Laserfiche WebLink
FILED <br />MAY 2 4 2023 <br />AT,4 0 ,_M <br />CEY MITCHELL <br />COUNTY & PROBATE CLERK <br />D.C. <br />ORDINANCE NO.2023-05-04 <br />AN ORDINANCE CALLING A SPECIAL ELECTION IN THE CITY OF <br />BATESVILLE, ARKANSAS ON THE QUESTION OF ISSUING <br />BONDS UNDER AMENDMENT NO. 62 TO THE CONSTITUTION OF <br />THE STATE OF ARKANSAS FOR THE PURPOSE OF FINANCING <br />ALL OR A PORTION THE COSTS OF CAPITAL IMPROVEMENTS; <br />LEVYING A ONE PERCENT (1%) SALES AND USE TAX TO <br />COMMENCE ON APRIL 1, 2024 FOR THE PURPOSE OF RETIRING <br />SUCH BONDS; AND PRESCRIBING OTHER MATTERS <br />PERTAINING THERETO. <br />WHEREAS, the City Council of the City of Batesville, Arkansas (the "City") has <br />determined that the City is in need of extensions, betterments and improvements to the City's water <br />system and any necessary demolition related thereto (the "Water Improvements"); and <br />WHEREAS, the City Council proposes to finance all or a portion of the costs of the Water <br />Improvements by the issuance of capital improvement bonds (the "Bonds") in one or more series <br />in the maximum aggregate principal amount of $110,000,000 under the authority of Amendment <br />No. 62 to the Constitution of the State of Arkansas ("Amendment 62") and Title 14, Chapter 164, <br />Subchapter 3 of the Arkansas Code of 1987 Annotated (the "Authorizing Legislation"); and <br />WHEREAS, the Authorizing Legislation provides for the levy of one or more city-wide <br />sales and use taxes at the rate of 0.125%, 0.25%, 0.5%, 0.75% or 1% or any combination thereof, <br />but not to exceed 1 % in the aggregate; and <br />WHEREAS, the City can pay the principal of and interest on the Bonds from the proceeds <br />of a City-wide 1 % sales and use tax to be levied under the authority of the Authorizing Legislation; <br />and <br />WHEREAS, pursuant to a special election held on March 10, 2009, the City has issued its <br />Sales and Use Tax Bonds, Series 2010, Series 2011, Series 2013 and Series 2015; and <br />WHEREAS, the City's Sales and Use Tax Bonds, Series 2010, Series 2011 and Series 2013 <br />have been paid in full; and <br />WHEREAS, the City's Sales and Use Tax Bonds, Series 2015 (the "Outstanding Bonds") <br />are secured by and payable from collections of a 1 % City-wide sales and use tax levied under the <br />authority of the Authorizing Legislation and pursuant to Ordinance No. 2009-1-1 of the City <br />adopted on January 13, 2009 (the "Existing Tax"); and <br />WHEREAS, the Existing Tax will expire after the Outstanding Bonds have been paid or <br />provision has been made therefor; and <br />