Question 2 - Park and Recreational Improvement Bonds and 0.5% Sales and Use Tax

Bonds of Marion County in one or more series in the maximum aggregate principal amount of $16,500,000 to finance all or a portion of the costs of acquiring, constructing, equipping and furnishing new park and recreational facilities, including particularly, without limitation, a new community center with swimming facilities, a multipurpose gymnasium, a walking track, a banquet hall and meeting rooms and any necessary land acquisition, furnishings, equipment and any utility, road, parking, drainage, signage, and lighting improvements related thereto or in support thereof, and, in order to pay the bonds, the levy and pledge of a 0.5% local sales and use tax within the County. If the bonds are approved, there will be levied within the County a new 0.5% sales and use tax, the net collections of which remaining after deduction of the administrative charges of the State of Arkansas and required rebates will be used solely to retire or pay obligations with respect to the bonds in accordance with Amendment No. 62 to the Arkansas Constitution. The tax will expire after the bonds have been paid or provision is made therefor in accordance with Arkansas statutes. In order to provide additional funds to pay or to further secure repayment of the bonds, the County may also pledge to the bonds the net collections of an additional county-wide 0.25% sales and use tax if such additional tax is separately approved by the voters. The issuance of the bonds is not dependent on the additional 0.25% tax being approved.