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2023-05-02
CITY-OF-BATESVILLE
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2023-05-02
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FILED <br /> MAY 2 4 2023 <br /> ORDINANCE NO. 2023-05-02 TRA-q M�,L M <br /> COUNTY&PROBATE CLERK <br /> AN ORDINANCE AMENDING ORDINANCE NO. 20H- H D.C. <br /> ORDER TO AUTHORIZE THE NET COLLECTIONS OF THE 0.5% _rm <br /> SALES AND USE TAX LEVIED WITHIN THE CITY OF BATESVILLE, 1 <br /> ARKANSAS BY ORDINANCE NO. 2011-12-05 TO BE USED TO PAY <br /> AND SECURE THE REPAYMENT OF BONDS APPROVED BY THE <br /> VOTERS AND ISSUED BY THE CITY FROM TIME TO TIME TO <br /> FINANCE AND REFINANCE ALL OR A PORTION OF THE COSTS <br /> OF CAPITAL IMPROVEMENTS; AND PRESCRIBING OTHER <br /> MATTERS PERTAINING THERETO. <br /> WHEREAS, pursuant to Ordinance No. 2011-12-05, adopted December 27, 2011 <br /> ("Ordinance No. 2011-12-05"), and an election held on March 13, 2012, the City of Batesville, <br /> Arkansas (the "City") has levied a City-wide 0.5% sales and use tax (the "Tax"); and <br /> WHEREAS,the net collections of the Tax are currently used by the City to pay and secure <br /> the repayment of bonds approved by the voters and issued by the City to finance park and <br /> recreational improvements; and <br /> WHEREAS, the City Council has determined that it would be in the best interest of the <br /> City to issue bonds (the "Bonds") to refund the City's Sales and Use Tax Bonds, Series 2012 and <br /> to finance additional park and recreational facilities and improvements and any necessary land <br /> acquisition,demolition,furnishings,equipment and parking, lighting, landscaping,street,drainage <br /> and utility improvements related thereto(the "Park and Recreational Improvements")and to secure <br /> the Bonds with a pledge of the net collections of the Tax; and <br /> WHEREAS, it is necessary to amend Ordinance No. 2011-12-05 to change the purposes <br /> for which the net collections of the Tax may be used in order for the Bonds to be secured by such <br /> collections; <br /> NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, <br /> Arkansas: <br /> Section 1. The title of Ordinance No. 2011-12-05 is hereby amended to read as <br /> follows: <br /> "AN ORDINANCE PROVIDING FOR THE LEVY OF A ONE-HALF OF <br /> ONE PERCENT (0.5%) SALES AND USE TAX WITHIN THE CITY OF <br /> BATESVILLE, ARKANSAS TO PAY AND SECURE THE <br /> REPAYMENT OF BONDS ISSUED BY THE CITY FROM TIME TO <br /> TIME TO FINANCE AND REFINANCE ALL OR A PORTION OF THE <br /> COSTS OF CAPITAL IMPROVEMENTS;AND PRESCRIBING OTHER <br /> MATTERS PERTAINING THERETO." <br />
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