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