unclassified
Ordinance No 163
December 1, 2023 · Cherry Valley, AR
📄
Source: Ordinance No 163
(PDF, 3 pp)
Retrieved May 6, 2026
from www.cityofcherryvalley.com ↗
Confidence:
100%
High
Summary
The City of Cherry Valley, Arkansas, accepts a lower interest rate on a water and sewer revenue bond owned by the Arkansas Natural Resources Commission, extending the non-prepayment period on the bond. The ordinance reduces the interest rate from 4.75% to 2.75% per annum and shortens the maturity of the bond from December 1, 2040, to June 1, 2035. The city agrees not to prepay the bond before June 1, 2027, in exchange for the lower interest rate.
Details
- Subject
- Water and Sewer Revenue Bond
- Summary
- The City of Cherry Valley, Arkansas, accepts a lower interest rate on a water and sewer revenue bond owned by the Arkansas Natural Resources Commission, extending the non-prepayment period on the bond. The ordinance reduces the interest rate from 4.75% to 2.75% per annum and shortens the maturity of the bond from December 1, 2040, to June 1, 2035. The city agrees not to prepay the bond before June 1, 2027, in exchange for the lower interest rate.
- Action Type
- amend
- Vote Result
- passed
- Adoption Date
- 2017-07-11
- Enacting Body
- City Council of the City of Cherry Valley, Arkansas
- Effective Date
- 2017-07-11
- Ordinance Number
- Ord. 163