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Section 3 . That the proceeds of the Bonds shall be used for <br /> the purpose of constructing and equipping educational facilities, <br /> including classrooms, laboratories, library facilities, <br /> dormitories, and other facilities, to be located in Batesville, <br /> necessary for the proper operation and maintenance of the School, <br /> and paying the costs of issuing the Bonds (the "School Project") . <br /> The School has been proposed for the education of gifted and <br /> talented 11th and 12th graders from around the State of Arkansas. <br /> The City shall own the educational facilities described above, <br /> which shall be operated and maintained by the State Department of <br /> Education pursuant to Arkansas Code Annotated Section 6-42-201 (b) . <br /> Section 4 . That the question of issuing the Bonds and <br /> pledging the proceeds of the Sales and Use Tax to the repayment <br /> thereof shall be placed on the ballot for the election in <br /> substantially the following form: <br /> PROPOSED ARKANSAS SCHOOL <br /> FOR MATHEMATICS AND SCIENCE PROJECT <br /> AUTHORIZATION OF SALES AND USE TAX BONDS FOR THE ARKANSAS <br /> SCHOOL FOR MATHEMATICS AND SCIENCE PROJECT AND APPROVAL TO <br /> PLEDGE RECEIPTS FROM CITY SALES AND USE TAX FOR PAYMENT <br /> THEREOF, TO BE ISSUED ONLY IF THE ARKANSAS SCHOOL OF <br /> MATHEMATICS AND SCIENCE IS LOCATED IN BATESVILLE. <br /> The issuance of sales and use tax bonds by the City of <br /> Batesville in the aggregate principal amount of not to exceed <br /> $5, 000, 000 for the purpose of paying the costs of constructing <br /> and equipping the Arkansas School for Mathematics and Science, <br /> to be located in Batesville for the purpose of educating <br /> gifted and talented 11th and 12th graders from around the <br /> State of Arkansas, and to authorize the City Council to pledge <br /> all of the receipts from a one-half of one percent (0. 5%) <br /> sales and use tax to be levied by the City to pay the <br /> principal of and interest on the bonds and all fees and <br /> expenses in connection therewith. <br /> The sales and use tax bonds shall not be issued unless (1) <br /> Batesville is selected as the site for the Arkansas School for <br /> Mathematics and Science, and (2) the electors shall have also <br /> approved the levy of the sales and use tax described above. <br /> Vote on measure by placing an x in the square opposite the <br /> measure either for or against: <br /> FOR authorization of the issuance of bonds in the principal <br /> amount not to exceed $5, 000, 000 for the purpose of <br /> constructing and equipping educational facilities for the <br /> Arkansas School for Mathematics and Science in Batesville and <br /> 3 <br /> I <br />