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AN ORDINANCE PROVIDING FOR THE ELECTION BY THE PUBLIC FOR THE LEVY OF 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; AND PRESCRIBING OTHER MATTERS PERTAINING THERETO.
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WHEREAS, the City Council of the City of Jonesboro (hereafter "the City") has determined there is a need for an election to allow the citizens to determine the need for capital improvements; namely a facility to house conventions, meetings, events, and other activities, and a centrally-located fire station; and for a source of revenue to finance such improvements and the equipping, staffing, and other operation thereof; and
WHEREAS, Title 26, Chapter 73, Subchapter 1, Section 113 of the Arkansas Code of 1987 Annotated (the "Authorizing Legislation") provides for the levy of a one percent (1%) citywide sales and use tax.
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 percent (1%) tax for a maximum period of twenty-four (24) months, beginning October 1, 2006, 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. §26-53-101, et seq.), at a rate of one percent (1%) of the sale price of the property or, in the case of leases or rentals, of the lea...
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