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1008 I~, O~DINA~CE ~O. 1008 (#21-93) A~ O~DI~A~C~ AL--O~IZI~G T-~ ISSUA\C~ A~D SA_~ 0: ~OT -0 ~XC~~D $2.1200.1000 OF WATER REVENUE REFUNDING BONDS BY THE CITY 0: JAC(SO~VILL:J A~KANSASJ :O~ T~: )U~)OSE 0: R:FUNDI ~G C:~TAI ~ OUTSTANDING WATER. REVENUE BONDS OF THE CITY; AUTHORIZING THE EX~CUTION AND DE_IVERY 0: A T~UST I ~DE~--U~E )U~SUA~T TO WHIC- THE REFUNDING BONDS WILL BE ISSUED AND SECURED; AUTHORIZING THE EXECUTION AND DELIVERY OF AN OFFICIAL STATEMENT; AUTHORIZING TFE :XECUTIO-~ AND DELIVE~Y OF A BOND JURC-- AS: AGR:-:M:~~- PROVIDING FOR THE SALE OF THE REFUNDING BONDS; AUTHORIZING THE ::X::CUTIO' A~D D:_IV:~Y 0: A L:TT:~ 0: ~:PR:S:~TATIO~; AUT iOR I Z I ~G Tr E :XECUT I ON AND DEL I V :RY OF AN ESCROW D: )OS I T AG~~~v:~T J~OVIDI~G :O~ --: )AY~:~T 0: T-~ OUTS-A~DI~G BO~DS TO B: R~FUNDED; PR:SC~IBING OTr:~ ~ATT:~S ~:_ATI ~G T1:~:TO; A~DJ D~C_A~I~G A~ :~~~G:~CY. ------~----~--~-------------~--~-~~--~----~~-----~------------ -~-------------~~-------~-----~~~----------~--~--------~-~~-~- WHEREASJ THE CITY OF JACKSONVILLEJ ARKANSAS (THE HCITyH)J A CITY OF THE FIRST CLASSJ PRESENTLY OWNS A WATER STORAGEJ TREATMENT AND DISTRIBUTION SYSTEM (THE HSYSTEM") SERVING THE RESIDENTS OF THE CITYJ WHICH SYSTEM IS OPERATED AND MAINTAINED BY THE CITY'S WATER COMMISSION (THE HWATER COMMISSIONH) PURSUANT TO ARKANSAS CODE ANNOTATED SECTIONS 14-234-301 TO 310 (1987 & SUPPa 1991); WHEREASJ THE CITY HAS OUTSTANDING AN ISSUE OF WATER REVENUE ~EFUND I NG AND CONSTRUCT I ON BONDSJ SER I ES 1988.1 I SSUED I N THE ORIGINAL PRINCIPAL AMOUNT OF $2J245JOOOJ OF WHICH $lJg45~OOO IN PRINCIPAL AMOUNT CURRENTLY REMAINS OUTSTANDING (THE 'SERIES 1988 BONDS /I ) .1 I SSUED UNDER AND SECURED BY THE PROV I S IONS OF ORDINANCE No. 894 OF THE CITYJ ADOPTED AND APPROVED ON NOVEMBER 17.1 1988; W-:~:ASJ THE SERIES 1988 BONDS ARE SECURED BY A PLEDGE OF THE RECEIPTS AND REVENUES OF THE SYSTEM AND WERE ISSUED FOR THE PURPOSE OF F I NANC I NG THE COST OF EXTENS IONS .1 BETTERMENTS AND I MPROVEMENTS TO THE SYSTEM AND FOR THE PURPOSE OF REFUND I NG CERTAIN WATER AND SEWER REVENUE BONDS OF THE CITYJ ALL PURSUANT TO THE CONSTITUTION OF THE STATE OF ARKANSAS AND ARKANSAS CODE ANNOTATED SECTIONS 14-234-201 TO 218 AND SECTIONS 14-164-401 TO 418 (1987); W~EREASJ THE CITY IS AUTHORIZED UNDER THE PROVISIONS OF ARKANSAS CODE ANNOTATED SECTIONS 14-164-401 TO 418 AND SECTIONS ~4-231-101 TO 116 (1987 & SUPPa 1991) (COLLECTIVELYJ THE HACTH) TO ISSUE AND SELL REVENUE BONDS FOR THE PURPOSE OF REFUNDING THE SERIES 1988 BONDS; W_-,ER~ASJ TO SECURE FUNDS NECESSARY TO REFUND THE SER I ES 1988 BONDSJ TO FUND A DEBT SERVICE RESERVE AND TO PAY PRINTINGJ LEGALJ UNDERWRITING AND OTHER EXPENSES INCIDENTAL TO THE ISSUANCE OF WATER REVENUE BONDS FOR SUCH PURPOSESJ THE CITY HAS DETERMINED TO ISSUE ITS WATER ~EVENUE ~EFUNDING BONDSJ SERIES 1993.1 IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $2.1200.1000 (THE "SERIES 1993 BONDSH); W~:R:ASJ THE CITY HAS DETERMINED TO ISSUE THE SERIES 1993 BONDS PURSUANT TO A TRUST INDENTURE (THE HTRUST INDENTUREH)J BY AND BETWEEN THE CITY AND FIRST JACKSONV I LLE BANK & TRUSTJ AS TRUSTEE (THE uTRUSTEEH)J A FORM OF WHICH HAS BEEN PRESENTED TO AND IS BEFORE THIS MEETING; W'. :~:ASJ A FORM OF JRELIMINARY OFFICIAL STATEMENT (THE "PRELIMINARY OFFICIAL STATEMENTH)J OFFERING THE SERIES 1993 BONDS FOR SALE HAS BEEN PRESENTED TO AND IS BEFORE THIS MEETING; /7 W-~~EASJ THE CITY PROPOSES TO ENTSf INTO A BOND PURCHASE AGREEMENT (THE nBOND PURCHASE AGREEMENT ) IN SUBSTANTIAllY THE FORM PRESENTED TO AND BEFORE THIS MEETING1 WITH STEPHENS INC.J _ITTlE ~OCKJ ARKANSASJ (THE "UNDERWRITER')J PROVIDING FOR THE SALE OF THE SERIES 1993 BONDS; W -t:~: ASJ THE CITY PROPOSES TO ENTER I NTO A _ETTER OF REPRESENT AT ION (THE "LETTER OF REPRESENT A T ION /I ) IN SUBST ANT I AllY THE FORM PRESENTED TO AND BEFORE TH I S MEET I NGJ WITH THE UNDERWRITERJ WHEREBY CERTAIN REPRESENTATIONS AND WARRANTIES WILL BE MADE BY THE CITY TO THE UNDERWRITER; ANDJ WHEREAS1 IN ORDER TO PROVIDE FOR THE PAYMENT OF THE SERIES 1988 BONDSJ THE CITY PROPOSES TO ENTER INTO AN ESCROW DEPOSIT AGREEMENT (THE "ESCROW DEPOSIT AGREEMENT") WITH FIRST JACKSONVILLE BANK & TRUSTI AS ESCROW TRUSTEE (THE "~SCROW TRUSTEE")I IN SUBSTANTIAllY THE FORM PRESENTED TO AND BEFORE THIS MEETING; ~OWI T- :~::O~:I B: IT O~DAI ~:D BY T-E CITY COU~CIL 0: T-: CITY OF JACKSONVILLEI ARKANSASI THAT: SECTION ONE: THE CITY COUNCIL HEREBY FINDS AND DECLARES THAT THE REFUND I NG OF THE SER I ES 1988 BONDS I SIN THE BEST INTEREST OF THE CITY AND THE CUSTOMERS OF THE SYSTEM DUE TO A REDUCT I ON I N THE AMOUNT OF I NTEREST EXPENSE SECURED BY THE REVENUES OF THE SYSTEM FOllOWING SUCH REFUNDING. ACCORDINGlYI THE REFUNDING OF THE SERIES 1988 BONDSI AS PROVIDED FOR IN THE :SCROW DEPOSIT AGREEMENTI IS HEREBY AUTHORIZED. S:CTIO~ TWO: UNDER THE AUTHORITY OF THE CONSTITUTION AND LAWS OF THE STATE OF ARKANSASI INCLUDING PARTICULARLY AMENDMENT 65 TO THE CONSTITUTION OF ARKANSAS AND THE ACTI THERE IS HEREBY AUTHORIZED THE ISSUANCE OF BONDS OF THE CITY TO BE DESIGNATED AS "WATER REVENUE REFUND I NG BONDS I SER I ES 1993" (THE "SER I ES 1993 BONDS"). THE SER I ES 1993 BONDS SHALL BE I SSUED I N THE ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED Two ~ILLION Two -UNDRED -HOUSAND DOLLARS ($2J2001000)1 SHALL MATURE NOT LATER THAN AUGUST 11 20081 AND SHALL BEAR