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. � o c. RESOLUTION NO.aQQ q- J?--I-R AUGUST 24, 2004 WHEREAS,the public policy decisions of the Arkansas Legislature impact every citizen of the State of Arkansas, both private and corporate, and ultimately influence to a great extent the level of prosperity and achievement enjoyed by Arkansas citizens; and WHEREAS,the State of Arkansas lacks the necessary economic incentive component to successfully locate an economic development super project in the State of Arkansas; and WHEREAS,the inability to adequately fund the infrastructure related costs associated with a super project in Arkansas creates a competitive disadvantage in economic expansion, and other southern states with super projects have enjoyed the economic benefits resulting in the loss of opportunity for economic development and expansion in Arkansas; and WHEREAS,the location of a super project creating a minimum of 500 jobs with a capital investment of$500,000,000 will increase the quality of life for the citizens of Arkansas; and WHEREAS, super projects require large up-front commitments of funds for infrastructure such as water/wastewater capacity, rail access, and connection of roads to interstate highways and utilities; and WHEREAS,the Arkansas Legislature has wisely offered the Arkansas electorate the opportunity at the November 2004 general election through proposed Amendment 2 to amend the Arkansas Constitution to;rant the Arkansas General Assembly, meeting in regular or special session, the authority to approve general obligation bonds, not to exceed five percent (5%)of the state's general revenues, to fund an economic development project with a minimum capital investment of$500,000,000 and creating a minimum of five hundred (500)jobs. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF BATESVILLE, ARKANSAS,that the Batesville City_ Council endorses proposed Amendment 2 to the :Arkansas Constitution; and