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ORDINANCE NO. <br /> AN ORDINANCE CALLING A SPECIAL ELECTION IN THE CITY OF <br /> BATESVILLE, ARKANSAS, ON THE QUESTION OF ISSUING BONDS <br /> UNDER AMENDMENT NO. 62 TO THE CONSTITUTION OF THE STATE <br /> OF ARKANSAS FOR THE PURPOSE OF FINANCING THE COST OF <br /> CONSTRUCTING EDUCATIONAL FACILITIES FOR THE ARKANSAS <br /> SCHOOL FOR MATHEMATICS AND SCIENCE; LEVYING A ONE-HALF OF <br /> ONE PERCENT SALES AND USE TAX FOR THE PURPOSE OF RETIRING <br /> SUCH BONDS; PRESCRIBING THE FORM OF BALLOT AND OTHER <br /> MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY. <br /> WHEREAS, the City of Batesville, Arkansas (the "City") is a <br /> city of the first class; and <br /> WHEREAS, the City Council has determined that it would be in <br /> the best interests of the City for the City of Batesville to be <br /> selected as the site for the proposed Arkansas School for <br /> Mathematics and Science, authorized by Arkansas Code Annotated <br /> Sections 6-42-201 et sea. ; and <br /> WHEREAS, in order to secure the location of the Arkansas <br /> School for Mathematics and Science (the "School") in Batesville, it <br /> will be necessary to construct educational facilities to provide <br /> classrooms, laboratories, library facilities, dormitories and other <br /> services necessary for the proper operation and support of the <br /> school; and <br /> WHEREAS, the City Council has determined that it would be in <br /> the best interests of the City to construct, equip, and own such <br /> educational facilities, and locate the educational facilities in <br /> Batesville (the "School Project") , if Batesville is selected as the <br /> site for the School pursuant to Arkansas Code Annotated Section 6- <br /> 42-202 (b) ; and <br /> WHEREAS, the City Council has determined that capital <br /> improvements for beginning the School Project can be constructed, <br /> equipped and financed for a cost not to exceed $5, 000, 000; and <br /> WHEREAS, the City Council has determined that the cost of the <br /> School Project, including expenses in connection with authorizing <br /> and issuing sales and use tax bonds, can be financed by the <br /> issuance of City of Batesville, Arkansas Sales and Use Tax Bonds <br /> (Arkansas School for Mathematics and Science Project) , Series 1992 , <br /> (the "Bonds") in a principal amount not to exceed $5, 000, 000; and <br /> WHEREAS, the Bonds can be issued under the authority of <br /> Amendment No. 62 to the Constitution of the State of Arkansas <br /> ("Amendment 6211) and Act No. 871 of the Acts of Arkansas of 1985, <br /> as amended ("Act No. 87111) ; and <br />