond pursuant to this provision shall result in pro rata
reductions of the remaining installments of principal so that the weighted average life of the Bond
immediately following any such reduction shall be substantially equal to the weighted average life
of the Bond immediately prior to such reduction. The Authority agrees to accept, or cause the
registered owner of the Bond to accept, a new Bond from the Issuer reflecting the revised payment
schedule.
6. Subject to the terms and conditions and upon the basis of the representations
herein set forth, the Authority hereby agrees to purchase the Bond from the Issuer in installments
from time to time from moneys in the Revolving Loan Fund in an amount up to the Principal
Amount, and the Issuer hereby agrees to sell the Bond to the Authority at a price of 100 percent of
the Principal Amount of the Bond purchased from time to time. The purchase price for the Bond
shall be paid in a series of advances in accordance with the provisions of paragraph 7. The initial
Ladvance of the purchase price shall take place at the Closing. At the Closing, the Issuer will
deliver, or cause to be delivered, to the Authority a single typewritten bond, duly executed and
authenticated, together with the other documents herein required, and the Authority will accept
delivery and make the initial advance of the purchase price of the Bond by wire transfer of
immediately available funds or by certified or official bank cashier's check as directed by the
Issuer. If the Closing and the initial advance do not occur within 180 days from the date hereof,
then the Authority's obligation to purchase the Bond is terminated.
7. So long as the Issuer is in compliance with the terms and provisions of this
Agreement and the Bond Ordinance and the representations and warranties of the Issuer made
herein remain true and correct, the Authority agrees to make, and the Commission agrees to
approve advances of the purchase price of the Bond ("Disbursements") from moneys in the
Revolving Loan Fund as follows:
(a) Disbursements shall only be made based upon actual work
completed;
(b) The Issuer may request reimbursement for costs not more often
than monthly, provided, however, during the Project performance period requests
for reimbursement shall be limited to quarterly;
3
(c) Disbursements shall be for costs incurred prior to the
Disbursement Cut-Off Date, and no Disbursements shall be made following the
Disbursement Cut-Off Date;
(d) Disbursements shall be made for eligible work called for in the
engineering services contract and in the plans and specifications approved by the
Commission and Bond issuance costs eligible under Title XVI of the Rules of the
Commission, as now or hereafter amended ("Title XVI"); and
(e) All requests for Disbursements must be made in accordance with
Title XVI and shall be made by forwarding a completed copy of a Disbursement
Request, in the form attached as Exhibit C hereto, to the Commission's Water
Resources Development Division, along with the documentation for eligible
Project Costs incurred since the last Disbursement Request and not previously
submitted.
8. The parties hereto acknowledge that the Authority intends to pledge the
Bond to secure payment of the Authority's wastewater system revolving loan fund revenue bonds
(the "ADFA Bonds"). The Authority agrees not to make any other transfer or attempt to transfer
the Bond without the prior written consent of the Commission and without written disclosure to the
transferee that the interest on the Bond is includable in gross income for federal income tax
purposes. Upon transfer of the Bond, the Authority and the Commission may assign their rights
hereunder to the new owner of the Bond without consent of the Issuer.
