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ORD NO 33-2026 CITY OF VAN BUREN,ARKANSAS ORDINANCE NO. -2026 BE IT ENACTED BY THE CITY COUNCIL, FOR THE CITY OF VAN BUREN, ARKANSAS,AN ORDINANCE TO BE ENTITLED: AN ORDINANCE AUTHORIZING THE ISSUANCE OF SALES AND USE TAX BONDS FOR THE PURPOSE OF FINANCING ALL OR A PORTION OF THE COST OF CAPITAL IMPROVEMENTS; PLEDGING SALES AND USE TAXES AGGREGATING 1% TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, there was submitted to the qualified electors of the City of Van Buren, Arkansas (the "City")at a special election held March 3,2026,the questions of issuing,under Amendment No. 62 to the Constitution of the State of Arkansas (the "State") and under Title 14, Chapter 164, Subchapter 3 of the Arkansas Code of 1987 Annotated (the "Authorizing Legislation"), (a) capital improvement bonds in the maximum aggregate principal amount of$36,800,000 for the purpose of financing all or a portion of the costs of new park and recreational facilities, including particularly, without limitation, a community center with swimming facilities, pickleball, basketball and volleyball courts, a walking track and meeting rooms and any furnishings,equipment and parking, landscaping, signage, drainage,lighting, street and utility improvements related thereto (the "Park and Recreational Improvements") and (b) capital improvement bonds in the maximum aggregate principal amount of$8,200,000 for the purpose of financing all or a portion of the costs of new facilities and apparatus for the fire department, including particularly, without limitation, a fire station and any furnishings, equipment and parking, landscaping, signage, drainage, lighting, street and utility improvements related thereto (the "Fire Improvements"); and WHEREAS, a majority of the electors voting on the questions approved the issuance of such bonds; and WHEREAS, the City Council has determined to proceed with the Park and Recreational Improvements and the Fire Improvements (collectively, the "Improvements") and to issue capital improvement bonds designated as "City of Van Buren, Arkansas Sales and Use Tax Bonds, Series 2026" (the "bonds") in the aggregate principal amount of $44,895,000 allocated as follows: $36,715,000 for the Park and Recreational Improvements and$8,180,000 for the Fire Improvements; and WHEREAS, the City has made arrangements for the sale of the bonds to Stephens Inc. (the "Purchaser"),at a price of$44,454,947.55 (principal amount plus$98,687.55 of net original issue premium and less$538,740 of underwriter's discount) (the "Purchase Price"), pursuant to a Bond Purchase Agreement between the Purchaser and the City (the "Purchase Agreement"), which has been presented to and is before this meeting; and WHEREAS, the Preliminary Official Statement, dated October 19, 2026, offering the bonds for sale (the "Preliminary Official Statement"),has been presented to and is before this meeting; and WHEREAS, the Continuing Disclosure Agreement between the City and Citizens Bank&Trust Co., Van Buren, Arkansas (the "Disclosure Agreement"), providing for the disclosure obligations of the City with respect to the bonds, has been presented to and is before this meeting; NOW, THEREFORE, BE IT ORDAINED AND ENACTED BY THE CITY COUNCIL OF THE CITY OF VAN BUREN,ARKANSAS, THAT: Section 1. The Improvements shall be accomplished,and the Mayor and City Clerk are hereby authorized to take all action necessary in connection therewith and to execute all required contracts and documents. Section 2. The offer of the Purchaser for the purchase of the bonds from the City at the Purchase Price, subject to the terms and provisions hereafter in this Ordinance set forth in detail, is hereby accepted and the Purchase Agreement, in substantially the form submitted to this meeting, is approved and the bonds are hereby sold to the Purchaser. The Mayor is hereby authorized and directed to execute and deliver the Purchase Agreement on behalf of the City and to take all action required on the part of the City to fulfill its obligations under the Purchase Agreement. Section 3. The Preliminary Official Statement is hereby approved and the previous use of the Preliminary Official Statement by the Purchaser in connection with the sale of the bonds is hereby in all respects approved and confirmed, and the Mayor is hereby authorized and directed, for and on behalf of the City, to execute the Preliminary Official Statement and the final Official Statement in the name of the City for use in connection with the sale of such bonds as set forth in the Purchase Agreement. Section 4. Under the authority of the Constitution and laws of the State, including particularly Amendment No. 62 to the Constitution of the State and the Authorizing Legislation, the bonds are hereby authorized and ordered issued in the total principal amount of $44,895,000, the proceeds of the sale of which are necessary to provide funds for financing all or a portion of the costs of the Improvements, funding a debt service reserve and paying expenses incidental thereto and expenses of issuing the bonds. 2 The bonds shall bear interest at the rates and shall mature on December 1 in the amounts and in the years as follows: Year Principal Amount Interest Rate 2027 $ 710,000 5.000% 2028 710,000 5.000 2029 740,000 5.000 2030 775,000 5.000 2031 820,000 5.000 2032 860,000 5.000 2033 905,000 5.000 2034 950,000 5.000 2035 995,000 5.000 2036 1,045,000 5.000 2037 1,095,000 5.000 2041 4,965,000 5.000 2046 7,730,000 5.000 2051 9,890,000 5.125 2056 12,705,000 5.125 The bonds shall be issuable only as fully registered bonds without coupons in the denomination of $5,000 or any integral multiple thereof. Unless the City shall otherwise direct, the bonds shall be numbered from 1 upward in order of issuance. Each bond shall have a CUSIP number but the failure of a CUSIP number to appear on any bond shall not affect its validity. The bonds shall be registered initially in the name of Cede & Co., as nominee for The Depository Trust Company ("DTC"), which shall be considered to be the registered owner of the bonds for all purposes under this Ordinance, including, without limitation,payment by the City of principal of,redemption price,premium, if any, and interest on the bonds, and receipt of notices and exercise of rights of registered owners. There shall be one certificated,typewritten bond for each stated maturity date which shall be immobilized in the custody of or on behalf of DTC with the beneficial owners having no right to receive the bonds in the form of physical securities or certificates. DTC and its participants shall be responsible for maintenance of records of the ownership of beneficial interests in the bonds by book-entry on the system maintained and operated by DTC and its participants,and transfers of ownership of beneficial interests shall be made only by DTC and its participants, by book-entry, the City having no responsibility therefor. DTC is expected to maintain records of the positions of participants in the bonds, and the participants and persons acting through participants are expected to maintain records of the purchasers of beneficial interests in the bonds. The bonds as such shall not be transferable or exchangeable, except for transfer to another securities depository or to another nominee of a securities depository, without further action by the City. 3 If any securities depository determines not to continue to act as a securities depository for the bonds for use in a book-entry system, the City may establish a securities depository/book-entry system relationship with another securities depository. If the City does not or is unable to do so, or upon request