StateofArkansas Jurisdiction:



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# S ApplicabilityofTax: Generalsales& usetax-Appliestoallgoodsandservicestaxable understate law. AdministrativeCosts: 3%ofgross collectionswithheldbythestateforadministrationofthetax. CreditsorExemptions:Taxsubjecttosamecredits&exemptionsavailable understatesales& usetaxlaw SubsequentAmendmentsandAmendmentPurpose: 1. Date: 

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ThestateofArkansas administerslocaltaxesforallcitiesand counties inthisstateand commitsthatthe Arkansas DepartmentofF inance andAdministrationwillnotifythe FAAofanysubsequentamendments tothistaxthatcouldaffectgrandfatheredstatus. 

# ;J- / 7 /! ) Date l 7 ohn H. Theis, Assistant Revenue ommissionerORDINANCE _____ 

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1 _-_

7

______ . r:E J.T ENACTED, By the Quorum Court of Phillips County, Arkansas an Ordinance entitled: nAUTHORIZATION OF A COUNTY-WIDE SALES TAX ELECTION, AND FOR OTHER PURPOSES." J,E fT ENACTED, By the Quorum Court of Phillips County an Ordinance as follows: :\rticle l, WHEREAS, There is an urgent need on the part of all Municipalities in Phillips County, and by the County of Phillips for increased revenues, and; ,\rticle 2. WHEREAS, The legislature of the State of Arkansas did, 3t its 1981 session, authorize by Act 991 of 1981 a one (1%) per cent addition to existing Arkansas Sales Taxes (Gross Receipts Taxes) on a county-wide basis, and; :\rlicle 3. WHEREAS, Said Act 991 of 1981 directs the Quorum Court of Phillips County, Arkansas to notify the Phillips County Board of Election Commissioners that this measure has been referred to the vote of the people, and; 1\rticle 4. \>ll·IEREAS, Act 991 of 1981 fu-rther directs th<J ballot title to be used shall be in the following form: "FOR the adoption of a one per cent county-Hide

sales tax t.J"ithin Phillips County. tr 11

### AGAINST the adoption of a one per cent county-wide

sales tax within Phillips County. 11 Article 5. NOIJ, THEREFORE, BE IT ORDAINED, By the Quorum Court of Phillips County, Arkansas, that the Board of Election Commissioners be and they are hereby petitioned to issue an election proclamation setting the 18th day of August 1981 as the date for a county-wide sales tax election, pursu.<mt to existing election lat.f, and Act 991 of 1981. 8th day of

David Ewart, County Clerk Phillips County, Arkansas July l98l. APPHOVED: 

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### A. Y. Gordon, County Judge PI1illips County, Arkansas



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## 01198(



## SALES TAX 'f ''1'EMERGENCY ORDINANCE BE IT ENACTED BY THE QUORUM COURT OF THE COUNTY OF PHILLIPS, STATE OF ARKANSAS, AN ORDINANCE ENTITLED, ORDINANCE NO. 0.-85-3 AN ORDINANCE AUTHORIZING THE ISSUANCE OF SALES TAX BONDS FOR THE PURPOSE OF FINANCING THE COST TO PHILLIPS COUNTY, ARKANSAS OF CONSTRUCTING A NEW COUNTY JAIL; PLEDGING A 1% SALES TAX TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, by Ordinance No. 85-1, duly adopted by the Quorum Court of Phillips County, Arkansas (the "County 11 ), and 

### approved on the 9th day of January, 1985, and by County Court 

### Order entered January 3, 1985, there was submitted· to the qualified electors of the County the question of issuing, under Amendment No. 62 to the Constitution of the State of Arkansas, Sales Tax Revenue Bonds of the County in the principal amount of $3,000,000 (the "bonds") for the purpose of financing the cost 

### to the County of constructing a new County Jail (the "Jail 11 ) 

### and paying necessary expenses incidental thereto and to issuance of ·\ ..

, the bondsi and WHEREAS, at the special election held February 12, 1985, a majority of the electors voting on the question approved the issuance of the bonds; and WHEREAS, the County has made arrangements for the sale of the bonds to the United States of America, Farmers Home Administration (the 11Government11 ) at a price of par; NOW, THEREFORE, BE IT ORDAINED by the Quorum Court of Phillips County, Arkansas: Article 1. The construction of the Jail, including acquisition of a site therefor and the acquisition and installation of appropriate equipment and other facilities (the 11Construction 11 ) is hereby approved. Article 2. The offer of the Government for the purchase of $3,000,000 in principal amount of bonds from the County at a price of par for bonds bearing interest at the rate per annum, maturing and otherwise subject to the terms and 

# \ 4 

## \provisions in this Ordinance set forth in detail is hereby accepted and the bonds are hereby sold to the Government. Article 3. Under the authority of the Constitution and laws of the State of Arkansas, including particularly Amendment No. 62 to the Constitution of the State of Arkansas and Act No. 871 of 1985, Phillips County, Arkansas Sales Tax Revenue Bonds are hereby authorized and ordered issued in the total principal amount of $3,000,000, the proceeds of the sale of which are necessary to provide sufficient funds for accomplishing the construction, paying expenses incidental thereto and paying expenses of issuing the bonds. The bonds shall be dated as of the date of their delivery and shall bear interest at . the rate of 7. 125% per annum. The principal of and interest on the bonds shall be payable in 29 annual amortized installments on January 1 of each year and commencing the second January 1 from the date of the bonds and continuing on January 1 of each year thereafter until paid in full. The amortized installments of principal and interest shall continue until the principal of the bonds, with interest, is fully paid, except that final payment of the bonds shall be due and payable not later than thLrty (30) years from the date of the bonds, subject to prepayment prior to maturity as provided in the face of the bonds. Interest only shall be due the first January 1 after the date of the bonds. The bonds will be issued in the form of a single typewritten bond, registered as to both principal and interest, payable to the registered owner, or assigns, as set forth hereinafter in the permanent bond form, and shall be numbered R-1. (Even though a single bond is being issued, reference herein wi11 be to "bonds. 11 ) Payment of principal and interest shall be by check or draft mailed to the registered owner thereof, without presentation or surrender of the bonds (except upon final payment) and such payments shall discharge the obligation of the County to the extent thereof. The County Clerk shall keep a payment record and make proper notations thereon of all payments of principal and interest. Payment of principal and interest shall be in any coin or currency of the United States of America which, as at the time of payment shall be legal tender for the payment of debts due the United States of America. When the principal of and interest on any bonds have been fully paid, the bonds shall be cancelled and delivered to the County Clerk.

