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FILED DEC�8�2 11 M YY WYI ORDINANCE NO. 2011-12-07IITTTR& ACLERK D.C. AN ORDINANCE CALLING A SPECIAL ELECTION IN THE CITY OF BATESVILLE, ARKANSAS ON THE QUESTION OF ISSUING BONDS UNDER AMENDMENT NO. 62 TO THE CONSTITUTION OF THE STATE OF ARKANSAS FOR THE PURPOSE OF FINANCING ALL OR A PORTION OF THE COSTS OF 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 proposes to finance all or a portion of the costs of the Park and Recreational Improvements by the issuance of capital improvement bonds (the "Bonds") in the maximum aggregate principal amount of $25,900,000 under the authority of Amendment No. 62 to the Constitution of the State of Arkansas ("Amendment 62") and Title 14, ` Chapter 164, Subchapter 3 of the Arkansas Code of 1987 Annotated (the "Authorizing Legislation"); and WHEREAS, the City Council proposes to retire the Bonds with collections of a 0.5% sales and use tax levied within the City under Ordinance No. 2011-12-05, adopted December 27, 2011; and WHEREAS, the City may provide additional funds to pay or to further secure repayment of the Bonds if a new city-wide one-half of one percent (0.5%) sales and use tax levied by Ordinance No. 2011-12-03, adopted December 27, 2011, is approved by the voters; and WHEREAS, the purpose of this Ordinance is to submit to the electors of the City the question of issuing the Bonds for the Park and Recreational Improvements at a special election to be called for that purpose; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: Section 1. There is hereby called a special election to be held on March 13, 2012, at which election there shall be submitted to the electors of the City the question of issuing the Bonds under Amendment 62 and the Authorizing Legislation to finance all or a portion of the costs of the Park and Recreational Improvements in the maximum aggregate principal amount of $25,900,000, to be secured as described above.