of the beneficial owners of all outstanding bonds, the City and the Trustee (hereinafter identified), after the Trustee has made provision for notification of the beneficial owners by the then securities depository,shall permit withdrawal of the bonds from the securities depository, and authenticate and deliver bond certificates in fully registered form (in denominations of$5,000 or integral multiples thereof) to the assigns of the securities depository or its nominee, all at the cost and expense (including costs of printing definitive bonds)of the City,if the City fails to maintain a securities depository/book-entry system, or of the beneficial owners, if they request termination of the system. Prior to issuance of the bonds, the City shall have executed and delivered to DTC a written agreement (the "Representation Letter") setting forth (or incorporating therein by reference) certain undertakings and responsibilities of the City with respect to the bonds so long as the bonds or a portion thereof are registered in the name of Cede & Co. (or a substitute nominee) and held by DTC. Notwithstanding such execution and delivery of the Representation Letter, the terms thereof shall not in any way limit the provisions of this Section or in any other way impose upon the City any obligation whatsoever with respect to persons having interests in the bonds other than the registered owners, as shown on the registration books kept by the Trustee. The Trustee shall take all action necessary for all representations of the City in the Representation Letter with respect to the Trustee to at all times be complied with. The authorized officers of the Trustee and the City shall do or perform such acts and execute all such certificates, documents and other instruments as they or any of them deem necessary or advisable to facilitate the efficient use of a securities depository for all or any portion of the bonds; provided that neither the Trustee nor the City may assume any obligations to such securities depository or beneficial owners of bonds that are inconsistent with their obligations to any registered owner under this Ordinance. Each bond shall be dated as of its date of delivery to the Purchaser. Interest on the bonds shall be payable on June 1, 2027 and semiannually thereafter on June 1 and December 1 of each year. Payment of each installment of interest shall be made by the Trustee to the person in whose name the bond is registered on the registration books of the City maintained by Citizens Bank& Trust Co., Van Buren,Arkansas, as Trustee and Paying Agent(the"Trustee"),at the close of business on the fifteenth day of the month (whether or not a business day) next preceding each interest payment date (the "Record Date"), irrespective of any transfer or exchange of any such bond subsequent to such Record Date and prior to such interest payment date, by check or draft to such owner at his address on such registration books. Principal of the bonds shall be payable at the corporate trust office of the Trustee. 4 Each bond shall bear interest from the payment date next preceding the date on which it is authenticated unless it is authenticated on an interest payment date, in which event it shall bear interest from such date, or unless it is authenticated prior to the first interest payment date, in which event it shall bear interest from its dated date,or unless it is authenticated during the period from the Record Date to the next interest payment date,in which case it shall bear interest from such interest payment date, or unless at the time of authentication thereof interest is in default thereon, in which event it shall bear interest from the date to which interest has been paid. Only such bonds as shall have endorsed thereon a Certificate of Authentication substantially in the form set forth in Section 6 hereof (the "Certificate") duly executed by the Trustee shall be entitled to any right or benefit under this Ordinance. No bond shall be valid and obligatory for any purpose unless and until the Certificate shall have been duly executed by the Trustee, and the Certificate of the Trustee upon any such bond shall be conclusive evidence that such bond has been authenticated and delivered under this Ordinance. The Certificate on any bond shall be deemed to have been executed if signed by an authorized officer of the Trustee,but it shall not be necessary that the same officer sign the Certificate on all of the bonds. In case any bond shall become mutilated or be destroyed or lost, the City shall, if not then prohibited by law, cause to be executed and the Trustee may authenticate and deliver a new bond of like date,maturity and tenor in exchange and substitution for and upon cancellation of such mutilated bond, or in lieu of and in substitution for such bond destroyed or lost, upon the owner paying the reasonable expenses and charges of the City and Trustee in connection therewith, and, in the case of a bond destroyed or lost, his filing with the Trustee evidence satisfactory to it that such bond was destroyed or lost, and of his ownership thereof, and furnishing the City and Trustee with indemnity satisfactory to them. The Trustee is hereby authorized to authenticate any such new bond. In the event any such bond shall have matured, instead of issuing a new bond, the City may pay the same without the surrender thereof. Upon the issuance of a new bond under this Section,the City may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. The City shall cause books to be maintained for the registration and for the transfer of the bonds as provided herein and in the bonds. The Trustee shall act as the bond registrar. Each bond is transferable by the registered owner thereof or by his attorney duly authorized in writing at the principal office of the Trustee. Upon such transfer a new fully registered bond or bonds of the same maturity, of authorized denomination or denominations, for the same aggregate principal amount will be issued to the transferee in exchange therefor. 5 Bonds may be exchanged at the principal corporate trust office of the Trustee for an equal aggregate principal amount of bonds of any other authorized denomination or denominations. The City shall execute and the Trustee shall authenticate and deliver bonds which the registered owner making the exchange is entitled to receive. No charge shall be made to any owner of any bond for the privilege of transfer or exchange, but any owner of any bond requesting any such transfer or exchange shall pay any tax or other governmental charge required to be paid with respect thereto. Except as otherwise provided in the immediately preceding sentence, the cost of preparing each new bond upon each exchange or transfer and any other expenses of the City or the Trustee incurred in connection therewith shall be paid by the City. Neither the Trustee nor the City shall be required to transfer or exchange any bonds selected for redemption in whole or in part. The person in whose name any bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal or premium, if any, or interest on any bond shall be made only to or upon the order of the registered owner thereof or his legal representative, but such registration may be changed as hereinabove provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such bond to the extent of the sum or sums so paid. In any case where the date of maturity of interest on or principal of the bonds or the date fixed for redemption of any bonds shall be a Saturday or Sunday or shall be in the State a legal holiday or a day on which banking institutions are authorized by law to close, then payment of interest or principal need not be made on such date