2IN WITNESS WHEREOF, Phillips County, Arkansas, has caused this bond to be executed in its name by its County Judge and County Clerk, thereunto duly authorized, and its corporate seal to be affixed, all as of the day of 

### 1985.

County Clerk 

### (SEAL)

6 

### PHILLIPS COUNTY, ARKANSAS By

# ---___,.==-=CT"-c---- CountyJudge

### REGISTRATION CERTIFICATESignature of 

### Date of Registration:Name of Registered Owner: County Clerk

7RECORD OF PAYMENT OF ADVANCES 

### Amount of 

### Date of Advance* Advance Total Principal 

### Outstanding Signature of 

### County Clerk

*The date of each advance shall be the interest commencement 

### date from which the principal amount of such advance bears interest.

8

### (b) Pending issuance of permanent bonds, the County may issue temporary bonds, maturing not more than

**~years** 

### from date of issuance and bearing interest at a rate not in excess of

n/a 

## %. Temporary bonds shall be in substantially the following form, and the County Judge and County Clerk are authorized to make the recitals set forth therein:

9(form of single registered bond) (To be typewritten) UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF PHILLIPS



### __ % TEMPORARY SALES TAX REVENUE BOND No. R-1 

### $_____ _ KNOW ALL MEN BY THESE PRESENTS, That Phillips County, Arkansas (the "County"), for value received, hereby acknowledges itself to owe and promises to pay to , , or assigns, the total principal outstanding as shown by the Record of Payment of Advances attached hereto, but.not to exceed the principal sum of THREE MILLION DOLLARS with interest from the date of each advance on the unpaid balance of the aggregate principal sum at the rate of 

## %per annum. The principal and interest shall be payable in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of debts due the United States of America and shall be payable on or before ------' 19_ Payments shall be made only to the County. of the principal upon presentation and interest due hereon and surrender of this bond This bond is issued for the purpose of providing temporary financing of the cost to the County of constructing a new County Jail, including the acquisition of a site therefor and of appropriate equipment and other facilities, costs incidental thereto and costs of authorizing and issuing the bonds, and is issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas, including particularly Amendment No. 62 to the Constitution of the State of Arkansas and Act No. 871 of 1985, and pursuant to Ordinance No. of the County, duly adopted and approved on the day of , 1985 (the "Authorizing Ordinance 11 ). Reference is hereby made to the Authorizing Ordinance for the details of the nature and extent of the security and of the rights and obligations of the County and the holders and registered owners of the bonds.

10Prepayment of

**principal~** or any portion

**thereof~** may be made from funds from any source at any time at the option of the County at a price of the principal amount thereof plus accrued interest. This bond constitutes an indebtedness of the County and is particularly secured by a pledge of collections ("Tax Collections 11 ) of the County's sales tax approved by the electors of the County at a special election August 8, 1981, pursuant to Act No. 991 of 1981. The County covenants that at or before maturity of this bond 

### the entire principal and interest hereof will be paid and, 

### to the extent necessary, the County will issue permanent bonds for that purpose. This bond may be assigned, and upon assignment the assignor shall promptly notify the County Clerk by registered mail, and the assignee shall surrender this bond to the County Clerk for transfer on the registration records. Every assignee shall take this bond subject to all payments and prepayments of principal and interest (as reflected by the payment record maintained by the County Clerk), prior to such surrender for transfer. 

### IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required by the Constitution and statutes of the State of Arkansas to exist, happen and be performed precedent to and in the issuance of this bond, do exist, have happened and have been performed in regular and due time, form and manner as required by lawi that the bond does not

**excee~** any constitutional or statutory limitation of indebtedness, and that provision has been made for the payment of the principal of and interest on this bond, as provided in the Authorizing Ordinance. IN WITNESS WHEREOF, Phillips County, Arkansas, has caused this bond to be executed in its name by its County Judge and County Clerk, thereunto duly authorized, and its corporate seal to be affixed, all as of the day of 

### 1985. 

### PHILLIPS COUNTY, ARKANSAS ATTEST: 

### By______ **~--~~~-------**

County Judge County Clerk 

### (SEAL)
ll

### REGISTRATION CERTIFICATESignature of 

### Date of Registration:Name of Registered owner: County Clerk



### 12RECORD OF PAYMENT OF ADVANCES 

### Amount of 

### Date of Advance* Advance Total Principal Outstanding Signature of County Clerk



### *The date of each advance shall be the interest commencement date from which the principal amount of such advance bears 

