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|Related Area:||| Administration | | Bonds | | Elections | | Water/Sewer ||
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|Related Year:||2020 ||
Ordinance #: 12-17-2020b
AN ORDINANCE CALLING A SPECIAL ELECTION IN THE CITY OF ELKINS, ARKANSAS ON THE QUESTION OF ISSUING BONDS UNDER AMENDMENT NO. 62 TO THE CONSTITUTION OF THE STATE OF ARKANSAS FOR THE PURPOSE OF FINANCING A PORTION OF THE COSTS OF CAPITAL IMPROVEMENTS; AND PRESCRIBING OTHER MATTERS PERTAINING THERETO.
WHEREAS, the City Council of the City of Elkins, Arkansas (the “City”) has determined that the City is in need of extensions, betterments and improvements to City‘s water and sewer system (the “Sewer Improvements“); and
WHEREAS, the City Council proposes to finance a portion of the costs of the Sewer Improvements by the issuance of capital improvement bonds (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“) in the maximum aggregate principal amount of $8,500,000; and
WHEREAS, the balance of the costs of the Sewer Improvements will be financed with proceeds of sales and use tax bonds to be issued by the City secured by a 0.75% sales and use tax, if such bonds are separately approved by the voters, and, if necessary, proceeds of revenue bonds to be issued by the City secured by water and sewer revenues; and
WHEREAS, the City Council proposes to retire the Bonds with collections of a 1% sales and use tax levied within the City by Ordinance No. 07–07-2008B, adopted July 7, 2008, as it may be amended from time to time (the “Tax”); and
WHEREAS, the purpose of this Ordinance is to submit to the electors of the City the question of issuing the Bonds to finance a portion of the costs of accomplishing the Sewer Improvements, at a special election to be called for that purpose;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Elkins, Arkansas:
Section 1. There is hereby called a special election to be held on March 9, 2021, at which election there shall be submitted to the electors of the City the question of issuing the Bonds under Amendment 62 and the Authorizing Legislation to finance a portion of the costs of accomplishing the Sewer Improvements, in the maximum aggregate principal amount of $8,500,000 to be secured as described above.
Section 2. The question of issuing the Bonds shall be placed on the ballot for the election in substantially the following form:
SEWER IMPROVEMENT BONDS
Bonds of the City of Elkins (the “City“) in one or more series in the maximum principal amount of $8,500,000 for the purpose of financing a portion of the costs of extensions, betterments and improvements to the sewer facilities of the City’s water and sewer system (the “Sewer Improvements”) and, in order to pay the bonds, the pledge of a 1% local sales and use tax levied within the City by Ordinance No. 07–07–2008B, adopted July 7, 2008, as it may be amended from time to time. The balance of the costs of the Sewer Improvements will be financed with proceeds of sales and use tax bonds secured by a 0.75% sales and use tax, if such bonds are separately approved by the voters and, if necessary, proceeds of bonds secured by water and sewer revenues.
Section 3, The election shall be held and conducted and the vote canvassed and the results declared under the law and in the manner now provided for municipal elections unless otherwise provided in the Authorizing Legislation and only qualified voters of the City shall have the right to vote at the election.
Section 4. The results of the election shall be proclaimed by the Mayor, and the Proclamation shall be published one time in a newspaper having a general circulation in the City, which Proclamation shall advise that the results as proclaimed shall be conclusive unless attacked in the courts within thirty days after the date of publication.
Section 5. A copy of this Ordinance shall be (a) filed with the Washington County Clerk at least 60 days prior to the election date and (b) given to the Washington County Board of Election Commissioners so that the necessary election officials and supplies may be provided. A certified copy of this Ordinance shall also be provided to the Commissioner of Revenues of the State of Arkansas as soon as practical.
Section 6. The Mayor and City Clerk, for and on behalf of the City, are hereby authorized and directed to do any and all things necessary to call and hold the special election as herein provided and to perform all acts of whatever nature necessary to carry out the authority conferred by this Ordinance.
Section 7. All ordinances and parts thereof in conflict herewith are hereby repealed to the extent of such conflict.
PASSED: December 17, 2020