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• Bonds and Parks Bonds are to be secured by a pledge of and lien upon all of the receipts of the 1.000% Sales and Use Tax and the 0.250% Sales and Use Tax, all as authorized by Amendment 62, the Local Government Bond Act, the 1981 City Sales and Use Tax Act, and the 1975 City Sales and Use Tax Act; and WHEREAS, the purpose of this Ordinance is to call a special election on the issuance of the Community Center Bonds and Parks Bonds by the City and the levy of the 1.000% Sales and Use Tax and the 0.250% Sales and Use Tax, and for related purposes; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville,Arkansas: Section 1. That under the authority of the 1975 City Sales and Use Tax Act, and subject to approval by the electors of the City of all four Questions set forth in Section 7 below, there is hereby levied (i) a sales tax at the rate of one percent(1.000%) on the gross receipts from the sale at retail within the City of all items and services which are subject to taxation under the Arkansas Gross Receipts Act of 1941, as amended (Arkansas Code of 1987 Annotated §26-52- 101 et seq.), and(ii) an excise (or use) tax at the rate of one percent(1.000%) on the storage, use, distribution or other consumption within the City of tangible personal property or taxable services subject to taxation under the Arkansas Compensating Tax Act of 1949, as amended (Arkansas Code of 1987 Annotated §26-53-101 et seq.), on the sale price of the property or, in • the case of leases or rentals, on the lease or rental price (collectively, the "1.000% Sales and Use Tax"). The 1.000% Sales and Use Tax shall be levied, and the net collections received after deduction of the administrative charges of the State of Arkansas and required rebates shall be utilized only for the payment of debt service on the Community Center Bonds and Parks Bonds. The 1.000% Sales and Use Tax shall be levied and collected on the gross receipts, gross proceeds or sales price in the maximum amount allowed from time to time under Arkansas law, subject to rebates and limitations as required for certain "single transactions" as from time to time required by Arkansas statutes. The levy and collection of the 1.000% Sales and Use Tax shall commence on and as of such date as provided in the 1975 City Sales and Use Tax Act and shall cease upon retirement in full of all of the Community Center Bonds and Parks Bonds. Section 2. That under the authority of the 1981 City Sales and Use Tax Act, and subject to approval by the electors of the City of all four Questions set forth in Section 7 below, there is hereby levied (i) a sales tax at the rate of one-quarter of one percent (0.250%) on the gross receipts from the sale at retail within the City of all items and services which are subject to taxation under the Arkansas Gross Receipts Act of 1941, as amended (Arkansas Code of 1987 Annotated §26-52-101 et seq.), and (ii) an excise (or use) tax at the rate of one-quarter of one percent (0.250%) on the storage, use, distribution or other consumption within the City of tangible personal property or taxable services subject to taxation under the Arkansas Compensating Tax Act of 1949, as amended (Arkansas Code of 1987 Annotated §26-53-101 et seq.), on the sale price of the property or, in the case of leases or rentals, on the lease or rental price (collectively, the "0.250% Sales and Use Tax"). The 0.250% Sales and Use Tax shall be levied, and the net collections received after deduction of the administrative charges of the State • of Arkansas and required rebates shall be utilized for the payment of debt service on the Community Center Bonds and Parks Bonds, to the extent needed after application of the net collections of the 1.000% Sales and Use Tax, and shall thereafter be distributed only to the City 4821-8069-1718.2 3