### interest.

13Article 6. The County hereby expressly pledges all the Tax Collections to the payment of the principal of and interest on the bonds, but subject to the provision hereinbelow. The County covenants that the Special Tax shall never be repealed or reduced while any of the bonds are outstanding. The County further covenants to use due diligence in collecting the Special Tax. Nothing herein shall prohibit the County from increasing the Special Tax from time to time, to the extent permitted by law, and no part of the revenues derived from any such increase shall become part of the 11Tax Collections 11 for the purpose of this Ordinance. Article 7. (a) There shall be deposited on the first day of each month following the month in which the bonds are issued, into a special fund of the County which is hereby created and designated "Sales Tax Bond Fund11 (the "Bond Fund"), a portion of Tax Collections equal to not less than 1/12 of the principal and interest due on the bonds during the then next twelve months, plus the sum of $2,.000 until the Debt Service Reserve (identified hereinbelow} attains the level of the Debt Service Reserve Requirement (identified hereinbelow) (the "Pledged Revenues 11 ). Provided, however, the monthly payment prior to the first interest payment date shall be an amount equal not less than the amount of the first interest payment divided by the number of months between the issuance of the bonds and the date of such first interest payment, the purpose of providing funds for and securing the payment of principal of and interest on the bonds as they become due at maturity or at redemption prior to maturity. (b) There shall be established and maintained in a Debt Service Reserve, as a part of the Bond Fund, in an amount not less than $240,.000 (the "Debt Service Reserve Requirement 11 ), to be established by the monthly payments of $2,000 each as set forth in (a} above. Disbursements shall be made from the Debt Service Reserve solely for the purpose of curing or preventing a default in the payment of principal or interest on the bonds, and in the event that any disbursement causes the level of the Debt Service Reserve to fall below the Debt Service Reserve Requirement such deficiency shall be corrected by the deposit or deposits into the Debt Service Reserve from the first available Tax Collections. (c) When the moneys in the Bond Fund shall be and remain sufficient to pay the principal of and interest on all the bonds then outstanding, there shall be no obligation to make any further payments into the Bond Fund. (d) All moneys in the Bond Fund shall be used solely for the purpose of paying the principal of and interest on the 

### 14

### bonds, as the same become due, except that if at any time there shall be accumulated in the Bond Fund a surplus in excess of the amount necessary to insure the prompt payment of the principal of and interest on the bonds, as the same become due, and in excess of the Debt Service Reserve, such surplus shall be used on the next interest payment date for the purpose of redeeming bonds. (e) It shall be the duty of the County Treasurer to withdraw from the Bond Fund and to pay to the registered owner, on or before the date on which each installment hereunder is due, an amount equal to the amount of such installment. No withdrawal of funds from the Bond Fund shall be made for any other purpose except as otherwise authorized in this Ordinance. (f) The bonds shall be spe.cifically secured by a pledge of all revenues required by this Ordinance to be placed into the Bond Fund. The pledge in favor of the bonds is hereby irrevocably made according to the terms of this Ordinance, and the County, and the officers and employees of the County shall execute, perform and carry out the terms thereof in strict conformitywith the provisions of this Ordinance. Article 8. The County Treasurer shall be custodian of the Tax Collections as received by the County and shall give bond for the faithful discharge of his duties as such custodian. The amount of the bond shall at all times be at least equal to the total funds in his custody at any one time. All Pledged Revenues received by the Treasurer shall be deposited by 

### him in such depository or depositories for the County as may be lawfully designated from time to time, provided that each depository must hold membership in the Federal Deposit Insurance Corporation. All deposits shall be in the name of the County and shall be so designated as to indicate the particular fund to which such Pledged Revenues belong. Any deposit in excess of the amount insured by the Federal Deposit Insurance Corporation shall be secured by bonds or other direct or fully guaranteed obligations of the United States of America unless invested as herein authorized. Revenues, Fund may purpose. Article 9. Any Tax Collections, including Pledged remaining after the required deposits into the Bond be used, as determined by 

### the County, for any lawful Article 10. The County covenants that it will not issue any bonds, or incur any obligation, secured by a lien on orpledge of the Pledged Revenues.

15Article 11. In order to pay the principal of and interest on the bonds as they mature and as they are redeemed prior to maturity, there are hereby appropriated the Tax Collections, and if the Tax Collections be not sufficient to pay the principal of and interest on the bonds as they mature, the County hereby covenants to make its best efforts to present to the voters of the County the question of the levy of additional taxes in order to pay such deficiency. Article 12. The County will keep or cause to be kept proper books of accounts and records (separate from all other accounts and records) in which complete and correct entries shall be made of all transactions relating to the Special Tax and such books shall be available for inspection by the owner of any of the bonds at reasonable times and under reasonable circumstances. The County agrees to have these records audited by an independent certified public accountant at least once each year, and the audit shall be available for inspection and copying by any registered owner of the bonds. In the event the County fails or refuses to make the audit, the Government may have the audit made, at the cost of the County. Article 13. (a) If there be any default in the payment of the principal of and interest on any of the bonds, or if the County defaults in the performance of any covenant contained in this Ordinance, any registered owner of the bonds may, by proper suit compel the performance of the duties of the officials of the County under the Constitution and laws of the State of Arkansas and under this Ordinance, and to take any action or obtain any proper relief in law or equity available under the Constitution and laws of the State of Arkansas. Article 14. When the bonds have been executed by the County Judge and County Clerk and the seal of the County impressed, as herein provided, they shall be delivered to the Government upon payment of the purchase price. The proceeds from the sale of the bonds shall be disbursed as follows: In the case of the temporary bonds, and in the case of the permanent bonds after payment of discharge of any outstanding temporary bonds, the proceeds shall be deposited in a special account of the County designated 11Jail Construction Fund11 (the 11Construction Fund") in a bank that is a member of the Federal Deposit Insurance Corporation. Moneys in the Construction Fund in excess of the amount insured by the Federal Deposit Insurance Corporation shall be continuously secured by bonds or other direct or fully guaranteed obligations of the United States of America, except


