2023-05-23-AGENDA - Laserfiche WebLink

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Section 2. The WHEREAS clauses of Ordinance No. 2011-12-05 are hereby amended to read as follows: "WHEREAS, the City Council of the City of Batesville, Arkansas (the "City") has determined that the City is in need of a source of revenue to pay and secure the repayment of bonds approved by the voters and issued by the City from time to time for the purpose of financing and refinancing all or a portion of the costs of capital improvements ("Capital 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 1 %, or any combination thereof; and WHEREAS, the purpose of this Ordinance is to levy a city-wide sales and use tax at the rate of 0.5%, the net collections of which will be used to pay and secure the repayment of Capital Improvement Bonds;" Section 3. Section 1 of Ordinance No. 2011-12-05 is hereby amended to read as follows: "Section 1. Under the authority of the Authorizing Legislation, there is hereby levied a 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 an 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 and Use Tax shall be levied and collected on the gross receipts, gross proceeds or sales price in the maximum amount allowed from time to time by Arkansas law, subject to rebates and limitations as from time to time required by Arkansas statutes for certain single transactions." Section 4. Section 2 of Ordinance No. 2011-12-05 is hereby amended to read as follows: "Section 2. The Sales and Use Tax shall be levied, and the net collections received after deduction of the administrative charges of the State of Arkansas and required rebates shall be used by the City to pay and secure the repayment of Capital Improvement Bonds and all obligations of the City with respect thereto; provided, however, that any amounts not 2