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AN ORDINANCE CALLING A SPECIAL ELECTION IN THE CITY OF JONESBORO, ARKANSAS ON THE QUESTIONS OF ISSUING BONDS UNDER AMENDMENT NO. 62 TO THE CONSTITUTION OF THE STATE OF ARKANSAS FOR THE PURPOSE OF FINANCING THE COST OF STREET AND ROAD IMPROVEMENTS; LEVYING A ONE PERCENT (1%) SALES AND USE TAX FOR THE PURPOSE OF RETIRING SUCH BONDS; PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY.
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WHEREAS, the City Council of the City of Jonesboro, Arkansas (the "City") has determined that it would be in the best interest of the City to construct extensions, betterments and improvements to the streets and road which serve the City, with other related and ancillary improvements (the "Improvements"); and
WHEREAS, the City Council proposes to finance the costs of the Improvements by the issuance of capital improvement bonds in the aggregate principal amount of not more than $44,000,000 (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"); and
WHEREAS, the City can pay the principal of and interest on the Bonds from the receipts of a city-wide 1% sales and use tax to be levied under the authority of the Authorizing Legislation; and
WHEREAS, the purpose of this Ordinance is to submit to the electors of the City the question of issuing the Bonds for the Improvements under Amendment 62 and the Authorizing Legislation at a special election to be called for that purpose and to levy a sales and use tax at the rate of one percent (1%) on the receipts from the sale at retail within the City of all items which are subject to taxation under the Arkansas Gross Receipts Tax Act of 1941, as amended (A.C.A. 26-52-101, et seq.), and the receipts from storing, using or consuming within the City tangible personal property under the Arkansas Compensating Tax Act of 1949, as amended (A.C. A. 2...
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