### 16that any moneys invested as hereafter authorized need not be so secured. The moneys in the Construction Fund shall be disbursed solely in payment of the cost of the Construction, paying necessary expenses incidental thereto and paying expenses of issuing the bonds. Disbursements shall be made in accordance with the statutes governing disbursement of County funds, but each disbursement shall contain at least the following information: The person, firm or corporation to whom payment is being made; the amount of the payment; and the purpose by general classification of the payment. In the case of all items of expense over which the architect for the Construction shall exercise supervision (which shall include all expenses except architecture fees, legal fees and expenses pertaining to the issuance of the bonds) each disbursement shall be accompanied by a certificate signedby the architect. When the Construction shall have been completed, this fact shall be evidenced by the filing with the depository of the Construction Fund of a certificate signed by the County Judge and the architeet,· which certificate shall state the date of such completion and shall state that all obligations which are payable from the Construction Fund have been discharged. Upon receipt of the above certificate the depository with which the Construction Fund is deposited shall pay or transfer any remaining balance pursuant to the written direction of the County and with any such remaining balance to be transferred into the Bond Fund, and applied immediately to the prepayment of bonds,• in multiples of $1,000 

### in principal amount. Any remaining balance of less than $1,000 shall be deposited in the Debt Service Reserve. The County shall require the depository to execute an appropriate Deposit Agreement embodying the substance of the provisions of this Article 14. Article 15. (a) Moneys held for the credit of the Construction Fund shall, as nearly as may be practicable, be continuously invested and reinvested in direct obligations of, or obligations the principal of and interest on which are fully guaranteed by, the United States Government, which mature or which shall be subject to redemption by the holder or registered owner, at the option of such holder or registered owner, not later than the date or dates when the moneys will be needed for proper disbursements. (b) Moneys held for the credit of the Bond Fund, including the Debt Service Reserve, shall be continuously invested and reinvested in direct obligations of, or obligations the principal of and interest on which are fully guaranteed by, the United States Government, which shall mature, or which shall 

### 17be subject to redemption by the holder or registered owner thereofi at the option of such holder or registered owner, not later than ten (10) years after the date of investment. (c) Obligations so purchased as an investment of moneys in any such fund shall be deemed at all times to be a part of such fundi and the interest accruing thereon and any profit realized from such investment shall be credited to such fundi and any loss resulting from such investment shall be charged to such fund. (d) Moneys obligationsi as above depository bank. so invested in United states Government definedi need not be secured by the Article 16. In the event the office of county Judgei County Clerk or County Treasurer shall be abolished, or any two or more of such offices shall be merged or consolidated, or in the event the duties of a particular office shall be transferred to another office or officer, or in the event of a vacancy in any such office by reason of deathi resignation, removal from office or otherwise, or in the event any such officer shall become incapable of performing the duties of his office by reason of sickness, absence form the County or otherwise, all powers conferred and all obligations and duties imposed upon such office or officer shall be performed by the office or officer succeeding to the principal functions thereofi or by the office or officer upon whom such powers, obligations and duties shall be imposed by law. Article 17. The provisions of this Ordinance shall constitute a binding contract between the County and the holders or registered owners of the outstanding bonds issued hereunderi and the County will at all times strictly adhere to the terms and provisions hereof and fully discharge all of its obligations hereunder. Subject to the terms and provisions contained in this Article and not otherwise, the registered owners of not less than seventy-five percent (75%) 

### in aggregate principal amount of the bonds then outstanding shall have the right, from time to timei anything contained in this Ordinance to the contrary notwithstandingi to consent to and approve the adoption by the County of such ordinance supplemental hereto as shall be necessary or desirable for the purpose of modifying, altering, amending, adding to or rescindingi in any particulari any of the terms or provisions contained in this Ordinance or in any supplemental ordinance; provided, howeveri that nothing herein contained shall permit or be construed as permitting (a) an extension of the maturity of the principal of or interest on any bond issued hereunder, or (b) 

### a reduction in the principal amount of any bond or the rate of interest thereoni or (c) the 18

### creation of a lien upon or a pledge of revenues other than as expressly authorized by the appropriate provisions of this Ordinance as now adopted, or (d) the creation of a privilege or priority of any bond or bonds over any other bond or bonds, or (e) a reduction in the aggregate principal amount of the bonds required for consent to such supplemental ordinance. Article 18. The County covenants that it shall not take any action or suffer or permit any action to be taken or condition to exist which causes or may cause the interest payable on the bonds to be subject to federal income taxation. Without limiting the generality of the foregoing, the County covenants that the proceeds of the sale of the bonds will be not be used directly or indirectly in such manner as to cause the bonds to be treated as "arbitrage bonds" within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended. Article 19. The firm of Friday, Eldredge & 

### Clark, Little Rock, Arkansas, is 

### hereby appointed to serve as Bond Counsel on behalf of the County in connection with the issuance of the bonds. Article 20. The provisions of this Ordinance are separable and in the event that any section or part hereof shall be held to be invalid, such invalidity shall not affect the remainder of this Ordinance. Article 21. All ordinances and resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Article 22. This Ordinance shall not create any right of any character and no right of any character shall arise under or pursuant to it until the bonds authorized by this Ordinance shall be issued and delivered. Article 23. It is hereby ascertained and declared that the Jail is immediately needed as present facilities are inadequate. Therefore, it is declared that an emergency exists, and this Ordinance, being necessary for the preservation of lifer health, safety and property shall be in force immediately upon and after its passage.

