HomeMy WebLinkAbout1992-05-01 ORDINANCE NO.
AN ORDINANCE CALLING A SPECIAL ELECTION IN THE CITY OF
BATESVILLE, ARKANSAS, ON THE QUESTION OF ISSUING BONDS
UNDER AMENDMENT NO. 62 TO THE CONSTITUTION OF THE STATE
OF ARKANSAS FOR THE PURPOSE OF FINANCING THE COST OF
CONSTRUCTING EDUCATIONAL FACILITIES FOR THE ARKANSAS
SCHOOL FOR MATHEMATICS AND SCIENCE; LEVYING A ONE-HALF OF
ONE PERCENT SALES AND USE TAX FOR THE PURPOSE OF RETIRING
SUCH BONDS; PRESCRIBING THE FORM OF BALLOT AND OTHER
MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY.
WHEREAS, the City of Batesville, Arkansas (the "City") is a
city of the first class; and
WHEREAS, the City Council has determined that it would be in
the best interests of the City for the City of Batesville to be
selected as the site for the proposed Arkansas School for
Mathematics and Science, authorized by Arkansas Code Annotated
Sections 6-42-201 et sea. ; and
WHEREAS, in order to secure the location of the Arkansas
School for Mathematics and Science (the "School") in Batesville, it
will be necessary to construct educational facilities to provide
classrooms, laboratories, library facilities, dormitories and other
services necessary for the proper operation and support of the
school; and
WHEREAS, the City Council has determined that it would be in
the best interests of the City to construct, equip, and own such
educational facilities, and locate the educational facilities in
Batesville (the "School Project") , if Batesville is selected as the
site for the School pursuant to Arkansas Code Annotated Section 6-
42-202 (b) ; and
WHEREAS, the City Council has determined that capital
improvements for beginning the School Project can be constructed,
equipped and financed for a cost not to exceed $5, 000, 000; and
WHEREAS, the City Council has determined that the cost of the
School Project, including expenses in connection with authorizing
and issuing sales and use tax bonds, can be financed by the
issuance of City of Batesville, Arkansas Sales and Use Tax Bonds
(Arkansas School for Mathematics and Science Project) , Series 1992 ,
(the "Bonds") in a principal amount not to exceed $5, 000, 000; and
WHEREAS, the Bonds can be issued under the authority of
Amendment No. 62 to the Constitution of the State of Arkansas
("Amendment 6211) and Act No. 871 of the Acts of Arkansas of 1985,
as amended ("Act No. 87111) ; and
WHEREAS, the City can pay the principal of and interest on the
Bonds from the proceeds of a 0 . 5% sales and use tax to be levied
under the authority of Act No. 871; and
WHEREAS, the purpose of this Ordinance is to submit to the
electors of the City the questions of (1) issuing Bonds under
Amendment 62 and Act No. 871, and (2) authorizing the levy of a
one-half of one percent (0 . 5%) sales and use tax within the City on
the receipts from the sales at retail within the City of all items
which are subject to taxation under the Arkansas Gross Receipts Tax
Act of 1941, as amended, and the receipts from storing, using or
consuming within the City tangible personal property under the
Arkansas Compensating Tax Act of 1949 , as amended (the "Sales and
Use Tax") , and to levy the Sales and Use Tax subject to the
condition that the State Department of Education selects Batesville
as the site for the School;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City
of Batesville, Arkansas:
Section 1. That there be, and there is hereby called, a
special election to be held on June 23 , 1992 , at which election
there shall be submitted to the electors of the City the questions
of (1) issuing the City of Batesville, Arkansas Sales and Use Tax
Bonds (Arkansas School for Mathematics and Science Project) , Series
1992 (the "Bonds") under Amendment 62 and Act No. 871 in the
principal amount of up to $5, 000 , 000, and (2) authorizing the levy
of a one-half of one percent sales and use tax in the City, as
described in Section 2 , below.
Section 2 . That in order to provide for the payment of the
principal of and interest on the Bonds, there is hereby levied a
tax of one-half of one percent (0 . 5%) within the City on the
receipts from the sales at retail within the City of all items
which are subject to taxation under the Arkansas Gross Receipts Tax
Act of 1941, as amended, and the receipts from storing, using or
consuming within the City tangible personal property under the
Arkansas Compensating Tax Act of 1949 , as amended (the "Sales and
Use Tax") . The Sales and Use Tax shall be levied and collected
only to a maximum tax of twenty-five dollars ($25) on each single
transaction, pursuant to Arkansas Code Annotated Section 26-75-222 .
