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ORDINANCE NO. <br /> AN ORDINANCE DECLARING A NEED FOR <br /> CAPITAL IMPROVEMENTS FOR THE CITY OF <br /> BATESVILLE, ARKANSAS ; DECLARING AN <br /> INTENT TO FINANCE ACQUISITION AND <br /> CONSTRUCTION THEREOF BY THE ISSUANCE OF <br /> SALES AND USE TAX BONDS SECURED BY A <br /> PLEDGE OF THE RECEIPTS OF THE CITY OF <br /> BATESVILLE, ARKANSAS FROM THE EXISTING <br /> ONE PERCENT (17) COUNTY-WIDE SALES AND <br /> USE TAX IN INDEPENDENCE COUNTY, <br /> ARKANSAS; CALLING AN ELECTION TO AUTHOR- <br /> IZE THE ISSUANCE OF SUCH BONDS AND <br /> APPROVE THE PLEDGE OF SUCH SALES AND USE <br /> TAX; CALLING A SPECIAL ELECTION ON <br /> SEPTEMBER 6 , 1988 ; DECLARING AN EMERGEN- <br /> CY; AND FOR OTHER PURPOSES. <br /> WHEREAS , the City of Batesville, Arkansas is a City of <br /> the first class (the "City") ; and <br /> WHEREAS , the City Council has determined that the <br /> following capital improvements are necessary in order to <br /> provide for the needs of the City to-wit: fire fighting <br /> facilities and apparatus ; street improvements ; drainage and <br /> flood control facilities ; public parks , playgrounds and <br /> recreational facilities ; fair and exhibition facilities ; <br /> civic auditorium; amphitheater-water front development <br /> facility (collectively, the "Improvements") ; and <br /> WHEREAS , pursuant to the Constitution and laws of the <br /> State of Arkansas , particularly Amendment 62 to the Consti- <br /> tution and Act 871 of 1985 of the General Assembly of the <br /> State of Arkansas (the "Act") , the City is authorized to <br /> carry out public purposes described in the Act by issuing <br /> its sales and use tax bonds (the "Bonds") and pledging all <br /> or a portion of the receipts of the City derived from an <br /> existing county-wide sales and use tax to secure payment of <br /> bonds issued to provide funds for certain capital improve- <br /> ments of a public nature; and <br /> WHEREAS , pursuant to Ordinance No. 237-82 of the Quorum <br /> Court of Independence County, Arkansas adopted July 28 , <br /> 1982 , Independence County levied a county-wide sales and use <br /> tax at the rate of one percent (1%) on receipts from retail <br /> sales within the County (the "Existing Tax") , which Existing <br /> Tax was approved by the voters of Independence County at a <br /> special election held on June 22 , 1982 ; and <br /> j WHEREAS , the Existing Tax levy made by Independence <br /> \r County continues in full force and effect; and <br />