but may be made on the next succeeding business day with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue for the period after the date of maturity or date fixed for redemption. Section 5. The bonds shall be executed on behalf of the City by the manual or facsimile signatures of the Mayor and City Clerk and shall have impressed or imprinted thereon the seal of the City. Section 6. The bonds and the Certificate shall be in substantially the following form and the Mayor and City Clerk are hereby expressly authorized and directed to make all recitals contained therein: 6 (Form of Bond) REGISTERED REGISTERED No. UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF CRAWFORD CITY OF VAN BUREN SALES AND USE TAX BOND SERIES 2026 Interest Rate: % Maturity Date: December 1, 20_ Dated Date: December 7, 2026 Registered Owner: Cede & Co. Principal Amount: Dollars CUSIP No.: KNOW ALL MEN BY THESE PRESENTS: That the City of Van Buren, County of Crawford, State of Arkansas (the "City"), for value received, hereby promises to pay to the Registered Owner shown above upon the presentation and surrender hereof at the principal corporate trust office of Citizens Bank & Trust Co., Van Buren, Arkansas, or its successor or successors, as Trustee and Paying Agent (the "Trustee"), on the Maturity Date shown above, the Principal Amount shown above, 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 public and private debts and to pay by check or draft to the Registered Owner shown above interest thereon, in like coin or currency from the interest commencement date described below at the Interest Rate per annum shown above, payable on June 1, 2027 and on each June 1 and December 1 thereafter, until payment of such Principal Amount or, if this bond or a portion hereof shall be duly called for redemption, until the date fixed for redemption, and to pay interest on overdue principal and interest (to the extent legally enforceable) at the rate borne by this bond. Payment of each installment of interest shall be made to the person in whose name this bond is registered on the registration books of the City maintained by the Trustee at the close of business on the fifteenth day of the month (whether or not a business day) next preceding each interest payment date(the "Record Date"),irrespective of any transfer or exchange of this bond subsequent to such Record Date and prior to such interest payment date. Unless this bond is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Trustee for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede&Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is required by an authorized representative of DTC), ANY TRANSFER,PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO 7 ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. This bond shall bear interest from the payment date next preceding the date on which it is authenticated unless it is authenticated on an interest payment date, in which event it shall bear interest from such date, or unless it is authenticated during the period from the Record Date to the next interest payment date, in which case it shall bear interest from such interest payment date, or unless it is authenticated prior to the first interest payment date, in which event it shall bear interest from the Dated Date shown above, or unless at the time of authentication hereof interest is in default hereon, in which event it shall bear interest from the date to which interest has been paid. This bond is one of an issue of City of Van Buren, Arkansas Sales and Use Tax Bonds, Series 2026,aggregating Forty-Four Million Eight Hundred Ninety-Five Thousand Dollars ($44,895,000) in principal amount (the "bonds"), and is issued for the purpose of financing all or a portion of the costs of various capital improvements, paying necessary expenses incidental thereto, paying expenses of authorizing and issuing the bonds and funding a debt service reserve. The bonds are issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas (the "State"), particularly Amendment No. 62 to the Constitution of the State and Title 14, Chapter 164, Subchapter 3 of the Arkansas Code of 1987 Annotated (the "Authorizing Legislation"), and pursuant to Ordinance No. 65-o20,24f the City duly adopted on October 26, 2026 (the "Authorizing Ordinance"), and an election duly held at which the majority of the legal voters of the City voting on the questions approved the issuance of the bonds. 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 City, the Trustee and the registered owners of the bonds. The bonds are special obligations of the City, payable from (a) a 0.5% sales and use tax levied by the City under the authority of the Authorizing Legislation and Ordinance No. 24- 2025 adopted on December 8, 2025 (the 'Bond Tax") and (b) a 0.5% sales and use tax levied by the City under Title 26, Chapter 75, Subchapter 2 of the Arkansas Code of 1987 Annotated and Ordinance No. 22-2025 adopted on December 8,2025 (the "Permanent Tax"), and the City hereby pledges the collections of the Bond Tax and the Permanent Tax for the payment of this bond. The bonds are subject to extraordinary, optional and mandatory sinking fund redemption prior to maturity as follows: (1) The bonds shall be redeemed by the City from Surplus Bond Tax Receipts (defined below) and from proceeds of the bonds not needed for the purposes intended, in whole at any time or in part on any interest payment date,at a redemption price equal to the principal amount being redeemed plus accrued interest to the redemption date, in inverse order of maturity (and by lot within a maturity in such manner as the Trustee may determine). In the case of any defeasance of the bonds, redemption of defeased bonds shall be scheduled on the basis of the mandatory redemption requirements and assuming collections of the Bond Tax in an amount equal to receipts for the most recent twelve-month period. 8 (2) The bonds are subject to redemption at the option of the City, from funds from any source, on and after December 1, 2033, in whole or in part at any time, at a redemption price equal to the principal amount being redeemed plus accrued interest to the redemption date. If fewer than all of the bonds shall be called for redemption, the particular maturities to be redeemed shall be selected by the City in its discretion. If fewer than all of the bonds of any one maturity shall be called for redemption, the particular bonds or portion thereof to be redeemed from such maturity shall be selected by lot by the Trustee. (3) To the extent not previously redeemed, the bonds maturing on December 1 in the years 2041, 2046, 2051 and 2056 are subject to mandatory sinking fund redemption by lot in such manner as the Trustee shall determine, on December 1 in the years and in the amounts set forth below, at a redemption price equal to the principal amount being redeemed plus accrued interest to the date of redemption: Bonds Maturing December 1, 2041 Year Principal Amount 2038 $1,150,000 2039 1,210,000 2040 1,270,000 2041 (maturity) 1,335,000 Bonds Maturing December 1, 2046 Year Principal Amount 2042 $1,400,000 2043 1,470,000 2044 1,540,000 2045 1,620,000 2046 (maturity) 1,700,000 Bonds Maturing December 1, 2051 Year Principal Amount 2047 $1,785,000 2048 1,875,000 2049 1,975,000 2050 2,075,000 2051 (maturity) 2,180,000 9 Bonds Maturing December 1, 2056 Year Principal Amount 2052 $2,295,000 2053 2,410,000 2054 2,535,000 2055 2,665,000 2056 (maturity) 2,800,000 In case any outstanding bond is in a denomination greater than$5,000,each$5,000 of face value of such bond shall be treated as a separate bond of the denomination of$5,000. The City has covenanted in the Authorizing