9. The Issuer represents and warrants to, and agrees with, the Authority and the
Commission that:
(a) The Issuer is a city of the first class, duly organized and existing
under the laws of the State of Arkansas, and has, and at the date of Closing will
have, full legal right, power, and authority (i) to enter into this Agreement, (ii) to
adopt the Bond Ordinance and the Tax Ordinance, (iii) to issue, sell and deliver
the Bond to the Authority as provided herein, (iv) to levy the Tax and pledge the
Tax collections, and (v) to carry out and consummate the transactions
contemplated by this Agreement and the Bond Ordinance;
(b) The Issuer has complied, and will at the date of Closing be in
compliance, in all respects, with the Authorizing Legislation;
(c) By adoption of the Bond Ordinance pursuant to the Authorizing
Legislation, the Issuer has duly authorized and approved the execution and
delivery of, and the performance by the Issuer of the obligations contained in, the
Bond and this Agreement and, when delivered to and paid for by the Authority at
the Closing in accordance with the provisions of this Agreement, the Bond will
have been duly authorized, executed, issued, and delivered and will constitute a
valid and binding obligation of the Issuer in accordance with its terms, in
4
conformity with the Authorizing Legislation, entitled to the benefit and security of
the Bond Ordinance;
(d) The execution and delivery of this Agreement and the Bond, the
adoption of the Bond Ordinance and the Tax Ordinance, the levy of the Tax, the
pledge of the Tax collections to the Bond (and to the Financing Fee), and the
carrying out and consummation of the transactions contemplated by this
Agreement and the Bond Ordinance will not conflict with or constitute a breach of
or default under any applicable law or administrative regulation of the State of
Arkansas or the United States or any judgment or decree or any agreement or other
instrument to which the Issuer is a party or is otherwise subject;
(e) There is no action, suit, proceeding or investigation involving the
Issuer before or by any court, public board or body pending or, to the knowledge
of the Issuer, threatened wherein an unfavorable decision, ruling or finding would:
(i) affect the creation, organization, existence or powers of the Issuer or the titles
of its officials to their offices, (ii) enjoin or restrain the issuance, sale and delivery
of the Bond, the levy of the Tax, or the pledge of Tax collections, (iii) in any way
question or affect any of the rights, powers, duties or obligations of the Issuer with
respect to the Tax collections, (iv) in any way question or affect any authority for
the issuance of the Bond or the validity or enforceability of the Bond, the Bond
Ordinance or the Tax Ordinance, or (v) in any way question or affect this
Agreement or the transactions contemplated by this Agreement, or any other
agreement or instrument relating thereto to which the Issuer is a party;
(f) The Tax has been duly levied under the Authorizing Legislation,
and the Tax collections have been duly pledged to the payment of the Bond (and
the Financing Fee) under the Bond Ordinance pursuant to the authority granted by
the Authorizing Legislation; and
(g) The Issuer will promptly remit each Disbursement to the person or
persons to whom payment is then due and owing.
10. The Issuer covenants and agrees with the Commission and the Authority:
(a) To comply with all applicable Arkansas and federal statutes and
regulations, including particularly, without limitation, Title XVI;
(b) To utilize and expend the proceeds of the Bond in a timely and
expeditious manner by: (1) utilizing Bond proceeds for eligible Project Costs and
approved issuance costs, (2) proceeding expeditiously with and completing the
Project, and (3) completing all facilities recommended in the approved facilities
plan;
(c) To establish and maintain adequate financial records for the
Project in accordance with "generally accepted governmental accounting
5
standards" defined as, but not limited to, those contained in the U.S. General
Accounting Office (GAO) publication "Standards for Audit of Governmental
Organizations, Programs, Activities and Functions" (February 27, 1981), and
make these records available to the Commission, the EPA Inspector General, or
their authorized representatives;
(d) To undertake the Project on its own responsibility and release and
hold harmless the Commission and the Authority, and their officers, members,
directors and employees, from any claim arising in connection with the design,
construction or operation of the Project or any other aspect of the wastewater
facilities of the Issuer, including any matter due solely to their own negligence;
(e) To comply with all terms and conditions of any construction
contracts, architectural or engineering agreements, and other agreements
affecting the Project, the premises of the wastewater facilities of the Issuer, and
its operations and to require its construction contractor to furnish both a
performance bond and payment bond in the full amount of the construction
contract for the Project;
(f) To become familiar with and comply with all federal and state
laws pertaining to equal employment opportunities ensuring that all engineers
and contractors for the Project do not discriminate against any person on the basis
of race, color, religion, sex, age, national origin or handicap; and
(g) To maintain and operate the wastewater facilities of the Issuer in a
sound and economical manner and in accordance with standards as may be
required or prescribed by federal, state, or local regulatory agencies.
11. The Issuer covenants and agrees with the Authority as follows:
(a) For purposes of this paragraph 11, the following terms shall have
the meanings set forth below.
