Loading...
HomeMy WebLinkAbout1988-07-01 ORDINANCE NO. AN ORDINANCE DECLARING A NEED FOR CAPITAL IMPROVEMENTS FOR THE CITY OF BATESVILLE, ARKANSAS ; DECLARING AN INTENT TO FINANCE ACQUISITION AND CONSTRUCTION THEREOF BY THE ISSUANCE OF SALES AND USE TAX BONDS SECURED BY A PLEDGE OF THE RECEIPTS OF THE CITY OF BATESVILLE, ARKANSAS FROM THE EXISTING ONE PERCENT (17) COUNTY-WIDE SALES AND USE TAX IN INDEPENDENCE COUNTY, ARKANSAS; CALLING AN ELECTION TO AUTHOR- IZE THE ISSUANCE OF SUCH BONDS AND APPROVE THE PLEDGE OF SUCH SALES AND USE TAX; CALLING A SPECIAL ELECTION ON SEPTEMBER 6 , 1988 ; DECLARING AN EMERGEN- CY; AND FOR OTHER PURPOSES. WHEREAS , the City of Batesville, Arkansas is a City of the first class (the "City") ; and WHEREAS , the City Council has determined that the following capital improvements are necessary in order to provide for the needs of the City to-wit: fire fighting facilities and apparatus ; street improvements ; drainage and flood control facilities ; public parks , playgrounds and recreational facilities ; fair and exhibition facilities ; civic auditorium; amphitheater-water front development facility (collectively, the "Improvements") ; and WHEREAS , pursuant to the Constitution and laws of the State of Arkansas , particularly Amendment 62 to the Consti- tution and Act 871 of 1985 of the General Assembly of the State of Arkansas (the "Act") , the City is authorized to carry out public purposes described in the Act by issuing its sales and use tax bonds (the "Bonds") and pledging all or a portion of the receipts of the City derived from an existing county-wide sales and use tax to secure payment of bonds issued to provide funds for certain capital improve- ments of a public nature; and WHEREAS , pursuant to Ordinance No. 237-82 of the Quorum Court of Independence County, Arkansas adopted July 28 , 1982 , Independence County levied a county-wide sales and use tax at the rate of one percent (1%) on receipts from retail sales within the County (the "Existing Tax") , which Existing Tax was approved by the voters of Independence County at a special election held on June 22 , 1982 ; and j WHEREAS , the Existing Tax levy made by Independence \r County continues in full force and effect; and \w WHEREAS , the City has determined that there exists a public need to issue bonds for the purpose of paying the cost of acquiring, constructing, and equipping the Improve- ments and for pledging all or a portion of the City' s portion of the receipts derived from the collection of the Existing Tax to pay the cost of the Improvements . NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BATESVILLE, ARKANSAS : Section 1 . Intent to Issue Bonds . The City hereby declares its intent to acquire, construct , and equip the Improvements and to finance the costs thereof from the City' s portion of receipts derived from the collection of the Existing Tax and other accumulated funds and to have the costs thereof paid from the proceeds of bonds of the City to be issued pursuant to Amendment 62 and the Act , which bonds will be issued in the aggregate principal amount not to exceed $4 ,000 ,000 ; the bonds will not be general obligations of the City but will be special obligations secured by a pledge of all or part of the City' s portion of receipts derived from the Existing Tax. Section 2 . Election Call . The question of the issu- ance of sales and use tax bonds in the principal amount set t out in Section 1 hereof and pledge of the Existing Tax �r receipts shall be submitted to the qualified electors of the City of Batesville , Arkansas for approval and consent at a special election, which is hereby called to be held on September 6 , 1988 . Section 3 . Ballot . The official ballot shall be in substantially the Fo=owing form: AUTHORIZATION OF SALES AND USE TAX BONDS FOR ACQUISITION, CONSTRUCTION, AND EQUIPPING CAPITAL IMPROVEMENTS FOR THE CITY OF BATESVILLE, ARKANSAS AND AP- PROVAL TO PLEDGE OF RECEIPTS DISTRIBUTED TO THE CITY FROM THE EXISTING ONE PERCENT (1%) COUNTY-WIDE SALES AND USE TAX FOR THE PAYMENT AND RETIREMENT OF THE BONDS . The issuance of sales and use tax bonds by the City of Batesville, Arkansas in a aggregate principal amount not to exceed $4 ,000 ,000 for the purpose of paying the costs of acquisition, construction, and equipping of capital improvements for the City of Batesville, Arkansas , and �4w for other authorized municipal purposes - 2 - and to authorize the City Council to pledge all or a portion of the receipts distributed to the City from the exist- ing county-wide sales and use tax in effect in Independence County, Arkansas , to pay the principal of, interest on, said bonds and fees and expenses in