HomeMy WebLinkAbout2023-05-03 FILED
MAY 8 4 2023
ORDINANCE NO. 2023-05-03 C) ,4
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COUNTY&P�E CLERK
AN ORDINANCE CALLING A SPECIAL ELECTION IN THE CITY nF D.C.
BATESVILLE, ARKANSAS ON THE QUESTIONS OF ISSUING ��yu
BONDS UNDER AMENDMENT NO. 62 TO THE CONSTITUTION OF
THE STATE OF ARKANSAS FOR THE PURPOSE OF FINANCING
AND REFINANCING ALL OR A PORTION OF THE COSTS OF
CAPITAL IMPROVEMENTS;AND PRESCRIBING OTHER MATTERS
PERTAINING THERETO.
WHEREAS, the City Council of the City of Batesville, Arkansas (the "City") has
determined that it would be in the best interest of the City to refund the City's outstanding Sales
and Use Tax Bonds, Series 2012, which financed park and recreational improvements (the
"Refunding"); and
WHEREAS, the City Council has further determined that the City is in need of additional
park and recreational facilities and improvements and any necessary land acquisition, demolition,
furnishings, equipment and parking, lighting, landscaping, street, drainage and utility
improvements related thereto (the "Park and Recreational Improvements"); and
WHEREAS, the City Council proposes to finance all or a portion of the costs of the
Refunding and the Park and Recreational Improvements by the issuance of capital improvement
bonds (the "Bonds") under the authority of Amendment No. 62 to the Constitution of the State of
Arkansas ("Amendment 62") and Title 14, Chapter 164, Subchapter 3 of the Arkansas Code of
1987 Annotated(the"Authorizing Legislation")allocated as follows: (1)$12,820,000 in maximum
aggregate principal amount for the Refunding; and (2) $25,985,000 in maximum aggregate
principal amount for the Park and Recreational Improvements; and
WHEREAS, the City Council proposes to retire the Bonds with the net collections of a
0.5% sales and use tax levied within the City by Ordinance No. 2011-12-05, adopted December
27, 2011, as it may be amended from time to time (the "Tax"); and
WHEREAS, in order to provide additional funds to pay or to further secure repayment of
the Bonds, the City may also pledge to the Bonds the net collections of the 0.5% sales and use tax
levied within the City by Ordinance No. 2011-12-03, adopted December 27, 2011; and
WHEREAS, the purpose of this Ordinance is to submit to the electors of the City the
questions of issuing the Bonds for the Refunding and the Park and Recreational Improvements, at
a special election to be called for that purpose;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville,
Arkansas:
Section 1. There is hereby called a special election to be held on August 8, 2023, at
which election there shall be submitted to the electors of the City the questions of issuing the Bonds
under Amendment 62 and the Authorizing Legislation to finance all or a portion of the costs of
accomplishing the Refunding and the Park and Recreational Improvements, in the maximum
aggregate principal amounts described above, to be secured as described above.
Section 2. The questions of issuing the Bonds shall be placed on the ballot for the
election in substantially the following form:
REFUNDING BONDS
Bonds of the City of Batesville in one or more series in the maximum aggregate
principal amount of$12,820,000 for the purpose of refunding the City's Sales and
Use Tax Bonds, Series 2012 and, in order to pay the bonds, the pledge of a 0.5%
local sales and use tax levied within the City by Ordinance No.2011-12-05,adopted
December 27, 2011, as it may be amended from time to time. In order to provide
additional funds to pay or to further secure repayment of the bonds, the City may
also pledge to the bonds the net collections of a 0.5%sales and use tax levied within
the City by Ordinance No. 2011-12-03, adopted December 27, 2011.
FOR................................................................................................................................
AGAINST...................................................................................................................... ❑
PARK AND RECREATIONAL IMPROVEMENT BONDS
Bonds of the City of Batesville in one or more series in the maximum aggregate
principal amount of$25,985,000 for the purpose of financing all or a portion of the
costs of park and recreational facilities and improvements and any necessary land
acquisition, demolition, furnishings, equipment and parking, lighting, landscaping,
street, drainage and utility improvements related thereto and, in order to pay the
bonds, the pledge of a 0.5% local sales and use tax levied within the City by
Ordinance No. 2011-12-05, adopted December 27, 2011, as it may be amended
from time to time. In order to provide additional funds to pay or to further secure
repayment of the bonds, the City may also pledge to the bonds the net collections
of a 0.5% sales and use tax levied within the City by Ordinance No. 2011-12-03,
adopted December 27, 2011.
FOR................................................................................................................................
AGAINST...................................................................................................................... ❑
Section 3. 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 the Authorizing Legislation and only qualified voters of the City shall have
the right to vote at the election.
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Section 4. The results of the election shall be proclaimed by the Mayor, and the
Proclamation shall be published one time in a newspaper having a general circulation in the City,
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 5. A copy of this Ordinance shall be (a) filed with the Independence County
Clerk at least 70 days prior to the election date and (b) given to the Independence County Board
of Election Commissioners so that the necessary election officials and supplies may be provided.
Section 6. The Mayor and City Clerk, for and on behalf of the City, are hereby
authorized and directed to do any and all things necessary to call and hold the special election as
herein provided and to perform all acts of whatever nature necessary to carry out the authority
conferred by this Ordinance.
Section 7. If any Bonds are approved and issued, the City intends to negotiate with
Crews & Associates, Inc., which has assisted the City in preparation of the Bond size and
repayment structure, for the sale of the Bonds.
Section 8. All ordinances and parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
PASSED: May 23, 2023.
APPROVED:
ATTEST:
AA-
City rk
(SEAL)
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CERTIFICATE
The undersigned, City Clerk of Batesville, Arkansas, hereby certifies that the foregoing
pages are a true and perfect copy of Ordinance No. 2023-05-03, passed at a regular session of the
City Council of Batesville, Arkansas, held at the regular meeting place of the City Council at 5:30
o'clock p.m., on the 23rd day of May, 2023, and that the Ordinance is of record in Ordinance
Record Book No. , Page , now in my possession.
GIVEN under my hand and seal this 23rd day of May, 2023.
City ClerWj
(SEAL)
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