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ORDINANCE NO. <br /> AN ORDINANCE CALLING A SPECIAL ELECTION IN <br /> THE CITY OF BATESVILLE, ARKANSAS ON THE <br /> QUESTION OF ISSUING BONDS UNDER AMENDMENT NO. <br /> 62 TO THE CONSTITUTION OF THE STATE OF <br /> ARKANSAS FOR THE PURPOSE OF FINANCING ALL OR <br /> A PORTION OF THE COST OF SEWER IMPROVEMENTS; <br /> LEVYING A NEW ONE PERCENT (1%) SALES AND USE <br /> TAX FOR THE PURPOSE OF RETIRING SUCH BONDS; <br /> AND PRESCRIBING OTHER MATTERS PERTAINING <br /> THERETO. <br /> WHEREAS, the City Council of the City of Batesville, <br /> Arkansas (the "City") has determined that the City is in need of <br /> extensions, betterments and improvements to the City's sewer <br /> system (the "Improvements") ; and <br /> WHEREAS, the City can finance all or a portion of the <br /> costs of the Improvements by the issuance of capital improvement <br /> bonds (the "Bonds") in one or more series in the maximum <br /> aggregate principal amount of $50, 000, 000 under the authority of <br /> Amendment No. 62 to the Constitution of the State of Arkansas <br /> ("Amendment 6211) and Title 14, Chapter 164, Subchapter 3 of the <br /> Arkansas Code of 1987 Annotated (the "Authorizing Legislation") ; <br /> and <br /> WHEREAS, the Authorizing Legislation provides for the <br /> levy of one or more city-wide sales and use taxes at the rate of <br /> 0 . 125%, 0 .25%, 0 .5%, 0 .75% or 1% or any combination thereof, but <br /> not to exceed 1% in the aggregate; and <br /> WHEREAS, the City does not currently have a sales and <br /> use tax levied under the Authorizing Legislation; and <br /> WHEREAS, the City can pay the principal of and interest <br /> on the Bonds from the proceeds of a new city-wide one percent <br /> (1%) sales and use tax to be levied under the authority of the <br /> Authorizing Legislation solely for that purpose; and <br /> WHEREAS, the purpose of this Ordinance is to levy a <br /> sales and use tax at the rate of one percent (1%) on the receipts <br /> from the sales at retail within the City of all items which are <br /> subject to taxation under the Arkansas Gross Receipts Act of <br /> 1941, as amended (A.C.A. §§26-52-101, et seq. ) , and the receipts <br /> from storing, using, distributing or consuming within the City <br /> tangible personal property under the Arkansas Compensating Tax <br /> ® Act of 1949, as amended (A.C.A. §§26-53-101, et seq. ) <br /> (collectively, the "Sales and Use Tax") and to submit to the <br />