19PASSED: HAY 8TH



## ATTEST~~ County<:rerkj



## ~~~~a-~------­ (

**SE~.L)**

20 

# lG<:

I 1985.
County Judge

# •

CERTIFICATE The undersigned, County Clerk of Arkansas, hereby certifies that the foregoing and correct copy of Ordinance No. Q-RS-3 REr.lll t,\R

**~·lt\Y** session o£ the Quorum Court of 

### Phillips County, pages are a true passed at a 

### the County, held 8:30 o'clock 

### at the regular meeting place of the County at P .m on the tlTH day of

**~lAY** 1985, and is of record in Ordinance Record Book No. 

### that the Ordinance at Page 143 , now in my possession. 

### GIVEN under my hand and 1985. 

### (SEAL)

21j 

# •

EMERGENCY ORDINANCE BE IT ENACTED BY THE QUORUM COURT OF THE COUNTY OF PHILLIPS, STATE OF ARKANSAS, AN ORDINANCE ENTITLED' ORDINANCE NO. 0-86-2 AN ORDINANCE AMENDING ORDINANCE NO. 0-85-3 ENACTED BY THE QUORUM COURT OF PHILLIPS COUNTY, ARKANSAS, ADOPTED AND APPROVED MAY 8, 1985; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the Quorum Court of Phillips County, Arkansas 

### (the "county''), by Ordinance No. 0-85-3 adopted and approved 

### Mays, 1985 (the "Ordinance11 ), 

### authorized the issuance 

### of Sales Tax Revenue Bonds of the County in the 

## principal amount O! 

### $3,000,000 {the t1Bonds11 } 

### for the purpose of financing the cost to the County of constructing a new County Jail ("Jail") and 

## paying necessary expenses incidental thereto and to issuance of the Bonds; and WHEREAS, the County has approved and entered into a 

### Loan Agreement (the "Agreement") with the United States of 

### America, Farmers Home Administration (the "Government"), whereby the Government has committed to purchase the Bonds; and WHEREAS, the Government has proposed that the Agreement be amended to lower the interest rate on the Bonds to 5.00% 

### (from 7.125%), 

### and to lower the annual principal and interest payment to $198, 150 (from $247,380); and 

### WHEREAS, the debt service reserve 

### as set out in Article 7(b) 

### of the Ordinance should be amended to reduce the sum 

### of $2,000 

### per month to $1,650 

### per month to a total debt service reserve of $198,000 

### rather than $240,000; 

### and 

### WHEREAS, such amendments are 

### in the best interests of the County due to the direct savings to the County 

### in interest costs and debt service reserve requirements; and WHEREAS, the purpose of this Amending Ordinance is to make the necessary amendments 

### in the Ordinance, and to approve the changes in the Agreement; NOW, THEREFORE, BE IT ORDAINED by the Quorum Court of 

### the County: Article 1. amended by 

### striking That the Ordinance be, and it is hereby, all references to 7.125% as the interestArticle 4. The bonds shall be executed on behalf of the County by the County Judge and County Clerk and shall have impressed thereon the seal of the County. The bonds are particularly secured by a pledge, hereby granted, of collections ("Tax Collections 11 ) of the County's sales tax approved by the electors of the County (pursuant to Act No. 991 of 1981) at the special election of August 8, 1981 {the 11Special Tax"). Article 5. (a} The bonds may be issued as temporary bonds and as long-term bonds ("permanent bonds''). The permanent bonds shall be in substantially the following form and the County Judge and County Clerk are hereby authorized and directed to make all the recitals contained therein:

3

## '

No. R-1 

### (form of single registeredbond) (To be typewritten) UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF PHILLIPS



### __ % SALES TAX REVENUE BOND
KNOW ALL MEN BY THESE PRESENTS, 

### $3,000,000
That Phillips

**County~** Arkansas (the 11County"), for 

### value received, hereby acknowledges itself to owe and promises 

### to pay to the United States of America, Farmers Home Administration, or assigns, the total principal outstanding as shown by 

### the Record of Payment of Advances attached hereto, but 

### not to exceed the principal sum of THREE MILLION DOLLARS with interest from the date of each advance on the unpaid 

### balance of the aggregate principal sum at the rate of 7.125% per 

### annum. The principal and interest shall be payable in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of debts due the United States of America and shall be payable in the following installments on or before the following dates: Interest only on the first January 1 following the date of this bond (which is the date of issuance of this bond) and annually thereafter in 29 amortized installments of principal and interest in the amount of 

### $ each, on January 1 of each year until the principal and interest are fully paid, except that final payment of the entire indebtedness, if not sooner paid, shall be due and payable thirty (30) years from the date of this bond. Payments of the principal and interest installments due hereon shall be made, except for final payment, without presentation and surrender of this bond, directly to the registered owner at his address shown on the bond registration book of the County maintained by the County Clerk as Bond Registrar, and such payments shall fully discharge the obligation of the County to the extent of the payments so made. This bond is issued for the purpose of financing the cost to the County of constructing a new County Jai1, including the acquisition of a site therefor and of appropriate equipment and other facilities, costs incidental thereto and costs of authorizing and issuing the bonds, and is issued pursuant to and 4in full compliance with the Constitution and laws of the State of Arkansas, including particularly Amendment No. 62 to the Constitution of the State of Arkansas and Act No. 871 of 1985, and pursuant to Ordinance No. of the County, duly adopted and approved on the day of 1985 (the "Authorizing Ordinance"). Reference is hereby made to the Authorizing Ordinance for the details of the nature and extent of the security and of the rights and obligations of the County and the holders and registered owners of the bonds. Prepayments of principal installments, or any portion thereof,
.may be made from funds from any source at any time at the option of the County 

