2023-05-23-AGENDA - Laserfiche WebLink

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ORDINANCE NO.2023-05-02 AN ORDINANCE AMENDING ORDINANCE NO. 2011-12-05 IN ORDER TO AUTHORIZE THE NET COLLECTIONS OF THE 0.5% SALES AND USE TAX LEVIED WITHIN THE CITY OF BATESVILLE, ARKANSAS BY ORDINANCE NO. 2011-12-05 TO BE USED TO PAY AND SECURE THE REPAYMENT OF BONDS APPROVED BY THE VOTERS AND ISSUED BY THE CITY FROM TIME TO TIME TO FINANCE AND REFINANCE ALL OR A PORTION OF THE COSTS OF CAPITAL IMPROVEMENTS; AND PRESCRIBING OTHER MATTERS PERTAINING THERETO. WHEREAS, pursuant to Ordinance No. 2011-12-05, adopted December 27, 2011 ("Ordinance No. 2011-12-05"), and an election held on March 13, 2012, the City of Batesville, Arkansas (the "City") has levied a City-wide 0.5% sales and use tax (the "Tax"); and WHEREAS, the net collections of the Tax are currently used by the City to pay and secure the repayment of bonds approved by the voters and issued by the City to finance park and recreational improvements; and WHEREAS, the City Council has determined that it would be in the best interest of the City to issue bonds (the 'Bonds") to refund the City's Sales and Use Tax Bonds, Series 2012 and to finance additional park and recreational facilities and improvements and any necessary land acquisition, demolition, furnishings, equipment and parking, lighting, landscaping, street, drainage and utility improvements related thereto (the "Park and Recreational Improvements") and to secure the Bonds with a pledge of the net collections of the Tax; and WHEREAS, it is necessary to amend Ordinance No. 2011-12-05 to change the purposes for which the net collections of the Tax may be used in order for the Bonds to be secured by such collections; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: Section 1. The title of Ordinance No. 2011-12-05 is hereby amended to read as follows: "AN ORDINANCE PROVIDING FOR THE LEVY OF A ONE-HALF OF ONE PERCENT (0.5%) SALES AND USE TAX WITHIN THE CITY OF BATESVILLE, ARKANSAS TO PAY AND SECURE THE REPAYMENT OF BONDS ISSUED BY THE CITY FROM TIME TO TIME TO FINANCE AND REFINANCE ALL OR A PORTION OF THE COSTS OF CAPITAL IMPROVEMENTS; AND PRESCRIBING OTHER MATTERS PERTAINING THERETO."