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FILED IDE 2 8 011 TRACM EY WYATT ORDINANCE NO. 2011-12-03 COUNTY&P OB C ERK _iD.C. AN ORDINANCE PROVIDING FOR THE LEVY OF A PERMANENT ONE-HALF OF ONE PERCENT (0.5%) SALES AND USE TAX WITHIN THE CITY OF BATESVILLE, ARKANSAS; AND PRESCRIBING OTHER MATTERS PERTAINING THERETO. WHEREAS, the City Council of the City of Batesville, Arkansas (the "City") has determined that there is a need for a source of revenue for one or more of the following: (a) to pay and secure the repayment of bonds approved by the voters and issued by the City from time to time to finance capital improvements, (b) for park and recreational purposes, (c) for public safety purposes, including particularly, without limitation, police and fire and (d) for street purposes; and WHEREAS, Title 26, Chapter 75, Subchapter 2 of the Arkansas Code of 1987 Annotated (the "Authorizing Legislation") provides for the levy of city-wide sales and use taxes at the rate of 0.125%, 0.25%, 0.5%, 0.75%or I%, or any combination thereof; and WHEREAS, the City is currently levying a one-eighth of one percent (0.125%) sales and use tax under the authority of the Authorizing Legislation, which tax will expire on December 31, 2011; and WHEREAS, the City Council has proposed the levy of a one-half of one percent (0.5%) city-wide sales and use tax under the Authorizing Legislation; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: Section 1. Under the authority of the Authorizing Legislation, there is hereby levied a new one-half of one percent (0.5%) tax on the gross receipts from the sale at retail within the City of all items which are subject to the Arkansas Gross Receipts Act of 1941, as amended (A.C.A. §§26-52-101, et seq.), and the imposition of a new excise (or use) tax on the storage, use, distribution or other consumption within the City of tangible personal property subject to the Arkansas Compensating Tax Act of 1949, as amended (A.C.A. §§26-53-101, et seq.), at a rate of one-half of one percent (0.5%) of the sale price of the property or, in the case of leases or rentals, of the lease or rental price (collectively, the "Sales and Use Tax"). The 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. Section 2. The 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