Ordinance that Surplus Bond Tax Receipts, being collections of the Bond Tax in excess of the amount necessary to (a) ensure the prompt payment of the principal of, interest on and Trustee's fees and expenses and other administrative charges in connection with the bonds as the same become due,(b)maintain the debt service reserve in the required amount and (c) pay any arbitrage rebate due under Section 148(f) of the Internal Revenue Code of 1986,as amended,must be used from time to time on each interest payment date, as and to the extent available to redeem outstanding bonds prior to maturity. The debt service reserve shall be used as part of the Surplus Bond Tax Receipts for the purpose of making the final principal and interest payment on the bonds,whether at maturity or at redemption prior to maturity. Notice of redemption identifying the bonds or portions thereof (which shall be $5,000 or a multiple thereof)to be redeemed and the date they shall be presented for payment shall be given by the Trustee, not less than 30 nor more than 60 days prior to the date fixed for redemption, by sending a copy of the redemption notice by first class mail, postage prepaid, or other acceptable standard means of delivery, including facsimile or electronic communication, to all registered owners of bonds to be redeemed. Failure to send an appropriate notice or any such notice to one or more registered owners of bonds to be redeemed shall not affect the validity of the proceedings for redemption of other bonds as to which notice of redemption is duly given in proper and timely fashion. All such bonds or portions thereof thus called for redemption and for the retirement of which funds are duly provided in accordance with the Authorizing Ordinance prior to the date fixed for redemption will cease to bear interest on such redemption date. This bond is transferable by the Registered Owner shown above in person or by his attorney-in-fact duly authorized in writing at the principal corporate trust office of the Trustee,but only in the manner, subject to the limitations and upon payment of the charges provided in the Authorizing Ordinance, and upon surrender and cancellation of this bond. Upon such transfer a new fully registered bond or bonds of the same maturity, of authorized denomination or denominations, for the same aggregate principal amount, will be issued to the transferee in exchange therefor. This bond is issued with the intent that the laws of the State shall govern its construction. 10 The City and the Trustee may deem and treat the Registered Owner shown above as the absolute owner hereof for the purpose of receiving payment of or on account of principal hereof and interest due hereon and for all other purposes,and neither the City nor the Trustee shall be affected by any notice to the contrary. The bonds are issuable only as fully registered bonds in the denomination of$5,000, and any integral multiple thereof. Subject to the limitations and upon payment of the charges provided in the Authorizing Ordinance, fully registered bonds may be exchanged for a like aggregate principal amount of fully registered bonds of the same maturity of other authorized denominations. This bond shall not be valid until it shall have been authenticated by the Certificate hereon duly signed by the Trustee. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required to exist,happen and be performed,under the Constitution and laws of the State, particularly Amendment No. 62 to the Constitution of the State and the Authorizing Legislation, precedent to and in the issuance of this bond have existed, have happened and have been performed in due time,form and manner as required by law;that the indebtedness represented by this bond and the issue of which it forms a part does not exceed any constitutional or statutory limitation; and that taxes sufficient to pay the bonds and interest thereon have been duly levied in accordance with the Authorizing Legislation and made payable until all of the bonds and interest thereon have been fully paid and discharged. IN WITNESS WHEREOF, the City of Van Buren, Arkansas has caused this bond to be executed by its Mayor and City Clerk and its corporate seal to be impressed or imprinted on this bond, all as of the Dated Date shown above. CITY OF VAN BUREN, ARKANSAS: a ATTEST: Mayor civ. Clerk v ( Fe*)bf Van Buren cy� (Form of Trustee's Certificate) d a�ordCounty P�� TRUSTEE'S CERTIFICATE OF AUTHENTICATION This bond is one of the bonds issued under the provisions of the within mentioned Authorizing Ordinance. 11 10 2026 Date of Authentication: � , CITIZENS BANK& TRUST CO. Van Buren, Arkansas TRUSTEE By Authorized Signature (Form of Assignment) ASSIGNMENT FOR VALUE RECEIVED, ("Transferor"), hereby sells, assigns and transfers unto ,the within bond and all rights thereunder, and hereby irrevocably constitutes and appoints as attorney to transfer the within bond on the books kept for registration thereof with full power of substitution in the premises. DATE: Transferor GUARANTEED BY: NOTICE: Signature(s)must be guaranteed by a member of or participant in the Securities Transfer Agents Medallion Program(STAMP), or in another signature guaranty program recognized by the Trustee. Section 7. The City hereby expressly pledges all of the revenues derived by the City from (a) a 0.5% sales and use tax levied by the City under the authority of the Authorizing Legislation and Ordinance No. 24-2025 adopted on December 8, 2025 (the "Bond Tax") and (b) a 0.5% sales and use tax levied by the City under Title 26, Chapter 75, Subchapter 2 of the Arkansas Code of 1987 Annotated and Ordinance No. 22- 2025 adopted on December 8, 2025 (the "Permanent Tax") to the payment of the principal of and interest on the bonds when due at maturity or at redemption prior to maturity, to the payment of any arbitrage rebate due under Section 148(f) of the Internal Revenue Code of 1986, as amended(the "Code"),the fees and expenses of the Trustee and other administrative charges and to the maintenance of the debt service reserve at its required level. Collections of the Bond Tax are hereby appropriated and shall be used solely to pay the scheduled principal of and interest on the bonds, redeem bonds prior to maturity, pay arbitrage rebate due under Section 148(f) of the Code, pay Trustee's fees and expenses and other administrative charges and maintain the debt service reserve at its required level (collectively, "Bond Payments"). Collections of the Permanent Tax shall be used 12 first, if necessary, to make Bond Payments and second, for park and recreational purposes and for fire, police and other emergency services purposes (collectively, the "Permanent Tax Uses"). The City covenants that the Bond Tax and the Permanent Tax(collectively,the "Taxes") shall never be repealed or reduced while any of the bonds are outstanding. The City further covenants to use due diligence in collecting the Taxes. Nothing herein shall prohibit the City from increasing the Taxes 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 revenues pledged hereunder. Section 8. (a) The City hereby designates Citizens Bank & Trust Co., Van Buren, Arkansas as the bank which shall receive collections of the Taxes (the "Pledged Revenues") from the State Treasurer,and the City covenants to file a written designation thereof with the State Treasurer prior to the issuance of the bonds. The Trustee shall deposit all Pledged Revenues as and when received into a special fund of the City in the Trustee which is hereby created and designated"Sales and Use Tax Revenue Fund, Series 2026" (the "Revenue Fund"). There is created in the Revenue Fund the following accounts: Bond Account; and