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AN ORDINANCE CALLING A SPECIAL ELECTION IN THE CITY OF JONESBORO, ARKANSAS, ON THE QUESTION OF LEVYING A ONE PERCENT (1%) SALES AND USE TAX FOR A MAXIMUM PERIOD OF TWENTY-FOUR (24) MONTHS WITHIN THE CITY OF JONESBORO, ARKANSAS, TO FINANCE THE ACQUISITION AND SUBSEQUENT LEASING OF CONVENTION, MEETING, AND EVENT FACILITIES, RELATED PARKING FACILITIES, AND OTHER CAPITAL IMPROVEMENTS RELATED THERETO; TO FINANCE THE CONSTRUCTION, EQUIPPING, STAFFING, AND OPERATION OF A CENTRALLY-LOCATED FIRE STATION AND RELATED PARKING FACILITIES; DEFINING THE TERM "SINGLE TRANSACTION;" PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY.
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WHEREAS, the City Council of the City of Jonesboro, Arkansas (hereafter “the City"), has passed on April 18, 2006, Ordinance No. 3633 providing for the levy of a one percent (1%) sales and use tax within the City (the "Sales and Use Tax") beginning October 1, 2006, to finance the acquisition and subsequent leasing of convention, meeting, and event facilities, related parking facilities, and other capital improvements related thereto; and to finance the construction, equipping, staffing, and operation of a centrally-located fire station and related parking facilities; and
WHEREAS, the Sales and Use Tax shall be levied under Title 26, Chapter 73, Subchapter 1, Section 113 of the Arkansas Code of 1987 Annotated (the “Authorizing Legislation”); and
WHEREAS, the Sales and Use Tax shall be levied and collected until the sooner of the following events occurs: (a) proceeds from the Sales and Use Tax have reached the sum of Twenty-one Million Dollars ($ 21,000,000.00) or (b) the Sales and Use Tax has been levied and collected for twenty-four (24) months; and
WHEREAS, the Sales and Use Tax shall be levied and collected only on the first $2,500 for each single transaction; and
WHEREAS, the purpose of this Ordinance is to call a special election on the question of the levy of the Sales and Use Tax; and to define the term ...
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