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AN ORDINANCE PROVIDING FOR THE LEVY OF A ONE-EIGHTH OF ONE PERCENT (0.125%) SALES AND USE TAX WITHIN THE CITY OF JONESBORO, ARKANSAS; AND PRESCRIBING OTHER MATTERS PERTAINING THERETO.
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WHEREAS, the City Council of the City of Jonesboro, Arkansas (the "City") has determined that the City is in need of an additional source of revenue to be used for economic development purposes; and
WHEREAS, Title 26, Chapter 75, Subchapter 2 of the Arkansas Code of 1987 Annotated (the "Authorizing Legislation") provides for the levy of city-wide sales and use taxes at the rate of 0.125%, 0.25%, 0.5%, 0.75% or 1%, or any combination thereof; and
WHEREAS, Title 14, Chapter 175 of the Arkansas Code of 1987 Annotated (the "Public Corporation Legislation") authorizes the creation of a public corporation for the purpose of securing and developing industry and fostering economic development (a "Public Corporation"); and
WHEREAS, Title 14, Chapter 174 of the Arkansas Code of 1987 Annotated (the "Economic Development Legislation") authorizes a city to levy a sales and use tax pursuant to currently existing statutory authority, including the Authorizing Legislation, and to use the net collections of such sales and use tax for the sole use and benefit of a Public Corporation; and
WHEREAS, the City is currently levying a 1% sales and use tax under the authority of the Authorizing Legislation; and
WHEREAS, the purpose of this Ordinance is to levy an additional City-wide sales and use tax at the rate of 0.125%;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
Section 1. Under the authority of the Authorizing Legislation, there is hereby levied a one-eighth of one percent (0.125%) tax on the gross receipts from the sale at retail within the City of all items which are subject to the Arkansas Gross Receipts Act of 1941, as amended (A.C.A. ยงยง26-52-101, et seq.), and the imposition of an excise (or use) tax on the storage, use, distribu...
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