1104'.
ORDINANCE N0. ~_~
AN ORDINANCE TO PROVIDE THE CITY OF WEST MEMPHIS,
ARKANSAS, WITH CASH PAYMENTS IN LIEU OF AD VALOREM
TAXES BY ESTABLISHING AN ADMINISTRATIVE CHARGE AND
ANNUAL CASH PAYMENTS ON ALL ACT NINE (9) BOND ISSUES
APPROVED BY THE CITY COUNCIL, CITY OF WEST MEMPHIS,
ARKANSAS, AND FOR OTHER PURPOSES.
WHEREAS, under Arkansas Law, the City of West Memphis,
Arkansas, pays no taxes on real and personal property owned
by the City and leased to industries under Act Nine (9);
and,
WHEREAS, the industries approved for Bond Issues under
Act Nine (9) desire to pay governmental agencies in Crittenden
County cash payments in lieu of taxes; and,
WHEREAS, there is a need for understanding between
governmental agencies in Crittenden County for a formula to
distribute cash payments;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
OF THE CITY OF WEST MEMPHIS, ARKANSAS:
SECTION 1. There is hereby levied, on all industries
financed through Act Nine (9) Bond Issues, administrative
charges and payments in lieu of taxes, payable as follows:
A. There shall be an annual administrative charge,
payable to the City of West Memphis, on Act Nine (9) Bond
Issues, of $1.00 per each $1,000.00 of bonds approved and
sold.
B. There shall be an annual payment in lieu of taxes
of $8.00 per $1,000.00 of Act Nine (9) Bonds approved and
sold. The payment in lieu of taxes shall be paid to the
~„ school district in which the property is located, Crittenden
County and the City of West Memphis on a prorated basis
'fir according to the current tax millage o~f each of the entities.
#`
y~
~ ~v~
' ~` - .
. ,
SECTION II.
All Act Nine (9) industries approved for
Bond Issues by the City of West Memphis shall pay cash payments
in lieu of taxes as outlined above.
PASSED AND APPROVED this ___.rL~'"' day of ,~G~~'(/s/~ ,
1982.
L~~~~
~, w..
MAYOR
ATTEST:
CITY CLERK
SPONSORED BY:
ROBERT BENTLEY, ALDERMAN
DOUG MORRIS, ALDERMAN
2.