"Rule 15c2-12" shall mean Rule 15c2-12 adopted by the Securities and
Exchange Commission under the Securities Exchange Act of 1934, as the same
may be amended from time to time (17 C.F.R., Part 240 §240.15c2-12).
"Obligated Person" shall mean any person who is committed by contract
or other arrangement to support payments in a sum equal to ten percent (10%) or
more of the aggregate payments of the loans, including the Bond, which comprise
the Revolving Loan Fund administered by the Authority, and which are pledged
as security for ADFA Bonds, the proceeds of which fund a portion of the Bond.
(b) If, during any fiscal year of the Authority, the outstanding
obligations of the Issuer under the terms of the Bond shall cause the Issuer to be
deemed an Obligated Person, and unless in the opinion of bond counsel for the
6
ADFA Bonds an exemption from Rule 15c2-12 is then available, the Issuer shall,
upon notice from the Authority, within 120 days after the close of each fiscal year
of the Authority, furnish to the Authority (i) a copy of the latest financial
statements of the Issuer prepared in accordance with generally accepted
government accounting standards and audited by its independent auditors (or, if
not available as of such date, the latest unaudited financial statements of the Issuer
and, as soon thereafter as available, the audited financial statements) and (ii) such
financial information and operating data relating to the Issuer as agreed to by the
Issuer and the Authority.
(c) The Issuer shall provide to the Authority, within ten (10) business
days after the occurrence thereof, notice of any of the following events with
respect to the Bond:
(1) any principal or interest payment delinquency with respect
to the Bond;
(2) any non-payment related default under the Bond Ordinance,
the Bond or this Agreement, if material;
(3) any event that would cause the Bond to be a "private
activity bond" under the Internal Revenue Code of 1986, as amended;
(4) any defeasance of the Bond, in whole or in part; and
(5) any release, substitution or sale of property securing
repayment of the Bond, if material.
(d) The Issuer's obligations under this paragraph 11 shall terminate
upon the defeasance, prior redemption or payment in full of the Bond.
(e) Nothing in this paragraph 11 shall be deemed to prevent the Issuer
from disseminating any other information, or including any other information in
any notice or report made hereunder, in addition to that which is specifically
required by this paragraph 11. If the Issuer chooses to include any information in
any report or notice made hereunder in addition to that which is specifically
required by this paragraph 11, the Issuer shall have no obligation hereunder to
update such information or include it in any future report or notice.
(f) The reporting requirements set forth in this Agreement are in
addition to any financial reporting requirements set forth in the Bond Ordinance.
7
12. The Authority and the Commission have entered into this Agreement in
reliance upon the representations and agreements of the Issuer herein and the performance by the
Issuer of its obligations hereunder, both as of the date hereof and as of the date of the Closing. The
obligation of the Authority and the Commission under this Agreement are and shall be subject to
the following further conditions:
(a) At the Closing, the Bond Ordinance and the Tax Ordinance shall
be in full force and effect and shall not have been amended, modified or
supplemented after the date hereof except as may have been agreed to by the
Authority and the Commission, and the Issuer shall have duly adopted and there
shall be in full force and effect such other ordinances and resolutions as, in the
opinion of Bond Counsel and the Commission, shall be necessary in connection
with the transactions contemplated hereby.
(b) The representations and warranties of the Issuer contained herein
shall be true, complete and correct on the date hereof and on and as of the date of
the Closing, as if made on and as of the date of the Closing.