### in inverse chronological order of maturity at a price of the principal amount thereof plus accrued interest. Such prepayments shall not affect the obligation of the County to pay the remaining installments as scheduled herein. This bond constitutes an indebtedness of the County and is particularly secured by a pledge of collections ( 11Tax Collections") of the County's sales tax approved by the electors of the County at a special election August 8, 1981, pursuant to Act No. 991 of 1981. The County has covenanted in the Authorizing Ordinance to deposit a sufficient amount of Tax Collections in a special fund established pursuant to the Authorizing Ordinance, and identified as the "Bond Fund, 11 to provide for payment of principal and interest on the bonds as due and to maintain therein a required reserve. This bond may be assigned, and upon assignment the assignor shall promptly notify the County Clerk by registered mail, and the assignee shall surrender this bond to the County Clerk for transfer on the registration records. Every assignee shall take this bond subject to all payments and prepayments of principal and interest (as reflected by the Payment Record maintained by the County Clerk), prior to such surrender for transfer. 

### IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required by the Constitution and statutes of the State of Arkansas to exist, happen and be performed precedent to and in the issuance of this bond, do exist, have happened and have been performed in regular and due time, form and manner as required by lawi that the bond does not exceed any constitutional or statutory limitation of indebtedness, and that provision has been made for the payment of the principal of and interest on this bond, as provided 

### in the Authorizing Ordinance.

5rate for the Bonds and inserting 5.0% as the interest rate for the Bonds. Article 2. That the Ordinance be, and it is hereby, amended by striking the reference to $247,380 in the Ordinance and inserting $198,150 as the annual payment for the Bonds. Article 3. That the Ordinance be, and it is hereby amended by striking the references to $2,000 in Article 7(b) of the Ordinance and inserting $1,650 as the monthly debt service payment and striking the reference to $240,000 and inserting $198,000 as the total debt service reserve. Article 4. That the County Judge is hereby authorized and directed to enter into an agreement with the Government in order to amend the terms of the Agreement consistent with the amendments in the Ordinance authorized hereby. Article 5. shall continue in full That the Ordinance, force and effect. as amended hereby, Article 6. That is is hereby ascertained and declared that the amendments herein made are immediately necessary as the present facilities of the Jail are inadequate. It is, therefore, declared that an emergency exists and this Ordinance being necessary for the immediate preservation of the public peace, health and safety shall take effect and be in force from and after its passage. Article 7. instructed to publish adoption and approval. That the County Clerk of the this Ordinance within seven (7)

_ _,.H""ar.ccuh_l"'2"------' 1986
. 

### APPROVED' County is days after

### CERTIFICATE 

### The undersigned, County Clerk of Phillips County, Arkansas (the 11

### County1'), 

### hereby certifies that the foregoing pages, numbered 1 and 2, are a true and perfect copy of an 

### Ordinance amending Ordinance No. 0-85-83 adopted at a

**~reb** 

### session of the Quorum Court of the County, held at the regular meeting place in the County, at o'clock p....__.m., on the 12th day of March 1986, that the Ordinance is of 

### record in the Ordinance Record Books of the County, now 

### in my 

### possession, that the meeting was open to the public at all times 

### and advance public notice of the time and place of the meeting 

### was duly given in accordance with the Arkansas Freedom of Information Act. 

### GIVEN under my hand and seal this March 6 _____, 198. 13th day of



### (SEAL)

### ORDINANCENO.

# ;'ctYfoi AN ORDINANCE AUTHORJZING THE ISSUANCE OF SALES AND USE TAX REFUNDING BONDS, SERJES 2004; AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT PROVIDING FOR THE SALE OF THE BONDS; AUTHORIZING THE EXECUTIONANDDELIVERYOFATRUSTINDENTURESECURJNGTHE BONDS; APPROVING AND RATIFYING THE PREPARATION AND DlSTRlBUTION OF A PRELIMINARY OFFICIAL STATEMENT FOR USE IN CONNECTION WITH THE OFFER AND SALE OF THE BONDS; PRESCRJBING MATTERS RELATED THERETO; AND DECLARING AN EMERGENCY WHEREAS, in 

### 1985 the Countyissued $3,000,000 ofits Sales Tax Bonds, Series 1985 

### (the "Series 1985 Bonds"), for the purpose of financing the acquisition, construction and equippingofnewjailfacilities; and 

### WHEREAS, in 1989 the County issued $1.865.000 ofits Sales Tax Refunding Bonds, Series 1989(the"Series 1989Bonds"),forthepurposeofrefundingthe Series 1985 Bonds;and 

### WHEREAS, in 1997 the County issued $I,565,000 ofits Sales Tax Refunding Bonds, Series 1997 (the "Series 1997 Bonds"), for the purpose ofrefunding the Series 1989 Bonds, whichSeries 1997Bonds arecurrentlyoutstandingintheprincipalamountof$1,220,000;and WHEREAS,theSeries 1997Bondsare secured

### by apledgeofthe County'sshareofthe receipts ofthe County's one percent (I%) 

### local sales and use tax (the "Sales and Use Tax") levied and collected pursuant to Ordinances

**81~7** 

### and

**81~8** 

### adopted by the County on July 8, 1981, andapprovedbythe qualifiedelectorsoftheCountyat a specialelectionheld August 18, 

