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\w WHEREAS , the City has determined that there exists a <br /> public need to issue bonds for the purpose of paying the <br /> cost of acquiring, constructing, and equipping the Improve- <br /> ments and for pledging all or a portion of the City' s <br /> portion of the receipts derived from the collection of the <br /> Existing Tax to pay the cost of the Improvements . <br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF <br /> THE CITY OF BATESVILLE, ARKANSAS : <br /> Section 1 . Intent to Issue Bonds . The City hereby <br /> declares its intent to acquire, construct , and equip the <br /> Improvements and to finance the costs thereof from the <br /> City' s portion of receipts derived from the collection of <br /> the Existing Tax and other accumulated funds and to have the <br /> costs thereof paid from the proceeds of bonds of the City to <br /> be issued pursuant to Amendment 62 and the Act , which bonds <br /> will be issued in the aggregate principal amount not to <br /> exceed $4 ,000 ,000 ; the bonds will not be general obligations <br /> of the City but will be special obligations secured by a <br /> pledge of all or part of the City' s portion of receipts <br /> derived from the Existing Tax. <br /> Section 2 . Election Call . The question of the issu- <br /> ance of sales and use tax bonds in the principal amount set <br /> t out in Section 1 hereof and pledge of the Existing Tax <br /> �r receipts shall be submitted to the qualified electors of the <br /> City of Batesville , Arkansas for approval and consent at a <br /> special election, which is hereby called to be held on <br /> September 6 , 1988 . <br /> Section 3 . Ballot . The official ballot shall be in <br /> substantially the Fo=owing form: <br /> AUTHORIZATION OF SALES AND USE TAX BONDS <br /> FOR ACQUISITION, CONSTRUCTION, AND <br /> EQUIPPING CAPITAL IMPROVEMENTS FOR THE <br /> CITY OF BATESVILLE, ARKANSAS AND AP- <br /> PROVAL TO PLEDGE OF RECEIPTS DISTRIBUTED <br /> TO THE CITY FROM THE EXISTING ONE <br /> PERCENT (1%) COUNTY-WIDE SALES AND USE <br /> TAX FOR THE PAYMENT AND RETIREMENT OF <br /> THE BONDS . <br /> The issuance of sales and use tax bonds <br /> by the City of Batesville, Arkansas in a <br /> aggregate principal amount not to exceed <br /> $4 ,000 ,000 for the purpose of paying the <br /> costs of acquisition, construction, and <br /> equipping of capital improvements for <br /> the City of Batesville, Arkansas , and <br /> �4w for other authorized municipal purposes <br /> - 2 - <br />