(c) At or prior to the Closing, the Commission and the Authority shall
have received the following:
(1) The Bond Ordinance and the Tax Ordinance, certified by
the Issuer under its seal as having been duly adopted and as being in full
force and effect, with only such amendments as may have been agreed to
by the Commission and the Authority;
(2) An unqualified approving opinion, dated the date of the
Closing, of Bond Counsel, in form and substance satisfactory to the
Commission and the Authority, to the effect that:
(i) the Issuer is duly created and validly
existing as a city of the first class of the State of Arkansas, with
the power to adopt the Bond Ordinance and the Tax Ordinance,
perform the agreements on its part contained in the Bond
Ordinance, and issue the Bond;
(ii) the Bond has been duly authorized and
issued by the Issuer and is a valid and binding special obligation of
the Issuer enforceable in accordance with its terms;
(iii) the Bond is secured by an irrevocable
pledge of and lien on the Tax collections as provided in the Bond
Ordinance, which pledge is valid and enforceable; and
(iv) the interest on the Bond is exempt from all
Arkansas state, county, and municipal taxes;
8
(3) A supplemental opinion, dated the date of Closing, of Bond
Counsel, in form and substance satisfactory to the Commission and the
Authority, to the effect that (i) the Bond and the Bond Ordinance conform
in both form and tenor to the provisions relating thereto summarized in the
Term Sheet for the Project and (ii) if the Bond were being purchased on a
tax-exempt basis, the Bond would not constitute a "private activity bond"
within the meaning of Section 141 of the Internal Revenue Code of 1986,
as amended, and covering such other matters as may be reasonably
requested by the Authority and the Commission;
(4) A certificate dated the date of the Closing and signed by the Mayor
and the City Clerk of the Issuer to the effect that: (i) the representations and
warranties of the Issuer contained herein are true and correct in all material respects
on and as of the date of the Closing as if made on the date of the Closing, (ii) the
Issuer has complied with all agreements and covenants and satisfied all conditions
on its part to be complied with or satisfied at or prior to the Closing, and (iii) the
collections of the Tax have not been pledged to any other interest-bearing obligation
of the Issuer, other than the Series 2010 Bond;
(5) Two counterpart originals of a transcript of all proceedings relating to
the authorization and issuance of the Bond; and
(6) Such additional legal opinions, certificates, proceedings, instruments
and other documents as the Commission, the Authority and Bond Counsel may
reasonably request to evidence compliance by the Issuer with legal requirements,
the truth and accuracy, as of the time of Closing, of the representations of the Issuer
herein contained, and the due performance or satisfaction by the Issuer at or prior to
such time of all agreements then to be performed and all conditions then to be
satisfied by the Issuer.
All of the opinions, letters, certificates, instruments and other documents mentioned
above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions
hereof if, but only if, they are in form and substance satisfactory to the Commission and the
Authority. The performance of any and all obligations of the Issuer under this Agreement and the
performance of any and all conditions contained herein for the benefit of the Authority and the
Commission may be waived by the Authority and the Commission in their sole discretion.
13. All notices, demands and formal actions hereunder will be in writing mailed,
telegraphed, or delivered to the parties at the following addresses:
The Issuer: Issuer's Notice Address
The Commission: Arkansas National Resources Commission
101 East Capitol, Suite 350
Little Rock, Arkansas 72201
Attention: Pris Houchens
9
The Authority: Arkansas Development Finance Authority
Technology Center
900 West Capitol
Little Rock, Arkansas 72201
Attention: Vice President for Finance and Administration
14. All representations, warranties and covenants of the Issuer contained herein
shall remain operative and in full force and shall survive (a) the execution and delivery of this
Agreement, (b) any investigation made by or on behalf of the Commission or the Authority, (c) the
purchase of the Bond hereunder, and (d) any disposition of or payment for the Bond.
15. Any audit or review of plans and specifications and any inspection of the
work shall be for the Commission's convenience only in order to determine that they are within the
approved scope of the Project. No such review and inspection, approvals, and disapprovals shall be
an undertaking by the Commission of responsibility for design or construction.
16. Neither the Commission nor the Authority is a partner, joint venturer, or in
any other way a party to the Project or the operation of the wastewater facilities of the Issuer.
Neither the Commission nor the Authority shall in any way be liable or responsible by reason of the
provisions hereof to the Issuer or any third party for the payment of any claims in connection
therewith.