### J98l;and WHEREAS, at a special election held February 12, 1985, a majority ofthe qualified electors ofthe County voting on the questionapproved the issuance ofthe Series 1985 Bonds and the pledge ofthe County's share ofthe receipts ofthe Sales and Use Tax to the payment thereof;and WHEREAS, inorderto achievedebt service savings, the Countyhasnowdeterminedto 

### issue and sell its$1,195,000Salesand UseTaxRefunding Bonds, Series 2004 (the "Series2004 Bonds"), for the purpose ofrefunding the outstanding Series 1997 Bonds, as pennitted under Amendment62 to the Constitutionofthe StateofArkansas ("Amendment62"), as implemented 

### by the Local GovernmentBondActof1985, codifiedas Arkansas Code Annotated(1998 Rep!. & 

### Supp.2003) Sections **14~164-301** 

### etseq. 

### (asfrom timeto timeamended,the "Act'');and WHEREAS,theCountyhas made arrangementsforthe saleofthe Series 2004Bondsto Stephens Inc. (the "Undervvriter"), and in connection therewith has prepared a Preliminary Official StatementdatedJanuary2,2004 (the "PreliminaryOfficialStatement")(thePreliminary Official Statement as amended to conform to the terms ofthe Bond Purchase Agreement, as definedbelow,ishereafterreferredto asthe "Official Statement");and WHEREAS,therehas beensubmittedto the Countybythe UndenvriteraBondPurchase Agreement dated January 13, 2004 (the "Bond Purchase Agreement"), providing for the purchaseofthe Series2004Bondsbythe Underwriter, and J0-55927.2

### WHEREAS.copiesofthePreliminary Official Statement,BondPurchaseAgreementand Indenture (hereinafterdefined) have beenpresented to and are before the Quorum Courtat this meeting. 

### NOW THEREFORE, BE IT ORDAINED by the Quorum Court of Phillips County, Arkansas,that: Section I. In addition to the terms defined in the preamble to this Ordinance, the following words and terms usedinthis Ordinance shall havethe following meanings unlessthe contextclearlystatesanotherordifferentmeaningorintent: "Continuing Disclosure Agreement" means the Limited Continuing Disclosure Agreement dated as ofFebruary 1, 2004, by and between the County and the Trustee, which shall providefor continuingdisclosure ofcertainfinancial data in certain circumstances andthe happeningofcertainevents,ifmaterial. "Escrow Agreement" means the Escrow Deposit Agreement dated as ofFebruaryI, 2003, by and between the County and the Escrow Trustee, which shall provide for the defeasanceandredemptionofthe Series 1997Bonds. "Escrow Trustee" means BancorpSouth Bank. Stuttgart, Arkansas, together with any successorandanyothercorporationwhichmayatanytimebesubstitutedinitsplace. "Indenture"means theTrustIndenturedated as ofFebruary 1, 2004,betweentheCounty andtheTrustee,whichshallprovideforthe issuanceofandsecurityfortheSeries2004Bonds. "TaxReceipts" means the County's share ofthe receipts derived from the Sales andUse 

### Tax. "TaxRegulatoryAgreement" meanstheTaxRegulatoryAgreementdated as ofFebruary 1, 2004, between the County and the Trustee, which shall provide for the maintenance ofthe excludability ofinterest on the Series 2004 Bonds from gross income for federal income tax purposes. "Trustee" means BancorpSouth Bank, Stuttgart, Arkansas, together with any successor and any other corporation which may at any time be substituted in its place pursuant to the Indenture. Section 2. All actions heretoforetakenbytheofficialsofthe Countyinconnectionwith the offer and sale ofthe Bonds, including the preparation and distribution ofthe Preliminary Official Statement,areherebyinallrespectsratifiedandapproved. Section 3. There is hereby authorized and directed the acceptance ofthe offer by the Underwriter,pursuantto theBond PurchaseAgreement, to purchasethe Series 2004 Bonds ata price of$1,171,100.00 (98.00% ofthe principal amount thereof), plus accrued interest thereon from February I, 2004to the dateofdeliverythereof. TheBondPurchaseAgreementishereby approved in substantially the form submitted to this meeting, and the County Judge, with the counsel ofthe CountyAttorney, is hereby authorized to conferwiththe Underwriter and Kutak Rock LLP, Little Rock, Arkansas ("Bond Counsel"), in order to complete the Bond Purchase Agreement in substantially the form submitted to this meeting, with such changes as shall be 10-55!,)27 2 