The levy of the Sales and Use Tax shall not be effective until
after the special election called in Section 1 above has been held
and the issuance of the Bonds and the levy of the Sales and Use Tax
have been approved by the voters. Further, such Sales and Use Tax
shall not be levied and collected unless Batesville is selected as
the site for the Arkansas School for Mathematics and Science (the
"School") . The levy and collection of the Sales and Use Tax shall
terminate upon the repayment in full of the Bonds, unless such
Sales and Use Tax is extended by vote of the electors of the City
at a special election called for such purpose.
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Section 3 . That the proceeds of the Bonds shall be used for
the purpose of constructing and equipping educational facilities,
including classrooms, laboratories, library facilities,
dormitories, and other facilities, to be located in Batesville,
necessary for the proper operation and maintenance of the School,
and paying the costs of issuing the Bonds (the "School Project") .
The School has been proposed for the education of gifted and
talented 11th and 12th graders from around the State of Arkansas.
The City shall own the educational facilities described above,
which shall be operated and maintained by the State Department of
Education pursuant to Arkansas Code Annotated Section 6-42-201 (b) .
Section 4 . That the question of issuing the Bonds and
pledging the proceeds of the Sales and Use Tax to the repayment
thereof shall be placed on the ballot for the election in
substantially the following form:
PROPOSED ARKANSAS SCHOOL
FOR MATHEMATICS AND SCIENCE PROJECT
AUTHORIZATION OF SALES AND USE TAX BONDS FOR THE ARKANSAS
SCHOOL FOR MATHEMATICS AND SCIENCE PROJECT AND APPROVAL TO
PLEDGE RECEIPTS FROM CITY SALES AND USE TAX FOR PAYMENT
THEREOF, TO BE ISSUED ONLY IF THE ARKANSAS SCHOOL OF
MATHEMATICS AND SCIENCE IS LOCATED IN BATESVILLE.
The issuance of sales and use tax bonds by the City of
Batesville in the aggregate principal amount of not to exceed
$5, 000, 000 for the purpose of paying the costs of constructing
and equipping the Arkansas School for Mathematics and Science,
to be located in Batesville for the purpose of educating
gifted and talented 11th and 12th graders from around the
State of Arkansas, and to authorize the City Council to pledge
all of the receipts from a one-half of one percent (0. 5%)
sales and use tax to be levied by the City to pay the
principal of and interest on the bonds and all fees and
expenses in connection therewith.
The sales and use tax bonds shall not be issued unless (1)
Batesville is selected as the site for the Arkansas School for
Mathematics and Science, and (2) the electors shall have also
approved the levy of the sales and use tax described above.
Vote on measure by placing an x in the square opposite the
measure either for or against:
FOR authorization of the issuance of bonds in the principal
amount not to exceed $5, 000, 000 for the purpose of
constructing and equipping educational facilities for the
Arkansas School for Mathematics and Science in Batesville and
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I
• approval of the pledge of a 0 . 5% Cityof Batesville and
use tax for payment thereof. . . . . . . . - • .
. L-/
AGAINST authorization of the issuance of bonds in the
principal amount not to exceed $5, 000, 000 for the purpose of
constructing and equipping educational facilities for the
Arkansas School for Mathematics and Science in Batesville and
approval of the pledge of a 0. 5% City of Batesville sales and
usetax for payment thereof. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . L/
Section 5. That the question of levying the one-half of one
percent (0. 5%) sales and use tax within the City of Batesville,
Arkansas for the purpose of repaying the Bonds shall be placed on
the ballot for election in substantially the following form:
LEVY OF ONE-HALF OF ONE PERCENT (0. 5%)
SALES AND USE TAX
AUTHORIZATION AND APPROVAL OF LEVY OF ONE-HALF OF ONE PERCENT
(0. 5%) SALES AND USE TAX WITHIN THE CITY OF BATESVILLE TO BE
USED FOR REPAYMENT OF BONDS FOR ARKANSAS SCHOOL FOR MATH AND
SCIENCE, TO BE LEVIED ONLY IF THE ARKANSAS SCHOOL OF
MATHEMATICS AND SCIENCE IS LOCATED IN BATESVILLE.