connection therewith. The bonds that are approved will be combined into a single issue of bonds , which may be issued at one time or in series from time to time. If approved by the electors , the city' s portion of receipts from the existing Independence County sales and use tax shall be pledged to- the retirement of the bonds authorized hereby. Vote on each question by placing an "X" in the square opposite the question either for or against : Question One : FOR the issuance of bonds in the maximum principal amount of $742 , 500 for the purpose of acquiring, constructing and equipping fire fighting facilities and apparatus for the City. D AGAINST the issuance of bonds in the maximum principal amount of $742 ,500 for the purpose of acquiring, constructing and equipping fire fighting facilities and apparatus for the City. D Question Two: FOR the issuance of bonds in the maximum principal amount of $720 , 000 for the purpose of providing street improvements in the City. AGAINST the issuance of bonds in the maximum principal amount of $720 ,000 for the purpose of providing street improvements in the City. L� - 3 - (Question Three : FOR the issuance of bonds in the maximum principal amount of $846 ,000 for the purpose of providing drainage and flood control facilities in the City. L� AGAINST the issuance of bonds in the maximum principal amount of $846 ,000 for the purpose of providing drainage and flood control facilities in the City. Question Four: FOR the issuance of bonds in the maximum principal amount of $80 ,000 for the purpose of acquiring, constructing and equipping public parks and playgrounds . AGAINST the issuance of bonds in the maximum principal amount of $80 ,000 for the purpose of acquiring, constructing and equipping public parks and playgrounds . Question Five : FOR the issuance of bonds in the maximum principal amount of $469 ,000 for the purpose of acquiring, constructing and equipping tennis courts , golf course, baseball and softball facilities and other recreational facilities . AGAINST the issuance of bonds in the maximum principal amount of $469 ,000 for the purpose of acquiring, constructing and equipping tennis courts , golf course, baseball and softball facilities and other recreational facilities . --t Question Six: FOR the issuance of bonds in the maximum principal amount of $57 ,000 for the purpose of acquiring, constructing and equipping fair and exhibition facilities . 4 - `,,,,. AGAINST the issuance of bonds in the maximum principal amount of $57 ,000 for the purpose of acquiring, constructing and equipping fair and exhibition facilities . Question Seven: FOR the issuance of bonds in the maximum principal amount of $457 ,000 for the purpose of acquiring, constructing and equipping a civic auditorium. C� AGAINST the issuance of bonds in the maximum principal amount of $457 ,000 for the purpose of acquiring, constructing and equipping a civic auditorium. —� Question Eight : FOR the issuance of bonds in the maximum principal amount of $628 , 500 for the purpose of acquiring, constructing and equipping an amphitheater . AGAINST the issuance of bonds in the + maximum principal amount of $628 ,500 for the purpose of acquiring, constructing and equipping an amphitheater. Q Section 4 . Election Notice. Notice of the election shall be given by the City Clerk by one publication in a newspaper having general circulation within the City not less than ten (10) days prior to the election. After the results of the election are determined, the Mayor shall proclaim the results of the election by issuing a proclama- tion and publishing the same one (1) time in a newspaper having general circulation within the City. Section 5 . Repealer. All ordinances and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 6 . Emergency Clause. It is hereby found and determined that there is an immediate need for acquisition, construction and equipping capital improvements for the City; that providing such Improvements are necessary for the health, safety, and welfare for the residents of Batesville, Arkansas ; that fluctuating interest rates require immediate action by the City; that the approval of the pledge of the 5 - City' s portion of the county-wide sales and use tax under the authority of the Act is immediately necessary to provid- ing these Improvements , and the approval of the foregoing ordinance is immediately necessary for the preservation of the public peace, health and safety. Therefore, an emergen- cy is declared to exist and this Ordinance shall be in full force and effect from and after its passage and approval. Passed and approved this .26 k, day of July, 1988 . Approved: 0)7� Attest: OR REC RDER ( S E A L ) 6 -