Ordinance 2023-05-04 - Laserfiche WebLink

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WATER IMPROVEMENT BONDS Bonds of the City of Batesville in one or more series in the maximum aggregate principal amount of $110,000,000 for the purpose of financing all or a portion of the costs of acquiring, constructing and equipping extensions, betterments and improvements to the City's water system and any necessary demolition related thereto and, in order to pay the bonds, the levy and pledge of a 1% local sales and use tax within the City. If the bonds are approved, there will be levied within the City a 1% sales and use tax, the net collections of which remaining after deduction of the administrative charges of the State of Arkansas and required rebates, will be used solely to retire the bonds and obligations of the City with respect thereto. The effective date of the 1% sales and use tax will be April 1, 2024. The 1% sales and use tax will expire after the bonds have been paid or provision is made therefor in accordance with Arkansas statutes. FOR................................................................................................................................ ❑ AGAINST...................................................................................................................... ❑ Section 4. The election shall be held and conducted and the vote canvassed and the results declared under the law and in the manner now provided for municipal elections unless otherwise provided in the Authorizing Legislation and only qualified voters of the City shall have the right to vote at the election. Section 5. The results of the election shall be proclaimed by the Mayor, and the Proclamation shall be published one time in a newspaper having a general circulation in the City, which Proclamation shall advise that the results as proclaimed shall be conclusive unless attacked in the courts within thirty days after the date of publication. Section 6. A copy of this Ordinance shall (a) be filed with the Independence County Clerk at least 70 days prior to the date of the special election and (b) be given to the Independence County Board of Election Commissioners so that the necessary election officials and supplies may be provided. A certified copy of this Ordinance shall also be provided to the Commissioner of Revenues of the State of Arkansas as soon as practical. Section 7. The Mayor and City Clerk, for and on behalf of the City, are hereby authorized and directed to do any and all things necessary to call and hold the special election as herein provided and, if the issuance of the Bonds is approved by the electors, to cause the Sales and Use Tax to be collected in accordance with the Authorizing Legislation, and to perform all acts of whatever nature necessary to carry out the authority conferred by this Ordinance. Section 8. All ordinances and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. 3