17. The Authority agrees that it will invest the monthly payments made by the
Issuer until applied to the semiannual interest and principal payments due on the Bond, and
semiannually to credit interest accruing on such monthly payments against the next six monthly
principal and interest payments due from the Issuer and to notify the Issuer in writing of such
credit.
18. This Agreement may be executed in any number of counterparts with each
executed counterpart constituting an original but all of which together shall constitute one and the
same instrument.
19. This Agreement will inure to the benefit of and be binding upon the parties
hereto and their successors and will not confer any rights upon any other person. This Agreement
shall be governed by and construed in accordance with the laws of the State of Arkansas.
10
• ARKANSAS NATURAL RESOURCES
COMMISSION
By
Title:
ARKANSAS DEVELOPMENT FINANCE
AUTHORITY
By
Title: Vice President for
Finance and Administration
ACCEPTED this 28th day of June, 2011.
CITY OF BATESVILLE, ARKANSAS
By
11
Batesville, Arkansas EXHIBIT A
ANRC Loan#: 00647-CWRLF-L
ANRC Project#: WRD-003-620
Amortization Schedule - 20 Years - Semi-Annual Payments
as of date: Jun 22, 2011
Disbursement First Repayment Annual
Cut-off Payment Length Lending Total Semi-Annual
Date Date Years Rate Principal Payment
Apr 15, 2014 Oct 15, 2014 20 2.500% $20,000,000.00 $ 638,428.00
Semi-Annual Payment Outstanding
Payment 1.000% 1.500% Principal
Period Date Amount Servicing Fee Interest Principal Balance
$20,000,000.00
1 Oct 15, 2014 $ 638,428.00 $ 100,000.00 $ 150,000.00 $ 388,428.00 19,611,572.00
2 Apr 15, 2015 638,428.00 98,058.00 147,087.00 393,283.00 19,218,289.00
3 Oct 15, 2015 638,428.00 96,091.00 144,137.00 398,200.00 18,820,089.00
4 Apr 15, 2016 638,428.00 94,100.00 141,151.00 403,177.00 18,416,912.00
5 Oct 15, 2016 638,428.00 92,085.00 138,127.00 408,216.00 18,008,696.00
6 Apr 15, 2017 638,428.00 90,043.00 135,065.00 413,320.00 17,595,376.00
7 Oct 15, 2017 638,428.00 87,977.00 131,965.00 418,486.00 17,176,890.00
8 Apr 15, 2018 638,428.00 85,884.00 128,827.00 423,717.00 16,753,173.00
9 Oct 15, 2018 638,428.00 83,766.00 125,649.00 429,013.00 16,324,160.00
10 Apr 15, 2019 638,428.00 81,621.00 122,431.00 434,376.00 15,889,784.00
11 Oct 15, 2019 638,428.00 79,449.00 119,173.00 439,806.00 15,449,978.00
12 Apr 15, 2020 638,428.00 77,250.00 115,875.00 445,303.00 15,004,675.00
13 Oct 15, 2020 638,428.00 75,023.00 112,535.00 450,870.00 14,553,805.00
14 Apr 15, 2021 638,428.00 72,769.00 109,154.00 456,505.00 14,097,300.00
15 Oct 15, 2021 638,428.00 70,487.00 105,730.00 462,211.00 13,635,089.00
16 Apr 15, 2022 638,428.00 68,175.00 102,263.00 467,990.00 13,167,099.00
17 Oct 15, 2022 638,428.00 65,835.00 98,753.00 473,840.00 12,693,259.00
18 Apr 15, 2023 638,428.00 63,466.00 95,199.00 479,763.00 12,213,496.00
19 Oct 15, 2023 638,428.00 61,067.00 91,601.00 485,760.00 11,727,736.00
20 Apr 15, 2024 638,428.00 58,639.00 87,958.00 491,831.00 11,235,905.00
21 Oct 15, 2024 638,428.00 56,180.00 84,269.00 497,979.00 10,737,926.00
22 Apr 15, 2025 638,428.00 53,690.00 80,534.00 504,204.00 10,233,722.00