### 2

### approved by such persons e.'Xecuting the document, their execution to constitute conclusive evidenceofsuchapproval. (Advice is given that acopyofthe Bond Purchase Agreement in substantially the form authorized to be executed is on file with the CountyClerkand is available for inspectionbyany interestedperson.) Section4. To provide aportionofthe funds necessaryto refund the Series 1997Bonds, there is hereby authorized the issuance ofbonds ofthe County under Amendment 62 and the Act, to be designated "Phillips County, Arkansas Sales and Use Tax Refunding Bonds, Series 2004" in aggregate principal amount of$1,195,000. The Series2004 Bonds shall be issued in the fonn and denominations setforth in the Indenture, shall be initiallydated as ofFebruary 1, 2004,shallbe numbered asprovidedinthe Indenture; shallmature annuallyon March 1ofeach year commencing March I, 2005, as set forth in ScheduleA hereto (which schedule is incorporated herein by this reference);shall bearinterestpayable semiannuallyon March I and September 1ofeach yearcommencingSeptember 1, 2004, atthe rates setforth in the Indenture and in Schedule A hereto; shall be subject to redemption priorto maturityupon the terms and conditions set forth in the Indenture; and shallbe sold to the Underwriterfor the price specified inSection3ofthisOrdinance. Section5. The Series 2004Bonds shallbe specialobligationsofthe County and,except to the extentpayable from Series 2004 Bondproceeds ormoneys from the investmentthereof, shallbepayable solelyfrom TaxReceiptsreceivedbyor on behalfofthe County, and delivered to the Trustee pursuant to the Indenture, and said Tax Receipts are hereby pledged for such purpose. Except as specifically provided herein and in the Indenture, the Series 2004 Bonds shall not constitute a debt or liabilityoftheCountywithin the meaning ofany constitutional or statutorylimitation. The CountyJudge ishereby authorized and directed to execute anddeliver the Series 2004 Bonds. and the CountyClerk is hereby authorized and directed to execute and deliverthe Series 2004 Bonds and to affix the seal ofthe Countythereto, and theCountyJudge and County Clerk are hereby authorized and directed to cause the Series 2004 Bonds to be authenticatedbytheTrustee. Section 6. To prescribethe terms and conditionsupon whichtheSeries 2004 Bonds are to be secured, executed. authenticated, issued, accepted and held, the County Judge and the County Clerk are hereby authorized and directed to execute, acknowledge and deliver the Indenture, by and between the County and the Trustee, and the County Judge and the County Clerk are hereby authorized and directed to cause the Indenture to be accepted, executed and acknowledged by the Trustee. The Indenture is hereby approved in substantially the form submitted to this meeting, and the County Judge, with the counsel ofthe County Attorney, is hereby authorized to confer with the Trustee, the Underwriter and Bond Counsel in order to completethe Indenture insubstantiallytheform submittedto this meeting, with such changes as shall be approved by such persons executing the document, their execution to constitute conclusiveevidenceofsuchapproval. (Advice is given that a copy ofthe Indenture in substantiallythe fonn authorized to be executed is on file with the County Clerk and is available for inspection by any interested person.) Section 7. There is hereby approved, ratified and confirmedthe preparation ofand the use of the Preliminary Official Statement, and the County Judge is hereby authorized and 3

### directed to execute and deliver the Official Statement and any amendment thereto for and on behalfofthe County. The Preliminary Official Statement is hereby "deemed final" within the meaningofSecuritiesandExchangeActRule l5c2-12. (Advice is given that a copy ofthe Preliminary Official Statement is on file with the CountyClerkandis availableforinspectionbyanyinterestedperson.) Section 8. TheCountyJudgeandCountyClerkareherebyfurtherempoweredto execute and deliver and all documents, certificates and otherinstruments which may be required under theterms ofthe Indenture or BondPurchase Agreement and which are appropriate to effectthe purposesofthis Ordinance,including,butnot limitedto, theContinuingDisclosureAgreement, theEscrowAgreementand theTaxRegulatoryAgreement. Section 9. The County hereby declares its expectation and intention that bonds issued and to be issued by the County during calendar year 2004 will not in the aggregate exceed $10,000,000 in principal amount, and the Countyhereby declares the Series 2004 Bonds to be ''qualifiedtax-exemptobligations"withinthemeaningofSection265(b)oftheInternal Revenue Codeof1986,as amended. Section 10. All ordinances orresolutions ofthe Countyin conflictherewith are hereby repealedto theextentofsuchconflict. Section II. The Quorum Court hereby detennines that the County can achieve substantial debt service savings through refunding the Series 1997 Bonds; that an appropriate waytoaccomplishthisrefundingis bythe issuanceofthe Series 2004 Bondspayable fromTax ReceiptsasauthorizedbyAmendmentNo. 62 totheArkansasConstitutionandtheAct;and,that this Ordinance shall begivenimmediateeffect so thatthe debtservice savingsmaybeachieved as soon as possible. Therefore, an emergency is hereby declared to exist and this Ordinance beingnecessaryfor the immediatepreservation ofthe public health, safety and welfare shall be infull force andeffectfrom andafteritspassageandapprovaL Adoptedthis 

## j:3!fl_. dayofJanuary,2004.



### ATTEST:



# By~,~ Con tyClerk 

### [SEALJ PHILLIPSCOUNTY,ARKANSAS By:

# Q(Sl-~ 

# £:£ 

# 1 27 CountyJudge 

## '~ CERTIFICATE OF RECORD STATE OFARKANSAS County of Phillips }ss. I, UndaWhHe, Clerk ofthe County Courtand the Probate Division of the Circuit Court for the Countyaforesaid.do hereby cerflfythat the annexed and foregoing instrument of writing is a true, correct and **complel~;ffiPY** of thr,griginalwhich was filed for record in my office on**lhe~d'!Y** of .• ):;;!J•-1 **2~and** as the same ap.Re,.ars in Recora:1

### ·:4.•

## :t of Phillips County, Arkansas. page no. 

### d

**~** INTESTIMONYWHEREOF, Ihaveher.,e,Y.fi\Qsetmyhandand affixed the s,:rof said Court !his the d_U14 day of**'S:.J,Ntdl~'l:<)** 2cQ::L. .......--:: 

### /"a'ziND , lerk: B;/-", 't- /. PI-" D.C.

### Year (March I) 2005 2006 2007 2008 2009 20!0 2011 2012 2013 2014

l0-55927.2 

### ScheduleA $1,195,000 

### PhillipsCounty, Arkansas 

### SalesandUseTaxRefundingBonds Series2004 MaturitySchedule 

### Principal Amount $105,000

1!0,000 110,000 115,000 115,000 120,000 125,000 130,000 130.000 135,000



### A-1 Rateof 

### Interest 1.500% 1.800 2.200 2.550 2.800 3.100 

### 3.350 3.550 3.750 3.875