The authorization and approval of the levy of a one-half
of one percent (0 . 5%) sales and use tax within the City of
Batesville, Arkansas, the proceeds of which shall be pledged
to repayment of bonds used to finance the Arkansas School for
Mathematics and Science to be located in Batesville. The
sales and use tax shall be levied on the receipts from the
sales at retail within the City of all items which are subject
to taxation under the Arkansas Gross Receipts Tax Act of 1941,
as amended, and the receipts from storing, using or consuming
within the City tangible personal property under the Arkansas
Compensating Tax Act of 1949 , as amended (the "Sales and Use
Tax") . The sales and use tax shall be levied and collected
only to a maximum tax of twenty-five dollars ($25) on each
single transaction, pursuant to Arkansas Code Annotated
Section 26-75-222 . The levy and collection of the Sales and
Use Tax shall terminate upon the repayment in full of the
Bonds, unless such Sales and Use Tax is extended by vote of
the electors of the City at a special election called for such
purpose.
The sales and use tax shall not be levied and collected unless
(1) Batesville is selected as the site for the Arkansas School
for Mathematics and Science, and (2) the electors shall have
also approved the issuance of the sales and use tax bonds to
finance the school.
Vote on measure by placing an x in the square opposite the
measure either for or against:
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• FOR adoption of a one-half of one percent sales and use tax
within the City of Batesville for repayment of Arkansas School
for Math and Science bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .//
AGAINST adoption of a one-half of one percent sales and use
tax within the City of Batesville for repayment of Arkansas
School for Math and Science bonds. . . . . . . . . . . . . . . . . . . . . . .//
Section 6 . The City Council agrees to retain Stephens Inc. to
assist with the bond' s sizing, maturity schedule, tax termination
date and other information necessary to facilitate the passage of
this proposed tax. In the event the tax is approved and bonds are
sold, Stephens Inc. will serve as underwriter for the financing.
All costs of issuance will be approved by the City Council prior to
the bond' s sale. In the event the tax is not approved, Stephens
Inc. will receive no compensation for services rendered.
Section 7 . That the election shall be held and conducted and
the vote canvassed and the results declared under the law and in
the manner now provided for municipal elections unless otherwise
provided in Act No. 871 and only qualified voters of the City shall
have the right to vote at the election.
Section 8 . That the results of the election shall be
proclaimed by the Mayor, and his Proclamation shall be published
one time in a newspaper published by the City and having a bona
fide circulation therein, which Proclamation shall advise that the
results as proclaimed shall be conclusive unless attacked in the
courts within thirty days after the date of publication.
Section 9 . That a copy of this Ordinance shall be given to
the Independence County Board of Election Commissioners so that the
necessary election officials and supplies may be provided. A
certified copy of this Ordinance shall also be provided to the
Commissioner of Revenues of the State of Arkansas as soon as
practical.
Section 10. That the Mayor and City Clerk, for and on behalf
of the City, be, and they are hereby authorized and directed to do
any and all things necessary to call and hold the special election
as herein provided and, if the issuance of the Bonds are approved
by the electors, to cause the Sales and Use Tax to be collected in
accordance with Act No. 871, and to perform all acts of whatever
nature necessary to carry out the authority conferred by this
Ordinance.
Section 11. That all ordinances and parts thereof in conflict
herewith are hereby repealed to the extent of such conflict.
Section 12 . It is hereby ascertained and declared that there
is an immediate need for the Arkansas School for Mathematics and
Science in order to promote and protect the health, safety and
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welfare of the City and its inhabitants, and that the School
Project can be accomplished only by the issuance of the Bonds. It
is, therefore, declared that an emergency exists and this Ordinance
being necessary for the immediate preservation of public peace,
health and safety shall be in force and take effect immediately
from and after its passage.
PASSED: , 1992 .
APPROVED:
ayor
ATTEST:
City Clerk
(S E A 1,)
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• CERTIFICATE
The undersigned, City Clerk of Batesville, Arkansas, hereby
certifies that the foregoing pages, numbered 1 to inclusive,
are a true and perfect copy of Ordinance No. 4' -� 5- / passed at a
regular session of the City Council of Batesville, Arkansas, held
at the regular meeting place of the City Council at r o'clock
p.m. , on the Idtl day of et , 1992 , and that the Ordinance
is of record in Ordinance Rec d Book No. page ,
now in my possession.
GIVEN under my hand and seal day of �j , 1992 .
City Clerk
(S E A L)
•
JEH90\0RDI0001.0RD
fir. 7
City Clerk for the City of Batesville,
Arkansas, HEREBY CERTIFY that the attached Ordinance No. -5- / was
duly adopted by the Batesville City Council on 7-n&,-L- lit? 1992
and became effective as of said date, that said ordinance has been
compared by me with the original thereof recorded in the minute
book of the City of Batesville, and that it is a correct transcript
of the whole thereof, and that said ordinance has not been altered,
amended or repealed but is in full force and effect.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the seal of said City this /,110t day of ��� 1992 .