23 Oct 15, 2025 638,428.00 51,169.00 76,753.00 510,506.00 9,723,216.00
24 Apr 15, 2026 638,428.00 48,616.00 72,924.00 516,888.00 9,206,328.00
25 Oct 15, 2026 638,428.00 46,032.00 69,047.00 523,349.00 8,682,979.00
26 Apr 15, 2027 638,428.00 43,415.00 65,122.00 529,891.00 8,153,088.00
27 Oct 15, 2027 638,428.00 40,765.00 61,148.00 536,515.00 7,616,573.00
28 Apr 15, 2028 638,428.00 38,083.00 57,124.00 543,221.00 7,073,352.00
29 Oct 15, 2028 638,428.00 35,367.00 53,050.00 550,011.00 6,523,341.00
30 Apr 15, 2029 638,428.00 32,617.00 48,925.00 556,886.00 5,966,455.00
31 Oct 15, 2029 638,428.00 29,832.00 44,748.00 563,848.00 5,402,607.00
32 Apr 15, 2030 638,428.00 27,013.00 40,520.00 570,895.00 4,831,712.00
33 Oct 15, 2030 638,428.00 24,159.00 36,238.00 578,031.00 4,253,681.00
34 Apr 15, 2031 638,428.00 21,268.00 31,903.00 585,257.00 3,668,424.00
35 Oct 15, 2031 638,428.00 18,342.00 27,513.00 592,573.00 3,075,851.00
36 Apr 15, 2032 638,428.00 15,379.00 23,069.00 599,980.00 2,475,871.00
37 Oct 15, 2032 638,428.00 12,379.00 18,569.00 607,480.00 1,868,391.00
38 Apr 15, 2033 638,428.00 1 9,342.00 14,013.00 615,073.00 1,253,318.00
39 Oct 15, 2033 638,428.00 1 6,267.00 1 9,400.00 622,761.00 630,557.00
40 Apr 15, 2034 638,439.00 1 3,153.00 4,729.00 630,557.00
TOTALS $25,537,131.00 $ 2,214,853.00 $ 3,322,278.00 $20,000,000.00
• EXHIBIT B
USES OF FUNDS
Item Costs
Local Loan Expenses $ 20,000
Planning and Design 773,000
Construction and Contingency 17,314,000
PRINCIPAL AMOUNT $20,000,000
EXHIBIT C RLF-76
DISBURSEMENT REQUEST (R-12i09)
Arkansas Natural Resources Commission
Revolving Loan Fund
Project Name: Request Number:
F. ,.ct Number: Loan Number: Percent Complete:
Employer Identification No.:
Cost Classification Costs Incurred RLF Eligible Previous RLF RLF Payment Due
to Date Amount Disbursements this Request
a. Land Acquisition
Administration
b. Costs(Land)
Construction-
c. Tank
Construction-
d. Pump Station(s)
Construction-
e. Rehabilitation Work
A/E Basic Fees
f. Bid Phase ('see below)
A/E Basic Fees
g. Const.Phase
h. Inspection Phase
i. Start-Up Services
Project Performance
j. Fees
k. 08M Manual
I. Material Testing
Project Performance
m. Testing
n. Equipment
Allowance
o. (Planning/Design)
p. ADFA Fee
q. Legal Fees
r. Issuance Costs
S.
`reimbursement to City
TOTAL
Signature of Authorized Certifying Official Date Report Submitted
I certify that to the best of my Requested&
knowledge,that this Approved Typed or Printed Name and Title Telephone Number
disbursement request accurately Bv
reflects the total RLF amount due Signature of Engineering Consultant Date Signed
to date and that all costs Prepared&
requested are in accordance with Approved Typed or Printed Name and Title Telephone Number
the terms of the bond purchase By
agreement and RLF regulations. Signature of RLF Official Date Signed
I further certify that all work has Approved for
been inspected and performed in Payment Typed or Printed Name and Title Telephone Number
acri-irdance with RLF program gv
r iments. Signature of Project Engineer Date Signed
Typed of Printed Name and Title Telephone Number
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