1585ORDINANCE NO. 1585(#07-2018)
AN ORDINANCE AMENDING ORDINANCE NO: 158.3 (#05-2018)
AUTHORIZING THE ISSUANCE AND SALE OF FOURTEEN MILLION TWO
HUNDRED EIGHTY-.SEVE.N THOUSAND TWO HUNDRED SIXTY-THREE AND
94/100 DOLLARS ($14,287,263.94) OF A WATER CAPITAL IMPROVEMENT
REVENUE REFUNDING BOND, SERIES 2018, BY THE CITY OF
JACKSONVILLE, ARKANSAS; PRESCRIBING OTHER MINTERS RELATING
THERETO; AND, DECLARING AN. EMERGENCY.
WHEREAS, pursuant to the provisions of Ordinance No. 1583 (#05--20.18) of the
City of Jacksonville, Arkansas (the "'City"}; adopted and approved on March 15, 2018,
the City previously issued. its Water Capital Improvement Revenue Refunding Bond;
Series. 2018, in the aggregate principal amount of Fourteen Million Two Hundred Eighty=
seven Thousand Two Hundred Sixty-three and 9.4/100 Dollars ($1.4,287,253.94) (the -
"Series 2018 Bond
WHEREAS, subsequent to the adoption of Ordinance. N.o. 1583%(#05-2018) an
error in the calculation of the. One Percent (I%) Servicing Fee. was discovered that
requires a correction. in the: Servicing Fee: column of the Payment Schedule in. the
Ordinance;
WHEREAS, the Arkansas. Development Finance Authority, as servicer with
respect to the Series 2018 Bond (the "authority"), and the Arkansas Natural Resources
Commission (the ''Cornrnisslon'") have agreed. to accept a Corrected Payment Schedule
for purposes of the Series 20.18 Bond; and,
WHEREAS, this Ordinance is presented for the sole purposes of correcting the
One Percent (1°!ti.} Servicing. Fee. Schedule only.
No W, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OFJACKSONVILLE,. ARAANSA5 THAT -
SECTION ONE: Ordinance No. 1583 (#05-2018`) is hereby amended
for the sole purpose of correcting the One Percent (10Ia). Servicing Fee Payment.
Schedule as it originally appears on Page 3 of Ordinance: No. 1583 .(#05-2018).
SECTION TWO. The City hereby authorizes the substitution of the
Corrected Payment Schedule in the City's Water Capital Improvement Revenue
Refunding Bond, Series 2018, as follows:
00:0076,
ORDINANCE NO. 1585(#07-2018)
Page Two
1.000°/0 I
Servicing Fee
mm$71,435.06.��_._..
67,698-00
63,931.00
_.� X0,136.0.0-----__-
µ56,313.00 .......
52;461.00
..._. 48,580.Op
--- -441670.00--------
__...40,731.00
36,:762:00
321753.00 — -
28;735:.44 �..
24,676.06
mw 20,587.00
16;457.00
12,316:0.0
8;134.00
3,920.00 _
SECTION THREE. Except as set forth herein, all other terms and.
obligations of Ordinance No. 1583 {#05-20`18). shall remain the same as set fortis
therein.
SECTION FOUR: it is necessary to accurately state the terms and
obligation of the City and correct an error in the One Percent (1%). Servicing Fee
Payment Schedule. It. `is, therefore, declared that an emergency exists and this:
Ordinance, being necessary for the immediate preservation of the public peace, health
and safety, shad take.effect 8nd be.in force from and after- its passage.
ORDINANCE NO 15S5.(#07-2018)
Page Three
APPROVED AND ADOPTED THIS 19TH DA Y.CE APIRIt., 2018
Susa►7 Da vitt;
ty ClerklTreasurer
H0 r 7
000
ORDINANCE NO 1585 (#07-2018)
Page Four
CERTIFICATE
The Undersigned, City Clerk/Treasurer of the City of Jacksonville, Arkansas .(the
"City"), hereby certifies that the foregoing pages are a true and perfect copy of
Ordinance No. 15.85 (x#07-201.8), adopted at: a regular session of the City Council, held
at the regular meeting place of the City Council. at 7:00P.m., on the 19th day of April,
20 18. and that the. Ordinance is of record .and.now in my. possessio.n
Given under my hand and seal. on this OtA day of April., 2018.
Susan DNvitt, City ClerkjTreasurer