City of Sheridan Sales and Use Tax Bond, Series 2026

The City of Sheridan, Arkansas is authorizing the issuance of a Sales and Use Tax Bond, Series 2026, in the principal amount of $5,350,000. This bond will finance capital improvements for parks and recreation facilities. These improvements include upgrades to the city's recreation center, new tennis courts, a storage building for the parks department, enhancements to the dog park and swimming pool, and renovations to baseball and softball fields. Additionally, the project includes a new turf field compliant with the Americans with Disabilities Act (ADA), along with related furnishings, equipment, parking, lighting, landscaping, street, and utility improvements. The bond will mature on April 1, 2041, and will bear interest at a rate of 4.75% per annum. The principal and interest payments will be secured by a pledge of a 1% sales and use tax levied by the City. The Series 2026 Bond is being purchased by Peoples Bank at par.