1722ORDINANCE NO. i~ a a
AN ORDINANCE TO AMEND ORDINANCE 1104 TO MAKE PAYMENTS IN LIEU
OF TAXES FOR ACT NINE BOND ISSUES NEGOTIABLE AND TO REPEAL THE
REQUIREMENT OF AN ADMINISTRATIVE CHARGES, AND FOR OTHER
PURPOSES.
WHEREAS, Ordinance 1104, codified as Chapter 3.20 of the West
Memphis Municipal Code, established rates to be charged for
administrative charges and payments in lieu of taxes on all
industries financed through Act Nine bond issues; and
WHEREAS, the rates established by Ordinance 1104 should be
modified to make the City of West Memphis more competitive in
recruiting industrial development;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF WEST MEMPHIS, ARKANSAS, THAT:
SECTION 1. Section 1 of Ordinance 1104 is hereby amended to
read as follows:
There is levied, on all industries financed through Act Nine
bond issues an annual payment in lieu of taxes that will be
negotiated on a case by case basis at the time the Act Nine bonds
are approved. 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 according
to the current tax millage of each of the entities.
SECTION 2. All ordinances or parts of ordinances in conflict
herewith are hereby repealed.
ADOPTED this y7~ day of SsN~g-QY , 19 96
AL BOILS, Mayor
RECEIVED
CITY CLERK OFFICE
DATE (-'a"q~ D; anti.
. .
ATTEST:
DAN CRAFT,
SPONSORED BY:
RECEIVED
CITY CLERK OFFICE
DATE ~-a~~ ®10. ~a~