INTEREST AT THE RATES SPECIFIED IN THE BOND )URCHASE AGREEMENT. IN NO EVENT SHALL THE I NTEREST RATE BORNE BY ANY SER I ES 1993 BOND EXCEED 5.5% PER ANNUM. THE SERIES 1993 BONDS SHALL BE ISSUED IN THE FORMS AND DENOMINATIONSJ SHALL BE DATESI SHALL BE NUMBEREDJ SHALL MATUREJ SHALL BE SUBJECT TO REDEMPTION PRIOR TO MATURITY AND MAY CONTAIN SUCH OTHER TERMSJ COVENANTS AND CONDITIONSJ ALL AS SET FORTH IN THE TRUST INDENTURE SECURING THE SERIES 1993 BONDS. S:CTIO~ T-~::: To PRESCRIBE THE TERMS AND CONDITIONS UPON WHICH THE SERIES 1993 BONDS ARE TO BE EXECUTED I AUTHENTICATEDI ISSUEDJ ACCEPTEDI HELD AND SECUREDI THE ~AYOR IS HEREBY AUTHOR I ZED AND DIRECTED TO EXECUTE AND ACKNOWLEDGE A TRUST INDENTURE (THE "TRUST INDENTURE")I BY AND BETWEEN THE CITY AND FIRST JACKSONV I LLE BANK & TRUST J AS TRUSTEE (THE "TRUSTEE") I AND THE CITY CLERK IS HEREBY AUTHORIZED AND DIRECTED TO EXECUTE AND ACKNOWLEDGE THE TRUST INDENTURE AND TO AFFIX THE SEAL OF THE CITY THERETOJ AND THE ~AYOR AND THE CITY CLERK ARE HEREBY AUTHOR I ZED AND DIRECTED TO CAUSE THE TRUST I NDENTURE TO BE ACCEPTEDJ EXECUTED AND ACKNOWLEDGED BY THE TRUSTEE. THE TRUST :NDENTURE IS HEREBY APPROVED IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS MEETINGJ INCLUDINGJ WITHOUT LIMITATIONI THE PROVISIONS THEREOF PERTAINING TO THE MAINTENANCE OF RATES FOR SERVICES OF THE SYSTEMJ THE PLEDGE OF SYSTEM REVENUES TO THE SERIES 1993 BONDSJ THE DEPOSIT AND HANDLING OF SYSTEM REVENUESJ AND THE TERMS OF THE SER I ES 1993 BONDS. THE vlA YOR I S HEREBY AUTHORIZED TO CONFER WITH THE WATER COMMISSIONI THE TRUSTEE AND THE UNDERWR I TER I N ORDER TO COMPLETE THE --RUST I NDENTURE IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS MEETING WITH SUCH CHANGES AS SHALL BE APPROVED BY SUCH PERSONS EXECUTION THE TRUST INDENTUREI THEIR EXECUTION TO CONSTITUTE CONCLUSIVE EVIDENCE OF SUCH APPROVAL. -2- Ii (ADVICE IS GIVEN THAT A COpy OF THE TRUST INDENTURE IN SUBST ANT I ALLY THE FORM AUTHOR I ZED TO BE EXECUTED I S ON FILE WITH THE CITY CLERK AS A PART OF THE MINUTES OF THE MEETING AT WHICH THIS ORDINANCE IS ADOPTEDJ AND SUCH COpy IS AVAILABLE FOR INSPECTION BY ANY INTERESTED PERSON.) SECTION FOUR: THERE IS HEREBY AUTHORIZED AND CONFIRMED A PRELIMINARY OFFICIAL STATEMENT OF THE CITYJ INCLUDING THE COVER PAGE AND APPENDICES ATTACHED THERETOJ RELATING TO THE SERIES 1993 BONDS. THE DISTRIBUTION OF THE PRELIMINARY OFFICIAL 5T A TEMENT I S HEREBY APPROVED AND RAT I F I ED . THE JREL I M I NARY OFFICIAL STATEMENTJ AS AMENDED TO CONFORM TO THE TERMS OF THE BOND )URCHASE AGREEMENTJ INCLUDING :XHIBIT A THERETOJ AND WITH SUCH OTHER CHANGES AND AMENDMENTS AS ARE MUTUALLY AGREED TO BY THE CITYJ THE WATER COMMISSION AND THE