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• and utilized solely for the payment of expenses associated with the operation, maintenance and improvement of the Community Center Facilities, the Parks Facilities and existing City parks. The 0.250% 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 0.250% Sales and Use Tax shall commence on and as of such date as provided in the 1981 City Sales and Use Tax Act. Section 3. That under the authority of Amendment 62, the Local Government Bond Act and 12 U.S.C. §1831u(f) (as amended by §503 of H.R. 2346 and §553 of H.R. 2892), and subject to approval by the electors of the City of all four Questions set forth in Section 7 below, there is hereby authorized the issuance of the City's capital improvement bonds in the aggregate principal amount of not to exceed $26,050,000 (the "Community Center Bonds") for the purpose of financing all or a portion of the costs of acquisition, construction, equipping and furnishing of the Community Center Facilities. If approved by the electors of the City and issued, the Community Center Bonds shall be secured by a pledge of and a lien upon all of the receipts of the 1.000% Sales and Use Tax and all of the receipts of the 0.250% Sales and Use Tax, as authorized by the Local Government Bond Act. Section 4. That under the authority of Amendment 62, the Local Government Bond Act and 12 U.S.C. §1831u(f) (as amended by §503 of H.R. 2346 and §553 of H.R. 2892), and • subject to approval by the electors of the City of all four Questions set forth in Section 7 below, there is hereby authorized the issuance of the City's capital improvement bonds in the aggregate principal amount of not to exceed $18,950,000 (the "Parks Bonds") for the purpose of financing all or a portion of the costs of acquisition, construction, equipping and furnishing of the Parks Facilities. If approved by the electors of the City and issued, the Parks Bonds shall be secured by a pledge of and a lien upon all of the receipts of the 1.000% Sales and Use Tax and all of the receipts of the 0.250% Sales and Use Tax, as authorized by the Local Government Bond Act. Section 5. That if the issuance of both the Community Center Bonds and the Parks Bonds is approved by the electors of the City, such Community Center Bonds and Parks Bonds may thereafter be issued in one or more series from time to time in an aggregate principal amount not to exceed the respective principal amounts approved by the City's electors. Section 6. That there be, and there is hereby called, a special election to be held on Tuesday, August 10, 2010, at which election there shall be submitted to the electors of the City the questions of the levy of the 1.000% Sales and Use Tax, the levy of the 0.250% Sales and Use Tax, the issuance of the Community Center Bonds, and the issuance of the Parks Bonds. Section 7. That the questions shall be placed on the ballot for the special election in substantially the following forms: • 4821-8069-1718.2 4