Title
AN ORDINANCE PROVIDING FOR THE LEVY OF A SEVEN-EIGHTHS OF ONE PERCENT (0.875%) 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 one or more of the following: (a) to pay the costs of new, and improvements to existing, streets, roads and bridges, including any curb, gutter and drainage improvements, equipment and land acquisition to accomplish such improvements, and street lighting, utility adjustments, sidewalks and traffic signals related thereto (collectively, "Street Improvements") and (b) to pay and secure the repayment of bonds approved by the voters and issued by the City from time to time to finance Street Improvements; 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, 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 0.875%;
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 seven-eighths of one percent (0.875%) 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. §§26-52-101, et seq.), and the imposition of an excise (or use) tax on the storage, use, distribution or other consumption within the City of tangible personal property subject to the Arkansas Compensating Tax Act of 1949, as amended (A.C.A. §§26-53-10...
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