UNDERWRITERJ IS HEREIN REFERRED TO AS THE HOFFICIAL STATEMENTJH AND THE MAYOR IS HEREBY AUTHORIZED TO EXECUTE THE OFFICIAL STATEMENT FOR AND ON BEHALF OF THE CITY. THE OFFICIAL STATEMENT IS HEREBY APPROVED IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS MEETINGJ AND THE MAYOR IS HEREBY AUTHORIZED TO CONFER WITH THE WATER COMMISSIONJ THE TRUSTEE AND THE UNDERWRITER IN ORDER TO COMPLETE THE OFFICIAL STATEMENT IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS MEETING WITH SUCH CHANGES AS SHALL BE APPROVED BY SUCH PERSONSJ THE ~AYOR'S EXECUTION TO CONSTITUTE CONCLUSIVE EVIDENCE OF SUCH APPROVAL. (ADVICE IS GIVEN THAT A COPY OF THE PRELIMINARY OFFICIAL STATEMENT IN SUBSTANTIALLY THE FORM AUTHORIZED TO BE DISTRIBUTED IS ON FILE WITH THE CITY CLERK AS A PART OF THE MINUTES OF THE MEETING AT WHICH THIS ORDINANCE IS ADOPTEDJ AND SUCH COpy IS AVAILABLE FOR INSPECTION BY ANY INTERESTED PERSON.) S:CTIO~ :IV:: IN ORDER TO PRESCRIBE THE TERMS AND CONDITIONS UPON WHICH THE SERIES 1993 BONDS ARE TO BE SOLD TO THE UNDERWRITERJ THE MAYOR IS HEREBY AUTHORIZED AND DIRECTED TO EXECUTE AT THE REQUEST OF THE WATER COMMISSION A BOND PURCHASE AGREEMENT ON BEHALF OF THE CITYJ TO BE DATED AS OF THE DATE OF ITS EXECUTION (THE HBOND PURCHASE AGREEMENTH)J BY AND BETWEEN THE CITY AND THE UNDERWRITERJ AND THE BOND PURCHASE AGREEMENT IS HEREBY APPROVED IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS MEETINGJ AND THE ~AYOR IS HEREBY AUTHORIZED TO CONFER WITH THE WATER COMMISSION AND THE UNDERWRITER IN ORDER TO COMPLETE THE BOND )URCHASE AGREEMENT IN SUBSTANTIALLY THE FORM SUBMITTED TO TH I S MEET I NG WITH SUCH CHANGES AS SHALL BE APPROVED BY SUCH PERSONS EXECUTING THE BOND )URCHASE AGREEMENTJ THEIR EXECUTION TO CONSTITUTE CONCLUSIVE EVIDENCE OF SUCH APPROVAL. (ADVICE IS GIVEN THAT A COpy OF THE BOND PURCHASE AGREEMENT IN SUBSTANTIALLY THE FORM AUTHORIZED TO BE EXECUTED IS ON FILE WITH THE CITY CLERK AS A PART OF THE MINUTES OF THE MEETING AT WHICH THIS ORDINANCE IS ADOPTEDJ AND SUCH COPY IS AVAILABLE FOR INSPECTION BY ANY INTERESTED PERSON.) S:CTIO~ SIX: IN ORDER TO INDUCE THE UNDERWRITER TO PURCHASE THE SERIES 1993 BONDSJ THE MAYOR IS HEREBY AUTHORIZED AND DIRECTED TO EXECUTE A _ETTER OF _~EPRESENTATION ON BEHALF OF THE CITY J TO BE DATED AS OF THE DATE OF ITS EXECUT ION (THE II __ETTER OF REPRESENTATION") J BY AND BETWEEN THE CITY AND THE UNDERWRITERJ AND THE LETTER OF ~EPRESENTATION IS HEREBY APPROVED IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS MEETINGJ AND THE 'v'A YOR I S HEREBY AUTHOR I ZED TO CONFER WITH THE WATER COMMISSION AND THE UNDERWRITER IN ORDER TO COMPLETE THE _ETTER OF ~EPRESENTATION IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS