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• and Use Tax shall be levied and collected on the gross receipts, gross proceeds or sales price in <br /> the maximum amount allowed from time to time under Arkansas law, subject to rebates and <br /> limitations as required for certain single transactions as from time to time required by Arkansas <br /> statutes. <br /> Section 2. The Sales and Use Tax shall be levied, and the net collections <br /> received after deduction of the administrative charges of the State of Arkansas and required <br /> rebates shall be used by the City to retire the Park and Recreational Improvement Bonds and all <br /> obligations of the City with respect thereto; provided, however, that any amounts not necessary <br /> to fully retire the Park and Recreational Improvement Bonds and all obligations of the City with <br /> respect thereto may be used for park and recreational purposes. <br /> Section 3. The Sales and Use Tax shall expire on the first date on which the <br /> Sales and Use Tax can be administratively removed when (a) there are sufficient funds to pay in <br /> full the outstanding Park and Recreational Improvement Bonds secured by a pledge of <br /> collections of the Sales and Use Tax and (b) the City Council determines that the purposes of the <br /> Sales and Use Tax cannot continue to be fulfilled because no Park and Recreational <br /> Improvement Bonds secured by a pledge of collections of the Sales and Use Tax will be issued <br /> or because no additional Park and Recreational Improvement Bonds secured by a pledge of <br /> collections of the Sales and Use Tax will be issued in the future. <br /> Section 4. All ordinances and parts thereof in conflict herewith are hereby <br /> • repealed to the extent of such conflict. <br /> Section 5. This Ordinance shall not take effect until an election is held on the <br /> question of levying the Sales and Use Tax at which a majority of the electors voting on the <br /> question shall have approved (a) the levy of the Sales and Use Tax and (b) the issuance of the <br /> Park and Recreational Improvement Bonds secured by a pledge of collections of the Sales and <br /> Use Tax. <br /> PASSED: December 27, 2011 <br /> APPROVED: <br /> ATTEST: <br /> �K - -J/,n/y\ "-Qv- Mayor <br /> City Clerk <br /> (SEAL) <br /> • <br /> 2 <br />