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Ark. Code Ann. § 14-164-327

Capital improvement bonds — Local sales and use tax — Levy

Applied in 2 court decisions — leading case Hasha v. City of Fayetteville (1993)

Most recently applied in 2019 Ark. App. 374 - The City of Magnolia v. Dennis Milligan, in His Official Capacity as Treasurer of the State of Arkansas; Larry Atkinson, in His Official Capacity as County Judge for Columbia County; And Selena Blair, in Her Official Capacity as County Treasurer for Columbia County (September 2019)

Acts 1985, No. 871, § 9; A.S.A. 1947, § 13-1247; Acts 1991, No. 765, § 1; 2001, No. 1168, § 1; 2005, No. 1551, § 6; 2007, No. 603, § 2; 2011, No. 276, § 1; 2017, No. 533, §§ 13,…

(1) In lieu of or in addition to the levying of an ad valorem tax to retire bonds for capital improvements or for financing economic development projects, the legislative body of a municipality or county may adopt an ordinance levying a local sales and use tax in the amount of one-eighth of one percent (0.125%), one-fourth of one percent (0.25%), one-half of one percent (0.5%), three-fourths of one percent (0.75%), one percent (1%), or any combination of these amounts to retire the bonds in accordance with the terms of this section and §§ 14-164-328 — 14-164-335.

(2) The ordinance may levy multiple taxes.

(3) However, there shall not be in effect at any one (1) time taxes levied under this subchapter at an aggregate rate greater than one percent (1%).

(4) A certified copy of the ordinance or ordinances authorizing the levy of a local sales and use tax or taxes and the issuance of bonds secured by the taxes shall be provided to the Secretary of the Department of Finance and Administration and to the Treasurer of State as soon as practicable after the adoption of the taxes.

(5) Section 26-74-414(b) does not apply to a local sales and use tax levied by a county under this subchapter for the sole purpose of retiring bonds for capital improvements or economic development projects if all collections derived from the local sales and use tax are pledged by the county to pay the principal and interest of the bonds for capital improvements or economic development projects.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.