MEETING WITH SUCH CHANGES AS SHALL BE APPROVED BY SUCH PERSONS EXECUTING THE _ETTER OF ~EPRESENTATIONJ THEIR EXECUTION TO CONSTITUTE CONCLUSIVE EVIDENCE OF SUCH APPROVAL. (ADVICE IS GIVEN THAT A COPY OF THE LETTER OF -3- /1 REPRESENTATION IN SUBSTANTIALLY THE FORM AUTHORIZED TO BE EXECUTED I S ON FILE WITH THE CITY CLERK AS A PART OF THE MINUTES OF THE MEETING AT WHICH THIS ORDINANCE IS ADOPTED AND SUCH COpy IS AVAILABLE FOR INSPECTION BY ANY INTERESTED PERSON.) SECTION SEVEN~ IN ORDER TO PROVIDE FOR THE PAYMENT OF THE SERIES 1988 BONDSJ THE ~AYOR IS HEREBY AUTHORIZED AND DIRECTED TO EXECUTE AND ACKNOWLEDGE AN ESCROW DEPOS I T AGREEMENT (THE u~SCROW DEPOSIT AGREEMENTU)J BY AND BETWEEN THE CITY AND :IRST JACKSONVILLE BANK & TRUSTJ AS ESCROW TRUSTEE (THE uESCROW TRUSTEEU)J AND THE CITY CLERK IS HEREBY AUTHORIZED AND DIRECTED TO EXECUTE AND ACKNOWLEDGE THE ESCROW DEPOSIT AGREEMENT AND TO AFFIX THE SEAL OF THE CITY THERETOJ AND THE MAYOR AND THE CITY CLERK ARE HEREBY AUTHOR I ZED AND DIRECTED TO CAUSE THE :SCROW DEPOSIT AGREEMENT TO BE ACCEPTEDJ EXECUTED AND ACKNOWLEDGED BY THE :SCROW TRUSTEE. THE :SCROW DEPOS I T AGREEMENT I S HEREBY APPROVED IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS MEETINGJ AND THE vlA YOR I S HEREBY AUTHOR I ZED TO CONFER WITH THE WATER COMMISSIONJ THE :SCROW TRUSTEEJ AND THE UNDERWRITER IN ORDER TO COMPLETE THE :SCROW DEPOSIT AGREEMENT IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS MEETING WITH SUCH CHANGES AS SHALL BE APPROVED BY SUCH PERSONS EXECUT I NG THE ESCROW DEPOS IT AGREEMENTJ THEIR EXECUTION TO CONSTITUTE CONCLUSIVE EVIDENCE OF SUCH APPROVAL. (ADVICE IS GIVEN THAT A COPY OF THE ESCROW DEPOSIT AGREEMENT IN SUBSTANTIALLY THE FORM AUTHORIZED TO BE EXECUTED IS ON FILE WITH THE CITY CLERK AS A PART OF THE MINUTES OF THE MEET I NG AT WH I CH TH I S ORD I NANCE I S ADOPTED J AND SUCH COPY I S AVAILABLE FOR INSPECTION BY ANY INTERESTED PERSON.) SECTION EIGHT: THE MAYOR AND CITY CLERKJ FOR AND ON BEHALF OF THE CITY ARE HEREBY AUTHORIZED AND DIRECTED TO DO ANY AND ALL THINGS NECESSARY TO EFFECT THE ISSUANCEJ SALEJ EXECUTION AND DELIVERY OF THE SERIES 1993 BONDS AND TO EFFECT THE EXECUTION AND DELIVERY OF THE -RUST INDENTUREJ THE ~SCROW DEPOSIT AGREEMENTJ THE BOND PURCHASE AGREEMENTJ THE LETTER OF ~EPRESENTATIONJ THE OFFICIAL STATEMENT AND TAX ~EGULATORY AGREEMENT RELATING TO THE TAX EXEMPTION OF INTEREST ON THE SERIES 1993 BONDSJ AND TO PERFORM ALL OF THE OBLIGATIONS OF THE CITY UNDER AND PURSUANT THERETO. THE MAYOR AND THE CITY CLERK ARE FURTHER AUTHORIZED AND DIRECTEDJ FOR AND ON BEHALF OF THE CITYJ TO EXECUTE ALL PAPERSJ DOCUMENTSJ CERTIFICATES AND OTHER INSTRUMENTS THAT MAY BE REQUIRED FOR