Permanent Account. The Pledged Revenues received by the Trustee shall be deposited as follows: Pledged Revenues derived from the Bond Tax shall be deposited into the Bond Account and Pledged Revenues derived from the Permanent Tax shall be deposited into the Permanent Account. (b) Moneys in the Bond Account in the Revenue Fund shall be applied first each month, in the following order of priority: (1) 1/6 of the interest on the bonds next due—Debt Service Account in the Bond Fund (hereinafter identified); and (2) 1/12 of the principal of the bonds next due at maturity or upon mandatory sinking fund redemption—Debt Service Account in the Bond Fund; and (3) the Trustee's fees and expenses and other administrative charges next due—Expense Account in the Bond Fund; and (4) the amount which may be necessary to increase the Debt Service Reserve Account to the required level — Debt Service Reserve Account in the Bond Fund; and (5) the amount necessary to pay any arbitrage rebate due under Section 148(f) of the Code—Expense Account in the Bond Fund; and (6) balance—Redemption Account in the Bond Fund. 13 The deposits made into the Debt Service Account in the Bond Fund shall be reduced in order to take into account as a credit (a) interest earnings and (b) transfers from the Debt Service Reserve Account in the Bond Fund. Monthly deposits into the Debt Service Account in the Bond Fund shall be adjusted as necessary so that there are sufficient funds to make the payments due on the bonds through December 1, 2027. (c) Moneys in the Permanent Account in the Revenue Fund shall be applied by the Trustee within five (5) days of receipt by the Trustee in the following order of priority: (1) in the event moneys in the Bond Account are insufficient to make the deposits required by clauses(1)through(5)of(b)above,moneys in the Permanent Account shall be used for such purpose in the order of priority listed above; and (2) the balance shall be transferred to the City for Permanent Tax Uses. Section 9. (a) There is hereby created a special fund of the City in the Trustee which is designated"Sales and Use Tax Bond Fund, Series 2026" (the "Bond Fund"),for the purpose of providing funds for the payment of principal of and interest on the bonds as they become due at maturity or at redemption prior to maturity,the Trustee's fees and expenses and other administrative charges and any arbitrage rebate due under Section 148(f) of the Code. There shall be established in the Bond Fund the following accounts into which moneys shall be deposited: (i) Debt Service Account; (ii) Redemption Account; and (iii) Expense Account. Moneys in the following Bond Fund accounts shall be used on each interest payment date (or in the case of an arbitrage rebate payment under clause (4), on any date due) in the following order of priority as and when necessary: (1) to pay the Trustee's fees and expenses and other administrative charges then due - Expense Account; and (2) to pay the interest on the bonds then due - Debt Service Account; and (3) to pay the principal of the bonds then due at maturity or upon mandatory sinking fund redemption- Debt Service Account; and (4) to pay any arbitrage rebate due under Section 148(f) of the Code - Expense Account; and (5) to redeem bonds prior to maturity - Redemption Account. 14 There shall be established and maintained in the Bond Fund a Debt Service Reserve Account in an amount equal to one-half of the maximum annual debt service requirement on the bonds (the "required level"). Moneys in the Debt Service Reserve Account shall be used to make the payments described in clauses (2) and (3) of(a) above if moneys in the Debt Service Account in the Bond Fund are not otherwise sufficient for that purpose. Moneys in the Debt Service Reserve Account over and above the required level shall be immediately transferred from the Debt Service Reserve Account into the Debt Service Account in the Bond Fund. Moneys in the Debt Service Reserve Account shall be used to make the final payment of principal of and interest on the bonds, whether at maturity or at redemption prior to maturity. The Bond Fund (excluding those moneys in the Debt Service Reserve Account) shall, except as provided in this Section, be depleted once a year except for a carryover amount not to exceed the greater of(i) one year's earnings on the Bond Fund or(ii) 1/12 of the annual debt service on the bonds. Any moneys in the Bond Fund shall, except as provided in this Section, be spent for one of the above purposes within a thirteen-month period beginning on the date of deposit, and any amount received from investment of money held in the Bond Fund will be spent within a one-year period beginning on the date of receipt. (b) When the moneys in the Bond Fund shall be and remain sufficient to pay (1) the principal of all the bonds then outstanding, (2) interest on the bonds until the next interest payment date, (3) the Trustee's fees and expenses and other administrative charges and (4) all arbitrage rebate payments due under Section 148(f) of the Code, there shall be no obligation to make any further payments into the Bond Fund and any Pledged Revenues remaining in the Bond Fund after the payment of any arbitrage rebate due and after the principal of,premium, if any and interest on the bonds have been paid may be used by the City for any lawful purpose. (c) All moneys in the Bond Fund shall be used solely for the purpose of paying the principal of and interest on the bonds, Trustee's fees and expenses and other administrative charges and any arbitrage rebate due under Section 148(f) of the Code, as the same become due. (d) The Trustee is authorized and directed to withdraw moneys from the Bond Fund from time to time as necessary for paying principal of and interest on the bonds when due at maturity or at redemption prior to maturity and for making other authorized Bond Fund expenditures. (e) The bonds shall be specifically secured by a pledge of the Pledged Revenues,which pledge in favor of the bonds is hereby irrevocably made according to the terms of this Ordinance, and the City, and the officers and employees of the City,shall execute,perform and carry out the terms thereof in strict conformity with the provisions of this Ordinance. 15 (f) Anything herein to the contrary notwithstanding,moneys in the Redemption Account derived from deposits made pursuant to clause (6) of Section 8(b) hereof and interest earnings thereon (1) shall be used from time to time to make up shortfalls in the Debt Service Account or shortfalls in collections of the Bond Tax, rather than redeeming bonds prior to maturity, and (2) shall not be used to redeem bonds more often than annually (rather than on each interest payment date) if the Trustee reasonably determines that such amounts available for redemption may be needed to make scheduled debt service payments. Section 10. Any bond shall be deemed to be paid within the meaning of this Ordinance when payment of the principal of and interest on such bond(whether at maturity or upon redemption as provided herein, or otherwise), either (i) shall have been made or caused to be made in accordance with the terms thereof, or (ii) shall have been provided for by irrevocably depositing with the Trustee,in trust and irrevocably set aside exclusively for such payment (1) cash fully insured by the Federal Deposit Insurance Corporation ("FDIC") and/or fully collateralized with direct obligations of the United States of America("Defeasance Securities") sufficient to make such payment and/or(2)Defeasance Securities(provided that such deposit will not cause any of the bonds to be classified as"arbitrage bonds" within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended (the "Code")) maturing as to principal and interest in such amounts and at such times as will provide sufficient moneys to make such payment, and all necessary and proper fees, compensation and expenses of the Trustee with respect to which such deposit is made shall have been paid or the payment thereof provided for to the satisfaction of the Trustee. In case of any defeasance of the bonds, redemption of defeased bonds shall be scheduled on the basis of the mandatory redemption requirements and assuming annual collections of the Bond Tax in an amount equal to receipts for the most recent twelve-month period. On the payment of any bonds within the meaning of this Ordinance, the Trustee shall hold in trust, for the benefit of the owners of such bonds, all such moneys and/or Defeasance Securities. When all the bonds shall have been paid within the meaning of this Ordinance, if the Trustee has been paid its fees and expenses and if all arbitrage rebate payments have been paid or provided for to the satisfaction of the Trustee, the Trustee shall take all appropriate action to cause (i) the pledge and lien of this Ordinance to be discharged and cancelled and (ii) all moneys held by it pursuant to this Ordinance and which are not required for the payment of such bonds to be paid over or delivered to or at the direction of the City. Section 11. The City covenants that it will not issue any additional bonds, or incur any additional obligation, secured by a lien on or pledge of the Pledged Revenues except as hereinafter provided. The City reserves the right to issue additional bonds 16 secured by a lien on or pledge of the receipts of the Permanent Tax on a subordinate basis to the pledge securing the bonds. Section 12. The bonds shall be callable for payment prior to maturity in accordance with the terms set out in the face of the bond form set forth in Section 6 of this Ordinance (the "Bond Form"). The City hereby covenants to use bond proceeds not necessary for the purposes intended to redeem bonds as set forth in the Bond Form. The City further covenants to use Surplus Bond Tax Receipts (as defined in the Bond Form) to redeem bonds prior to maturity. Section 13. It is hereby covenanted and agreed by the City with the owners of the bonds that the City will faithfully and punctually perform all duties with reference to the Taxes and the bonds required by the Constitution and laws of the State and by this Ordinance, including the collection of the Taxes, as herein specified and covenanted and the applying of the Pledged Revenues as herein provided. Section 14. The Trustee will keep or cause to be kept proper books of accounts and records in which complete and correct entries shall be made of all transactions relating to the Pledged Revenues and such books shall be available for inspection by the City,the Purchaser and the owner of any of the bonds at reasonable times and under reasonable circumstances. The Trustee shall furnish a report to the City on a monthly basis of all receipts and disbursements of the Pledged Revenues received by the Trustee,which monthly report shall commence one month following the first month in which the Pledged Revenues are received by the Trustee. Section 15. (a) If there be any default in the payment of the principal of and interest on any of the bonds or if the City defaults in the performance of any covenant contained in this Ordinance, the Trustee may, and shall, upon the written request of the owners of not less than 10% in principal amount of the bonds then outstanding, by proper suit compel the performance of the duties of the officials of the City and officials of the State under the Constitution and laws of the State 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. (b) No owner of any bond shall have any right to institute any suit, action, mandamus or other proceeding in equity or in law for the protection or enforcement of any right under this Ordinance or under the Constitution and laws of the State unless such owner previously shall have given to the Trustee written notice of the default on account of which such suit,action or proceeding is to be taken,and unless the owners of not less than 10% in principal amount of the bonds then outstanding shall have made written request of the Trustee after the right to exercise such powers or right of action, as the case may be, shall have accrued, and shall have afforded the Trustee a reasonable opportunity either to proceed to exercise the powers herein granted or granted by the Constitution and laws of the State, or to institute such action, suit or proceeding in its name, and unless, also, there shall have been offered to the Trustee reasonable security and indemnity against the cost, 17 i expense and liabilities to be incurred therein or thereby and the Trustee shall have refused or neglected to comply with such request within a reasonable time,and such notification, request and offer of indemnity are hereby declared in every such case, at the option of the Trustee, to be conditions precedent to the execution of the powers and trust of this Ordinance or to any other remedy hereunder. It is understood and intended that no one or more owners of the bonds shall have any right in any manner whatever by his or their action to affect, disturb or prejudice the security of this Ordinance, or to enforce any right hereunder except in the manner herein provided, that all proceedings at law or in equity shall be instituted, had and maintained in the manner herein provided and for the benefit of all owners of the outstanding bonds,and that any individual rights of action or other right given to one or more of such owners by law are restricted by this Ordinance to the rights and remedies herein provided. (c) All rights of action under this Ordinance or under any of the bonds, enforceable by the Trustee, may be enforced by it without the possession of any of the bonds, and any such suit, action or proceeding instituted by the Trustee shall be brought in its name and for the benefit of all the owners of the bonds, subject to the provisions of this Ordinance. (d) No remedy herein conferred upon or reserved to the Trustee or to the owners of the bonds is intended to be exclusive of any other remedy or remedies herein provided, and each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or given by any law or by the Constitution of the State. (e) No delay or omission of the Trustee or of any owners of the bonds to exercise any right or power accrued upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or an acquiescence therein, and every power and remedy given by this Ordinance to the Trustee and to the owners of the bonds, respectively, may be exercised from time to time and as often as may be deemed expedient. (f) The Trustee may,and upon the written request of the owners of not less than a majority of the owners in principal amount of the bonds then outstanding, shall waive any default which shall have been remedied before the entry of final judgment or decree in any suit, action or proceeding instituted under the provisions of this Ordinance or before the completion of the enforcement of any other remedy, but no such waiver shall extend to or affect any other existing or any subsequent default or defaults or impair any rights or remedies consequent thereon. Section 16. When the bonds have been executed and sealed as herein provided, they shall be delivered to the Trustee,which shall authenticate them and deliver them to or at the direction of the Purchaser upon payment of the Purchase Price. The expenses of issuing the bonds shall be deposited into a special account of the City established