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WHEREAS, the Existing Tax is expected to be terminated no later than April 1, 2024; and <br /> WHEREAS,the City Council intends for the 1% sales and use tax levied by this Ordinance <br /> to become effective on April 1, 2024; and <br /> WHEREAS, the purpose of this Ordinance is to submit to the electors of the City the <br /> question of issuing the Bonds under Amendment 62 and the Authorizing Legislation at a special <br /> election to be called for that purpose and to levy a sales and use tax at the rate of one percent(1%) <br /> on the receipts from the sales at retail within the City of all items which are subject to taxation <br /> under the Arkansas Gross Receipts Act of 1941, as amended (A.C.A. §§26-52-101, et seq.), and <br /> the receipts from storing, using, distributing or consuming within the City tangible personal <br /> property under the Arkansas Compensating Tax Act of 1949, as amended (A.C.A. §§26-53-101, <br /> et seq.) (collectively, the "Sales and Use Tax"); <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 question of issuing the Bonds <br /> under Amendment 62 and the Authorizing Legislation to pay all or a portion of the costs of the <br /> Water Improvements in the maximum aggregate principal amount described above, to be payable <br /> from collections of the Sales and Use Tax remaining after deduction of the administrative charges <br /> of the State of Arkansas and required rebates. <br /> Section 2. In order to provide for the payment of the principal of and interest on the <br /> Bonds and all obligations of the City in connection therewith, there is hereby levied the Sales and <br /> Use Tax. The levy of the Sales and Use Tax shall not become effective until the special election <br /> called in Section 1 above has been held and the issuance of the Bonds is approved by the voters. <br /> The effective date of the Sales and Use Tax will be April 1, 2024. The Sales and Use Tax shall be <br /> levied and collected on the gross receipts, gross proceeds or sales price in the maximum amount <br /> allowed from time to time by Arkansas law, subject to rebates and limitations as from time to time <br /> required by Arkansas statutes for certain single transactions. <br /> Section 3. The question of issuing the Bonds shall be placed on the ballot for the <br /> election in substantially the following form: <br /> 2 <br />