HomeMy WebLinkAbout125-81 RESOLUTION•
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RESOLUTION NO.
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A RESOLUTION EXPRESSING THE INTENTION OF THE FAYETTEVILLE
BOARD OF DIRECTORS TO USE A PORTION OF THE CITY'S SHARE
OF THE 1% WASHINGTON COUNTY SALES TAX TO ASSIST IN FINAN-
CING THE CONSTRUCTION OF CAPITAL IMPROVEMENTS TO THE
FAYETTEVILLE CITY HOSPITAL.
WHEREAS, Electors of the City of Fayetteville approved
on November 6, 1979, a general obligation bond issue in the
amount of $1,376,000.00 to finance construction of capital
improvements to the Fayetteville City Hospital; and
WHEREAS, said bonds were to mature over a period of
twenty (20) years; and
WHEREAS, there was to be levied and collected a continuing
annual ad valorem tax of two (2) mills to pay the principal
of and interest on said bonds; and
WHEREAS, under Amendment No. 13 to the Arkansas Consti-
tution, the effective rate of interest on general obligation
bonds is limited to six percent (6%) per annum; and
WHEREAS, because of said constitutional interest rate
limitation, the aforesaid bonds could not be sold and needed
hospitalcapital improvements could not be constructed; and
WHEREAS, the voters of Washington County approved a
countywide one percent (1%) sales tax on July 28, 1981; and
WHEREAS, prior to the election on the question of levying
said County sales tax, the Fayetteville Board of Directors
indicated it would appropriate up to ten percent (10%) of
the City's net share of County sales tax proceeds to finance
the cost of those capital improvements to Fayetteville City
Hospital which were to be financed by the aforesaid general
obligation bond issue; and
WHEREAS, the aforesaid hospital improvements are proposed
to be constructed in phases and consist of (1) renovating
the shelled -in area, (2) demolishing the old center core,
and (3) constructing a new single floor center core.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
OF FAYETTEVILLE, ARKANSAS:
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That the Board of Directors hereby expresses its intention
of appropriating -annually for a period not to exceed fifteen
(15) years a maximum of ten percent (10%) of the City's net
share of the Washington County one percent (1%) sales tax
to assist in financing the cost of the aforesaid capital
improvements to Fayetteville City Hospital. The'- term "net
share" shall mean the gross amount of county sales tax proceeds
received by the City less the amount of tax revenues lost
by the City from repeal of local occupation and franchise
taxes following approval of the County sales tax.
PASSED AND APPROVED this /o�day of , 1981.
Ai •. - Ir Aft`
-.. :ATTEST:
APPROVED:
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RESOLUTION NO . /c9 5 S2/
•
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A RESOLUTION EXPRESSING THE INTENTION OF THE FAYETTEVILLE
BOARD OF DIRECTORS TO USE A PORTION OF THE CITY'S SHARE
OF THE 1% WASHINGTON COUNTY SALES TAX TO ASSIST IN FINAN-
CING THE CONSTRUCTION OF CAPITAL IMPROVEMENTS TO THE
FAYETTEVILLE CITY HOSPITAL.
WHEREAS, Electors of the City of Fayetteville approved
on November 6, 1979, a general obligation bond issue in the
amount of $1,376,000.00 to finance construction of capital
improvements to the Fayetteville City Hospital; and
WHEREAS, said bonds were to mature over a period of
twenty (20) years; and
WHEREAS, there was to be levied and collected a continuing
annual ad valorem tax of two (2) mills to pay the principal
of and interest on said bonds; and
WHEREAS, under Amendment No. 13 to the Arkansas Consti-
tution, the effective rate of interest on general obligation
bonds is limited to six percent (6%) per annum; and
WHEREAS, because of said constitutional interest rate
limitation, the aforesaid bonds could not be sold and needed
hospital capital improvements could not be constructed; and
WHEREAS, the voters of Washington County approved a
countywide one percent (1%) sales tax on July 28, 1981; and
WHEREAS, prior to the election on the question of levying
said County sales tax, the Fayetteville Board of Directors
indicated it would appropriate up to ten percent (10%) of
the City's net share of County sales tax proceeds to finance
the cost of those capital improvements to Fayetteville City
Hospital which were to be financed by the aforesaid general
obligation bond issue; and
WHEREAS, the aforesaid hospital improvements are proposed
to be constructed in phases and consist of (1) renovating
the shelled -in area, (2) demolishing the old center core,
and (3) constructing a new single floor center core.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
OF FAYETTEVILLE, ARKANSAS:
That the Board of Directors hereby expresses its intention
of appropriating annually for a period not to exceed fifteen
(15) years a maximum of ten percent (10%) of the City's net
share of the Washington County one percent (1%) sales tax
to assist in financing the cost of the aforesaid capital
improvements to Fayetteville City Hospital. The term "net
share" shall mean the gross amount of county sales tax proceeds
received by the City less the amount of tax revenues lost
by the City from repeal of local occupation and franchise
taxes following approval of the County sales tax.
PASSED AND APPROVED this /5 -day of Qitu.zviA-L , 1981.
ATTEST:
APPROVED: