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FILED DEC 8 20 ORDINANCE NO. 2011-12-05 �C M • TRAC WYYAAT COUNTY&PR BAT LERK AN ORDINANCE PROVIDING FOR THE LEVY OF A D.C. TEMPORARY ONE-HALF OF ONE PERCENT (0.5%) SALES AND USE TAX WITHIN THE CITY OF BATESVILLE, ARKANSAS TO RETIRE BONDS ISSUED TO FINANCE PARK AND RECREATIONAL IMPROVEMENTS; AND PRESCRIBING OTHER MATTERS PERTAINING THERETO. WHEREAS, the City Council of the City of Batesville, Arkansas (the "City") has determined that the City is in need of park and recreational improvements, including particularly, without limitation, a multi-purpose community center, swimming facilities, baseball fields, softball fields and soccer fields and any necessary land acquisition, and parking, landscaping, signage, drainage, lighting, concession, road and utility improvements related thereto (collectively,the "Park and Recreational Improvements"); and WHEREAS, the City Council has determined that there is a need for a source of revenue to pay and secure the repayment of bonds approved by the voters and issued by the City to finance the Park and Recreational Improvements (the "Park and Recreational Improvement Bonds"); 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 to pay and secure the Park and Recreational Improvement Bonds; 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