HomeMy WebLinkAbout2003-10-02 . r
• r►
• ORDINANCE NOAG09 lo_C;?
BE IT ENACTED BY THE CITY COUNCIL OF BATESVILLE, STATE OF
ARKANSAS,AN ORDINANCE TO BE ENTITLED:
AN ORDINANCE AUTHORIZING THE FINANCING OF CERTAIN
EQUIPMENT TO BE USED BY THE CITY OF BATESVILLE,
AUTHORIZING THE EXECUTION AND DELIVERY OF A PROMISSORY
NOTE BETWEEN BATESVILLE, ARKANSAS AND WHITE RIVER
PLANNING AND DEVELOPMENT DISTRICT, INC., AUTHORIZING AND
PRESCRIBING OTHER MATTERS RELATING TO THE EQUIPMENT AND
THE PURCHASE THEREOF.
WHEREAS, there has been presented to the City Council of Batesville, Arkansas,
the proposal of a Loan Agreement (Promissory Note) between the City of Batesville,
Arkansas (the "City") and White River Planning and Development District, Inc. , under
Chapter 22 of Title 14 of the Arkansas Code of 1987 Annotated and the recently enacted
Amendment One on the year 2000 ballot (the "Acts"), for the purpose of purchasing fire
equipment and providing for other matters pertaining thereto.
• NOW, THEREFORE, IT IS HEREBY ORDAINED by the City Council of
Batesville,Arkansas:
Article 1. The execution and delivery of the Promissory Note, providing for an
obligation in the principal amount not to exceed $22,500 for a term of one (1) year,
secured by a pledge of the City's general revenues is hereby authorized.
Article 2. The Mayor is hereby authorized and directed to negotiate the terms of
the Promissory Note in compliance with the terms approved herein, and to execute and
acknowledge such Promissory Note. Execution shall constitute conclusive evidence of
approval.
Article 3. The Mayor, City Clerk, for and on behalf of the City, are authorized
and directed, all in accordance with the powers of their respective offices, to do any and
all things necessary to effect the execution and delivery of the Promissory Note, the
performance of all obligations of the City thereunder, and the performance of all acts of
whatever nature necessary to effect and carry out the authority conferred hereby. The
Mayor and City Clerk are further authorized to execute all papers, documents, certificates
and other instruments that may be required for the carrying out of such authority or to
evidence the exercise thereof.
Article 4. The City hereby designates the Promissory Note as a "qualified tax-
exempt obligation" within the meaning of Section 265(6) of the Internal Revenue Code
of 1986, as amended. It is reasonably expected that all obligations issued by the City
C� 4
during the current calendar year, the interest on which is exempt from federal income tax,
will not exceed $10,000,000 in principal amount (excluding "private activity bonds"
within the meaning of Section 265).
Article 5. A copy of the Promissory Note shall remain on file in the Office of the
City Clerk, where it shall be available for inspection by any person.
Article 6. The provisions of this ordinance are declared to be severable. In the
event any section, provision or part thereof shall be held to be invalid, such invalidity
shall not affect the validity of the remainder of this ordinance.
Be it ordained this/S day of 0444e,2003.
Joe Biard, ayor
ATTEST:
Denise Johnston, Clerk/Treas er
•LOAN AMORTIZATION SCRRDOLR •
WHITE-RIVER PDD
Loa 22500.00 Date:10 09 2003
Page: 1
Int rate 3.381
Months 12 Pays per Yr 1
Pay Due Date Balance In Increase Payment Principal Paid Int Acer Int
--- -------- --------- ----------- ------- --------- ------- ----------
001 10/09/04 22,500.00 0.00 23,259.38 22,500.00 759.38 0.00
Subtotals for year 0.00 23,259.38 22,500.00 759.38 0.00
Loan totals....... 0.00 23,259.38 22,500.00 759.38 0.00
•