(a) There shall be and is hereby levied a tax on salaries, wages, commissions and other compensation, and on net profits, as hereinafter provided, to provide funds for the purposes of general Municipal operation and for maintenance, equipment, extension and enlargement of Municipal services and facilities and capital improvements of the City.
(b) An annual income tax for the purposes specified in Section 192.02 (a) shall be imposed at the rate of one percent (1%) on and after January 1, 1991, and continuing indefinitely; in addition an annual income tax of one-half percent (l/2%) shall be imposed on and after January 1, 2020, and continuing until December 31, 2029, the proceeds of which shall be equally divided with one-quarter of one-percent (1/4%) to be used for the purpose of street resurfacing, the installation and maintenance of improvements and appurtenances thereto, and the purchase of equipment necessary therefor, and the remaining one-quarter of one percent (1/4%) to be allocated to the City's General Fund. The income from investment of the additional one-half percent (1/2%) income tax shall be paid into the City's General Fund.
(Ord. 24-09. Passed 2-26-04.)