Ordinance 2023-05-03 - Laserfiche WebLink

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FILED MAY 2 4 2023 ORDINANCE NO.2023-05-03 C1 . TRACEY MITC M COUNTY R08ATE LERK AN ORDINANCE CALLING A SPECIAL ELECTION IN THE CITYi D.C. BATESVILLE, ARKANSAS ON THE QUESTIONS OF ISSUING ��Yu BONDS UNDER AMENDMENT NO. 62 TO THE CONSTITUTION OF THE STATE OF ARKANSAS FOR THE PURPOSE OF FINANCING AND REFINANCING ALL OR A PORTION OF THE COSTS OF CAPITAL IMPROVEMENTS; AND PRESCRIBING OTHER MATTERS PERTAINING THERETO. WHEREAS, the City Council of the City of Batesville, Arkansas (the "City") has determined that it would be in the best interest of the City to refund the City's outstanding Sales and Use Tax Bonds, Series 2012, which financed park and recreational improvements (the "Refunding"); and WHEREAS, the City Council has further determined that the City is in need of 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 WHEREAS, the City Council proposes to finance all or a portion of the costs of the Refunding and the Park and Recreational Improvements by the issuance of capital improvement bonds (the "Bonds") 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") allocated as follows: (1) $12,820,000 in maximum aggregate principal amount for the Refunding; and (2) $25,985,000 in maximum aggregate principal amount for the Park and Recreational Improvements; and WHEREAS, the City Council proposes to retire the Bonds with the net collections of a 0.5% sales and use tax levied within the City by Ordinance No. 2011-12-05, adopted December 27, 2011, as it may be amended from time to time (the "Tax"); and WHEREAS, in order to provide additional funds to pay or to further secure repayment of the Bonds, the City may also pledge to the Bonds the net collections of the 0.5% sales and use tax levied within the City by Ordinance No. 2011-12-03, adopted December 27, 2011; and WHEREAS, the purpose of this Ordinance is to submit to the electors of the City the questions of issuing the Bonds for the Refunding and 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 August 8, 2023, at which election there shall be submitted to the electors of the City the questions of issuing the Bonds under Amendment 62 and the Authorizing Legislation to finance all or a portion of the costs of