(A) To provide funds for the purposes of general municipal operations and services, maintenance, street maintenance, new equipment, extension and enlargement of municipal services and facilities, and capital improvements, the Municipality hereby levies an annual tax on the income of every person residing in or earning or receiving income in the Municipality as measured by each such person's municipal taxable income, all as hereinafter provided.
(B) (1) The annual tax is levied at a rate of 2.5% (two and one-half percent). The tax is levied at a uniform rate on all persons residing in or earning or receiving income in the Municipality. The tax is levied on municipal taxable income as hereinafter provided in Section 880.03 of this Chapter and other sections as they may apply.
(2) The funds collected under the provisions of this Chapter 880 shall be applied for the following purposes and in the following order: (i) such part thereof as is necessary to defray all costs of collecting the taxes levied by this Chapter and enforcing the provisions hereof; (ii) two and one-half percent (2.5%) of the remaining funds collected under the provisions of this Chapter shall be deposited in a special fund to be used for the purposes of providing new equipment and capital improvements; and (iii) the balance of such funds shall be transferred to the General Fund.
(C) The taxes levied under this Chapter 880 shall be levied in accordance with the provisions and limitations set forth in Chapter 718 of the Ohio Revised Code to the fullest extent required for the Municipality to continue to levy those taxes. The required provisions and limitations of Chapter 718 of the Ohio Revised Code are hereby incorporated into this Chapter 880, and those required provisions or limitations of Chapter 718 of the Ohio Revised Code shall control to the extent there is a conflict between a provision or limitation of this Chapter 880 and an express provision or limitation of Chapter 718 of the Ohio Revised Code.
(D) As used herein, all references in this Chapter 880 to provisions or limitations of Chapter 718 of the Ohio Revised Code and to any Section of that Chapter 718 shall include those provisions or limitations of that Chapter or Section as in effect on January 1, 2016, of any successor statute, and of any subsequent amendment to that Chapter or Section or a successor statute in effect from time to time to the fullest possible extent required for the Municipality to continue to levy the taxes specified under this Chapter 880. All references in this Chapter 880 to "ORC" are to the Ohio Revised Code.
48-15. Passed 11-17-15.)