THE CARRYING OUT OF SUCH AUTHORITY OR TO EVIDENCE THE EXERCISE THEREOF. S:CTIO~ ~I~:: THE SERIES 1993 BONDS ARE HEREBY DESIGNATED AS uQUALIFIED TAX-EXEMPT OBLIGATIONSu FOR PURPOSES OF SECTION 265(B),(3) OF THE INTERNAL ~EVENUE CODE OF 1986J AS AMENDED (THE "CODE ') . IN CONNECTION WITH SUCH DES IGNATIONJ THE CITY COVENANTS THAT NOT MORE THAN ~il0JOOOJOOO IN AGGREGATE PRINCIPAL AMOUNT OF OBL I GAT IONS J THE I NTEREST ON WH I CH I S EXCLUDABLE (UNDER SECTION 103(A) OF THE CODE) FROM GROSS INCOME FOR FEDERAL INCOME TAX PURPOSES (EXCLUDINGJ HOWEVER.! PRIVATE ACTIVITY BONDSJ AS DEFINED IN SECTION 141 OF THE CODEJ OTHER THAN QUALIFIED 501(c)(3) BONDS AS DEFINED IN SECTION :.45 OF THE CODE); INCLUDING THE SERIES 1993 BONDSJ HAVE BEEN OR SHALL BE ISSUED BY THE CITYJ INCLUDING ALL SUBORDINATE ENTITIES OF THE CITYJ DURING THE CALENDAR YEAR 1993. SECTIO\ TEN: ROSE LAW FIRMJ A PROFESSIONAL ASSOCIATIONJ OF _ I TTLE ROCKJ ARKANSAS J I S HEREBY APPO I NTED TO ACT AS BOND COUNSEL ON BEHALF OF THE CITY IN CONNECTION WITH THE ISSUANCE AND SALE OF THE SERIES 1993 BONDS. SECTION EL:V:N: THE CITY CLERK IS HEREBY DIRECTED TO PUBLISH THIS ORDINANCE FOR ONE INSERTION IN A NEWSPAPER PUBLISHED AND OF GENERAL CIRCULATION IN THE CITYJ AND TO WHICH THERE SHALL BE ATTACHED A ~OTICE OF PUBLIC 1EARING IN SUBSTANTIALLY THE FORM ATTACHED TO THIS ORDINANCE. -4- ~() S:CTIO~ TWELV:: THE PROVISIONS OF THIS ORDINANCE ARE HEREBY DECLARED TO BE SEVERABLEJ AND IF ANY SECTIONJ PHRASE OR PROVI S ION SHALL FOR ANY REASON BE DECLARED TO BE I LLEGAL OR INVALIDJ SUCH DECLARATION SHALL NOT AFFECT THE VALIDITY OF THE REMAINDER OF THE SECTIONSJ PHRASES OR PROVISIONS OF THIS ORDINANCE. SECTION THIRTEEN: ALL ORDINANCESJ RESOLUTIONS AND PARTS THEREOF IN CONFLICT HEREWITH ARE HEREBY REPEALED TO THE EXTENT OF SUCH CONFLICT. S:CTIO~ FOU~T:EN: IT IS HEREBY FOUND AND DETERMINED THAT THERE I S AN URGENT NEED TO REF I NANCE THE OUTST AND I NG INDEBTEDNESS OF THE CITY SECURED BY THE REVENUES OF THE SYSTEM IN ORDER TO LOWER THE INTEREST COST ON OBLIGATIONS PAYABLE FROM SYSTEM REVENUESJ AND IN ORDER TO DO SO ON THE MOST FAVORABLE TERMSJ IT IS NECESSARY TO ENTER THE BOND )URCHASE AGREEMENT AS SOON AS POSS IBLE. THEREFOREJ AN EMERGENCY I S HEREBY DECLARED TO EXIST AND THIS ORDINANCEJ BEING NECESSARY FOR THE IMMEDIATE PRESERVATION OF THE PUBLIC HEALTHJ SAFETY AND WELFAREJ SHALL BE IN FORCE AND TAKE EFFECT IMMEDIATELY UPON AND AFTER ITS PASSAGE. A))~OVED A~D ADO)TED T-IS (7~ DAY OF OCTOB:~, 1993. J J~NL~ TO~~Y S4AI~, 1AYO~ A--T :ST: ~ ~.,~ ,.. (~ . / / t""'.'.....,..- . / /,.' I l.. ,,'" tJ4,. 1IrJ.~ /'( ';.,~~.<tfi-<P'L_./Li/t:4f;.~~ "LU ~~,,.M. LEO'NA.~'D-] C I TV CLERK R~ r.;Z~ ~OB::~ :. BA~l.G, )TY TO~~~ -5-