City Clerk
( S E A L )
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OFFICIAL BALLOT
SPECIAL ELECTION
BATESVILLE, ARKANSAS
LJune 23, 1992
PROPOSED ARKANSAS SCHOOL LEVY OF ONE-HALF OF ONE PERCENT (0.5%)
FOR MATHEMATICS AND SCIENCE PROJECT SALES AND USE TAX
AUTHORIZATION OF SALES AND USE TAX AUTHORIZATION AND APPROVAL OF LEVY
BONDS FOR THE ARKANSAS SCHOOL FOR OF ONE-HALF OF ONE PERCENT (0.5%) SALES
MATHEMATICS AND SCIENCE PROJECT AND AND USE TAX WITHIN THE CITY OF BATES-
APPROVAL TO PLEDGE RECEIPTS FROM CITY VILLE TO BE USED FOR REPAYMENT OF BONDS
SALES AND USE TAX FOR PAYMENT THEREOF, FOR ARKANSAS SCHOOL FOR MATH AND
TO BE ISSUED ONLY IF THE ARKANSAS SCHOOL SCIENCE, TO BE LEVIED ONLY IF THE
OF MATHEMATICS AND SCIENCE IS LOCATED ARKANSAS SCHOOL OF MATHEMATICS AND
IN BATESVILLE. SCIENCE IS LOCATED IN BATESVILLE.
The issuance of sales and use tax bonds by the City of The authorization and approval of the levy of a one-
Batesville in the aggregate principal amount of not to half of one percent (0.5%) sales and use tax within the
exceed$5,000,000 for the purpose of paying the costs of City of Batesville, Arkansas, the proceeds of which
constructing and equipping the Arkansas School for shall be pledged to repayment of bonds used to finance
Mathematics and Science,to be located in Batesville for the Arkansas School for Mathematics and Science to be
the purpose of educating gifted and talented 11th and located in Batesville. The sales and use tax shall be
12th graders from around the State of Arkansas,and to levied on the receipts from the sales at retail within the
authorize the City Council to pledge all of the receipts City of all items which are subject to taxation under the
from a one-half of one percent(0.5%)sales and use tax Arkansas Gross Receipts Tax Act of 1941,as amended,
to be levied by the City to pay the principal of and and the receipts from storing, using or consuming
interest on the bonds and all fees and expenses in within the City tangible personal property under the
connection therewith. Arkansas Compensating Tax Act of 1949, as amended
The sales and use tax bonds shall not be issued unless (the"Sales and Use Tax").The sales and use tax shall
1) Batesville is selected as the site for the Arkansas be levied and collected only to a maximum tax of
School for Mathematics and Science, and (2) the twenty-five dollars ($25) on each single transaction,
electors shall have also approved the levy of the sales pursuant to Arkansas Code Annotated Section 26-75-
and use tax described above. 222. The levy and collection of the Sales and Use Tax
shall terminate upon the repayment in full of the
Vote On Measure By Placing An "X" In The Square Bonds, unless such Sales and Use Tax is extended by
Opposite The Measure Either For Or Against vote of the electors of the City at a special election called
for such purpose.
FOR authorization of the issuance of bonds in the The sales and use tax shall not be levied and collected
principal amount not to exceed $5,000,000 for the unless (1) Batesville is selected as the site for the
purpose of constructing and equipping educational Arkansas School for Mathematics and Science,and(2)
facilities for the Arkansas School for Mathematics and the electors shall have also approved the issuance of the
Science in Batesville and approval of the pledge of a sales and use tax bonds to finance the school.
0.51 City of Batesville sales and use tax for payment
thereof---."....""..............."....--------------------------------.........-------- ❑
""""" Vote On Measure By Placing An "X" In The Square
AGAINST authorization of the issuance of bonds in Opposite The Measure Either For Or Against
the principal amount not to exceed$5,000,000 for the
purpose of constructing and equipping educational FOR adoption of a one-half of one percent sales and use
facilities for the Arkansas School for Mathematics and tax within the City of Batesville for repayment of
Science in Batesville and approval of the pledge of a Arkansas School of Math and Science bonds ............ ❑
0.51/0 City of Batesville sales and use tax for payment
thereof"".............."...-"---".........--------"--"-------"-"........--"......""--""...."" ❑ AGAINST adoption of a one-half of one percent sales
and use tax within the Citv of Batesville for repayment
of Arkansas School for Math and Science bonds---""- ❑
LIST OF VOTERS NUMBER