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WHEREAS, the City can pay the principal of and interest on the <br /> Bonds from the proceeds of a 0 . 5% sales and use tax to be levied <br /> under the authority of Act No. 871; and <br /> WHEREAS, the purpose of this Ordinance is to submit to the <br /> electors of the City the questions of (1) issuing Bonds under <br /> Amendment 62 and Act No. 871, and (2) authorizing the levy of a <br /> one-half of one percent (0 . 5%) sales and use tax within the City on <br /> the receipts from the sales at retail within the City of all items <br /> which are subject to taxation under the Arkansas Gross Receipts Tax <br /> Act of 1941, as amended, and the receipts from storing, using or <br /> consuming within the City tangible personal property under the <br /> Arkansas Compensating Tax Act of 1949 , as amended (the "Sales and <br /> Use Tax") , and to levy the Sales and Use Tax subject to the <br /> condition that the State Department of Education selects Batesville <br /> as the site for the School; <br /> NOW, THEREFORE, BE IT ORDAINED by the City Council of the City <br /> of Batesville, Arkansas: <br /> Section 1. That there be, and there is hereby called, a <br /> special election to be held on June 23 , 1992 , at which election <br /> there shall be submitted to the electors of the City the questions <br /> of (1) issuing the City of Batesville, Arkansas Sales and Use Tax <br /> Bonds (Arkansas School for Mathematics and Science Project) , Series <br /> 1992 (the "Bonds") under Amendment 62 and Act No. 871 in the <br /> principal amount of up to $5, 000 , 000, and (2) authorizing the levy <br /> of a one-half of one percent sales and use tax in the City, as <br /> described in Section 2 , below. <br /> Section 2 . That in order to provide for the payment of the <br /> principal of and interest on the Bonds, there is hereby levied a <br /> tax of one-half of one percent (0 . 5%) within the City on the <br /> receipts from the sales at retail within the City of all items <br /> which are subject to taxation under the Arkansas Gross Receipts Tax <br /> Act of 1941, as amended, and the receipts from storing, using or <br /> consuming within the City tangible personal property under the <br /> Arkansas Compensating Tax Act of 1949 , as amended (the "Sales and <br /> Use Tax") . The Sales and Use Tax shall be levied and collected <br /> only to a maximum tax of twenty-five dollars ($25) on each single <br /> transaction, pursuant to Arkansas Code Annotated Section 26-75-222 . <br /> The levy of the Sales and Use Tax shall not be effective until <br /> after the special election called in Section 1 above has been held <br /> and the issuance of the Bonds and the levy of the Sales and Use Tax <br /> have been approved by the voters. Further, such Sales and Use Tax <br /> shall not be levied and collected unless Batesville is selected as <br /> the site for the Arkansas School for Mathematics and Science (the <br /> "School") . The levy and collection of the Sales and Use Tax shall <br /> terminate upon the repayment in full of the Bonds, unless such <br /> Sales and Use Tax is extended by vote of the electors of the City <br /> at a special election called for such purpose. <br /> �, 2 <br />