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A. Government Functions: It is hereby declared to be the purpose of the revenues generated by the first and second cent Sales Taxes levied herein to provide revenues for the support of the functions of the Municipal government of the Town.
B. Additional One Percent Sales Tax:
1. Pursuant to Resolution no. 2013-R01, and due to such resolution's approval by the voters at the special Municipal election held on April 2, 2013, this subsection B shall become effective on and after July 1, 2013, as provided by title 68 section 2701C of the Oklahoma Statutes, and shall continue thereafter until lawfully repealed. There is hereby declared and shall be levied and collected, a Town Excise (Sales) Tax of one percent (1%), such Sales Tax being in addition to the Town, County and State Sales Taxes heretofore levied or assessed, upon the gross proceeds or receipts derived from all sales to any person taxable under the Sales Tax Laws for the State of Oklahoma.
2. This one percent (1%) Sales (Excise) Tax shall only be used as follows:
a. Sixty percent (60%) of such additional revenues shall be used to renovate the Municipal swimming pool and other recreational projects; and
b. Forty percent (40%) of such additional revenues shall be used to pay expenses and repairs at Beaver Dunes Park and for the acquisition of equipment necessary to facilitate maintenance of the park.
3. The receipts from such Sales (Excise) Tax shall be deposited into the Limited Purpose Sales Tax Fund ("fund"), which fund shall be used solely for the purpose of receiving the revenue derived from the collection of the additional one percent (1%) Sales Tax imposed hereunder, receiving any income from the investment of monies contained in the fund, and making authorized expenditures as authorized in subsection B2 of this section. The monies shall be divided into two (2) separate accounts within such fund with the sixty percent (60%) account known as the Swimming Pool and Recreational Projects Account and the forty percent (40%) account known as the Beaver Dunes Park Account. (Ord. 2015-12-1, 12-10-2015)