WATER IMPROVEMENT BONDS
An issue of bonds of the City ofDardanelle in one or more series fromtime to time in the maximum aggregateprincipal amount of $9,775,000 for thepurpose of financing all or a portion ofthe costs of acquiring, constructing,improving, and equipping extensions,betterments, and improvements to theCity s water facilities, including anynecessary street or infrastructurerepairs related thereto, and, in order topay the bonds, (a) the pledge of anexisting 1.0% local sales and use taxlevied within the City by Ordinance No.2007-05, adopted August 6, 2007, as itmay be amended from time to time (the ), and (b) the pledge of netrevenues of the City s water and sewersystem. Collections of the Tax notnecessary to pay bonds will be used forother lawful purposes.
