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ORDINANCE NO. 0 17-10 9-0 AN ORDINANCE CREATING A PERPETUAL MAINTENANCE FUND FOR THE BATESVILLE COMMUNITY CENTER& AQUATICS PARK AND OUTDOOR TENNIS COURTS, LOCATED IN FITZHUGH PARK, AND FOR OTHER PURPOSES. WHEREAS,the City of Batesville desires to create a perpetual maintenance fund for the recently opened Batesville Community Center&Aquatics Park(indoor and outdoor)and outdoor Tennis Courts, all located within Fitzhugh Park on 20`h Street, hereinafter referred to as "The Facility". NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BATESVILLE, ARKANSAS: Section 1: Creation and Funding of Perpetual Maintenance Fund a. There is hereby created a perpetual maintenance fund for the "The Facility", to be accounted for separately by the City Clerk, including interest thereon. This fund shall be known as "The Batesville Community Center& Aquatics Park Perpetual Maintenance Fund",hereinafter referred to as "The Fund". b. "The Fund" shall receive all monies derived from the sale of sponsorships of various areas located in, on and within"The Facility". C. "The Fund" shall receive certain monies derived from the City of Batesville Permanent One-Half Cent(0.5%) Sales and Use Tax passed in 2012 as provided for in Section 2 below. d. "The Fund" shall receive any bequeaths, donations or grant funds made to the City of Batesville for the purpose of the general maintenance of the"The Facility" or for the purchasing or replacing of all fumiture, fixtures and equipment therein. e. At the end of each year, the City Clerk shall transfer to "The Fund" any excess of yearly operating revenue over yearly operating expenses, if any, from the operation of "The Facility" excluding the salaries and benefits of any of the following positions which may appear within"The Facility's" budget: Parks Director, Recreation Superintendent, and Parks Maintenance Supervisor. Section 2: Funding From The City of Batesville Permanent One-Half Cent (0.5%) Sales and Use Tax passed in 2012 Each year, beginning in 2017 and continuing each year thereafter, the City Clerk shall transfer SEVENTY FIVE THOUSAND DOLLARS ($75,000.00) from the collections of the Permanent One-Half Cent(0.5%) Sales and Use Tax passed in 2012 to "The Fund" or in such greater amount(s) as the City Council may direct.