with the Trustee and designated "Cost of Issuance Fund, Series 2026" (the "Cost of 18 Issuance Fund"). Any amounts in the Cost of Issuance Fund on January 15, 2027 shall be deposited into the Debt Service Account in the Bond Fund. The amount necessary to establish the Debt Service Reserve Account at the required level shall be deposited into the Debt Service Reserve Account in the Bond Fund. The balance of the Purchase Price shall be deposited into two special Construction Funds of the City established with the Trustee (each a "Construction Fund" and collectively, the "Construction Fund"). The moneys deposited into the Construction Fund shall be allocated among the Improvements in proportion to the principal amount of bonds allocated for each purpose. Each Construction Fund shall be designated to reflect the purpose, e.g., "Park and Recreational Construction Fund." The amounts credited to each Construction Fund shall be expended to accomplish the purpose for which such fund was created. Issuance costs and other expenses not specific to any one purpose shall be joint obligations to be paid from each Construction Fund in proportion to the initial moneys credited thereto. Moneys in the Construction Fund shall also be used to pay the principal of and interest on the bonds when due if moneys in the Bond Fund are not sufficient for that purpose. Disbursements shall be made from the Construction Fund on the basis of requisitions which shall specify: the name of the person, firm or corporation to whom payment is to be made; the amount of the payment; the purpose of the payment and that the payment is a proper charge on the respective Construction Fund. Each requisition must be signed by the Mayor and the City Clerk or such other persons authorized by the City Council. The Trustee shall keep accurate records of all payments made from the Construction Fund. When the Improvements of a particular type (e.g., Park and Recreational Improvements)have been completed and all required expenses have been paid and expenditures made from the Construction Fund to accomplish such Improvements and the financing thereof, this fact shall, if moneys remain in such Construction Fund, be evidenced by a certificate signed by the Mayor, which certificate shall state,among other things,the date of the completion and that all obligations payable from such Construction Fund have been discharged. A copy of the certificate shall be filed with the Trustee, and upon receipt thereof the Trustee shall transfer any remaining balance into the Redemption Account in the Bond Fund. Section 17. (a) Moneys held for the credit of the Construction Fund and the Cost of Issuance Fund may be invested and reinvested at the direction of the City in Permitted Investments (as hereinafter defined) or other investments permitted by State law, which shall mature, or which shall be subject to redemption by the holder thereof, at the option of such holder, not later than the date or dates when such money will be required for the purposes intended. (b) Moneys held for the credit of the Debt Service Reserve Account in the Bond Fund shall be invested and reinvested at the direction of the City, and in the Trustee's discretion in the absence of any direct instructions from the City, in Permitted Investments, all of which shall mature, or which shall be subject to 19 redemption by the holder thereof, at the option of such holder, not later than seven (7) years after the date of investment or the final maturity date of the outstanding bonds, whichever is earlier. (c) Moneys held for the credit of the Bond Fund (other than the Debt Service Reserve Account) and the Revenue Fund shall be invested and reinvested at the direction of the City, and in the Trustee's discretion in the absence of any direct instructions from the City, in Permitted Investments, which shall mature, or which shall be subject to redemption by the holder thereof, at the option of such holder, not later than the date or dates when the moneys will be required for payment of the principal of and interest on the bonds when due. (d) Obligations so purchased as an investment of moneys in any fund shall be deemed at all times to be a part of such fund and the interest accruing thereon and any profit realized from such investments shall be credited to such fund, and any loss resulting from such investment shall be charged to such fund. (e) "Permitted Investments" are defined as (1) direct or fully guaranteed obligations of the United States of America ("Government Securities"), (2) direct obligations of an agency, instrumentality or government-sponsored enterprise created by an act of the United States Congress and authorized to issue securities or evidences of indebtedness, regardless of whether the securities or evidences of indebtedness are guaranteed for repayment by the United States Government, (3) certificates of deposit or demand deposits of banks, including the Trustee, which are insured by the FDIC or, if in excess of insurance coverage, collateralized by Government Securities or other securities authorized by State law to secure public funds or (4) money market funds invested exclusively in Government Securities and the obligations described in(2) above. (f) All investments and deposits in the Bond Fund and the Revenue Fund shall have a par value (or market value when less than par), exclusive of accrued interest at all times at least equal to the amount of money credited to such funds and shall be made in such a manner that the money required to be expended from any fund will be available at the proper time or times. (g) Investments of moneys in all funds shall be valued in terms of current market value as of the last day of each year, except that direct obligations of the United States (State and Local Government Series) in book-entry form shall be continuously valued at par or face principal amount. Section 18. In the event the office of Mayor, City Clerk or City 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 offices, or in the event of a vacancy in any such office by reason of death,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 from the City or 20 otherwise, all powers conferred and all obligations and duties imposed upon such office or officer shall be performed by the office or officers succeeding to the principal functions thereof, or by the office or officer upon whom such powers, obligations and duties shall be imposed by law. Section 19. Citizens Bank & Trust Co., Van Buren, Arkansas is hereby appointed to act as Trustee and Paying Agent pursuant to this Ordinance. The Trustee shall be responsible for the exercise of good faith and reasonable prudence in the execution of its trusts. The recitals in this Ordinance and in the bonds are the recitals of the City and not of the Trustee. The Trustee shall not be required to take any action as Trustee unless it shall have been requested to do so in writing by the owners of not less than 10% in principal amount of bonds then outstanding and shall have been offered reasonable security and indemnity against the costs, expenses and liabilities to be incurred therein or thereby. The Trustee may resign by giving 60 days'notice in writing to the City and the owners of the bonds. The majority in principal amount of the owners of the outstanding bonds or the City, so long as the City is not in default under this Ordinance, at any time, with or without cause, may remove the Trustee. In the event of a vacancy in the office of Trustee,the City shall forthwith designate a new Trustee by a written instrument filed in the office of the City Clerk. The new Trustee shall be a bank or a trust company duly authorized to exercise trust powers and subject to examination by federal or state authority, having a reported capital and surplus of not less than $5,000,000. The Trustee and any successor Trustee shall file a written acceptance and agreement to execute the trusts imposed upon it by this Ordinance,but only upon the terms and conditions set forth in this Ordinance and subject to the provisions of this Ordinance, to all of which the respective owners of the bonds agree. Such written acceptance shall be filed with the City Clerk and a copy thereof shall be placed in the bond transcript. Any successor Trustee shall have all the powers herein granted to the original Trustee. The Trustee's resignation shall take effect upon the acceptance of the trusts by the successor Trustee. Section 20. (a) The terms of this Ordinance shall constitute a contract between the City and the owners of the bonds and no variation or change in the undertaking herein set forth shall be made while any of the bonds are outstanding,except as hereinafter set forth in subsections (b) and (c). (b) The Trustee may consent to any variation or change in this Ordinance that the Trustee determines is not to the material prejudice of the owners of the bonds or in order to cure any ambiguity, formal defect or omission in this Ordinance or any amendment hereto without the consent of the owners of the bonds. (c) The owners of not less than 75%in aggregate principal amount of the bonds then outstanding shall have the right, from time to time, anything contained in this Ordinance to the contrary notwithstanding, to consent to and approve the adoption by the City of such ordinance supplemental hereto as shall be necessary or desirable for the purpose of modifying, altering, amending, adding to or rescinding, in any 21 particular, any of the terms or provisions contained in this Ordinance or in any supplemental ordinance; provided, however,that nothing contained in this Section shall permit or be construed as permitting (1) an extension of the maturity of the principal of or the interest on any bond, or (2) a reduction in the principal amount of any bond or the rate of interest thereon, or (3) the creation of a pledge of the Pledged Revenues other than a pledge created or permitted by this Ordinance, or (4) a privilege or priority of any bond or bonds over any other bond or bonds, or (5) a reduction in the aggregate principal amount of the bonds required for consent to such supplemental ordinance. Section 21. (a)The City 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 included in gross income for federal income tax purposes. Without limiting the generality of the foregoing,the City covenants that the proceeds of the sale of the bonds and the Pledged Revenues will 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 148 of the Code. (b) The City represents that it has not used or permitted the use of, and covenants that it will not use or permit the use of the Improvements or the proceeds of the bonds, in such manner as to cause the bonds to be "private activity bonds" within the meaning of Section 141 of the Code. In this regard, the City covenants that (i) it will not use (directly or indirectly) the proceeds of the bonds to make or finance loans to any person, and (ii) that while the bonds are outstanding the Improvements will only be used by state or local governmental entities or persons on a basis as members of the general public. (c) The City covenants that it will not reimburse itself from bond proceeds for any costs paid prior to the date the bonds are issued except in compliance with United States Treasury Regulation § 1.150-2 (the "Regulation"). This Ordinance shall be considered an "official intent" for purposes of the Regulation. (d) The City will retain all documents and records pertaining to the bonds and the Improvements for the life of the bonds plus an additional three years. (e) The City shall pay any arbitrage rebate due the United States Treasury under Section 148 of the Code from moneys in the Bond Fund. The costs of calculating the arbitrage rebate due and the arbitrage rebate amount shall be considered administrative costs payable from moneys in the Bond Fund. Section 22. The City covenants that it will take no action which would cause the bonds to be "federally guaranteed" within the meaning of Section 149(b)of the Code. The City further covenants that it will submit to the Secretary of the Treasury of the United States, not later than the 15th day of the second calendar month after the close of the calendar quarter in which the bonds are issued, a statement concerning the bonds which contains the information required by Section 149(e) of the Code. 22 Section 23. The Disclosure Agreement, in substantially the form submitted to this meeting, is approved, and the Mayor is hereby authorized and directed to execute and deliver the Disclosure Agreement for and on behalf of the City. The Mayor is authorized and directed to take all action required on the part of the City to fulfill the City's obligations under the Disclosure Agreement. Any legal fees and other administrative costs incurred by the City in connection with making the annual report pursuant to the Disclosure Agreement(except audit fees) shall be considered administrative charges that may be payable from moneys in the Bond Fund. Section 24. The Mayor is hereby authorized and directed to work with Friday, Eldredge & Clark, LLP, as bond counsel, to develop, adopt and implement written procedures to monitor compliance with federal tax requirements with respect to tax-exempt obligations of the City. The Mayor is further authorized to appoint a Responsible Person who will have primary responsibility for monitoring post-issuance tax compliance. Section 25. Following adoption, this Ordinance shall be posted in the following public places in the City as set forth in Ordinance No. 04-2019 and Ordinance No. 10-2025: Van Buren Municipal Complex,Van Buren Library,Van Buren Police Department,Van Buren Senior Center and Crawford County District Court Building. Section 26. 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. Section 27. All ordinances and resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 28. It is hereby ascertained and declared that the Improvements are immediately needed for the preservation of the public peace, health and safety and to remove existing hazards thereto. The Improvements cannot be accomplished without the issuance of the bonds, which cannot be sold at the interest rates specified herein unless this Ordinance is immediately effective. Therefore, it is declared that an emergency exists and this Ordinance being necessary for the preservation of the public peace, health and safety shall be in force and take effect immediately upon and after its passage. [Remainder of page intentionally left blank] 23 IN WITNESS WHEREOF, the City of Va dren, Arkansas, by its City Council, did pass, approve, and adopt, by a vote of�_for and against,the foregoing Ordinance at its Regular Meeting held on the 26th day of October, 2026. seph Hurst or ATTESTED: APPROVED AS TO FORM: S Shawnna R nolds Jacob Howell City Clerk/Treasurer City Attorney �\Q�T�k Tr��S/� City of Van Bur-eii �ryCOUII 24 CERTIFICATE The undersigned, City Clerk of the City of Van Buren, Arkansas (the "City' , hereby certifies that the foregoing pages are a true and correct copy of Ordinance No. passed at a regular session of the City Council of the City, held at the regular meeting place of the City Council at 5:30 p.m. on the 26th day of October, 2026, and that the Ordinance is of record in Ordinance Record Book now in my possession. GIVEN under my hand and seal this 26th day of Oct , 2026. CitA Ul rk (SEAL) e� r �