HomeMy WebLinkAbout58-93 RESOLUTION•
RESOLUTION NO.
A RESOLUTION OF INTENT TO UTILIZE ANY 1988 CITY
SALES AND USE TAX PROCEEDS REMAINING AFTER
REFUNDS, ATTORNEY FEES AND EXPENSES FOR
CAPITAL IMPROVEMENT PROJECTS.
WHEREAS, the 1988 City sales and use tax was pledged to finance a capital
improvement program and economic development program; and
WHEREAS, the 1988 City sales and use tax was found by the Arkansas Supreme Court
to be an illegal exaction and ceased being collected on April 1, 1993; and
WHEREAS, there remains collected and unspent approximately $4 million dollars of said
sales and use tax; and
WHEREAS, such collected and unspent tax may exceed the amount necessary to pay
court ordered taxpayer refunds, attorney fees and expenses; and
WHEREAS, the City Council wishes to make known and inform the citizens of
Fayetteville of their mtent to utilize such sales tax remaining after payments of such expenditures
on necessary, essential, and vital capital improvements benefiting the citizenry; and
WHEREAS, some citizens may wish to forego their opportumty for refund of such tax
in order to maximize the money available for such capital improvement projects.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
&Owl. That it is the mtent of the City Council to utilize any 1988 City sales and
use tax proceeds remaining after refunds, attorney fees, and expenses for capital improvement
projects
1
PASSED AND APPROVED this 1st day of June , 1993.
ATTEST:
By:
omas, City Clerk
APPROVED:
By:
ateA,
Fred Hanna, Mayor