HomeMy WebLinkAbout2009-01-05 ® ORDINANCE NO. O V' S
AN ORDINANCE TO INCUR SHORT-TERM FINANCING FOR THE
CONSTRUCTION OF CITY OF BATESVILLE FIRE STATION #3 LOCATED AT 590
WHITE DRIVE, BATESVILLE, ARKANSAS DECLARING AN EMERGENCY AND
FOR OTHER PURPOSES
WHEREAS, the City of Batesville is in need of short term financing for the construction
of its new Fire Station#3 located on White Drive in Batesville, Arkansas.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF BATESVILLE,
ARKANSAS:
Section 1. That the City of Batesville is allowed to incur short-term financing
pursuant to Amendment 78 of the Constitution of The State of Arkansas.
Section 2. That the City of Batesville is hereby authorized to incur short-term
financing with The Citizens Bank of Batesville in the amount of One
Million and Eighty Five Thousand Dollars ($1,08000.00) at an interest
• rate of 2.96% for a term of Three (3) years.
Section 3. That the Mayor and City Clerk are hereby authorized to execute any and
all documents necessary to secure said short-term financing
Section 4. EMERGENCY CLAUSE: It is further found that due to the immediate
need to incur short-term financing for the above mentioned construction an
emergency is declared to exist and this ordinance being necessary for the
preservation of the public peace, health and safety shall take effect from
and after its passage and approval.
PASSED AND APPROVED this ?--) day of , 2009.
Honorable Rick Elumbaugh, Mayor
ATTEST:
® Denise M. Johnston,
City Clerk