HomeMy WebLinkAbout2003-11-04 • ORDINANCE NO.O�W3 I 7
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
heating and cooling equipment for City Hall 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 $130,000 for a term of five (5) years,
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(b) of the Internal Revenue Code
ti
• of 1986, as amended. It is reasonably expected that all obligations issued by the City
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 resolution 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 resolution.
EMERGENCY CLAUSE: As the awarding of the contract is behind schedule to change
the heating and cooling in the City Municipal Building, an emergency is hereby declared
to exist and this ordinance shall be in full force and effect from and after its passage.
Be it ordained this eday of:D�,ALtL 2003.
02• --
Joe Biard, Mayor
ATTEST: ZOJ/n
Denise Johnson, Clerk/Treaser
LOAN AMORTIZATION SCHEDULE {�
WHITR RIVER PDD
Date:11-19-2003
L•mt 15500.0 Page: 1
Int rate � '500, �
# Months 60 Pays per Yr 1
Pay Due Date Balance In Increase Payment Principal Paid Int Accr Int
--- -------- --------- ----------- ....... --------- ------- ----------
001 11/19/04 155,000.00 0.00 35,801.14 28,051.14 7,750.00 0.00
Subtotals for year 0.00 35,801.14 28,051.14 7,750.00 0.00
002 11/19/05 126,948.86 0.00 35,801.14 29,453.70 6,347.44 0.00
Subtotals for year 0.00 35,801.14 29,453.70 6,347.44 0.00
003 11/19/06 97,495.16 0.00 35,801.14 30,926.38 4,874.76 0.00
Subtotals for year 0.00 35,801.14 30,926.38 4,874.76 0.00
004 11/19/07 66,568.78 0.00 35,801.14 32,472.70 3,328.44 0.00
Subtotals for year 0.00 35,801.14 32,472.70 3,328.44 0.00
005 11/19/08 34,096.08 0.00 35,800.88 34,096.08 1,704.80 0.00
Subtotals for year 0.00 35,800.88 34,096.08 1,704.80 0.00
Loan totals....... 0.00 179,005.44 155,000.00 24,005.44 0.00