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2023-05-03
CITY-OF-BATESVILLE
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2023-05-03
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FILED <br /> MAY 8 4 2023 <br /> ORDINANCE NO. 2023-05-03 C) ,4 <br /> 0 M <br /> COUNTY&P�E CLERK <br /> AN ORDINANCE CALLING A SPECIAL ELECTION IN THE CITY nF D.C. <br /> BATESVILLE, ARKANSAS ON THE QUESTIONS OF ISSUING ��yu <br /> BONDS UNDER AMENDMENT NO. 62 TO THE CONSTITUTION OF <br /> THE STATE OF ARKANSAS FOR THE PURPOSE OF FINANCING <br /> AND REFINANCING ALL OR A PORTION OF THE COSTS OF <br /> CAPITAL IMPROVEMENTS;AND PRESCRIBING OTHER MATTERS <br /> PERTAINING THERETO. <br /> WHEREAS, the City Council of the City of Batesville, Arkansas (the "City") has <br /> determined that it would be in the best interest of the City to refund the City's outstanding Sales <br /> and Use Tax Bonds, Series 2012, which financed park and recreational improvements (the <br /> "Refunding"); and <br /> WHEREAS, the City Council has further determined that the City is in need of additional <br /> park and recreational facilities and improvements and any necessary land acquisition, demolition, <br /> furnishings, equipment and parking, lighting, landscaping, street, drainage and utility <br /> improvements related thereto (the "Park and Recreational Improvements"); and <br /> WHEREAS, the City Council proposes to finance all or a portion of the costs of the <br /> Refunding and the Park and Recreational Improvements by the issuance of capital improvement <br /> bonds (the "Bonds") under the authority of Amendment No. 62 to the Constitution of the State of <br /> Arkansas ("Amendment 62") and Title 14, Chapter 164, Subchapter 3 of the Arkansas Code of <br /> 1987 Annotated(the"Authorizing Legislation")allocated as follows: (1)$12,820,000 in maximum <br /> aggregate principal amount for the Refunding; and (2) $25,985,000 in maximum aggregate <br /> principal amount for the Park and Recreational Improvements; and <br /> WHEREAS, the City Council proposes to retire the Bonds with the net collections of a <br /> 0.5% sales and use tax levied within the City by Ordinance No. 2011-12-05, adopted December <br /> 27, 2011, as it may be amended from time to time (the "Tax"); and <br /> WHEREAS, in order to provide additional funds to pay or to further secure repayment of <br /> the Bonds, the City may also pledge to the Bonds the net collections of the 0.5% sales and use tax <br /> levied within the City by Ordinance No. 2011-12-03, adopted December 27, 2011; and <br /> WHEREAS, the purpose of this Ordinance is to submit to the electors of the City the <br /> questions of issuing the Bonds for the Refunding and the Park and Recreational Improvements, at <br /> a special election to be called for that purpose; <br /> NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, <br /> Arkansas: <br /> Section 1. There is hereby called a special election to be held on August 8, 2023, at <br /> which election there shall be submitted to the electors of the City the questions of issuing the Bonds <br /> under Amendment 62 and the Authorizing Legislation to finance all or a portion of the costs of <br />
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