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RESOLUTION TO LEVY A 1 ¼ MILL TAX ON ALL REAL AND PERSONAL PROPERTY FOR A MUNICIPAL COMMUNITY CENTER
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WHEREAS, PURSUANT TO THE TERMS OF Amendment No.13 to the Constitution of the State of Arkansas, authorizing Cities of the first and second class to issue by and with the consent of a majority of the qualified electors of said municipality voting on the question at an election held for the purpose of purchase of a site, development of a building for a municipal community center, including therein an auditorium, library and recreation and comfort station, and a public park and swimming pool in connection therewith; and further providing for a levy of a special tax, not to exceed five mills on the dollar, on the real and personal taxable property within said municipality sufficient to pay the interest of such bonds as the same matures, and also sufficient to pay and discharge the principal of such bonds; and ordinances being No.858, was passed adopted and approved by the City Council of the City of Jonesboro, Arkansas, on September 29, 1953, a date at least 30 days prior to the general Election to be held as required by law on Tuesday November 2, 1953, stating the purpose for which the bonds are to be issued, the sum total of the issue as $75,000.00 the dates of maturity thereof, fixing the date of election and calling for a tax levy, not to exceed three mills, for the purpose of paying off said bond issue; whereupon said ordinance was published one time on October 1, 1953. in a newspaper published in said municipality and having a bona fide circulation therein and notice of said election was given by the Mayor by advertisement weekly for the four times on October 2, 9, 16 and 23, 1953. The last date being not less than ten days prior to the date of the Mayor and City Council of said municipality that a majority of the qualified electors of said municipality voting on the question at such election held November 2, 1953, voted in favor of the bond issue and tax, and result of said election was duly proclaimed by the Mayor as conclusive unless attacked in the courts within thirty days after date of such proclamation;
WHEREAS, the City Council doth hereby find that it will require the sum of $5,040.00 per year to amortize the principal and interest of said $75,000.00 bond issued at 3% interest over a period of twenty years;
WHEREAS, the City Council doth hereby find the total assessed valuation of taxable property, both real and personal, with the City of Jonesboro, Arkansas is the sum of $7,161,827.00;
WHEREAS, The City Council doth hereby find that in order to raise said sum of $5,040.00 for payment of the principal and interest of said bond issue and to further afford a reasonable safe reserve for the protection of said bond issue it is necessary to levy a tax of one and one fourth (1 ¼) mill per dollar of assessed valuation upon the taxable real and personal property by the City Council of the City of Jonesboro, Arkansas:
(1) That there be and there is hereby levied on all real and personal property within the City of Jonesboro, a tax of (1 ¼) mill on each dollar of assessed valuation of all taxable real and personal property lying and situated within the City of Jonesboro, Arkansas, for the year 1955 to be collected in the year 1956, and in each succeeding year until the principal and interest of the proposed bond issue have been paid in full, and that the funds realized therefrom be devoted to the purpose set out herein above.
(2) That the County Clerk of Craighead County, Arkansas, be and he is hereby authorized and directed to extend said tax as herein described upon the tax books and that the same be collected in the same manner and by the same persons as other taxes are collected.
(3) That the City Clerk is hereby directed to spread this resolution upon the minute books of the City Council and to certify a copy of the same to the County Clerk, of Craighead County, Arkansas.
PASSED and ADOPTED this 7th day of November, 1955.